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COMPANY REGISTRATION NUMBER: 06485600
ILUX Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
ILUX Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
194,466
186,221
Current assets
Stocks
5,861
15,021
Debtors
6
285,556
462,263
Cash at bank and in hand
318,846
216,531
---------
---------
610,263
693,815
Creditors: amounts falling due within one year
7
360,899
449,330
---------
---------
Net current assets
249,364
244,485
---------
---------
Total assets less current liabilities
443,830
430,706
Creditors: amounts falling due after more than one year
8
120,772
136,644
Provisions
10,180
7,538
---------
---------
Net assets
312,878
286,524
---------
---------
ILUX Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
312,778
286,424
---------
---------
Shareholders funds
312,878
286,524
---------
---------
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 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
J Tilbury
Director
Company registration number: 06485600
ILUX Limited
Notes to the Financial Statements
Year ended 31 March 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 3 Cabot House, Compass Point Business Park, Stocks Bridge Way, St Ives, PE27 5JL, Cambs.
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.
Research and development policy
Research expenditure is written off in the period in which it is incurred.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
15% reducing balance
Equipment
-
33% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2022: 24 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
153,747
29,889
39,143
222,779
Additions
998
15,715
16,713
---------
--------
--------
---------
At 31 March 2023
153,747
30,887
54,858
239,492
---------
--------
--------
---------
Depreciation
At 1 April 2022
11,125
25,433
36,558
Charge for the year
2,827
5,641
8,468
---------
--------
--------
---------
At 31 March 2023
13,952
31,074
45,026
---------
--------
--------
---------
Carrying amount
At 31 March 2023
153,747
16,935
23,784
194,466
---------
--------
--------
---------
At 31 March 2022
153,747
18,764
13,710
186,221
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
242,883
436,863
Other debtors
42,673
25,400
---------
---------
285,556
462,263
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,624
17,724
Trade creditors
109,682
86,651
Social security and other taxes
113,022
143,286
Other creditors
119,571
201,669
---------
---------
360,899
449,330
---------
---------
The bank loan is secured on the asset to which it relates.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
120,772
136,644
---------
---------
The bank loan is secured on the asset to which it relates. The company is in receipt of a Coronavirus business interruption loan. The lender has been provided with a partial guarantee from the UK Government.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
85,473
----
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
13,880
2,049
Later than 1 year and not later than 5 years
20,885
--------
-------
34,765
2,049
--------
-------