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Registered number: 3614761
Limelight Beds Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Smith Hannah Limited
Chartered Certified Accountants
50 Woodgate
Leicester
LE3 5GF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 3614761
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 61,263 48,212
61,263 48,212
CURRENT ASSETS
Stocks 647,296 575,617
Debtors 5 254,152 330,681
Cash at bank and in hand 383,935 414,684
1,285,383 1,320,982
Creditors: Amounts Falling Due Within One Year 6 (590,081 ) (695,528 )
NET CURRENT ASSETS (LIABILITIES) 695,302 625,454
TOTAL ASSETS LESS CURRENT LIABILITIES 756,565 673,666
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,640 ) (8,563 )
NET ASSETS 744,925 665,103
CAPITAL AND RESERVES
Called up share capital 900 900
Profit and Loss Account 744,025 664,203
SHAREHOLDERS' FUNDS 744,925 665,103
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Aiyub Ismail Sidat
Director
27th March 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Limelight Beds Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3614761 . The registered office is Orbital House, Arthur Street, Barwell, Leicestershire, LE9 8GZ.
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 measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the period of the lease
Plant & Machinery 15% Straight line
Motor Vehicles 25% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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 year 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.
...CONTINUED
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2.5. Taxation - continued
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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 16)
15 16
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 22,248 288,139 310,387
Additions - 18,453 18,453
As at 31 December 2023 22,248 306,592 328,840
Depreciation
As at 1 January 2023 19,105 243,070 262,175
Provided during the period 3,143 2,259 5,402
As at 31 December 2023 22,248 245,329 267,577
Net Book Value
As at 31 December 2023 - 61,263 61,263
As at 1 January 2023 3,143 45,069 48,212
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 201,443 290,324
Other debtors 52,709 40,357
254,152 330,681
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 490,856 588,627
Corporation tax 10,528 -
Other taxes and social security 19,832 19,723
Other creditors 16,088 17,555
Amounts owed to group undertakings 52,777 69,623
590,081 695,528
7. Ultimate Controlling Party
The company's ultimate parent undertaking is Limelight Beds Holding Limited, a company incorporated in England & Wales.
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