Company Registration No. 05284825 (England and Wales)
Luxural Limited
Unaudited filleted accounts
for the year ended 28 February 2023
Luxural Limited
Unaudited filleted accounts
Contents
Luxural Limited
Company Information
for the year ended 28 February 2023
Company Number
05284825 (England and Wales)
Registered Office
Churchill House
137-139 Brent Stree
London
NW4 4DJ
Accountants
1g Accountants
71 Cheyne Walk
London
NW4 3QU
Luxural Limited
Statement of financial position
as at 28 February 2023
Tangible assets
298,933
346,272
Inventories
346,248
572,981
Cash at bank and in hand
37,972
105,734
Creditors: amounts falling due within one year
(231,818)
(368,238)
Net current assets
262,991
397,798
Total assets less current liabilities
561,924
744,070
Creditors: amounts falling due after more than one year
(119,444)
(252,778)
Provisions for liabilities
Deferred tax
(60,528)
(56,638)
Net assets
381,952
434,654
Called up share capital
1,000
1,000
Profit and loss account
380,952
433,654
Shareholders' funds
381,952
434,654
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 October 2023 and were signed on its behalf by
Daran Salimian
Director
Company Registration No. 05284825
Luxural Limited
Notes to the Accounts
for the year ended 28 February 2023
Luxural Limited is a private company, limited by shares, registered in England and Wales, registration number 05284825. The registered office is Churchill House, 137-139 Brent Stree, London, NW4 4DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
8% reducing balance
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The tax expense in the period comprises current and deferred tax.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Luxural Limited
Notes to the Accounts
for the year ended 28 February 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2022
269,772
290,716
237,238
58,956
856,682
Additions
5,010
-
-
2,546
7,556
At 28 February 2023
274,782
290,716
237,238
61,502
864,238
At 1 March 2022
68,313
252,109
134,803
55,185
510,410
Charge for the year
16,517
9,652
25,609
3,117
54,895
At 28 February 2023
84,830
261,761
160,412
58,302
565,305
At 28 February 2023
189,952
28,955
76,826
3,200
298,933
At 28 February 2022
201,459
38,607
102,435
3,771
346,272
Finished goods
346,248
572,981
Amounts falling due within one year
Trade debtors
50,341
18,228
Accrued income and prepayments
51,077
59,922
Luxural Limited
Notes to the Accounts
for the year ended 28 February 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
33,333
63,333
Obligations under finance leases and hire purchase contracts
-
1,118
Trade creditors
32,430
20,132
Taxes and social security
2,640
2,043
Other creditors
19,172
120,913
Loans from directors
97,616
98,216
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
119,444
252,778
Aggregate of amounts that fall due for payment after five years
-
19,444
9
Average number of employees
During the year the average number of employees was 8 (2022: 11).