LIMELIGHT INDUSTRIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
Company Registration Number: 01279926
LIMELIGHT INDUSTRIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
LIMELIGHT INDUSTRIES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023
DIRECTORS
Mr G Giugovaz
Mrs M C Giugovaz
SECRETARY
Mrs M C Giugovaz
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
COMPANY REGISTRATION NUMBER
01279926 England and Wales
LIMELIGHT INDUSTRIES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Investments 5 580,934 557,585
CURRENT ASSETS
Debtors 6 - 1,616
Cash at bank and in hand 828 1,176
828 2,792
CREDITORS: Amounts falling due within one year 7 172,871 166,267
NET CURRENT LIABILITIES (172,043) (163,475)
TOTAL ASSETS LESS CURRENT LIABILITIES 408,891 394,110
Provisions for liabilities and charges 30,303 20,865
NET ASSETS 378,588 373,245
CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Distributable profit and loss account 388,891 334,195
Non distributable profit and loss account (30,303) 19,050
SHAREHOLDERS' FUNDS 378,588 373,245
LIMELIGHT INDUSTRIES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr G Giugovaz Mrs M C Giugovaz
Director Director
Date approved by the board: 28 February 2024
LIMELIGHT INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
1 GENERAL INFORMATION
Limelight Industries Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £171,667, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Investments
Investments in group undertakings are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.
LIMELIGHT INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
LIMELIGHT INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 2 2
5 FIXED ASSET INVESTMENTS
Total other investments
£
Cost
At 1 November 2022 557,585
Additions 11,953
Revaluation 11,396
At 31 October 2023 580,934
Net book value
At 1 November 2022 557,585
At 31 October 2023 580,934
6 DEBTORS
2023 2022
£ £
Other debtors - 1,616
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 1,204 1,204
Other creditors 171,667 165,063
172,871 166,267
LIMELIGHT INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
8 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Mr G and Mrs M Giugovaz
Directors 2023 2022
£ £
The following amount was due to the directors at the year end. 171,667 165,062
Limelight Industries Limited 01279926 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts (tagged by user) April 2022 true No description of principal activity 01279926 2021-11-01 2022-10-31 01279926 core:WithinOneYear 2022-10-31 01279926 core:ShareCapital 2022-10-31 01279926 core:RetainedEarningsAccumulatedLosses 2022-10-31 01279926 core:OtherMiscellaneousReserve 2022-10-31 01279926 core:CurrentFinancialInstruments 2022-10-31 01279926 core:KeyManagementIndividualGroup1 2022-10-31 01279926 2022-11-01 2023-10-31 01279926 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01279926 bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 01279926 bus:Director1 2022-11-01 2023-10-31 01279926 bus:Director2 2022-11-01 2023-10-31 01279926 bus:CompanySecretary1 2022-11-01 2023-10-31 01279926 bus:RegisteredOffice 2022-11-01 2023-10-31 01279926 core:KeyManagementIndividualGroup1 2022-11-01 2023-10-31 01279926 bus:FRS102 2022-11-01 2023-10-31 01279926 bus:FullAccounts 2022-11-01 2023-10-31 01279926 2023-10-31 01279926 core:WithinOneYear 2023-10-31 01279926 core:ShareCapital 2023-10-31 01279926 core:RetainedEarningsAccumulatedLosses 2023-10-31 01279926 core:OtherMiscellaneousReserve 2023-10-31 01279926 core:AdditionsToInvestments 2023-10-31 01279926 core:RevaluationsIncreaseDecreaseInInvestments 2023-10-31 01279926 core:CostValuation 2023-10-31 01279926 core:CurrentFinancialInstruments 2023-10-31 01279926 core:KeyManagementIndividualGroup1 2023-10-31 01279926 2022-10-31 01279926 core:CostValuation 2022-10-31 iso4217:GBP xbrli:pure