Q Lights Ltd. 09131150 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is the provision of electrical services. Digita Accounts Production Advanced 6.30.9574.0 true 09131150 2022-10-01 2023-09-30 09131150 2023-09-30 09131150 core:CurrentFinancialInstruments 2023-09-30 09131150 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09131150 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 09131150 core:FurnitureFittingsToolsEquipment 2023-09-30 09131150 bus:SmallEntities 2022-10-01 2023-09-30 09131150 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 09131150 bus:FullAccounts 2022-10-01 2023-09-30 09131150 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 09131150 bus:RegisteredOffice 2022-10-01 2023-09-30 09131150 bus:Director1 2022-10-01 2023-09-30 09131150 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09131150 core:Buildings 2022-10-01 2023-09-30 09131150 core:ConstructionInProgressAssetsUnderConstruction 2022-10-01 2023-09-30 09131150 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 09131150 core:PlantMachinery 2022-10-01 2023-09-30 09131150 countries:EnglandWales 2022-10-01 2023-09-30 09131150 2022-09-30 09131150 core:ConstructionInProgressAssetsUnderConstruction 2022-09-30 09131150 core:FurnitureFittingsToolsEquipment 2022-09-30 09131150 2021-10-01 2022-09-30 09131150 2022-09-30 09131150 core:CurrentFinancialInstruments 2022-09-30 09131150 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 09131150 core:ConstructionInProgressAssetsUnderConstruction 2022-09-30 09131150 core:FurnitureFittingsToolsEquipment 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 09131150

Q Lights Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Q Lights Ltd.

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Q Lights Ltd.

(Registration number: 09131150)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,237

46,970

Current assets

 

Debtors

5

16,004

2,892

Cash at bank and in hand

 

13,908

31,873

 

29,912

34,765

Creditors: Amounts falling due within one year

6

(25,590)

(12,351)

Net current assets

 

4,322

22,414

Total assets less current liabilities

 

48,559

69,384

Provisions for liabilities

(6,775)

(8,924)

Net assets

 

41,784

60,460

Capital and reserves

 

Called up share capital

3

2

Retained earnings

41,781

60,458

Shareholders' funds

 

41,784

60,460

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 March 2024
 

.........................................
W T Plenty
Director

 

Q Lights Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
12 Cranhill Road
Street
Somerset
BA16 0BY

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.

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.

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.

 

Q Lights Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

Equipment

25% reducing balance

Home office

15% 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Q Lights Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Equipment
£

Home office
 £

Total
£

Cost or valuation

At 1 October 2022

109,756

-

109,756

Additions

1,041

10,092

11,133

At 30 September 2023

110,797

10,092

120,889

Depreciation

At 1 October 2022

62,786

-

62,786

Charge for the year

12,352

1,514

13,866

At 30 September 2023

75,138

1,514

76,652

Net book value

At 30 September 2023

35,659

8,578

44,237

At 30 September 2022

46,970

-

46,970

5

Debtors

2023
£

2022
£

Trade debtors

15,892

2,790

Prepayments

112

102

16,004

2,892

 

Q Lights Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,277

1,943

Accruals and deferred income

1,270

1,111

Other creditors

975

3,237

Corporation tax

20,068

6,060

25,590

12,351