Luxury Design & Build Limited |
Registered number: |
05866057 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,182 |
|
|
8,971 |
|
Current assets |
Stocks |
|
|
230,035 |
|
|
236,285 |
Debtors |
4 |
|
173,919 |
|
|
212,613 |
Cash at bank and in hand |
|
|
43,930 |
|
|
60,718 |
|
|
|
447,884 |
|
|
509,616 |
|
Creditors: amounts falling due within one year |
5 |
|
(212,520) |
|
|
(244,021) |
|
Net current assets |
|
|
|
235,364 |
|
|
265,595 |
|
Total assets less current liabilities |
|
|
|
236,546 |
|
|
274,566 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(74,015) |
|
|
(106,355) |
|
Provisions for liabilities |
|
|
|
(295) |
|
|
(1,704) |
|
|
Net assets |
|
|
|
162,236 |
|
|
166,507 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Profit and loss account |
|
|
|
162,234 |
|
|
166,505 |
|
Shareholder's funds |
|
|
|
162,236 |
|
|
166,507 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies. |
The member has 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. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies act 2006 |
As permitted by Section 444(5A) of the Companies Act 2006 the Director(s) have not delivered to the Registrar a copy of the company's Profit & Loss account |
|
|
|
Mr Hamid Vand |
Director |
Approved by the board on 12 July 2024 |
|
Luxury Design & Build Limited |
Notes to the Accounts |
for the year ended 31 July 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25 % on cost |
|
Computer equipment |
25 % on cost |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
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 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. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
7 |
|
7 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Computer equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
87,782 |
|
6,636 |
|
94,418 |
|
At 31 July 2023 |
87,782 |
|
6,636 |
|
94,418 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2022 |
81,175 |
|
4,272 |
|
85,447 |
|
Charge for the year |
6,607 |
|
1,182 |
|
7,789 |
|
At 31 July 2023 |
87,782 |
|
5,454 |
|
93,236 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
- |
|
1,182 |
|
1,182 |
|
At 31 July 2022 |
6,607 |
|
2,364 |
|
8,971 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
171,782 |
|
203,457 |
|
Prepayments |
|
- |
|
2,078 |
|
Other debtors |
2,137 |
|
7,078 |
|
|
|
|
|
|
173,919 |
|
212,613 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Director's account |
29,882 |
|
36,270 |
|
Bank loans and overdrafts |
51,426 |
|
- |
|
Pension scheme payable |
1,469 |
|
2,038 |
|
Trade creditors |
95,409 |
|
156,225 |
|
Net wages |
|
8,203 |
|
11,975 |
|
Taxation and social security costs |
4,352 |
|
21,801 |
|
Other creditors |
21,779 |
|
15,712 |
|
|
|
|
|
|
212,520 |
|
244,021 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
74,015 |
|
106,355 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Luxury Design & Build Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
277 -279 Chiswick High Road |
|
London |
|
W4 4PU |