Company Registration No. 09848719 (England and Wales)
Lusty Glaze Project Limited
Unaudited accounts
for the period from 1 July 2023 to 31 December 2024
Lusty Glaze Project Limited
Unaudited accounts
Contents
Lusty Glaze Project Limited
Company Information
for the period from 1 July 2023 to 31 December 2024
Company Number
09848719 (England and Wales)
Registered Office
Ground Floor, Building A
Green Court, Truro Business Park
Threemilestone
Truro
Cornwall
TR4 9LF
England
Lusty Glaze Project Limited
Statement of financial position
as at 31 December 2024
Cash at bank and in hand
7
80
Creditors: amounts falling due within one year
(437)
(510)
Net current assets
100
100
Called up share capital
100
100
Share premium
660,000
660,000
Profit and loss account
(660,000)
(660,000)
Shareholders' funds
100
100
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by
R Pearce
Director
Company Registration No. 09848719
Lusty Glaze Project Limited
Notes to the Accounts
for the period from 1 July 2023 to 31 December 2024
Lusty Glaze Project Limited is a private company, limited by shares, registered in England and Wales, registration number 09848719. The registered office is Ground Floor, Building A, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF, England.
2
Compliance with accounting standards
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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 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 present information about the company as an individual entity and not about its group, in which the company is a subsidiary entity only. Lusty Glaze Project Limited is a wholly owned subsidiary of Verto Homes Ltd, which has taken advantage of the exemption under Section 399 of the Companies Act 2006 not to prepare consolidated accounts as the group is a small group.
Lusty Glaze Project Limited
Notes to the Accounts
for the period from 1 July 2023 to 31 December 2024
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.
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.
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Amounts falling due within one year
Lusty Glaze Project Limited
Notes to the Accounts
for the period from 1 July 2023 to 31 December 2024
5
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
420
344
6
Average number of employees
During the period the average number of employees was 0 (2023: 0).