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Registration number: 12516717

Luminary Innovations Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Luminary Innovations Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

 

Luminary Innovations Ltd

Company Information



 

Director

Miss Carly Radford

Registered office

The Tax Partnership (Derby) Ltd
2 Cheapside
Derby
DE1 1BR

Accountants

The TAX Partnership (Derby) Limited
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Luminary Innovations Ltd

Director's Report for the Year Ended 31 March 2023

The director presents her report and the financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

Miss Carly Radford

Principal activity

The principal activity of the company is Psychological Therapies.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 2 November 2023
 

.........................................
Miss Carly Radford
Director

 

Accountants' Report to the Director on the Preparation of the Statutory Accounts of
Luminary Innovations Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Luminary Innovations Ltd for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Luminary Innovations Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Luminary Innovations Ltd and state those matters that we have agreed to state to the Board of Directors of Luminary Innovations Ltd.

It is your duty to ensure that Luminary Innovations Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Luminary Innovations Ltd. You consider that Luminary Innovations Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Luminary Innovations Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

The TAX Partnership (Derby) Limited
2 Cheapside
Derby
Derbyshire
DE1 1BR

2 November 2023

 

Luminary Innovations Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

43,460

26,995

Cost of sales

 

(1,270)

(840)

Gross profit

 

42,190

26,155

Administrative expenses

 

(14,625)

(9,111)

Operating profit

 

27,565

17,044

Profit before tax

4

27,565

17,044

Tax on profit

 

(5,241)

(3,231)

Profit for the financial year

 

22,324

13,813

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Luminary Innovations Ltd

(Registration number: 12516717)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

109

128

Current assets

 

Debtors

6

744

269

Cash at bank and in hand

 

10,630

4,571

 

11,374

4,840

Creditors: Amounts falling due within one year

7

(7,195)

(4,058)

Net current assets

 

4,179

782

Total assets less current liabilities

 

4,288

910

Provisions for liabilities

(26)

(26)

Net assets

 

4,262

884

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

4,261

883

Shareholders' funds

 

4,262

884

 

Luminary Innovations Ltd

(Registration number: 12516717)
Balance Sheet as at 31 March 2023

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.

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.

Approved and authorised by the director on 2 November 2023
 

.........................................
Miss Carly Radford
Director

 

Luminary Innovations 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:
The Tax Partnership (Derby) Ltd
2 Cheapside
Derby
DE1 1BR
England

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.

Tax

The tax expense for the period comprises current 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.

 

Luminary Innovations Ltd

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

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

Computer equipment

25% reducing balance

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.

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 and subsequently measured at amortised cost using the effective interest method.

 

Luminary Innovations Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

19

22

 

Luminary Innovations Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

150

150

At 31 March 2023

150

150

Depreciation

At 1 April 2022

22

22

Charge for the year

19

19

At 31 March 2023

41

41

Carrying amount

At 31 March 2023

109

109

At 31 March 2022

128

128

6

Debtors

Current

2023
£

2022
£

Trade debtors

580

-

Prepayments

164

269

 

744

269

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

522

608

Taxation and social security

5,241

3,205

Other creditors

1,432

245

7,195

4,058

 

Luminary Innovations Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1