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REGISTERED NUMBER: 02615882 (England and Wales)


























REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

COMMERCIAL LIGHTING SYSTEMS LTD.

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 5

Notes to the Financial Statements 6


COMMERCIAL LIGHTING SYSTEMS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr P Cutting
Mr D D Falstein
Mr H Lawrence
Mr G C A Madgwick





SECRETARY: Mr D D Falstein





REGISTERED OFFICE: Unit 17 Chandlers Way
Park Gate Business Centre
Swanwick
Hampshire
Hampshire
SO31 1FQ





REGISTERED NUMBER: 02615882 (England and Wales)






COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr P Cutting
Mr D D Falstein
Mr H Lawrence

Other changes in directors holding office are as follows:

Mr G C A Madgwick - appointed 29th September 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr D D Falstein - Secretary


27th March 2024

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 2,089,307 2,198,580

Cost of sales 1,217,329 1,328,256
GROSS PROFIT 871,978 870,324

Administrative expenses 805,450 717,616
66,528 152,708

Other operating income 2,870 8,905
OPERATING PROFIT 4 69,398 161,613

Interest receivable and similar income 15,357 3,485
84,755 165,098

Interest payable and similar expenses 1,652 337
PROFIT BEFORE TAXATION 83,103 164,761

Tax on profit 5 24,479 35,380
PROFIT FOR THE FINANCIAL YEAR 58,624 129,381

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 154,611 118,536

CURRENT ASSETS
Stocks 439,460 472,899
Debtors 7 226,715 348,846
Cash at bank and in hand 301,180 642,091
967,355 1,463,836
CREDITORS
Amounts falling due within one year 8 249,325 510,790
NET CURRENT ASSETS 718,030 953,046
TOTAL ASSETS LESS CURRENT
LIABILITIES

872,641

1,071,582

CREDITORS
Amounts falling due after more than one year 9 (9,704 ) (20,700 )

PROVISIONS FOR LIABILITIES (25,833 ) (19,482 )
NET ASSETS 837,104 1,031,400

CAPITAL AND RESERVES
Called up share capital 10 33,003 38,501
Share premium 60,340 201,474
Capital redemption reserve 141,134 -
Retained earnings 602,627 791,425
SHAREHOLDERS' FUNDS 837,104 1,031,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2024 and were signed on its behalf by:





Mr P Cutting - Director


COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1st January 2022 38,501 692,044 201,474 - 932,019

Changes in equity
Dividends - (30,000 ) - - (30,000 )
Total comprehensive income - 129,381 - - 129,381
Balance at 31st December 2022 38,501 791,425 201,474 - 1,031,400

Changes in equity
Purchase of own shares (5,498 ) (214,422 ) (141,134 ) 141,134 (219,920 )
Dividends - (33,000 ) - - (33,000 )
Total comprehensive income - 58,624 - - 58,624
Balance at 31st December 2023 33,003 602,627 60,340 141,134 837,104

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Commercial Lighting Systems Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% straight line and 4% straight line
Fixtures and fittings - 33.33% straight line and 20% straight line
Motor vehicles - 25% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment, Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 18 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 52,243 50,589

The classification of carriage and packaging costs has been changed from operating costs to cost of sales and the comparative updated. This reflects more appropriately the overall cost of sales since the majority of carriage costs relate to carriage inwards. This has not had any impact on overall operating profit but has changed the presentation of gross profit as compared to the previously filed accounts.

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 18,128 25,202

Deferred tax 6,351 10,178
Tax on profit 24,479 35,380

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2023 292,031 237,485 215,738 745,254
Additions 41,345 978 45,995 88,318
Disposals (6,874 ) - - (6,874 )
At 31st December 2023 326,502 238,463 261,733 826,698
DEPRECIATION
At 1st January 2023 279,835 234,754 112,129 626,718
Charge for year 6,165 1,250 44,828 52,243
Eliminated on disposal (6,874 ) - - (6,874 )
At 31st December 2023 279,126 236,004 156,957 672,087
NET BOOK VALUE
At 31st December 2023 47,376 2,459 104,776 154,611
At 31st December 2022 12,196 2,731 103,609 118,536

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 156,982 229,686
Other debtors 69,733 119,160
226,715 348,846

Included in other debtors is £45,243 (2022: £42,773) in relation to prepayments and accrued income.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 10,996 10,330
Payments on account 35,541 142,650
Trade creditors 60,945 112,121
Taxation and social security 81,896 160,752
Other creditors 59,947 84,937
249,325 510,790

Included in other creditors is £17,333 (2022: £29,793) in relation to accruals and deferred income.

COMMERCIAL LIGHTING SYSTEMS LTD. (REGISTERED NUMBER: 02615882)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 9,704 20,700

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
33,000 Ordinary £1 33,000 38,498
(2022 - 38,498 )
3 Ordinary B £1 3 3
33,003 38,501

On 25 August 2023 the company purchased and cancelled 5,498 Ordinary shares held by external shareholders for a total sum of £219,920.

11. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £75,600 (2022: £140,400).

This amount is in relation to operating lease commitments which are payable over the next 2 years.