It Does Lighting Ltd 05059083 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is lighting design and consultancy Digita Accounts Production Advanced 6.30.9574.0 true 05059083 2022-04-01 2023-03-31 05059083 2023-03-31 05059083 bus:OrdinaryShareClass1 2023-03-31 05059083 core:CurrentFinancialInstruments 2023-03-31 05059083 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05059083 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 05059083 core:MotorVehicles 2023-03-31 05059083 core:OfficeEquipment 2023-03-31 05059083 bus:SmallEntities 2022-04-01 2023-03-31 05059083 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05059083 bus:FullAccounts 2022-04-01 2023-03-31 05059083 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05059083 bus:RegisteredOffice 2022-04-01 2023-03-31 05059083 bus:Director1 2022-04-01 2023-03-31 05059083 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05059083 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05059083 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05059083 core:MotorVehicles 2022-04-01 2023-03-31 05059083 core:OfficeEquipment 2022-04-01 2023-03-31 05059083 countries:England 2022-04-01 2023-03-31 05059083 2022-03-31 05059083 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 05059083 core:MotorVehicles 2022-03-31 05059083 core:OfficeEquipment 2022-03-31 05059083 2021-04-01 2022-03-31 05059083 2022-03-31 05059083 bus:OrdinaryShareClass1 2022-03-31 05059083 core:CurrentFinancialInstruments 2022-03-31 05059083 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05059083 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 05059083 core:MotorVehicles 2022-03-31 05059083 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05059083

It Does Lighting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

It Does Lighting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

It Does Lighting Ltd

Company Information

Director

Miss LB Calcott

Registered office

The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Limited
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

It Does Lighting Ltd

(Registration number: 05059083)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

46,332

51,951

Current assets

 

Debtors

5

41,692

33,152

Cash at bank and in hand

 

48,767

96,946

 

90,459

130,098

Creditors: Amounts falling due within one year

6

(23,662)

(80,434)

Net current assets

 

66,797

49,664

Net assets

 

113,129

101,615

Capital and reserves

 

Called up share capital

1

1

Retained earnings

113,128

101,614

Shareholders' funds

 

113,129

101,615

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

It Does Lighting Ltd

(Registration number: 05059083)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 10 November 2023
 

.........................................
Miss LB Calcott
Director

 

It Does 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 England.

The address of its registered office is:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
The Cube
13 Stone Hill
Two Mile Ash
Milton Keynes
MK8 8DN

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

The company registration number is 05059083

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.

 

It Does Lighting Ltd

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

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.

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

Office equipment

20% 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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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.

 

It Does 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.

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 the director) during the year, was 2 (2022 - 2).

 

It Does Lighting Ltd

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

4

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

17,480

20,823

19,734

58,037

Additions

-

2,627

-

2,627

At 31 March 2023

17,480

23,450

19,734

60,664

Depreciation

At 1 April 2022

-

6,086

-

6,086

Charge for the year

-

4,299

3,947

8,246

At 31 March 2023

-

10,385

3,947

14,332

Carrying amount

At 31 March 2023

17,480

13,065

15,787

46,332

At 31 March 2022

17,480

14,737

19,734

51,951

 

It Does Lighting Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

40,838

32,298

Prepayments

854

854

 

41,692

33,152

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

8,830

Trade creditors

 

395

322

Taxation and social security

 

21,803

35,467

Accruals and deferred income

 

1,190

1,190

Other creditors

 

274

34,625

 

23,662

80,434

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

8,830