Halliday Lighting Ltd SC505954 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the installation of lighting. Digita Accounts Production Advanced 6.30.9574.0 true SC505954 2022-04-01 2023-03-31 SC505954 2023-03-31 SC505954 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC505954 core:ShareCapital 2023-03-31 SC505954 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC505954 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC505954 core:CurrentFinancialInstruments 2023-03-31 SC505954 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC505954 core:Non-currentFinancialInstruments 2023-03-31 SC505954 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC505954 core:FurnitureFittingsToolsEquipment 2023-03-31 SC505954 core:LandBuildings 2023-03-31 SC505954 core:MotorVehicles 2023-03-31 SC505954 core:OtherPropertyPlantEquipment 2023-03-31 SC505954 bus:SmallEntities 2022-04-01 2023-03-31 SC505954 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC505954 bus:FullAccounts 2022-04-01 2023-03-31 SC505954 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC505954 bus:RegisteredOffice 2022-04-01 2023-03-31 SC505954 bus:Director2 2022-04-01 2023-03-31 SC505954 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC505954 core:Buildings 2022-04-01 2023-03-31 SC505954 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 SC505954 core:LandBuildings 2022-04-01 2023-03-31 SC505954 core:MotorVehicles 2022-04-01 2023-03-31 SC505954 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC505954 core:PlantMachinery 2022-04-01 2023-03-31 SC505954 countries:Scotland 2022-04-01 2023-03-31 SC505954 2022-03-31 SC505954 core:FurnitureFittingsToolsEquipment 2022-03-31 SC505954 core:LandBuildings 2022-03-31 SC505954 core:MotorVehicles 2022-03-31 SC505954 core:OtherPropertyPlantEquipment 2022-03-31 SC505954 2021-04-01 2022-03-31 SC505954 2022-03-31 SC505954 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC505954 core:ShareCapital 2022-03-31 SC505954 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 SC505954 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 SC505954 core:CurrentFinancialInstruments 2022-03-31 SC505954 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC505954 core:Non-currentFinancialInstruments 2022-03-31 SC505954 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC505954 core:FurnitureFittingsToolsEquipment 2022-03-31 SC505954 core:LandBuildings 2022-03-31 SC505954 core:MotorVehicles 2022-03-31 SC505954 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: SC505954

Halliday Lighting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Halliday Lighting Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Halliday Lighting Ltd

(Registration number: SC505954)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

515,061

395,212

Current assets

 

Stocks

5

1,128,210

544,980

Debtors

6

3,009,378

2,597,121

Cash at bank and in hand

 

-

907

 

4,137,588

3,143,008

Creditors: Amounts falling due within one year

7

(2,927,439)

(2,462,750)

Net current assets

 

1,210,149

680,258

Total assets less current liabilities

 

1,725,210

1,075,470

Creditors: Amounts falling due after more than one year

7

(385,234)

(409,686)

Provisions for liabilities

(64,737)

(25,074)

Net assets

 

1,275,239

640,710

Capital and reserves

 

Called up share capital

120

120

Retained earnings

1,275,119

640,590

Shareholders' funds

 

1,275,239

640,710

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.

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
G J Halliday
Director

 

Halliday Lighting 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 Scotland.

The address of its registered office is:
Unit 29
Stenhouse Mill Wynd
Edinburgh
EH11 3XX

These financial statements were authorised for issue by the Board on 17 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.

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.

Tax

The tax expense for the period comprises current and 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.

 

Halliday Lighting 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

Property

2% straight line

Plant and machinery

20% reducing balance

Fixtures and equipment

15% reducing balance

Motor vehicles

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.

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.

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.

 

Halliday Lighting Ltd

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

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 directors) during the year, was 40 (2022 - 38).

 

Halliday Lighting Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

282,125

100,192

249,042

12,054

643,413

Additions

2,247

8,371

197,581

1,083

209,282

Disposals

-

-

(19,270)

-

(19,270)

At 31 March 2023

284,372

108,563

427,353

13,137

833,425

Depreciation

At 1 April 2022

22,572

46,402

171,772

7,456

248,202

Charge for the year

5,687

9,324

67,188

1,136

83,335

Eliminated on disposal

-

-

(13,173)

-

(13,173)

At 31 March 2023

28,259

55,726

225,787

8,592

318,364

Carrying amount

At 31 March 2023

256,113

52,837

201,566

4,545

515,061

At 31 March 2022

259,553

53,790

77,271

4,598

395,212

Included within the net book value of land and buildings above is £256,113 (2022 - £259,553) in respect of freehold land and buildings.
 

 

Halliday Lighting Ltd

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

5

Stocks

2023
£

2022
£

Other inventories

1,128,210

544,980

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

70,434

108,289

Amounts owed by related parties

270,952

-

Prepayments

 

77,374

45,280

Other debtors

 

2,590,618

2,443,552

   

3,009,378

2,597,121

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

287,597

278,801

Trade creditors

 

2,365,807

1,958,873

Inter company loan

-

40,781

Taxation and social security

 

265,269

162,064

Other creditors

 

8,669

22,118

Directors loans

 

97

113

 

2,927,439

2,462,750

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Bank loan

8

270,834

395,834

Hire purchase contracts

 

114,400

13,852

 

385,234

409,686

 

Halliday Lighting Ltd

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

270,834

395,834

Hire purchase contracts

114,400

13,852

385,234

409,686

2023
£

2022
£

Current loans and borrowings

Bank borrowings

125,000

125,000

Bank overdrafts

116,927

137,077

Hire purchase contracts

45,670

16,724

287,597

278,801