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Registered number: 10494367
Lux Blu Developments Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10494367
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,628 15,955
Investment Properties 5 175,000 2,000,000
Investments 6 204,076 139,997
391,704 2,155,952
CURRENT ASSETS
Debtors 7 1,720,060 1,035,074
Cash at bank and in hand 185,397 5,231
1,905,457 1,040,305
Creditors: Amounts Falling Due Within One Year 8 (2,448,166 ) (2,623,938 )
NET CURRENT ASSETS (LIABILITIES) (542,709 ) (1,583,633 )
TOTAL ASSETS LESS CURRENT LIABILITIES (151,005 ) 572,319
Creditors: Amounts Falling Due After More Than One Year 9 (20,520 ) (37,370 )
NET (LIABILITIES)/ASSETS (171,525 ) 534,949
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (171,625 ) 534,849
SHAREHOLDERS' FUNDS (171,525) 534,949
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For the year ending 30 November 2025 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Lisa Pagin
Director
27/08/2026
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Lux Blu Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10494367 . The registered office is Bay View, Gyllyngvase Road, Falmouth, Cornwall, TR11 4DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have assessed the company's financial position and forecast cash flows at the date of approval of these financial statements. Although the company reports net liabilities and negative reserves, it is supported by loans from its directors and other related companies. The directors have confirmed, and are satisfied as to the ability of the relevant parties to provide, sufficient continuing financial support for a period of at least 12 months from the date of approval. On that basis the directors consider the company able to meet its foreseeable obligations and continue to adopt the going concern basis of accounting.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 3 years straight line
Motor Vehicles 20% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost or Valuation
As at 1 December 2024 5,694 30,275 35,969
As at 30 November 2025 5,694 30,275 35,969
Depreciation
As at 1 December 2024 5,240 14,774 20,014
Provided during the period 227 3,100 3,327
As at 30 November 2025 5,467 17,874 23,341
Net Book Value
As at 30 November 2025 227 12,401 12,628
As at 1 December 2024 454 15,501 15,955
5. Investment Property
2025
£
Fair Value
As at 1 December 2024 2,000,000
Disposals (1,824,579 )
Revaluations (421)
As at 30 November 2025 175,000
A full market valuation of the investment property was completed by Heather & Lay Independent Estate Agents during the year at a value of £175,000.
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2025 2024
£ £
Cost 90,966 1,037,118
6. Investments
Subsidiaries Listed Other Total
£ £ £ £
Cost or Valuation
As at 1 December 2024 269,997 - - 269,997
Additions - 50,000 13,000 63,000
Revaluations - 4,439 (3,360 ) 1,079
As at 30 November 2025 269,997 54,439 9,640 334,076
...CONTINUED
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Provision
As at 1 December 2024 130,000 - - 130,000
As at 30 November 2025 130,000 - - 130,000
Net Book Value
As at 30 November 2025 139,997 54,439 9,640 204,076
As at 1 December 2024 139,997 - - 139,997
This subsidiary investment represents Lux Blu Development Ltd's 100% ownership of the shares of Kernowek Kerth Limited.
7. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 1,200 -
Other debtors 1,253 1,253
Amounts owed by related companies 1,717,607 1,033,821
1,720,060 1,035,074
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 14,475 3,692
Trade creditors - 4,117
Bank loans and overdrafts 5,863 767,229
Corporation tax (2,182 ) (2,182 )
Other creditors 1,219,677 1,194,508
Accruals and deferred income - 15,542
Directors' loan accounts 1,026,067 478,110
Amounts owed to related companies 184,266 162,922
2,448,166 2,623,938
The bank loans figure of £5,863 represents the company's bounce back loan that is secured by the government.
The hire purchase liability is secured against the asset.
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 14,475
Bank loans 20,520 22,895
20,520 37,370
The bank loans figure of £20,520 represents the company's bounce back loan that is secured by the government.
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10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
Other related party transactions:
Balances receiveable from related companies at 30 November 2025 included within the debtors note above:
- Anchorage Apartments Management Ltd:   £340   (2024: £0)
- Bloc Cornwall Holdings Ltd:   £209,499   (2024: £47,500)
- Kernowek Kerth Limited:   £70,518   (2024: £85,860)
- Lux Blu Management Limited:   £570   (2024: £6,997)
- N3L Limited:   £1,436,200   (2024: 813,500)
- Pennywort Properties Limited:   £480   (2024: £6,545)
- Rosebay Court Ltd:   £0   (2024: £57,194)
Bloc Cornwall Holdings Ltd is a related party by virtue of common control by close family members Lisa Pagin and Willow Pagin, who together control Lux Blu Developments Ltd and hold interests in Bloc Cornwall Holdings Ltd's parent undertaking. During the year Lux Blu Developments Ltd released loans owed by Bloc Cornwall Holdings Ltd totalling £250,000, which had become irrecoverable following C Ltd's inability to repay. The loans were unsecured and interest-free. The amount outstanding at the year-end was £209,499.
N3L Limited is a related party by virtue of common control by close family members Lisa Pagin and Willow Pagin, who together control Lux Blu Developments Ltd and hold interests in N3L Limited's parent undertaking. During the year Lux Blu Developments Ltd released loans owed by N3L Limited totalling £250,000, which had become irrecoverable following C Ltd's inability to repay. The loans were unsecured and interest-free. The amount outstanding at the year-end was £1,436,200.
Balances payable to related companies at 30 November 2025 included within the creditors note above:
- Lux Blu London Ltd:   £159,306   (2024: £162,736)
- Red Willow Holdings Ltd:   £19,960   (2024: -£14,906)
- Red Willow Properties Ltd:   £5,000   (2024: £186)
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