Lusk Construction Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC247421 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2019

for

Lusk Construction Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

Mr A Lusk

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC247421 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lusk Construction Limited for the year ended 30 June 2019 which comprise the Profit and Loss

Account, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Lusk Construction Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lusk Construction Limited and state those matters that we have agreed to state to the director of Lusk Construction Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lusk Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lusk Construction Limited. You consider that Lusk Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lusk Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

28 May 2020

CURRENT ASSETS

Debtors

4

1,852,645

Cash at bank

1,135

1,168

1,853,780

1,853,813

CREDITORS

Amounts falling due within one year

5

1,657,600

1,659,531

NET CURRENT ASSETS

196,180

194,282

TOTAL ASSETS LESS CURRENT
LIABILITIES

196,180

194,282

CAPITAL AND RESERVES

Called up share capital

10

Retained earnings

196,170

194,272

SHAREHOLDERS' FUNDS

196,180

194,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2020 and were signed by:

Mr A Lusk - Director

1.	STATUTORY INFORMATION

Lusk Construction 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.

Going Concern

The accounts have been prepared on a going concern basis as a consequence of the ongoing support of group

undertakings, director loan monies and other creditors. On the basis of this continued support the accounts have

been prepared on a going concern basis.

COVID-19

At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The

company continues to operate in a restricted way during this period. Whilst the overall impact still remains

uncertain for the UK economy the Director believes that with the steps which have been taken, ongoing

Government support and the commitment of all staff and the loyalty of customers, that the business will be in a

position to come through this period and continue in operation for the next year and beyond.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is

probable that the collectability of the related receivables is reasonably assured and when the specific criteria for

each of the Company's activities are met.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Work in progress

Work in progress is stated at the lower of cost and net realisable value. Cost includes all direct expenditure and

an appropriate proportion of fixed and variable overheads.

Revenue is considered as earned when, and to the extent that the company obtains the right to consideration in

exchange for its performance under those contracts. It is measured at the fair value of the right to consideration,

which represents the amounts chargeable to clients, including recoverable expenses and disbursements, but

excluding vat.

For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This

assessment takes into account the nature of the assignment, its stage of completion and the relevant contract

terms.

Unbilled revenue is included in work in progress.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original

maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of

the instrument and are classified in accordance with their underlying economic reality. The company has two

main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not

quoted in an active market. Upon recognition, these assets are measured at fair value less directly related

transaction expenses. In successive periods these are measured at amortised cost, and any differences between

acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest

method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal

value less any

allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive

periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is

accounted for over the borrowing period by using the effective interest method. If transaction costs are

immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events

that occurred after the initial recognition, the estimated future cash flows have been impacted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Amounts owed by group undertakings

382,281

Amounts owed by associated companies

1,469,860

VAT

504

1,852,645

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

-

137,834

Amounts owed to group undertakings

873,921

876,891

Amounts owed to associated companies

-

2,500

Tax

445

6

Social security and other taxes

1,500

Other creditors

242,080

131,171

Directors' current accounts

532,740

503,315

Accruals and deferred income

6,914

6,314

1,657,600

1,659,531

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2019 and

30 June 2018:

2019

2018

£

Mr A Lusk

Balance outstanding at start of year

503,315

Amounts advanced

29,425

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

532,740

503,315

The Director's Loan Account balance is interest free and repayable on demand.

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

During the year the company undertook net transactions to the value of £Nil with Craigie Property Investments

Ltd, a company in which Mr & Mrs Andrew Lusk own the entire share capital between them. The amount

outstanding and due by Craigie Property Investments Ltd, at 30 June 2019 amounted to £1,469,860 (2018:

£1,469,860).

During previous years the company received funds from A & D Properties, a business in which Andrew Lusk is

the principal, of £2,500. This balance was repaid within the year to 30 June 2019.

8.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Lumax Homes (Holdings) Limited.

The company is under the ultimate control of Mr and Mrs Andrew Lusk by virtue of their 100% shareholding in

the parent company Lumax Homes (Holdings) Limited. Lumax Homes (Holdings) Limited registered office is at

Unit 2 Southhook Road, Kilmarnock, Ayrshire, KA1 2NN.

Lusk Construction Limited - Accounts to registrar (filleted) - small 18.2

Lusk Construction Limited - Accounts to registrar (filleted) - small 18.2