Company registration number 13660838 (England and Wales)
LIGHTBOX (BRACKNELL) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LIGHTBOX (BRACKNELL) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LIGHTBOX (BRACKNELL) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Non-current assets
Investment property
4
7,962,400
Current assets
Trade and other receivables
5
487,076
Cash and cash equivalents
224,898
711,974
Current liabilities
6
(4,590,198)
Net current liabilities
(3,878,224)
Total assets less current liabilities
4,084,176
Non-current liabilities
7
(4,042,500)
Net assets
41,676
Equity
Called up share capital
100
Retained earnings
41,576
Total equity
41,676
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Y Sheikh
Director
Company registration number 13660838 (England and Wales)
LIGHTBOX (BRACKNELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Lightbox (Bracknell) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AG.
1.1
Reporting period
The company was incorporated on 4 October 2021 and started trading the same day. The first financial statements of the company is for the period from 4 October 2021 to 31 March 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Revenue
Turnover represents rental income and service charge received from tenants.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
LIGHTBOX (BRACKNELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LIGHTBOX (BRACKNELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
3
LIGHTBOX (BRACKNELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
4
Investment property
2023
£
Fair value
At 4 October 2021
Additions
7,962,400
At 31 March 2023
7,962,400
Investment property comprises office buildings that are leased to third parties under operating leases. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Trade and other receivables
2023
Amounts falling due within one year:
£
Trade receivables
129,865
Amounts owed by group undertakings
51,661
Other receivables
305,550
487,076
6
Current liabilities
2023
£
Bank loans
41,250
Trade payables
48,921
Amounts owed to group undertakings
4,000,000
Corporation tax
54,320
Other taxation and social security
61,712
Other payables
383,995
4,590,198
Bank loans are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date.
Bank loans are secured by means of a fixed and floating charge on the investment property and all
undertakings of the company
7
Non-current liabilities
2023
£
Bank loans and overdrafts
4,042,500
LIGHTBOX (BRACKNELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
7
Non-current liabilities
(Continued)
- 6 -
Bank loans are secured by means of a fixed and floating charge on the investment property and all
undertakings of the company
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Francis Corbishley
Statutory Auditor:
Moore NHC Audit Limited
9
Related party transactions
During the period, an amount of £87,500 was charged by a group company in respect of management fees.
At the balance sheet date, the company owed £4,000,000 to parent company, Lightbox Property Holdings Limited.
Included within debtors is the balance of £51,661 due to a fellow subsidiary undertaking.
10
Parent company
The immediate parent company is Lightbox Property Holdings Limited. A company registered in England and Wales with Registered office address 1st Floor, Metropolitan House, Darkes Lane, Potters Bar, England, EN6 1AG.
The ultimate parent company is Sheikh Holdings Group (Investments) Limited. A company registered in England and Wales with Registered office address 1st Floor, Metropolitan House, Darkes Lane, Potters Bar,England, EN6 1AG.