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LUI PROPERTIES LIMITED

Registered Number
SC704947
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2024

LUI PROPERTIES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

LUI, Margaret Clark
LUI, Tai Lun

Company Secretary

LUI, Nicholas Yue Lap

Registered Address

9 Royal Crescent
Glasgow
G3 7SP

Registered Number

SC704947 (Scotland)
LUI PROPERTIES LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3413,304413,304
413,304413,304
Current assets
Debtors42,0382,327
Cash at bank and on hand23,12719,636
25,16521,963
Creditors amounts falling due within one year5(437,854)(437,888)
Net current assets (liabilities)(412,689)(415,925)
Total assets less current liabilities615(2,621)
Net assets615(2,621)
Capital and reserves
Called up share capital88
Profit and loss account607(2,629)
Shareholders' funds615(2,621)
The financial statements were approved and authorised for issue by the Board of Directors on 22 April 2025, and are signed on its behalf by:
LUI, Tai Lun
Director
Registered Company No. SC704947
LUI PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
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 convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year22
3.Investment property
The director considers the valuation of the property at the year end to be the cost of the property.

£
Fair value at 01 August 23413,304
At 31 July 24413,304
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,4501,450
Other debtors-617
Prepayments and accrued income588260
Total2,0382,327
Other debtors represents the deferred tax asset.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security143-
Other creditors434,534434,222
Accrued liabilities and deferred income3,1773,666
Total437,854437,888
Included within other creditors are the loan from directors and loans from shareholders. These are interest free and repayable on demand.
6.Related party transactions
The loan balance due to the directors amounted to £150,938 (2023: £150,626) at the year end. The loan balance due to a shareholder amounted to £283,596 (2023: £283,596) at the year end.