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REGISTERED NUMBER: 10187267 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Lights & Beats Ltd

Lights & Beats Ltd (Registered number: 10187267)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lights & Beats Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: J Gibbs
S Gibbs





REGISTERED OFFICE: 18 Ratcliffe Road
Hedge End
Southampton
Hampshire
SO30 4HA





REGISTERED NUMBER: 10187267 (England and Wales)





ACCOUNTANTS: PD Accountancy Services Ltd
1 Post Office House
184 Bridge Road
Sarisbury Green
Southampton
Hampshire
SO31 7ED

Lights & Beats Ltd (Registered number: 10187267)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,373 67,677

CURRENT ASSETS
Debtors 5 49,915 20,374
Cash at bank 16,006 12,025
65,921 32,399
CREDITORS
Amounts falling due within one year 6 81,776 61,015
NET CURRENT LIABILITIES (15,855 ) (28,616 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,518

39,061

CREDITORS
Amounts falling due after more than one
year

7

(47,866

)

(37,134

)

PROVISIONS FOR LIABILITIES (8,134 ) (4,848 )
NET ASSETS/(LIABILITIES) 19,518 (2,921 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 19,516 (2,923 )
SHAREHOLDERS' FUNDS 19,518 (2,921 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Lights & Beats Ltd (Registered number: 10187267)

Balance Sheet - continued
31 January 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2023 and were signed on its behalf by:





J Gibbs - Director


Lights & Beats Ltd (Registered number: 10187267)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Lights & Beats Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Lights & Beats Ltd (Registered number: 10187267)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2022 109,418 51,000 2,658 163,076
Additions 4,054 40,300 262 44,616
At 31 January 2023 113,472 91,300 2,920 207,692
DEPRECIATION
At 1 February 2022 80,600 13,804 995 95,399
Charge for year 14,584 6,083 253 20,920
At 31 January 2023 95,184 19,887 1,248 116,319
NET BOOK VALUE
At 31 January 2023 18,288 71,413 1,672 91,373
At 31 January 2022 28,818 37,196 1,663 67,677

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2022 30,750
Additions 32,500
At 31 January 2023 63,250
DEPRECIATION
At 1 February 2022 7,012
Charge for year 3,967
At 31 January 2023 10,979
NET BOOK VALUE
At 31 January 2023 52,271
At 31 January 2022 23,738

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 8,262 17,700
Amounts recoverable on contract 24,020 -
Directors' current accounts 5,937 -
VAT 8,803 -
Prepayments 2,893 2,674
49,915 20,374

Lights & Beats Ltd (Registered number: 10187267)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 10,022 18,957
Hire purchase contracts 15,043 6,063
Trade creditors 6,500 1
Social security and other taxes 309 -
VAT - 3,243
Other creditors 33,473 7,027
Directors' current accounts 15,754 25,049
Accrued expenses 675 675
81,776 61,015

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans - 1-2 years 22,088 29,345
Hire purchase contracts 25,778 7,789
47,866 37,134

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
2 Ordinary £1 2 2

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year in question the directors holding office in the year each received a dividend to the value of £2,500 (2022 £2,000).

These dividends were declared in the year when the company had the distributable profits.