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Registered number: 10939919
Luso Spas Limited
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10939919
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 61,011 90,636
Tangible Assets 5 865,241 908,993
926,252 999,629
CURRENT ASSETS
Stocks 6 500,000 500,000
Debtors 7 105,716 89,422
Cash at bank and in hand 58,586 102,197
664,302 691,619
Creditors: Amounts Falling Due Within One Year 8 (329,179 ) (314,997 )
NET CURRENT ASSETS (LIABILITIES) 335,123 376,622
TOTAL ASSETS LESS CURRENT LIABILITIES 1,261,375 1,376,251
Creditors: Amounts Falling Due After More Than One Year 9 (352,373 ) (479,696 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,039 ) (54,573 )
NET ASSETS 879,963 841,982
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 879,962 841,981
SHAREHOLDERS' FUNDS 879,963 841,982
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J D Bowers
Director
21 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Luso Spas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10939919 . The registered office is 11 Bridge Street, Pilsley, Chesterfield, Derbyshire, S45 8HE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. These are amortised to the profit and loss account over its estimated economic life of 4 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold NIL
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 118,500
As at 31 January 2024 118,500
Amortisation
As at 1 February 2023 27,864
Provided during the period 29,625
As at 31 January 2024 57,489
Net Book Value
As at 31 January 2024 61,011
As at 1 February 2023 90,636
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 February 2023 712,405 205,452 113,690 1,031,547
Additions - 9,102 3,755 12,857
Disposals - - (3,356 ) (3,356 )
As at 31 January 2024 712,405 214,554 114,089 1,041,048
Depreciation
As at 1 February 2023 - 90,627 31,927 122,554
Provided during the period - 30,462 22,791 53,253
As at 31 January 2024 - 121,089 54,718 175,807
Net Book Value
As at 31 January 2024 712,405 93,465 59,371 865,241
As at 1 February 2023 712,405 114,825 81,763 908,993
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6. Stocks
2024 2023
as restated
£ £
Stock 500,000 500,000
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 29,026 30,800
Prepayments and accrued income 26,546 8,870
Other debtors 50,144 49,752
105,716 89,422
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 3,768 5,492
Trade creditors 33,994 27,854
Bank loans and overdrafts 96,947 69,587
Other loans 71,667 -
Corporation tax - 157,650
Other taxes and social security 7,888 2,884
VAT 35,770 46,951
Net wages 2,844 2,084
Other creditors 13,886 -
Accruals and deferred income 2,950 1,960
Director's loan account 59,465 535
329,179 314,997
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts - 3,015
Bank loans 352,373 476,681
352,373 479,696
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1 1
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