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REGISTERED NUMBER: 09115909














Financial Statements for the Year Ended 31 December 2024

for

Luxury Living Contract & Projects Ltd

Luxury Living Contract & Projects Ltd (Registered number: 09115909)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Luxury Living Contract & Projects Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr A Gentilini
Ms O Shvilli Vignatelli
Mr F Montani





REGISTERED OFFICE: Lynton House
7-12 Tavistock Square
London
WC1H 9BQ





REGISTERED NUMBER: 09115909





AUDITORS: Nordens Audit Limited
Statutory Auditors
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,094,278 1,820,249

CURRENT ASSETS
Stocks 2,873,461 2,245,160
Debtors 5 3,847,772 2,518,722
Cash at bank and in hand 111,238 91,395
6,832,471 4,855,277
CREDITORS
Amounts falling due within one year 6 (12,073,641 ) (10,803,968 )
NET CURRENT LIABILITIES (5,241,170 ) (5,948,691 )
TOTAL ASSETS LESS CURRENT LIABILITIES (4,146,892 ) (4,128,442 )

CAPITAL AND RESERVES
Called up share capital 455,000 455,000
Retained earnings (4,601,892 ) (4,583,442 )
(4,146,892 ) (4,128,442 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





Mr A Gentilini - Director


Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Luxury Living Contract & Projects Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern
The directors have made a significant judgement in their assessment of the going concern status of the company, as described in the going concern paragraph above. This is based on their assessment of the group's ability to continue to provide financial support to the company.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the term of the lease
Plant and machinery etc - 25% straight line and 15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is
more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the balance sheet date the company had net current liabilities of £5,241,170 (2023: £5,948,691) of which £10,780,747 (2023: £9,731,157) was owed to group entities. The company continues to dependent on continuing group support. The company has received written confirmation of group support from parent entities and the directors are satisfied that this support will be forthcoming, however there is no contractual certainty over this. These events or or conditions indicate that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern and therefore that it may be unable to 'realise its assets and discharge its liabilities in the normal course of its business.

The directors have prepared these financial statements on the going concern basis, as they believe that group support will continue to be made available, that group loans will not be demanded, and they therefore have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future.

Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 2,036,338 257,911 2,294,249
Additions 17,678 63,909 81,587
Disposals (868,776 ) - (868,776 )
At 31 December 2024 1,185,240 321,820 1,507,060
DEPRECIATION
At 1 January 2024 391,349 82,651 474,000
Charge for year 231,376 58,568 289,944
Eliminated on disposal (351,162 ) - (351,162 )
At 31 December 2024 271,563 141,219 412,782
NET BOOK VALUE
At 31 December 2024 913,677 180,601 1,094,278
At 31 December 2023 1,644,989 175,260 1,820,249

5. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 603,761 178,448
Amounts owed by group undertakings 2,467,667 -
Other debtors 776,344 1,875,274
3,847,772 2,053,722

Amounts falling due after more than one year:
Other debtors - 465,000

Aggregate amounts 3,847,772 2,518,722

Luxury Living Contract & Projects Ltd (Registered number: 09115909)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 238,151 283,242
Amounts owed to group undertakings 10,780,748 9,731,157
Taxation and social security 212,598 11,159
Other creditors 842,144 778,410
12,073,641 10,803,968

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
In more than five years - 4,700,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of Nordens Audit Limited

9. PARENT COMPANY

The immediate parent company is Club House Italia Spa and the ultimate parent company is Haworth Inc. Luxury Living Group Srl, whose registered office is Via Condotti 71, Rome, Italy, is the only parent company in the group that prepares group accounts in which the company is consolidated.