General Information
LUXURICO LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10520295, registration address 1272 Coventry Road, Yardley, Birmingham, B25 8BS.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The director has prepared detailed cash flow forecasts for a period of at least 12 months from the date of signing these financial statements. These forecasts demonstrate that the company will have sufficient resources to meet its liabilities as they fall due. This assessment includes consideration of the continued financial support from the director/shareholders, who have provided written confirmation of their intention to provide this support for the foreseeable future. On this basis, the director has a reasonable expectation that the company will continue in operational existence and meet its liabilities as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Depreciation Policies:
Motor Vehicles: 10% Reducing Balance
Computers: 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
|
| 2. |
Average number of employees
Average number of employees during the year was 12 (2023 : 12).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
5,978,538 |
|
5,978,538 |
| Additions |
1,611,205 |
|
1,611,205 |
| Disposals |
(4,688,012) |
|
(4,688,012) |
| At 31 December 2024 |
2,901,731 |
|
2,901,731 |
| Depreciation |
| At 01 January 2024 |
1,610,025 |
|
1,610,025 |
| Charge for year |
129,371 |
|
129,371 |
| On disposals |
(1,454,549) |
|
(1,454,549) |
| At 31 December 2024 |
284,847 |
|
284,847 |
| Net book values |
| Closing balance as at 31 December 2024 |
2,616,884 |
|
2,616,884 |
| Opening balance as at 01 January 2024 |
4,689,521 |
|
4,689,521 |
|
| 4. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
57,960 |
|
128,700 |
| Pet Yachts LLC (Dubai) |
3,616,264 |
|
346,659 |
| Prepayments & Accrued Income |
0 |
|
70,787 |
| Other Debtors |
0 |
|
35,000 |
|
3,674,224 |
|
581,146 |
|
| 5. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
52,392 |
|
85,621 |
| Bank Loans & Overdrafts |
0 |
|
17,220 |
| Taxation and Social Security |
307,801 |
|
453,850 |
| Other Creditors |
2,865,088 |
|
1,533,807 |
|
3,225,281 |
|
2,090,498 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts |
11,309 |
|
35,176 |
| Other Creditors |
3,447,558 |
|
2,713,678 |
|
3,458,867 |
|
2,748,854 |
|
|
Director Loan Account
At the year's end, a balance of £555,062 was owed to the director, which is part of short-term other creditors. The above balance is interest-free and has no fixed repayment date.
|
| 8. |
Loan from Related Parties
At the year end , a loan of £1,893,749.00 was owed by the company to friends and family. The above balance is interest-free and has no fixed repayment date.
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2
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