IRIS Accounts Production v24.2.0.383 02079462 Board of Directors Board of Directors 31.1.24 1.2.23 31.1.24 31.1.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true false true true false false false true false Ordinary 1.00000 A Ordinary Shares 1.00000 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REGISTERED NUMBER: 02079462 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

LUXIHOMES LIMITED

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditor 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10 to 11

Company Balance Sheet 12 to 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow
Statement

17


to


18

Notes to the Consolidated Financial
Statements

19


to


33


LUXIHOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J G Hesp
M Gillett
K R Smalley
A P Machin





SECRETARY: Mrs A J Hesp





REGISTERED OFFICE: Bridlington Caravan Centre
Bessingby Way
Bessingby Industrial Estate
BRIDLINGTON
E. Yorks
YO16 4SJ





REGISTERED NUMBER: 02079462 (England and Wales)





AUDITOR: Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The financial year ended 31st January 2024 again showed excellent turnover being lower than January 2023 yet remaining 6.5% up on January 2022.

The continuous investment in North Lakes Country Park, £1 million to date, sees the park with planning permission for 152 units, 95 of which are developed, with 64 occupied leaving 31 sales opportunities to repay the investment to date.

Luxihomes has also purchased Flowery Dell Lodges for the sum of £2.75 million, currently a high end luxury lodge holiday let business. In addition to the diversification of income stream there is development potential to increase hire facilities and/or add the infrastructure for static caravans and lodges for private ownership.

The investment as a 50:50 partner continues to develop with significant investment being achieved from normal trading. Whilst this had not become profitable as yet, a current revaluation has shown an increase of £500,000.

ON BEHALF OF THE BOARD:





M Gillett - Director


31 October 2024

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale, transport and siting of caravans and lodges.

DIVIDENDS
An interim dividend of £537.8928 per share was paid on the A Ordinary Shares £1 shares on 15 February 2023. No dividends were paid on the Ordinary £1 shares.

The total distribution of dividends for the year ended 31 January 2024 will be £ 417,424 .

FUTURE DEVELOPMENTS
Luxihomes intends to develop Flowery Dell Lodges further and is awaiting planning approval for additional units.

Luxihomes will continue to develop North Lakes Country Park as and when demand requires.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

J G Hesp
M Gillett
K R Smalley
A P Machin

RISK AND UNCERTAINTIES
Luxihomes and the caravan industry are experiencing challenging times due to high stock levels leading to the likelihood of higher discounts and therefore reduced margins with the potential for occasional stock losses. As a precautionary measure Luxihomes has made a provision of £385,000 to accommodate such losses if required, hence the reduction in pre-tax profits from the expected £500,000.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AUDITOR
The auditor, Rusling & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Gillett - Director


31 October 2024

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED

Opinion
I have audited the financial statements of Luxihomes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- I have not received all the information and explanations I require for my audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUXIHOMES LIMITED


Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Auditor.

Use of my report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Andrew Rusling, FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

31 October 2024

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 11,842,068 13,491,776

Cost of sales 10,408,115 11,292,144
GROSS PROFIT 1,433,953 2,199,632

Distribution costs 361,230 344,707
Administrative expenses 1,121,061 884,224
1,482,291 1,228,931
(48,338 ) 970,701

Other operating income - 670,224
OPERATING (LOSS)/PROFIT 4 (48,338 ) 1,640,925

Income from interest in associated
undertakings

(31,841

)

(30,969

)
Interest receivable and similar
income

44,164

19,606
12,323 (11,363 )
(36,015 ) 1,629,562

Interest payable and similar
expenses

5

81,967

38,408
(LOSS)/PROFIT BEFORE TAXATION (117,982 ) 1,591,154

Tax on (loss)/profit 6 20,768 162,705
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(138,750

)

1,428,449
(Loss)/profit attributable to:
Owners of the parent (138,750 ) 1,428,449

