Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-015trueSpecialised design activitiesfalse6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09152482 2022-08-01 2023-07-31 09152482 2021-08-01 2022-07-31 09152482 2023-07-31 09152482 2022-07-31 09152482 2021-08-01 09152482 1 2022-08-01 2023-07-31 09152482 d:Director3 2022-08-01 2023-07-31 09152482 e:Buildings 2022-08-01 2023-07-31 09152482 e:Buildings e:ShortLeaseholdAssets 2022-08-01 2023-07-31 09152482 e:Buildings e:ShortLeaseholdAssets 2023-07-31 09152482 e:Buildings e:ShortLeaseholdAssets 2022-07-31 09152482 e:PlantMachinery 2022-08-01 2023-07-31 09152482 e:PlantMachinery 2023-07-31 09152482 e:PlantMachinery 2022-07-31 09152482 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09152482 e:MotorVehicles 2022-08-01 2023-07-31 09152482 e:MotorVehicles 2023-07-31 09152482 e:MotorVehicles 2022-07-31 09152482 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09152482 e:FurnitureFittings 2022-08-01 2023-07-31 09152482 e:FurnitureFittings 2023-07-31 09152482 e:FurnitureFittings 2022-07-31 09152482 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09152482 e:OfficeEquipment 2022-08-01 2023-07-31 09152482 e:ComputerEquipment 2022-08-01 2023-07-31 09152482 e:ComputerEquipment 2023-07-31 09152482 e:ComputerEquipment 2022-07-31 09152482 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09152482 e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09152482 e:PatentsTrademarksLicencesConcessionsSimilar 2022-08-01 2023-07-31 09152482 e:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 09152482 e:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 09152482 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 09152482 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-31 09152482 e:CopyrightsPatentsTrademarksServiceOperatingRights 2022-07-31 09152482 e:CurrentFinancialInstruments 2023-07-31 09152482 e:CurrentFinancialInstruments 2022-07-31 09152482 e:Non-currentFinancialInstruments 2023-07-31 09152482 e:Non-currentFinancialInstruments 2022-07-31 09152482 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 09152482 e:CurrentFinancialInstruments e:WithinOneYear 2022-07-31 09152482 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-31 09152482 e:Non-currentFinancialInstruments e:AfterOneYear 2022-07-31 09152482 e:ShareCapital 2022-08-01 2023-07-31 09152482 e:ShareCapital 2023-07-31 09152482 e:ShareCapital 2021-08-01 2022-07-31 09152482 e:ShareCapital 2022-07-31 09152482 e:ShareCapital 2021-08-01 09152482 e:SharePremium 2022-08-01 2023-07-31 09152482 e:SharePremium 2023-07-31 09152482 e:SharePremium 1 2022-08-01 2023-07-31 09152482 e:SharePremium 2021-08-01 2022-07-31 09152482 e:SharePremium 2022-07-31 09152482 e:SharePremium 2021-08-01 09152482 e:OtherMiscellaneousReserve 2023-07-31 09152482 e:OtherMiscellaneousReserve 1 2022-08-01 2023-07-31 09152482 e:OtherMiscellaneousReserve 2022-07-31 09152482 e:OtherMiscellaneousReserve 2021-08-01 09152482 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 09152482 e:RetainedEarningsAccumulatedLosses 2023-07-31 09152482 e:RetainedEarningsAccumulatedLosses 1 2022-08-01 2023-07-31 09152482 e:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 09152482 e:RetainedEarningsAccumulatedLosses 2022-07-31 09152482 e:RetainedEarningsAccumulatedLosses 2021-08-01 09152482 d:OrdinaryShareClass1 2022-08-01 2023-07-31 09152482 d:OrdinaryShareClass1 2023-07-31 09152482 d:OrdinaryShareClass1 2022-07-31 09152482 d:FRS102 2022-08-01 2023-07-31 09152482 d:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 09152482 d:FullAccounts 2022-08-01 2023-07-31 09152482 d:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09152482 e:HirePurchaseContracts e:WithinOneYear 2023-07-31 09152482 e:HirePurchaseContracts e:WithinOneYear 2022-07-31 09152482 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-07-31 09152482 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-07-31 09152482 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2022-08-01 2023-07-31 09152482 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2022-08-01 2023-07-31 09152482 f:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09152482










LUMI-PLUGIN LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
LUMI-PLUGIN LTD
REGISTERED NUMBER: 09152482

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
300
600

Tangible assets
 5 
74,751
161,077

  
75,051
161,677

Current assets
  

Stocks
  
713,247
1,018,637

Debtors: amounts falling due within one year
 6 
138,128
174,861

Cash at bank and in hand
 7 
1,208
42,427

  
852,583
1,235,925

Creditors: amounts falling due within one year
 8 
(1,379,193)
(1,207,450)

Net current (liabilities)/assets
  
 
 
(526,610)
 
