2023-02-272024-02-292024-02-29false14690551Lumi Yachts 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Lumi Yachts Limited

Registered Number
14690551
(England and Wales)

Unaudited Financial Statements for the Period ended
29 February 2024

Lumi Yachts Limited
Company Information
for the period from 27 February 2023 to 29 February 2024

Directors

Paul Askew
Antti Juhani Luukko
Ari Tapio Siltala

Registered Address

91-97 Saltergate
Chesterfield
S40 1LA

Registered Number

14690551 (England and Wales)
Lumi Yachts Limited
Statement of Financial Position
29 February 2024

Notes

2024

£

£

Fixed assets
Tangible assets33,794,219
3,794,219
Current assets
Debtors40,933
Cash at bank and on hand927
41,860
Creditors amounts falling due within one year(3,976,739)
Net current assets (liabilities)(3,934,879)
Total assets less current liabilities(140,660)
Net assets(140,660)
Capital and reserves
Called up share capital100
Profit and loss account(140,760)
Shareholders' funds(140,660)
The financial statements were approved and authorised for issue by the Board of Directors on 7 November 2024, and are signed on its behalf by:
Antti Juhani Luukko
Director
Registered Company No. 14690551
Lumi Yachts Limited
Notes to the Financial Statements
for the period ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number is 14690551 and the registered office address is 91-97 Saltergate, Chesterfield, England, S40 1LA.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity and is stated in the company's balance sheet at historical cost. The residual value at the end of the assets' life is estimated to be £4,500,000, and it depreciates at a value of £nil per annum.
Financial instruments
Debtors and creditors with no stated interest rate that are receivable or repayable within one year are recorded at transaction price.
2.Average number of employees

2024
Average number of employees during the year3
3.Tangible fixed assets

Total

£
Cost or valuation
Additions3,794,219
At 29 February 243,794,219
Net book value
At 29 February 243,794,219
At 26 February 23-
4.Directors advances, credits and guarantees
There are no director's advances, credits or guarantees that require disclosure.
5.Share capital
Ordinary share capital of £1 each - 100 (100 in 2023).
6.Related party transactions
Amounts owed to entities that qualify as related parties at the year end totalled £3,965,415. All outstanding balances with related parties are unsecured, interest free and payable on demand.
7.Parent-subsidiary relationships
The company has one parent company and is wholly owned by share capital. This is Lumi Yachts Oy, c/o Catamount Oy, Aamuruskontie 12, 00750 HELSINKI.