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Registration number: 13306132

Lucra Mortgages Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Lucra Mortgages Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Lucra Mortgages Limited

(Registration number: 13306132)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

45,447

56,757

Current assets

 

Debtors

5

25,755

234,067

Cash at bank and in hand

 

180,418

43,327

 

206,173

277,394

Creditors: Amounts falling due within one year

6

(123,929)

(148,990)

Net current assets

 

82,244

128,404

Total assets less current liabilities

 

127,691

185,161

Provisions for liabilities

(10,747)

(14,026)

Net assets

 

116,944

171,135

Capital and reserves

 

Called up share capital

400

400

Retained earnings

116,544

170,735

Shareholders' funds

 

116,944

171,135

 

Lucra Mortgages Limited

(Registration number: 13306132)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

N Catley
Director

M Aldridge
Director

D J Sharpe
Director

B A Tadd
Director

     
 

Lucra Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Space 365
Tormarton Road
Marshfield
SN14 8SR

The comparative period to 31 March 2023 has been restated. This is due to expenses that were capitalised but should have been included as revenue. The net effect on profit is a reduction of £11,446 in that period.

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lucra Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

Reducing Balance 20%

Office Equipment

Reducing Balance 25%

Land & Buildings - Short Leasehold

Reducing Balance 15%

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lucra Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2023 - 12).

 

Lucra Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short leasehold land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

3,452

40,755

35,300

79,507

Additions

-

1,599

-

1,599

At 31 March 2024

3,452

42,354

35,300

81,106

Depreciation

At 1 April 2023

518

11,878

10,354

22,750

Charge for the year

440

7,480

4,989

12,909

At 31 March 2024

958

19,358

15,343

35,659

Carrying amount

At 31 March 2024

2,494

22,996

19,957

45,447

At 31 March 2023

2,934

28,877

24,946

56,757

Included within the net book value of land and buildings above is £2,494 (2023 - £2,934) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

200

800

Prepayments

8,652

7,788

Accrued income

16,903

225,479

25,755

234,067

 

Lucra Mortgages Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Due within one year

Note

2024
£

(As restated)

2023
£

 

Amounts due to related parties

7

17,438

41,307

Social security and other taxes

 

81,042

104,066

Other creditors

 

2,284

1,517

Accruals

 

23,165

2,100

 

123,929

148,990

7

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

41,307

41,307

Advanced

(291,632)

(291,632)

Repaid

267,763

267,763

At end of period

17,438

17,438

2023

Key management
£

Total
£

At start of period

120,784

120,784

Advanced

(88,385)

(88,385)

Repaid

8,908

8,908

At end of period

41,307

41,307