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (138,750 ) 1,428,449


OTHER COMPREHENSIVE INCOME
Fair value adjustment 2,290,765 65,000
Income tax relating to other
comprehensive income

(223,583

)

(12,350

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


2,067,182


52,650
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,928,432

1,481,099

Total comprehensive income attributable to:
Owners of the parent 1,928,432 1,481,099

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,556,341 15,000
Tangible assets 10 7,329,112 3,383,045
Investments 11
Interest in joint venture
Share of gross assets 955,841 872,288
Share of gross liabilities (1,018,601 ) (903,207 )
8,822,693 3,367,126

CURRENT ASSETS
Stocks 12 6,747,267 6,627,384
Debtors 13 2,697,808 1,832,242
Cash at bank 937,524 2,680,121
10,382,599 11,139,747
CREDITORS
Amounts falling due within one year 14 8,456,753 8,918,129
NET CURRENT ASSETS 1,925,846 2,221,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,748,539

5,588,744

CREDITORS
Amounts falling due after more than
one year

15

(4,156,854

)

(790,316

)

PROVISIONS FOR LIABILITIES 19 (463,166 ) (180,917 )
NET ASSETS 6,128,519 4,617,511

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 2,500 2,500
Capital redemption reserve 21 2,500 2,500
Fair value reserve 21 2,211,577 144,395
Retained earnings 21 3,911,942 4,468,116
SHAREHOLDERS' FUNDS 6,128,519 4,617,511


The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:




M Gillett - Director



J G Hesp - Director


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 39,426 15,000
Tangible assets 10 4,390,666 3,383,045
Investments 11 1,981,297 550
6,411,389 3,398,595

CURRENT ASSETS
Stocks 12 6,737,958 6,627,384
Debtors 13 2,683,333 1,832,242
Cash at bank 915,953 2,680,121
10,337,244 11,139,747
CREDITORS
Amounts falling due within one year 14 8,092,233 8,918,629
NET CURRENT ASSETS 2,245,011 2,221,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,656,400

5,619,713

CREDITORS
Amounts falling due after more than
one year

15

(3,188,260

)

(790,316

)

PROVISIONS FOR LIABILITIES 19 (425,268 ) (180,917 )
NET ASSETS 5,042,872 4,648,480

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 2,500 2,500
Capital redemption reserve 21 2,500 2,500
Fair value reserve 21 815,144 144,395
Retained earnings 21 4,222,728 4,499,085
SHAREHOLDERS' FUNDS 5,042,872 4,648,480

Company's profit for the financial
year

91,067

1,459,418


The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:




M Gillett - Director



J G Hesp - Director


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 February 2022 2,500 3,415,693 2,500 91,745 3,512,438

Changes in equity
Dividends - (376,026 ) - - (376,026 )
Total comprehensive income - 1,428,449 - 52,650 1,481,099
Balance at 31 January 2023 2,500 4,468,116 2,500 144,395 4,617,511

Changes in equity
Dividends - (417,424 ) - - (417,424 )
Total comprehensive income - (138,750 ) - 2,067,182 1,928,432
Balance at 31 January 2024 2,500 3,911,942 2,500 2,211,577 6,128,519

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 February 2022 2,500 3,415,693 2,500 91,745 3,512,438

Changes in equity
Dividends - (376,026 ) - - (376,026 )
Total comprehensive income - 1,459,418 - 52,650 1,512,068
Balance at 31 January 2023 2,500 4,499,085 2,500 144,395 4,648,480

Changes in equity
Dividends - (367,424 ) - - (367,424 )
Total comprehensive income - 91,067 - 670,749 761,816
Balance at 31 January 2024 2,500 4,222,728 2,500 815,144 5,042,872

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,120,138 ) 1,092,805
Interest paid (81,967 ) (38,408 )
Tax paid (118,088 ) (127,601 )
Net cash from operating activities (1,320,193 ) 926,796

