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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
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: |
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. |
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: |
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. |
for and on behalf of |
The Bloc |
Springfield Way |
Anlaby |
Hull |
E. Yorks |
HU10 6RJ |
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 |
( |
) |
(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 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
LUXIHOMES LIMITED (REGISTERED NUMBER: 02079462) |
COMPANY BALANCE SHEET - continued |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Fair value reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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. |
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 |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Additions |
At 31 January 2024 | 1,981,297 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,244,892 | 1,377,627 |
Other debtors | 1,382,770 | 344,327 |
Directors' current accounts | 8,142 | 8,142 | 8,142 | 8,142 |
VAT | - | 52,062 |
Prepayments | 62,004 | 50,084 |
2,697,808 | 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 |
Trade creditors | 7,877,910 | 8,496,358 |
Tax | - | 118,088 |
Social security and other taxes | 25,624 | 22,272 |
VAT | 111,614 | - | 96,800 | - |
Other creditors | 215,727 | 3,386 |
Accrued expenses | 94,020 | 202,425 |
8,456,753 | 8,918,129 |
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 |
Other loans (see note 16) | 878,783 | - |
4,156,854 | 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 | - |
Bank loans | 121,513 | 75,600 |
131,858 | 75,600 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 123,919 | 75,600 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 373,892 | 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 |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Capital allowances | 20,768 |
Property revaluation | 223,583 |
Balance at 31 January 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,875 | 1,875 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 | 4,645,980 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Fair Value Reserve | - | - | 670,749 | 670,749 |
At 31 January 2024 | 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. |