REGISTERED NUMBER: SC071502 (Scotland)

Financial Statements for the Year Ended 31 May 2025

for

Lujo Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Giancarlo Romano

REGISTERED OFFICE:

4th Floor

142 West Nile Street

Glasgow

G1 2RQ

REGISTERED NUMBER:

SC071502 (Scotland)

SENIOR STATUTORY AUDITOR:

Leon Marshall, CA

AUDITORS:

Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

72,390,469

57,107,345

Investments

5

12,169

12,169

72,402,638

57,119,514

CURRENT ASSETS

Debtors

6

235,813

100,391

Cash at bank and in hand

4,357,366

2,792,825

4,593,179

2,893,216

CREDITORS

Amounts falling due within one year

7

64,192,254

54,225,126

NET CURRENT LIABILITIES

(59,599,075

)

(51,331,910

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,803,563

5,787,604

CREDITORS

Amounts falling due after more than one year

8

9,000,000

9,000,000

NET ASSETS/(LIABILITIES)

3,803,563

(3,212,396

)

CAPITAL AND RESERVES

Called up share capital

10

20,000

20,000

Share premium

304

304

Fair value reserve

3,780,729

-

Retained earnings

2,530

(3,232,700

)

SHAREHOLDERS' FUNDS

3,803,563

(3,212,396

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

Giancarlo Romano - Director

1.	STATUTORY INFORMATION

Lujo Properties Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover

Turnover, which excludes value added tax, represents the value of property rental income invoiced during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Furniture and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

The cost of tangible fixed assets is their purchase costs, together with any incidental costs of acquisition.

Investment properties are included at fair value. Gains or losses on revaluations are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

Investment

and

Motor

Computer

properties

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 June 2024

56,999,141

23,889

133,379

16,277

57,172,686

Additions

11,495,520

1,748

103,894

1,623

11,602,785

Disposals

(147,222

)

-

(133,379

)

-

(280,601

)

Gain/(deficit) on revaluations

3,955,709

-

-

-

3,955,709

At 31 May 2025

72,303,148

25,637

103,894

17,900

72,450,579

DEPRECIATION

At 1 June 2024

-

18,243

33,345

13,753

65,341

Charge for year

-

968

25,974

1,172

28,114

Eliminated on disposal

-

-

(33,345

)

-

(33,345

)

At 31 May 2025

-

19,211

25,974

14,925

60,110

NET BOOK VALUE

At 31 May 2025

72,303,148

6,426

77,920

2,975

72,390,469

At 31 May 2024

56,999,141

5,646

100,034

2,524

57,107,345

The market values of the Investment Properties have been arrived at on the basis of a valuation carried out in April 2025 by a professional valuer of suitable qualifications. Their valuation covered the investment properties held as security against the bank loan, and the properties valued comprised over 80% of the value of the total. The remaining properties have been valued by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the state of the rental market in the areas where the properties are situated.

5.	FIXED ASSET INVESTMENTS

31.5.25

31.5.24

£

£

Other investments not loans

12,169

12,169

Additional information is as follows:

Unlisted

investments

£

COST

At 1 June 2024

and 31 May 2025

9,369

NET BOOK VALUE

At 31 May 2025

9,369

At 31 May 2024

9,369

Investments (neither listed nor unlisted) were as follows:

31.5.25

31.5.24

£

£

Other investments

2,800

2,800

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Seagate Enterprise LLP

Registered office:

Nature of business: Property development

%

Class of shares:

holding

Members interest

1.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade debtors

77,532

82,056

Other debtors

158,281

18,335

235,813

100,391

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans and overdrafts

1,000,000

1,000,000

Taxation and social security

630,945

224,409

Other creditors

62,561,309

53,000,717

64,192,254

54,225,126

Included in other creditors is a loan due to the parent company Romano Property Group Ltd (formerly Romano Wines Limited). The amount due at 31 May 2025 is £51,829,897 (2024: £51,360,529).The loan is interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans

9,000,000

9,000,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.25

31.5.24

£

£

Bank loans

10,000,000

10,000,000

The bank holds a Bond and Floating charge over Secured assets of the business. These comprise up to five of the company's investment properties. In addition the bank holds an assignation over the company's rental income.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.25

31.5.24

value:

£

£

80,001

Ordinary

25p

20,000

20,000

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

The Report of the Auditors was unqualified.

Leon Marshall, CA (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13.	CONTROLLING PARTY

The company is a wholly owned subsidiary of Romano Property Group Ltd (formerly Romano Wines Limited), a company registered in Scotland. Romano Property Group Ltd's principal place of business is at 4th Floor, 142 West Nile Street, Glasgow, G1 2RQ.