Cash flows from investing activities
Purchase of intangible fixed assets (2,010,599 ) -
Purchase of tangible fixed assets (404,810 ) (585,835 )
Purchase of fixed asset investments 31,841 30,919
Sale of intangible fixed assets - 667,557
Sale of tangible fixed assets 18,150 15,667
Interest received 44,164 19,606
Dividends received (31,841 ) (30,969 )
Acquired through business combination 301,015 -
Net cash from investing activities (2,052,080 ) 116,945

Cash flows from financing activities
New loans in year 1,925,000 -
Loan repayments in year - (70,577 )
Capital repayments in year 111,755 -
Amount introduced by directors - 1,300
Equity dividends paid (417,424 ) (376,026 )
Net cash from financing activities 1,619,331 (445,303 )

(Decrease)/increase in cash and cash equivalents (1,752,942 ) 598,438
Cash and cash equivalents at
beginning of year

2

2,680,121

2,081,683

Cash and cash equivalents at end
of year

2

927,179

2,680,121

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
2024 2023
£    £   
(Loss)/profit before taxation (117,982 ) 1,591,154
Depreciation charges 323,929 127,939
Profit on disposal of fixed assets (10,734 ) (672,511 )
Finance costs 81,967 38,408
Finance income (12,323 ) 11,363
264,857 1,096,353
Increase in stocks (119,883 ) (4,356,862 )
Increase in trade and other debtors (865,566 ) (308,932 )
(Decrease)/increase in trade and other creditors (399,546 ) 4,662,246
Cash generated from operations (1,120,138 ) 1,092,805

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 937,524 2,680,121
Bank overdrafts (10,345 ) -
927,179 2,680,121
Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 2,680,121 2,081,683


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/2/23 Cash flow At 31/1/24
£    £    £   
Net cash
Cash at bank 2,680,121 (1,742,597 ) 937,524
Bank overdrafts - (10,345 ) (10,345 )
2,680,121 (1,752,942 ) 927,179
Debt
Debts falling due within 1 year (75,600 ) (45,913 ) (121,513 )
Debts falling due after 1 year (790,316 ) (3,366,538 ) (4,156,854 )
(865,916 ) (3,412,451 ) (4,278,367 )
Total 1,814,205 (5,165,393 ) (3,351,188 )

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Luxihomes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

Computer software
The computer software will be written off over its useful economics life once fully operational. This is anticipated to be in the year to 31st January 2024.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - in accordance with the property
Plant and machinery - 33% on cost, 25% on cost, 20% on cost and 15% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Presentation currency
The Financial Statements are presented in £ Sterling.

Financial instruments
Financial Instruments comprise:

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash
Cash and cash equivalents comprises cash on hand and time, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. The definition is also used for the statement of cash flows.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 999,886 986,961
Social security costs 83,737 99,440
Other pension costs 72,153 45,578
1,155,776 1,131,979

The average number of employees during the year was as follows:
2024 2023

Director 4 4
Employee 26 21
30 25

2024 2023
£    £   
Directors' remuneration 203,335 377,743

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 72,006 78,208

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 6,807 7,223
Depreciation - owned assets 165,791 127,934
Profit on disposal of fixed assets (10,734 ) (672,511 )
Goodwill amortisation 167,943 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 80,252 38,408
HP Interest 1,715 -
81,967 38,408

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 118,088

Deferred tax 20,768 44,617
Tax on (loss)/profit 20,768 162,705

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Fair value adjustment 2,290,765 (223,583 ) 2,067,182

2023
Gross Tax Net
£    £    £   
Fair value adjustment 65,000 (12,350 ) 52,650

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 50,000 -
A Ordinary Shares shares of £1 each
Interim 367,424 376,026
417,424 376,026

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. INTANGIBLE FIXED ASSETS

Group
Development Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 February 2023 - - 15,000 15,000
Additions 1,679,432 5,426 24,426 1,709,284
Disposals (54,000 ) - - (54,000 )
Business combinations 54,000 - - 54,000
At 31 January 2024 1,679,432 5,426 39,426 1,724,284
AMORTISATION
Amortisation for year 167,943 - - 167,943
Eliminated on disposal (54,000 ) - - (54,000 )
Business combinations 54,000 - - 54,000
At 31 January 2024 167,943 - - 167,943
NET BOOK VALUE
At 31 January 2024 1,511,489 5,426 39,426 1,556,341
At 31 January 2023 - - 15,000 15,000

