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frs-countries:EnglandWales 2021-07-01 2022-06-30
Registered number: 04602381
Light Developments Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04602381
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 15,625
Tangible Assets 5 257,903 219,939
257,903 235,564
CURRENT ASSETS
Stocks 6 320,160 490,306
Debtors 7 416,961 124,468
737,121 614,774
Creditors: Amounts Falling Due Within One Year 8 (860,784 ) (727,474 )
NET CURRENT ASSETS (LIABILITIES) (123,663 ) (112,700 )
TOTAL ASSETS LESS CURRENT LIABILITIES 134,240 122,864
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (30,233 ) (20,742 )
NET ASSETS 104,007 102,122
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 104,005 102,120
SHAREHOLDERS' FUNDS 104,007 102,122
Page 1
Page 2
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
David Frank Light
Director
01/03/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Light Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04602381 . The registered office is The Grange, Gloucester Road, Staverton, Cheltenham, GL51 0TF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the
identifiable assets and liabilities. It is amortised to the Statement of Income and Retained Earnings over its
economic life of 20 years on a straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method as follows:
Freehold Not depreciated
Plant & Machinery 15%
Motor Vehicles 25%
Fixtures & Fittings 15%
The assets’ residuals values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and
finished goods include labour and attributable overheads.
At each balance sheet dates, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling proceeds less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.
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2.6. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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, impairment loss is recognised in the Profit and Loss and Statement of Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.9. Debtors and Creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the
effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.
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2.10. 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.
2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2022 750,000
As at 30 June 2023 750,000
Amortisation
As at 1 July 2022 734,375
Provided during the period 15,625
As at 30 June 2023 750,000
Net Book Value
As at 30 June 2023 -
As at 1 July 2022 15,625
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2022 136,970 100,993 53,945 1,887 293,795
Additions - 19,870 72,377 - 92,247
Disposals - (7,800 ) (53,945 ) - (61,745 )
As at 30 June 2023 136,970 113,063 72,377 1,887 324,297
Depreciation
As at 1 July 2022 - 50,237 22,083 1,536 73,856
Provided during the period - 13,937 8,399 85 22,421
Disposals - (7,800 ) (22,083 ) - (29,883 )
As at 30 June 2023 - 56,374 8,399 1,621 66,394
Net Book Value
As at 30 June 2023 136,970 56,689 63,978 266 257,903
As at 1 July 2022 136,970 50,756 31,862 351 219,939
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6. Stocks
2023 2022
£ £
Stock 320,160 490,306
320,160 490,306
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 13,713 7,924
Other debtors 12,130 12,130
Amounts owed by related parties 391,118 104,414
416,961 124,468
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 37,558 18,647
Bank loans and overdrafts 137,540 90,664
Corporation tax 237,886 140,870
Other taxes and social security - 4,142
VAT 12,930 -
Other creditors 1,272 1,604
Accruals and deferred income 7,400 7,400
Directors' loan accounts 208,992 229,725
Amounts owed to group undertakings 97,206 232,922
Payments on account 120,000 1,500
860,784 727,474
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 30,233 20,742
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Contingent Liabilities
The company has given gurantees to its bankers in respect of the bank overdraft and loans of Light Group Limited. The total borrowings of Light Group Limited at 30 June 2023 amounted to £5,236,018 (2022:£5,799,635).
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12. Related Party Transactions
Included within other creditors within creditors:amounts falling due within one year is £208,992 (2022: £229,725) owed to Mr D F Light.
The company has paid management charges and rent of £643,000 (2022: £643,000) to Light Group Limited.
The company has declared a dividend of £950,000 (2022: £525,000) to Light Group Limited.
Included in debtors at 30 June 2023 is £391,148 (2022: £104,414) due from Light Group Limited.
Included in creditors:amounts falling due within one year as at 30 June 2023 is £97,206 (2022: £232,922) due to Lights Parks and Leisure LLP.
13. Ultimate Controlling Party
The company is a wholly owned subsidiary company of Light Group Limited, a company incorporated in England and Wales, and owned and controlled by Mr D F and Mrs M T Light.
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