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REGISTERED NUMBER: 04275443 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Root3 Lighting Ltd

Root3 Lighting Ltd (Registered number: 04275443)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Root3 Lighting Ltd (Registered number: 04275443)

Balance Sheet
28 February 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 4 8,544 121,008

Current assets
Stocks 5 50,000 25,000
Debtors 6 1,264,768 574,925
Cash at bank 104,061 593,028
1,418,829 1,192,953
Creditors
Amounts falling due within one year 7 (231,193 ) (311,357 )
Net current assets 1,187,636 881,596
Total assets less current liabilities 1,196,180 1,002,604

Creditors
Amounts falling due after more than one
year

8

(387,436

)

(197,589

)

Provisions for liabilities (2,137 ) (3,888 )
Net assets 806,607 801,127

Capital and reserves
Called up share capital 100 100
Retained earnings 806,507 801,027
806,607 801,127

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 directors acknowledge their 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.

Root3 Lighting Ltd (Registered number: 04275443)

Balance Sheet - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2024 and were signed on its behalf by:




Mr C McCormick - Director



Mr D R Newman - Director


Root3 Lighting Ltd (Registered number: 04275443)

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


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS 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.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed 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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures & fittings - 20% straight line
Freehold property - 2% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Root3 Lighting Ltd (Registered number: 04275443)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


Root3 Lighting Ltd (Registered number: 04275443)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

3. Employees and directors

The average number of employees during the year was 6 (2022 - 7 ) .

Root3 Lighting Ltd (Registered number: 04275443)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 March 2022 153,335 54,084 13,222 39,797 260,438
Additions - 886 - - 886
Disposals (153,335 ) - - - (153,335 )
At 28 February 2023 - 54,970 13,222 39,797 107,989
Depreciation
At 1 March 2022 43,007 52,760 11,182 32,481 139,430
Charge for year - 426 767 1,829 3,022
Eliminated on disposal (43,007 ) - - - (43,007 )
At 28 February 2023 - 53,186 11,949 34,310 99,445
Net book value
At 28 February 2023 - 1,784 1,273 5,487 8,544
At 28 February 2022 110,328 1,324 2,040 7,316 121,008

5. Stocks
2023 2022
£ £
Stocks 50,000 25,000

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 55,492 365,287
Other debtors 1,209,276 209,638
1,264,768 574,925

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 86,794 38,263
Trade creditors 59,370 141,243
Taxation and social security 56,202 122,269
Other creditors 28,827 9,582
231,193 311,357

Root3 Lighting Ltd (Registered number: 04275443)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 387,436 197,589

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 55,372 56,869

9. Related party disclosures

During the year, the company received £0 (2022: £5,000) from National Fire Ltd, a company under common control. At the year end, a balance of £0 (2022: £175,720) was outstanding. No interest was charged on this loan.

At the year end, Cityscope Corporate Ltd, a company under common control, owed the company £0 (2022: £1,080). An investment property, with a market value of £207,500, was transferred to Cityscope Corporate Ltd during the year.

The company also loaned £1,106,000 to DCS1 Ltd, a company also under common control, This amount was outstanding at the year end (2022: £0). No interest was charged on this loan.