ACCOUNTS - Final Accounts

Company Registration No. 06421692 (England and Wales)

LUCAS FIT OUT LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Riordan O'Sullivan & Co.

Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE


LUCAS FIT OUT LIMITED

COMPANY INFORMATION

Directors	Mr D A Lucas
	Mrs D Lucas


Registered number	06421692


Registered office	11 Invicta Business Park
	London Road
	Wrotham
	Kent
	TN15 7RJ


Independent auditors	Riordan O'Sullivan & Co.
	Chartered Certified Accountants and Statutory Auditors
	40 Chamberlayne Road
	London
	NW10 3JE


Bankers	HSBC
	38 High St
	Dartford
	DA1 1DG


LUCAS FIT OUT LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Notes to the Financial Statements	9 - 15


LUCAS FIT OUT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company during the year was that of fit out and decoration specialists.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Mr D A Lucas

Mrs D Lucas

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Riordan O'Sullivan & Co., Chartered Certifed Accountants and Statutory Auditors were appointed during the year and have expressed their wish to continue in office and are deemed to be reappointed.

Page 1


LUCAS FIT OUT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Board of Directors on 24 June 2025 and signed on its behalf.

___________________________

Mr D A Lucas

Director

Page 2


LUCAS FIT OUT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUCAS FIT OUT LIMITED

Opinion

We have audited the financial statements of Lucas Fit Out Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3


LUCAS FIT OUT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUCAS FIT OUT LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4


LUCAS FIT OUT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUCAS FIT OUT LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5


LUCAS FIT OUT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUCAS FIT OUT LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Patrick McNamara (Senior Statutory Auditor)

for and on behalf of

Riordan O'Sullivan & Co.

Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE

24 June 2025

Page 6


LUCAS FIT OUT LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	1,719,960	2,541,060
Cost of sales	(1,265,059)	(2,101,953)
Gross profit	454,901	439,107
Administrative expenses	(441,348)	(674,085)
Exceptional administrative expenses	(10,660)	(270,943)
Other operating income	-	45,500
Operating profit/(loss)	2,893	(460,421)
Interest receivable and similar income	8	18
Interest payable and similar expenses	(632)	(2,526)
Profit/(loss) before tax	2,269	(462,929)
Taxation	6,768	32,375
Profit/(loss) for the financial year	9,037	(430,554)

Other comprehensive income for the year
Total comprehensive income for the year		9,037	(430,554)

The notes on pages 9 to 15 form part of these financial statements.

Page 7


LUCAS FIT OUT LIMITED REGISTERED NUMBER:06421692

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	6		418		465
Tangible assets	7		57,003		88,147
			57,421		88,612
Current assets
Stocks	8	-		16,855
Debtors	9	738,876		1,265,451
Cash at bank and in hand		444		20,580
		739,320		1,302,886
Creditors: amounts falling due within one year	10	(506,457)		(1,100,383)
Net current assets			232,863		202,503
Total assets less current liabilities			290,284		291,115
Provisions for liabilities
Deferred tax	11	(2,431)		(12,299)
			(2,431)		(12,299)
Net assets			287,853		278,816

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	286,853	277,816
	287,853	278,816

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 24 June 2025.

___________________________

Mr D A Lucas

Director

The notes on pages 9 to 15 form part of these financial statements.

Page 8


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Lucas Fit Out Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Invicta Business Park, London Road, Wrotham, Kent, TN15 7RJ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Financial statements are prepared in sterling which is the functional currency of the company.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover represents works performed by the Company (excluding value added tax) in respect of goods and services provided in the ordinary course of business. Turnover is recognised once recoverability is deemed reasonably certain. It includes sales and all invoiced completed contracts together with the value of work certified on contracts in progress where profit can be ascertained. Retentions, claims and damages are credited to turnover when released by the customer.

2.3

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.4

Pensions

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.

Page 9


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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 rateas 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.

2.6

Exceptional items

Exceptional items identified by the company are included within operating profits in the year of recognition. Such amounts are disclosed within the notes to the financial statements.

2.7

Intangible assets

Purchased patents and trade marks are amortised over their estimated useful life of ten years.

2.8

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.

Page 10


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10% on cost
Plant and machinery	-	25% on reducing balance
Motor vehicles	-	25% on reducing balance
Fixtures and fittings	-	25% - 33% on reducing balance

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.

2.9

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2.10

Long-term contracts

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

2.11

Financial instruments

The Company only enters into basic financial instruments transactions that resulted in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows:
Construction contracts
Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	6	10

5.	Exceptional items
		2024	2023
		£	£

Loss on disposal of leasehold property improvements	-	197,236
Loss on disposal of other fixed assets	10,660	2,693
Additional depreciation of leasehold propery improvements	-	71,014
	10,660	270,943

Page 12


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Intangible assets

		Patents
		£
	Cost
	At 1 January 2024	840
	At 31 December 2024	840
	Amortisation
	At 1 January 2024	375
	Charge for the year	47
	At 31 December 2024	422
	Net book value
	At 31 December 2024	418
	At 31 December 2023	465

Page 13


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Tangible fixed assets

	Improvements to property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost
At 1 January 2024	186,411	13,662	6,000	219,416	425,489
Disposals	-	(13,662)	(6,000)	(186,002)	(205,664)
At 31 December 2024	186,411	-	-	33,414	219,825
Depreciation
At 1 January 2024	128,379	12,601	250	196,112	337,342
Charge for the year	10,751	221	1,125	5,587	17,684
Disposals	-	(12,822)	(1,375)	(178,007)	(192,204)
At 31 December 2024	139,130	-	-	23,692	162,822
Net book value
At 31 December 2024	47,281	-	-	9,722	57,003
At 31 December 2023	58,032	1,061	5,750	23,304	88,147

8.	Stocks
		2024	2023
		£	£

	Raw materials and consumables	-	16,855

Debtors

					2024	2023
					£	£


Trade debtors	-	101,029
Amounts owed by group undertakings	722,443	1,061,443
Amounts recoverable on contracts	-	72,665
Other debtors	16,433	30,314
	738,876	1,265,451

Page 14


LUCAS FIT OUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	183,698	-
Hire purchase contracts	-	5,211
Trade creditors	428	498,630
Corporation tax	3,100	-
Amounts owed to group undertakings	203,861	209,945
Other taxation and social security	25,621	92,692
Other creditors	89,749	293,905
	506,457	1,100,383

11.	Deferred taxation

		2024
		£

	At beginning of year	(12,299)
	Charged to profit or loss	9,868
	At end of year	(2,431)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Tax movement in year

(2,431)

(12,299)

12.

Related party transactions

The company has taken advantage of the exemption to disclose related party transactions on the basis that group consolidated financial statements made up to 31 December 2024 are publicly available for its immediate parent company and ultimate parent company; S Lucas Group Limited and Lucas UK Group Limited respectively.
The registered office address of the parent company and ultimate parent company is 11 Invicta Business Park, London Road, Wrotham, Kent TN15 7RJ.

Page 15