Company registration number 09580920 (England and Wales)
PLS LIGHTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PLS LIGHTING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
PLS LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
4
3,161
4,742
Property, plant and equipment
5
4,964
3,103
8,125
7,845
Current assets
Inventories
19,007
195,786
Trade and other receivables
6
432,109
98,465
Cash and cash equivalents
42,533
6,132
493,649
300,383
Current liabilities
7
(1,231,705)
(1,215,953)
Net current liabilities
(738,056)
(915,570)
Total assets less current liabilities
(729,931)
(907,725)
Non-current liabilities
8
(78,786)
(86,176)
Net liabilities
(808,717)
(993,901)
Equity
Called up share capital
200
100
Retained earnings
(808,917)
(994,001)
Total equity
(808,717)
(993,901)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLS LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Mr G W M Crewdson
Director
Company Registration No. 09580920
PLS LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
PLS Lighting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence. Whilst the company remained in negative reserves, they made a profit in 2023 and have a promising outlook for the future. The directors agree to continue to support the company until it is in a position to support itself. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue 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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess between the amounts paid on the acquisition of a business and the fair value of the identifiable net assets and liabilities. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% Reducing balance
Computers
25% Reducing balance
Tools and equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Inventories
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for slow moving and obsolete stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
PLS LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Trade and other receivables
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other payables
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
6
PLS LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
15,809
Amortisation and impairment
At 1 August 2022
11,067
Amortisation charged for the year
1,581
At 31 July 2023
12,648
Carrying amount
At 31 July 2023
3,161
At 31 July 2022
4,742
5
Property, plant and equipment
Plant and equipment
Computers
Tools and equipment
Total
£
£
£
£
Cost
At 1 August 2022
5,000
4,687
1,595
11,282
Additions
1,420
1,572
2,992
At 31 July 2023
5,000
6,107
3,167
14,274
Depreciation and impairment
At 1 August 2022
4,333
3,447
399
8,179
Depreciation charged in the year
167
434
530
1,131
At 31 July 2023
4,500
3,881
929
9,310
Carrying amount
At 31 July 2023
500
2,226
2,238
4,964
At 31 July 2022
667
1,240
1,196
3,103
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
41,773
81,316
Other receivables
390,336
17,149
432,109
98,465
PLS LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
26,703
47,058
Trade payables
285,797
257,346
Taxation and social security
36,141
14,564
Other payables
883,064
896,985
1,231,705
1,215,953
8
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
78,786
86,176
Included within creditors due in more than one year is a Government Bounce Back loan which was drawn down as a result of the Coronavirus pandemic. The loan bears interest of 2.5% and is repayable over 6 years.
Also included within creditors due in more than one year is a loan facility with HSBC. The loan is repayable over 6 years and bears interest at 5.9%.The loan is secured by a fixed and floating charge over the company's assets.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
5,200
7,800
Between two and five years
5,200
5,200
13,000