Lumag Ltd 07844877 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is wholesale of trade motor vehicle parts Digita Accounts Production Advanced 6.30.9574.0 true true true 07844877 2022-12-01 2023-11-30 07844877 2023-11-30 07844877 bus:OrdinaryShareClass1 2023-11-30 07844877 core:RetainedEarningsAccumulatedLosses 2023-11-30 07844877 core:ShareCapital 2023-11-30 07844877 core:CurrentFinancialInstruments 2023-11-30 07844877 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07844877 core:FurnitureFittingsToolsEquipment 2023-11-30 07844877 bus:SmallEntities 2022-12-01 2023-11-30 07844877 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07844877 bus:FullAccounts 2022-12-01 2023-11-30 07844877 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07844877 bus:RegisteredOffice 2022-12-01 2023-11-30 07844877 bus:Director1 2022-12-01 2023-11-30 07844877 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 07844877 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07844877 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 07844877 core:PlantMachinery 2022-12-01 2023-11-30 07844877 1 2022-12-01 2023-11-30 07844877 countries:England 2022-12-01 2023-11-30 07844877 2022-11-30 07844877 core:FurnitureFittingsToolsEquipment 2022-11-30 07844877 2021-12-01 2022-11-30 07844877 2022-11-30 07844877 bus:OrdinaryShareClass1 2022-11-30 07844877 core:RetainedEarningsAccumulatedLosses 2022-11-30 07844877 core:ShareCapital 2022-11-30 07844877 core:CurrentFinancialInstruments 2022-11-30 07844877 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07844877 core:FurnitureFittingsToolsEquipment 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07844877

Lumag Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Lumag Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Lumag Ltd

Company Information

Director

Mr CD Smit

Registered office

Unit 10
Bullrush Business Park
Bullrush Grove
Doncaster
South Yorkshire
DN4 8SJ

 

Lumag Ltd

(Registration number: 07844877)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,678

613

Current assets

 

Stocks

112,841

136,164

Debtors

5

345,917

350,146

Cash at bank and in hand

 

18,861

3,393

 

477,619

489,703

Creditors: Amounts falling due within one year

6

(1,995,106)

(1,962,796)

Net current liabilities

 

(1,517,487)

(1,473,093)

Net liabilities

 

(1,515,809)

(1,472,480)

Capital and reserves

 

Called up share capital

7

50,000

50,000

Retained earnings

(1,565,809)

(1,522,480)

Shareholders' deficit

 

(1,515,809)

(1,472,480)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2024
 

.........................................
Mr CD Smit
Director

 

Lumag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 10
Bullrush Business Park
Bullrush Grove
Doncaster
South Yorkshire
DN4 8SJ

These financial statements were authorised for issue by the director on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Lumag Ltd.

Summary of disclosure exemptions

The company has taken advantage of exmeption, under the terms of 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.

Going concern

The future of the company is dependant on the financial support of the parent company Lumag Sp Z.o.o. No adjustments have been made to the financial statements for any loss in values should the company not continue to trade as a going concern.

And specifcally in connection with the current economic climate, the directors have considered the impact of Covid-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months.

 

Lumag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Stocks

Stock has been estimated at selling price less cost to sell.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2022 - 3).

 

Lumag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

12,343

12,343

Additions

1,538

1,538

At 30 November 2023

13,881

13,881

Depreciation

At 1 December 2022

11,730

11,730

Charge for the year

473

473

At 30 November 2023

12,203

12,203

Carrying amount

At 30 November 2023

1,678

1,678

At 30 November 2022

613

613

5

Debtors

Current

2023
£

2022
£

Trade debtors

345,449

350,146

Prepayments

468

-

 

345,917

350,146

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

12,253

14,163

Amounts owed to group undertakings

1,925,201

1,889,359

Taxation and social security

 

34,853

29,796

Accruals and deferred income

 

7,851

12,570

Other creditors

 

14,948

16,908

 

1,995,106

1,962,796

 

Lumag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £500 each

100

50,000

100

50,000

         

8

Obligations under leases and hire purchase contracts

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £82,212 (2022 - £109,616). The committments are for the rent paid for the business premises.

10

Parent and ultimate parent undertaking


The company has taken advantage of exemption, under the terms of FRS102 'The Financial Reporting Standard applicable in the UK and Republic if Ireland' not to disclose related party transactions with its parent company Lumag Z.o.o.

Registered office:

72 Rogozinska
Budzyn
Chodzieski
Poland