Company
Computer
software
£   
COST
At 1 February 2023 15,000
Additions 24,426
At 31 January 2024 39,426
NET BOOK VALUE
At 31 January 2024 39,426
At 31 January 2023 15,000

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machiner
£    £    £   
COST OR VALUATION
At 1 February 2023 3,048,765 14,842 199,515
Additions 214,147 - 147,988
Disposals - - (17,896 )
Revaluations 1,645,810 - 1,009,065
Business combinations 553,603 - 505,986
At 31 January 2024 5,462,325 14,842 1,844,658
DEPRECIATION
At 1 February 2023 12,510 7,792 148,558
Charge for year 8,312 1,484 73,023
Eliminated on disposal - - (16,887 )
Revaluation adjustments (133,703 ) - (306,039 )
Business combinations 133,703 - 306,039
At 31 January 2024 20,822 9,276 204,694
NET BOOK VALUE
At 31 January 2024 5,441,503 5,566 1,639,964
At 31 January 2023 3,036,255 7,050 50,957

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 39,454 610,691 3,913,267
Additions - 42,675 404,810
Disposals - (22,887 ) (40,783 )
Revaluations - - 2,654,875
Business combinations - - 1,059,589
At 31 January 2024 39,454 630,479 7,991,758
DEPRECIATION
At 1 February 2023 5,564 355,798 530,222
Charge for year 5,918 77,054 165,791
Eliminated on disposal - (16,480 ) (33,367 )
Revaluation adjustments - - (439,742 )
Business combinations - - 439,742
At 31 January 2024 11,482 416,372 662,646
NET BOOK VALUE
At 31 January 2024 27,972 214,107 7,329,112
At 31 January 2023 33,890 254,893 3,383,045

Cost or valuation at 31 January 2024 is represented by:

Freehold Long Plant and
property leasehold machiner
£    £    £   
Valuation in 2020 77,938 - -
Valuation in 2023 65,000 - -
Valuation in 2024 1,645,810 - 1,009,065
Cost 3,673,577 14,842 835,593
5,462,325 14,842 1,844,658

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2020 - - 77,938
Valuation in 2023 - - 65,000
Valuation in 2024 - - 2,654,875
Cost 39,454 630,479 5,193,945
39,454 630,479 7,991,758

Company
Freehold Long Plant and
property leasehold machiner
£    £    £   
COST OR VALUATION
At 1 February 2023 3,048,765 14,842 199,515
Additions 214,147 - 12,821
Disposals - - (17,896 )
Revaluations 894,332 - -
At 31 January 2024 4,157,244 14,842 194,440
DEPRECIATION
At 1 February 2023 12,510 7,792 148,558
Charge for year 4,478 1,484 23,384
Eliminated on disposal - - (16,887 )
At 31 January 2024 16,988 9,276 155,055
NET BOOK VALUE
At 31 January 2024 4,140,256 5,566 39,385
At 31 January 2023 3,036,255 7,050 50,957

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 39,454 610,691 3,913,267
Additions - 2,726 229,694
Disposals - (22,887 ) (40,783 )
Revaluations - - 894,332
At 31 January 2024 39,454 590,530 4,996,510
DEPRECIATION
At 1 February 2023 5,564 355,798 530,222
Charge for year 5,918 73,725 108,989
Eliminated on disposal - (16,480 ) (33,367 )
At 31 January 2024 11,482 413,043 605,844
NET BOOK VALUE
At 31 January 2024 27,972 177,487 4,390,666
At 31 January 2023 33,890 254,893 3,383,045

Cost or valuation at 31 January 2024 is represented by:

