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Registration number: 09894396

The Light Yard Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

The Light Yard Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

The Light Yard Ltd

(Registration number: 09894396)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,086

6,230

Current assets

 

Debtors

5

23,555

14,304

Cash at bank and in hand

 

14,827

3,096

 

38,382

17,400

Creditors: Amounts falling due within one year

6

(41,022)

(48,001)

Net current liabilities

 

(2,640)

(30,601)

Total assets less current liabilities

 

1,446

(24,371)

Provisions for liabilities

(1,021)

-

Net assets/(liabilities)

 

425

(24,371)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

423

(24,373)

Shareholders' funds/(deficit)

 

425

(24,371)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

.........................................
Mr J Fuller
Director

   
     
 

The Light Yard 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 and Wales.

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the Board on 23 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the invoice value of goods sold net of VAT and trade discounts. It is recognised when the risks and rewards of ownership have been transferred to the customer, usually at the point of sale or on delivery.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Light Yard Ltd

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

25% straight line

Fixtures and fittings

20% straight line

 

The Light Yard Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

9,262

5,594

14,856

At 30 November 2023

9,262

5,594

14,856

Depreciation

At 1 December 2022

3,705

4,921

8,626

Charge for the year

1,852

292

2,144

At 30 November 2023

5,557

5,213

10,770

Carrying amount

At 30 November 2023

3,705

381

4,086

At 30 November 2022

5,557

673

6,230

5

Debtors

Current

2023
£

2022
£

Trade debtors

11,433

1,884

Prepayments

291

277

Other debtors

11,831

12,143

 

23,555

14,304

 

The Light Yard Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

1,999

19,886

Trade creditors

 

8,406

850

Accruals and deferred income

 

594

1,000

Other creditors

 

30,023

26,265

 

41,022

48,001

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,999

19,886