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REGISTERED NUMBER: 11827806 (England and Wales)















LIGHTING 123 LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023






LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LIGHTING 123 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: B Brailsford





REGISTERED OFFICE: Office B
The Swan Business Centre
4 Higher Swan Lane
Bolton
BL3 3AQ





REGISTERED NUMBER: 11827806 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 3,015 1,919

CURRENT ASSETS
Inventories 59,344 46,705
Debtors 5 235,863 455,731
Cash at bank and in hand 54,184 256,533
349,391 758,969
CREDITORS
Amounts falling due within one year 6 (838,664 ) (1,030,179 )
NET CURRENT LIABILITIES (489,273 ) (271,210 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(486,258

)

(269,291

)

CREDITORS
Amounts falling due after more than one
year

7

(11,750

)

(16,600

)

PROVISIONS FOR LIABILITIES (507 ) (507 )
NET LIABILITIES (498,515 ) (286,398 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (498,525 ) (286,408 )
SHAREHOLDERS' FUNDS (498,515 ) (286,398 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 November 2023 and were signed by:





B Brailsford - Director


LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Lighting 123 Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11827806 and its registered office address is Office B, The Swan Business Centre, 4 Higher Swan Lane, Bolton, BL3 3AQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company had net liabilities of £498,515 (2022 - net liabilities of £286,398) and cash reserves of £54,184 (2022 - £256,533) at the year-end. Included within creditors is a material amount owed to the company's sole supplier. The supplier has indicated that the company will continue to receive extended and favourable payment terms and as such the director continues to adopt a going concern basis of accounting in preparing these financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make estimates and
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying
amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

Critical accounting judgements and key sources of estimation uncertainty
There are currently no critical accounting estimates and judgements applied by the director that are considered key to the preparation of the financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods, net of value-added tax, rebates and discounts. Revenue is recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost and 25% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is estimated selling price less costs to complete and sell.

Cost represents actual purchase price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 March 2022 5,374
Additions 2,515
At 28 February 2023 7,889
DEPRECIATION
At 1 March 2022 3,455
Charge for year 1,419
At 28 February 2023 4,874
NET BOOK VALUE
At 28 February 2023 3,015
At 28 February 2022 1,919

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 198,309 376,734
Other debtors 37,554 78,997
235,863 455,731

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 196,401 196,395
Trade creditors 611,704 805,409
Taxation and social security 9,752 12,781
Other creditors 20,807 15,594
838,664 1,030,179

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,750 16,600

LIGHTING 123 LIMITED (REGISTERED NUMBER: 11827806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
B Brailsford
Balance outstanding at start of year 17,543 49,232
Amounts advanced 54,392 67,121
Amounts repaid (73,263 ) (98,810 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,328 ) 17,543

The balance is interest free, unsecured and repayable upon demand.

The maximum overdrawn balance during the year owed by B Brailsford was £19,763 (2022: £49,232).