Registered number
08957876
Lumini Developments Ltd
Accounts
For the Year ended
31 March 2022
Oakensen
Chartered Accountants
31 Stallard Street
Trowbridge
Wiltshire
BA14 9AA
Lumini Developments Ltd
Registered number: 08957876
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 148,294 137,476
Current assets
Stocks and work in progress 75,535 54,250
Debtors 4 984,233 616,271
Cash at bank and in hand 40,492 60,993
1,100,260 731,514
Creditors: amounts falling due within one year 5 (598,207) (427,892)
Net current assets 502,053 303,622
Total assets less current liabilities 650,347 441,098
Creditors: amounts falling due after more than one year 6 (54,372) (47,348)
Net assets 595,975 393,750
Capital and reserves
Called up share capital 110 100
Profit and loss account 595,865 393,650
Shareholders' funds 595,975 393,750
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H J Richards
Director
Approved by the board on 13 September 2022
Lumini Developments Ltd
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the work is completed.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 7 years
Computer equipment 3 years
Fixtures and fittings 10 years
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 6
3 Tangible fixed assets
Fixtures and fittings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 1 April 2021 20,381 217,830 3,177 241,388
Additions - 60,554 - 60,554
Disposals - (23,630) - (23,630)
At 31 March 2022 20,381 254,754 3,177 278,312
Depreciation
At 1 April 2021 7,037 95,226 1,649 103,912
Charge for the year 2,246 34,243 763 37,252
On disposals - (11,146) - (11,146)
At 31 March 2022 9,283 118,323 2,412 130,018
Net book value
At 31 March 2022 11,098 136,431 765 148,294
At 31 March 2021 13,344 122,604 1,528 137,476
4 Debtors 2022 2021
£ £
Trade debtors 535,820 449,046
Amounts owed by group undertakings and undertakings in which the company has a participating interest 94,747 84,200
Other debtors 353,666 83,025
984,233 616,271
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 76,420 50,000
Obligations under finance lease and hire purchase contracts 28,959 35,124
Trade creditors 283,460 181,976
Taxes and social security costs 204,434 155,456
Other creditors 4,934 5,336
598,207 427,892
6 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 46,658 47,348
Deferred subsidies receivable 7,714 -
54,372 47,348
7 Other information
Lumini Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 Riverside Court
Bath
BA2 3DZ
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