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Registration number: 05033644

Lumenate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

image-name
 

Lumenate Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lumenate Limited

Company Information

Directors

Mrs Kim Craig

Mr Christopher Michael Craig

Registered office

39 Bush Farm Drive
Portslade
Brighton
East Sussex
BN41 2GY

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Lumenate Limited

(Registration number: 05033644)
Balance Sheet as at 28 February 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

52,691

51,656

Current assets

 

Debtors

5

8,227

8,152

Cash at bank and in hand

 

33,110

69,850

 

41,337

78,002

Creditors: Amounts falling due within one year

6

(37,717)

(42,769)

Net current assets

 

3,620

35,233

Total assets less current liabilities

 

56,311

86,889

Creditors: Amounts falling due after more than one year

6

(16,746)

(23,679)

Provisions for liabilities

(9,561)

(9,519)

Net assets

 

30,004

53,691

Capital and Reserves

 

Called up share capital

3

3

Profit and loss account

30,001

53,688

Total equity

 

30,004

53,691

For the financial 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.

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 13 November 2023 and signed on its behalf by:
 

 

Lumenate Limited

(Registration number: 05033644)
Balance Sheet as at 28 February 2023

.........................................
Mr Christopher Michael Craig
Director

   
     
 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
39 Bush Farm Drive
Portslade
Brighton
East Sussex
BN41 2GY
United Kingdom

These financial statements were authorised for issue by the Board on 13 November 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 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.

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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

Office Equipment

33% Reducing Balance

Plant & Machinery

25% Reducing Balance

Motor Vehicles

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. 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.

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

2

1

2

1

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

12,458

-

64,520

76,978

Additions

5,390

10,000

3,609

18,999

At 28 February 2023

17,848

10,000

68,129

95,977

Depreciation

At 1 March 2022

8,249

-

17,073

25,322

Charge for the year

3,200

2,000

12,764

17,964

At 28 February 2023

11,449

2,000

29,837

43,286

Carrying amount

At 28 February 2023

6,399

8,000

38,292

52,691

At 28 February 2022

4,209

-

47,447

51,656

5

Debtors

Current

2023
£

2022
£

Trade Debtors

8,227

8,152

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

15,896

15,577

Trade Creditors

 

56

174

Social security and other taxes

 

13,124

12,718

Accrued expenses

 

1,637

1,380

Corporation Tax

7,004

14,420

Gross amount due to customers for contract work

 

-

(1,500)

 

37,717

42,769

Due after one year

 

Loans and borrowings

7

16,746

23,679

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

16,746

23,679

7

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

16,746

23,679

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

6,945

6,945

Other borrowings

8,951

8,632

15,896

15,577

8

Related party transactions

Transactions with directors

Loans to related parties

2022

Key management
£

Total
£

At start of period

3,780

3,780

Repaid

(3,780)

(3,780)

At end of period

-

-

Terms of loans to related parties

During the year the company provided the director with an interest free loan which was unsecured and repayable on demand.
 

 

Lumenate Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Loans from related parties

2023

Key management
£

At start of period

8,631

Advanced

321

At end of period

8,952

2022

Key management
£

Total
£

Advanced

8,631

8,631

At end of period

8,631

8,631

Terms of loans from related parties

During the year the director provided the company with an interest free loan which was unsecured and repayable on demand.