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| Registered number: 07835670
GAUDET LUCE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
GAUDET LUCE LIMITED REGISTERED NUMBER:07835670 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Fixed assets |  |  |
Tangible assets | 4 | 3,188,721 | 3,250,977
|  | 3,188,721 | 3,250,977
Current assets |  |  |
Stocks |  | 117,997 | 122,255
Debtors: amounts falling due within one year | 5 | 186,851 | 147,437
Cash at bank and in hand | 6 | 1,899 | 1,900
|  | 306,747 | 271,592
Creditors: amounts falling due within one year | 7 | (661,602) | (632,946)
Net current liabilities |  | (354,855) | (361,354)
Total assets less current liabilities |  | 2,833,866 | 2,889,623
Creditors: amounts falling due after more than one year | 8 | (1,277,730) | (1,379,981)
Net assets |  | 1,556,136 | 1,509,642
Capital and reserves |  |  |
Called up share capital |  | 109 | 109
Share premium account |  | 3,089,645 | 3,089,645
Profit and loss account |  | (1,533,618) | (1,580,112)
|  | 1,556,136 | 1,509,642
Page 1
GAUDET LUCE LIMITED REGISTERED NUMBER:07835670 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mrs J Fernihough
Director
Date: 10 September 2025
Page 2
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | GENERAL INFORMATION
Gaudet Luce Limited, registered number 07835670, is a company incorporated in England and Wales. The registered office is Middle Lane, Hadzor, Droitwich, WR9 7JR. The company is limited by shares. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is GBP and these financial statements are rounded to the nearest £1.
| 2.2 | GOING CONCERN
The directors note that the business has net current liabilities of £354,855 (2023: £361,654). The directors have reviewed budgets and forecasts for a period of 12 months from approval of the accounts, it is of their opinion that the company can continue as a going concern for the foreseeable future.
| 2.3 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.4 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Not depreciated
|  |  |  | Temporary buildings | - | 15 years straight line
|  |  |  | Plant and machinery | - | 10% - 20% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 15% - 33% straight line
|  |  |  | Computer equipment | - | 10% - 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.9 | GOVERNMENT GRANTS
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.10 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.12 | PENSIONS
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 55 (2023: 59).
Page 5
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | TANGIBLE FIXED ASSETS
|  | Freehold land and buildings | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 January 2024 | 3,111,915 | 243,609 | 25,999 | 347,701 | 85,372
| Additions | 14,968 | - | - | 13,995 | 589
| At 31 December 2024 | 3,126,883 | 243,609 | 25,999 | 361,696 | 85,961
| DEPRECIATION |  |  |  |  |
| At 1 January 2024 | 77,877 | 132,819 | 17,333 | 264,947 | 70,643
| Charge for the year on owned assets | 10,910 | 44,331 | 6,499 | 25,075 | 4,993
| At 31 December 2024 | 88,787 | 177,150 | 23,832 | 290,022 | 75,636
| NET BOOK VALUE |  |  |  |  |
| At 31 December 2024 | 3,038,096 | 66,459 | 2,167 | 71,674 | 10,325
| At 31 December 2023 | 3,034,038 | 110,790 | 8,666 | 82,754 | 14,729
Page 6
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4.TANGIBLE FIXED ASSETS (CONTINUED)
|  | Total
|  | £
| COST OR VALUATION |
| At 1 January 2024 | 3,814,596
| Additions | 29,552
| At 31 December 2024 | 3,844,148
| DEPRECIATION |
| At 1 January 2024 | 563,619
| Charge for the year on owned assets | 91,808
| At 31 December 2024 | 655,427
| NET BOOK VALUE |
| At 31 December 2024 | 3,188,721
| At 31 December 2023 | 3,250,977
| Included within Freehold land and buildings is land of £1,388,613 (2023: £1,388,613) which is not depreciated.
Page 7
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | DEBTORS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 41,077 | 16,555
| Other debtors | 7,109 | 4,685
| Prepayments and accrued income | 138,665 | 126,197
|  | 186,851 | 147,437
6. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,899 | 1,900
| Less: bank overdrafts | (154,911) | (163,273)
|  | (153,012) | (161,373)
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 154,911 | 163,273
| Bank loans | 83,473 | 25,436
| Trade creditors | 124,244 | 180,359
| Other taxation and social security | 38,322 | 79,521
| Obligations under finance lease and hire purchase contracts | 39,962 | 39,962
| Other creditors | 70,399 | 56,428
| Accruals and deferred income | 150,291 | 87,967
|  | 661,602 | 632,946
Page 8
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 632,083 | 651,314
| Net obligations under finance leases and hire purchase contracts | 20,303 | 61,111
| Other creditors | 605,128 | 644,994
| Government grants received | 20,216 | 22,562
|  | 1,277,730 | 1,379,981
| The following liabilities were secured:
| Details of security provided:
A registration of a charge was agreed in November 2013 between Gaudet Luce Limited and Barclays Bank PLC. The lender (Barclays Bank PLC) agreed to provide the company with loan facilities in return for a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, plant & machinery. A registration of a charge was agreed in August 2014 between Gaudet Luce Limited and Gillian Elaine Fernihough. The lender (Gillian Elaine Fernihough) agreed to provide the company with loan facilities in return for a fixed charge over the freehold land and buildings known as Gaudet Luce Golf Club registered at the land registery under title number HW110292. A registration of a charge was agreed in November 2020 between Gaudet Luce Limited and Shirley Annette Farinha. The lender (Shirley Annette Farinha) agreed to provide the company with loan facilities in return for a fixed charge over all rents receivable from any lease granted in respect of the Property and the proceeds of any insurance affecting the Property. The Property being known as Gaudet Luce Golf Club, registered at the land registry under title number HW110292. Page 9
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 83,473 | 25,436
|  | 83,473 | 25,436
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Bank loans | 26,660 | 28,546
|  | 26,660 | 28,546
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 74,779 | 63,896
|  | 74,779 | 63,896
| AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS |  |
| Bank loans | 530,644 | 558,872
|  | 530,644 | 558,872
|  | 715,556 | 676,750
10. | PENSION COMMITMENTS
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,899 (2023: £14,962). Contributions totalling £3,410 (2023: £3,172) were payable to the fund at the balance sheet date and are included in creditors. Page 10
GAUDET LUCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 50,609 | 65,441
| Later than 1 year and not later than 5 years | 27,920 | 78,529
|  | 78,529 | 143,970
12. | RELATED PARTY TRANSACTIONS
|  | 2024 | 2023
|  | £ | £
| Amounts owed to Directors | 93,023 | 92,494
| Amounts owed to persons related to Directors | 206,000 | 206,000
| Amounts owed to a Director and Spouse | 353,579 | 358,500
|  | 652,602 | 656,994
Page 11