Freehold Long Plant and
property leasehold machiner
£    £    £   
Valuation in 2020 77,938 - -
Valuation in 2023 65,000 - -
Valuation in 2024 894,332 - -
Cost 3,119,974 14,842 194,440
4,157,244 14,842 194,440

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2020 - - 77,938
Valuation in 2023 - - 65,000
Valuation in 2024 - - 894,332
Cost 39,454 590,530 3,959,240
39,454 590,530 4,996,510

11. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
At 1 February 2023 (30,919 )
Additions (31,841 )
At 31 January 2024 (62,760 )
NET BOOK VALUE
At 31 January 2024 (62,760 )
At 31 January 2023 (30,919 )
Company
Interest
in
associate
£   
COST
At 1 February 2023 550
Additions 1,980,747
At 31 January 2024 1,981,297
NET BOOK VALUE
At 31 January 2024 1,981,297
At 31 January 2023 550


LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 6,747,267 6,627,384 6,737,958 6,627,384

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,244,892 1,377,627 1,244,892 1,377,627
Other debtors 1,382,770 344,327 1,382,770 344,327
Directors' current accounts 8,142 8,142 8,142 8,142
VAT - 52,062 - 52,062
Prepayments 62,004 50,084 47,529 50,084
2,697,808 1,832,242 2,683,333 1,832,242

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16)
131,858

75,600

112,345

75,600
Trade creditors 7,877,910 8,496,358 7,838,332 8,496,358
Tax - 118,088 - 118,088
Social security and other taxes 25,624 22,272 20,915 22,272
VAT 111,614 - 96,800 -
Other creditors 215,727 3,386 8,841 3,886
Accrued expenses 94,020 202,425 15,000 202,425
8,456,753 8,918,129 8,092,233 8,918,629

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 3,278,071 790,316 3,188,260 790,316
Other loans (see note 16) 878,783 - - -
4,156,854 790,316 3,188,260 790,316

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 10,345 - 10,345 -
Bank loans 121,513 75,600 102,000 75,600
131,858 75,600 112,345 75,600
Amounts falling due between one and two years:
Bank loans - 1-2 years 123,919 75,600 102,000 75,600
Amounts falling due between two and five years:
Bank loans - 2-5 years 373,892 226,800 306,000 226,800
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,925,000 - 1,925,000 -
Other loans more 5yrs non-inst 878,783 - - -
2,803,783 - 1,925,000 -
Repayable by instalments
Bank loans more 5 yr by instal 855,260 487,916 855,260 487,916

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,298 47,607
Between one and five years 161,602 172,844
In more than five years - 20,400
208,900 240,851

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

17. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,298 47,607
Between one and five years 161,602 172,844
In more than five years - 20,400
208,900 240,851

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 3,290,260 865,916

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 463,166 180,917 425,268 180,917

Group
Deferred
tax
£   
Balance at 1 February 2023 180,917
Capital allowances 58,666
Property revaluation 223,583
Balance at 31 January 2024 463,166

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 February 2023 180,917
Capital allowances 20,768
Property revaluation 223,583
Balance at 31 January 2024 425,268

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,875 Ordinary £1 1,875 1,875

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
625 Share capital 2 £1 625 625

21. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2023 4,468,116 2,500 144,395 4,615,011
Deficit for the year (138,750 ) (138,750 )
Dividends (417,424 ) (417,424 )
Fair Value Reserve - - 2,067,182 2,067,182
At 31 January 2024 3,911,942 2,500 2,211,577 6,126,019

LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

21. RESERVES - continued

Company
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2023 4,499,085 2,500 144,395 4,645,980
Profit for the year 91,067 91,067
Dividends (367,424 ) (367,424 )
Fair Value Reserve - - 670,749 670,749
At 31 January 2024 4,222,728 2,500 815,144 5,040,372


22. RELATED PARTY DISCLOSURES

At the period end a director owed to the company £8,142 (2023 £8,142) on a interest free basis and repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The controlling party is J G Hesp.