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Registration number: 11938080

Lighthouse Display International POS Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Lighthouse Display International POS Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lighthouse Display International POS Ltd

Company Information

Director

Ms A K Tighe

Registered office

Unit 2 Swinstead Close
Wigman Close
Nottingham
NG8 3JG

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Lighthouse Display International POS Ltd

(Registration number: 11938080)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

93,906

188,723

Current assets

 

Stocks

5

122,423

182,645

Debtors

6

521,053

362,998

Cash at bank and in hand

 

70,141

77,861

 

713,617

623,504

Creditors: Amounts falling due within one year

7

(675,448)

(536,605)

Net current assets

 

38,169

86,899

Total assets less current liabilities

 

132,075

275,622

Creditors: Amounts falling due after more than one year

7

(118,764)

(179,928)

Provisions for liabilities

(15,216)

(30,869)

Net (liabilities)/assets

 

(1,905)

64,825

Capital and reserves

 

Called up share capital

9

7

7

Retained earnings

(1,912)

64,818

Shareholders' (deficit)/funds

 

(1,905)

64,825

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Lighthouse Display International POS Ltd

(Registration number: 11938080)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 October 2023
 

.........................................
Ms A K Tighe
Director

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Swinstead Close
Wigman Close
Nottingham
NG8 3JG

These financial statements were authorised for issue by the director on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20/25% straight line

Motor vehicles

25% straight line

Leasehold improvements

20% straight line

Computer equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 26 (2022 - 33).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,942

28,800

365,755

401,497

Disposals

-

(28,800)

(14,998)

(43,798)

At 31 March 2023

6,942

-

350,757

357,699

Depreciation

At 1 April 2022

1,922

13,800

197,052

212,774

Charge for the year

1,388

1,800

73,359

76,547

Eliminated on disposal

-

(15,600)

(9,928)

(25,528)

At 31 March 2023

3,310

-

260,483

263,793

Carrying amount

At 31 March 2023

3,632

-

90,274

93,906

At 31 March 2022

5,020

15,000

168,703

188,723

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £3,632 (2022 - £5,021) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

122,423

182,645

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

471,236

299,484

Prepayments

26,235

33,551

Other debtors

23,582

29,963

521,053

362,998

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

298,722

291,303

Trade creditors

 

169,211

121,625

Taxation and social security

 

46,373

25,186

Accruals and deferred income

 

23,017

27,407

Other creditors

 

138,125

71,084

 

675,448

536,605

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

44,000

44,000

Other borrowings

245,272

229,867

HP and finance lease liability 1 (under 1yr)

9,450

17,436

298,722

291,303

 

Lighthouse Display International POS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

113,667

157,667

HP and finance lease liability 1 (1-2 yrs)

5,097

22,261

118,764

179,928

Secured Liabilities

Finance leases of £14,547 (2022: £39,697) are secured over the assets to which they relate.
The invoice factoring loan of £245,272 (2022 £229,867) was secured on the Trade Debtors book debt which were held by Close Brothers.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.00 each

6,522

7

6,522

7

         

10

Obligations under leases and hire purchase contracts

Operating leases

The amount of non-cancellable operating lease payments recognised as an expense during the year was £71,567 (2022 - £78,637).

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £563,565 (2022 - £642,202).

12

Related party transactions

Included within other creditors is the amount of £89,998 (2022: £39,998) in respect of loans received from shareholders, which are interest free and repayable upon demand.

Included within other crediors are the following balances, in respect of companies which are related by virtue of common ownership and directorship :

At the year end, an amount of £45,000 (2020 £20,000) was owed to IPS Pearce Ltd.

The company remunerates the directors with a combination of salary and pension contributions, all of which are deemed to be within the normal course of business.