3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08130478 2023-01-01 2023-12-31 08130478 2023-12-31 08130478 2022-12-31 08130478 2022-01-01 2022-12-31 08130478 2022-12-31 08130478 2021-12-31 08130478 bus:Director1 2023-01-01 2023-12-31 08130478 core:WithinOneYear 2023-12-31 08130478 core:WithinOneYear 2022-12-31 08130478 core:AfterOneYear 2023-12-31 08130478 core:AfterOneYear 2022-12-31 08130478 core:ShareCapital 2023-12-31 08130478 core:ShareCapital 2022-12-31 08130478 core:OtherReservesSubtotal 2023-12-31 08130478 core:OtherReservesSubtotal 2022-12-31 08130478 core:RetainedEarningsAccumulatedLosses 2023-12-31 08130478 core:RetainedEarningsAccumulatedLosses 2022-12-31 08130478 core:HedgingReserve 2022-12-31 08130478 core:HedgingReserve 2021-12-31 08130478 core:HedgingReserve 2023-12-31 08130478 core:HedgingReserve 2022-12-31 08130478 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 08130478 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 08130478 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 08130478 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 08130478 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 08130478 core:Non-currentFinancialInstruments 2023-12-31 08130478 core:Non-currentFinancialInstruments 2022-12-31 08130478 bus:SmallEntities 2023-01-01 2023-12-31 08130478 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08130478 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08130478 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08130478 bus:FullAccounts 2023-01-01 2023-12-31 08130478 core:HedgingReserve 2023-01-01 2023-12-31 08130478 core:HedgingReserve 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 08130478
Lucero Estates Ltd
Filleted Unaudited Financial Statements
31 December 2023
Lucero Estates Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
10,315,000
10,915,533
Investments
6
5,892,534
9,124,437
-------------
-------------
16,207,534
20,039,970
Current assets
Debtors
7
8,390,644
7,353,195
Cash at bank and in hand
3,683,851
1,534,681
-------------
------------
12,074,495
8,887,876
Creditors: amounts falling due within one year
8
16,533,998
14,655,244
-------------
-------------
Net current liabilities
4,459,503
5,767,368
-------------
-------------
Total assets less current liabilities
11,748,031
14,272,602
Creditors: amounts falling due after more than one year
9
12,115,362
14,117,730
Provisions
Taxation including deferred tax
387,000
290,000
-------------
-------------
Net liabilities
( 754,331)
( 135,128)
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account - non-distributable
912,653
1,609,653
Profit and loss account - distributable
( 1,667,984)
( 1,745,781)
------------
------------
Shareholders deficit
( 754,331)
( 135,128)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lucero Estates Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr T Lalvani
Director
Company registration number: 08130478
Lucero Estates Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is showing net liabilities at the year end. The directors have indicated their continued support and therefore believe that preparing the accounts on a going concern basis is wholly appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and rental management services, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33 % straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Equipment
Investment property
Total
£
£
£
Cost/Valuation
At 1 January 2023
1,993
10,915,000
10,916,993
Revaluations
( 600,000)
( 600,000)
-------
-------------
-------------
At 31 December 2023
1,993
10,315,000
10,316,993
-------
-------------
-------------
Depreciation/Impairment
At 1 January 2023
1,460
1,460
Charge for the year
533
533
-------
-------------
-------------
At 31 December 2023
1,993
1,993
-------
-------------
-------------
Carrying amount
At 31 December 2023
10,315,000
10,315,000
-------
-------------
-------------
At 31 December 2022
533
10,915,000
10,915,533
-------
-------------
-------------
Investment property is stated at the director's valuation at the balance sheet date on an open market value basis.
6. Investments
Shares in group undertakings
Shares in participating interests
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
£
Cost/valuation
At 1 January 2023
1,000
50
1,299,950
7,823,437
9,124,437
Additions
811,110
811,110
Disposals
( 4,122,288)
( 4,122,288)
Revaluations
79,275
79,275
-------
----
------------
------------
------------
At 31 December 2023
1,000
50
2,111,060
3,780,424
5,892,534
-------
----
------------
------------
------------
Impairment
At 1 January 2023 and 31 December 2023
-------
----
------------
------------
------------
Carrying amount
At 31 December 2023
1,000
50
2,111,060
3,780,424
5,892,534
-------
----
------------
------------
------------
At 31 December 2022
1,000
50
1,299,950
7,823,437
9,124,437
-------
----
------------
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
3,434
5,425
Other debtors
8,387,210
7,347,770
------------
------------
8,390,644
7,353,195
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,920
7,541
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,000
1,000
Social security and other taxes
5,591
39,622
Other creditors
16,524,487
14,607,081
-------------
-------------
16,533,998
14,655,244
-------------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,115,362
14,117,730
-------------
-------------
Bank loans are secured by way of fixed charges over the assets of the company. The director has also provided a personal guarantee on the bank loans.
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
3,113,080
7,156,094
------------
------------
11. Profit and loss account non-distributable
The following movements on the profit and loss account non-distributable are included within profit and loss account - non-distributable in the statement of changes in equity:
2023
2022
£
£
At start of year
1,609,653
390,578
Reclassification from profit and loss account distributable to profit and loss account non-distributable
( 697,000)
1,219,075
------------
---------
At end of year
912,653
390,578
------------
---------
12. Directors' advances, credits and guarantees
Included in other creditors is £16,483,429 (2022: £14,519,202) owing to the directors. The loans are interest free and repayable on demand.
13. Controlling party
The company was under the control of Mr T Lalvani throughout the current and previous year. Mr T Lalvani is the managing director and majority shareholder.