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COMPANY REGISTRATION NUMBER: 06573270
Complex 7 Lighting Limited
Filleted Unaudited Financial Statements
31 May 2023
Complex 7 Lighting Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Current assets
Stocks
25,000
25,000
Debtors
6
667
642
Cash at bank and in hand
10,879
15,028
--------
--------
36,546
40,670
Creditors: amounts falling due within one year
7
1,648
3,527
--------
--------
Net current assets
34,898
37,143
--------
--------
Total assets less current liabilities
34,898
37,143
--------
--------
Net assets
34,898
37,143
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
34,798
37,043
--------
--------
Shareholders funds
34,898
37,143
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Complex 7 Lighting Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
MR A M Owen
Director
Company registration number: 06573270
Complex 7 Lighting Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hampton House, High Street, East Grinstead, RH19 3AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis in sterling, which is the functional currency of the entity. The figures are rounded to the nearest whole pound. The principal activity of the company during the year was retail of lighting products.
Going concern
The Director considers that the company remains a going concern having regard to the financial support provided and future predicted cash flow and profitability.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% p.a. straight line
Website development
-
33% p.a. straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Fixtures and fittings
Website development
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
5,000
8,995
13,995
-------
-------
--------
Depreciation
At 1 June 2022 and 31 May 2023
5,000
8,995
13,995
-------
-------
--------
Carrying amount
At 31 May 2023
-------
-------
--------
At 31 May 2022
-------
-------
--------
6. Debtors
2023
2022
£
£
Other debtors
667
642
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,103
Social security and other taxes
299
175
Other creditors
1,349
1,249
-------
-------
1,648
3,527
-------
-------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
MR A M Owen
( 249)
( 249)
----
----
9. Related party transactions
The company was under the control of the Directors Mr A M Owen & Mrs J Owen throughout the current period. Karina Krafts Limited owns 100% of the company. Mr A M Owen is the managing director and majority shareholder of Karina Krafts Limited.