Company registration number 11031553 (England and Wales)
LUCAR GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LUCAR GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LUCAR GROUP LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
911,436
914,436
Current assets
Debtors
4
1,900
Cash at bank and in hand
3,993
8,408
3,993
10,308
Creditors: amounts falling due within one year
5
(329,087)
(318,916)
Net current liabilities
(325,094)
(308,608)
Total assets less current liabilities
586,342
605,828
Creditors: amounts falling due after more than one year
6
(573,459)
(573,480)
Provisions for liabilities
(2,992)
(7,858)
Net assets
9,891
24,490
Capital and reserves
Called up share capital
41
41
Revaluation reserve
7
39,077
42,077
Profit and loss reserves
(29,227)
(17,628)
Total equity
9,891
24,490
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 August 2025
Mr J W Burns
Director
Company Registration No. 11031553
LUCAR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Lucar Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 160 Aztec, Aztec West, Bristol, BS32 4TU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for real estate services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LUCAR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 November 2023
914,436
Revaluations
(3,000)
At 31 October 2024
911,436
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,900
LUCAR GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
329,087
318,916
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
573,459
573,480
Creditors which fall due after five years are payable as follows:
Payable by instalments
573,459
573,480
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
42,077
45,995
Transfer to retained earnings
(3,000)
(3,918)
At the end of the year
39,077
42,077
8
Related party transactions
During the year, the company loaned money from Summit Financial Planning Limited. At the year end the amount owed to Summit Financial Planning Limited was £315,963 (2023 - £315,963), this amount is included in creditors: amounts falling due within one year. Mr J Burns is a director of both Summit Financial Planning Limited and Lucar Group Limited.
During the year, the company loaned money from Live Life Limited. At the year end the amount owed to Live Life Limited was £10,000, this amount is included in creditors: amounts falling due within one year. Mr J Burns is a director of both Live Life Limited and Lucar Group Limited.
9
Directors' transactions
During the year the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the company owed the director £212 (2023 - £212).