 
28,475

Total assets less current liabilities
  
(451,559)
190,152

Creditors: amounts falling due after more than one year
 9 
(426,882)
(436,988)

  

Net liabilities
  
(878,441)
(246,836)


Capital and reserves
  

Called up share capital 
 11 
10,732
10,494

Share premium account
  
3,518,047
3,375,485

Other reserves
  
25,002
-

Profit and loss account
  
(4,432,222)
(3,632,815)

  
(878,441)
(246,836)


Page 1

 
LUMI-PLUGIN LTD
REGISTERED NUMBER: 09152482

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R L Ward
Director

Date: 31 January 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
LUMI-PLUGIN LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2021
9,383
2,717,152
-
(2,712,642)
13,893



Loss for the year

-
-
-
(920,173)
(920,173)

Shares issued during the year
1,111
658,333
-
-
659,444



At 1 August 2022
10,494
3,375,485
-
(3,632,815)
(246,836)



Loss for the year

-
-
-
(799,407)
(799,407)

Share subscription
-
-
25,002
-
25,002

Shares issued during the year
238
142,562
-
-
142,800


At 31 July 2023
10,732
3,518,047
25,002
(4,432,222)
(878,441)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Lumi-Plugin Ltd is a private company limited by share capital incorporated in England and Wales.
The registered office is: The Green Barn, The Long Yard, Shefford Woodlands, NR Newbury, Berkshire, England, RG17 7EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company had net liabilities of £878,441 (2022: £246,836) and had a significant deficit on the profit and loss reserve which has increased by £799,407 (2022: £920,173) over the past year. Despite this, the Directors remain wholly positive about the future of the business.
Trading has remained particularly challenging throughout the year. There has been major uncertainty in the UK House Building Industry which has seen developers go out of business, projects be cancelled and others severely delayed. Despite this, the business has nearly doubled turnover and has increased its profile with major potential customers to a significant extent.
The Company is in the fortunate position of having a significant number of shareholders who have considerable confidence in the ability of the Directors to achieve long-term success. They are prepared to continue to invest for that long-term. 
Discussions with the Directors and Shareholders of FCS-live Limited, most of whom are also shareholders of the Company, are at an advanced stage with the aim of agreeing that some or all of the loans that have been advanced from that company might be converted into equity. This would have a major beneficial impact on the Balance Sheet of the Company.
The Company also has the support of its bankers who have recently sanctioned a small overdraft.
For these reasons the directors have prepared the accounts on a going concern basis.

Page 4

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
33%
Straight line
Intellectual property
-
10%
Straight line

Page 6

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed 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.

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.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
Plant and machinery
-
33%
Motor vehicles
-
20%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual 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 profit or loss.

 
2.13

Stocks

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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.

 
2.15

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.

 
2.16

Creditors

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 method.

Page 7

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 6).


4.


Intangible assets




Patents
IP
Total

£
£
£



Cost


At 1 August 2022
20,754
3,000
23,754



At 31 July 2023

20,754
3,000
23,754



Amortisation


At 1 August 2022
20,754
2,400
23,154


Charge for the year on owned assets
-
300
300



At 31 July 2023

20,754
2,700
23,454



Net book value



At 31 July 2023
-
300
300



At 31 July 2022
-
600
600



Page 8

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Leasehold improvement
Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2022
5,986
392,769
26,820
6,701
9,242
441,518


Additions
-
-
-
-
984
984



At 31 July 2023

5,986
392,769
26,820
6,701
10,226
442,502



Depreciation


At 1 August 2022
821
273,647
447
1,213
4,315
280,443


Charge for the year on owned assets
1,197
77,037
5,364
1,240
2,470
87,308



At 31 July 2023

2,018
350,684
5,811
2,453
6,785
367,751



Net book value



At 31 July 2023
3,968
42,085
21,009
4,248
3,441
74,751



At 31 July 2022
5,165
119,122
26,373
5,488
4,927
161,075

Page 9

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
104,757
102,366

Other debtors
8,052
21,432

Prepayments and accrued income
25,319
16,084

R&D Tax credit
-
34,979

138,128
174,861



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,208
42,427

Less: bank overdrafts
(52,250)
-

(51,042)
42,427



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
52,250
-

Trade creditors
66,018
100,677

Other taxation and social security
21,531
5,248

Obligations under finance lease and hire purchase contracts
10,105
10,107

Other creditors
1,161,973
1,051,299

Accruals and deferred income
67,316
40,119

1,379,193
1,207,450



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
400,000
400,000

Net obligations under finance leases and hire purchase contracts
26,882
36,988

426,882
436,988


Page 10

 
LUMI-PLUGIN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,105
10,107

Between 1-5 years
26,882
36,988

36,987
47,095

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,073,220 (2022 - 1,049,420) Ordinary shares of £0.01 each
10,732
10,494


During the year 23,800 Ordinary shares of £0.01 each, were issued for total consideration of £142,800.


Page 11