Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseNo description of principal activity2023-01-01false2422trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06419298 2023-01-01 2023-12-31 06419298 2022-01-01 2022-12-31 06419298 2023-12-31 06419298 2022-12-31 06419298 c:CompanySecretary1 2023-01-01 2023-12-31 06419298 c:Director1 2023-01-01 2023-12-31 06419298 c:Director2 2023-01-01 2023-12-31 06419298 c:Director3 2023-01-01 2023-12-31 06419298 c:Director4 2023-01-01 2023-12-31 06419298 c:Director5 2023-01-01 2023-12-31 06419298 c:Director5 2023-12-31 06419298 c:Director6 2023-01-01 2023-12-31 06419298 c:RegisteredOffice 2023-01-01 2023-12-31 06419298 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 06419298 d:Buildings d:ShortLeaseholdAssets 2023-12-31 06419298 d:Buildings d:ShortLeaseholdAssets 2022-12-31 06419298 d:PlantMachinery 2023-01-01 2023-12-31 06419298 d:PlantMachinery 2023-12-31 06419298 d:PlantMachinery 2022-12-31 06419298 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06419298 d:MotorVehicles 2023-01-01 2023-12-31 06419298 d:MotorVehicles 2023-12-31 06419298 d:MotorVehicles 2022-12-31 06419298 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06419298 d:FurnitureFittings 2023-01-01 2023-12-31 06419298 d:OfficeEquipment 2023-01-01 2023-12-31 06419298 d:OfficeEquipment 2023-12-31 06419298 d:OfficeEquipment 2022-12-31 06419298 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06419298 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06419298 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06419298 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06419298 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06419298 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06419298 d:CurrentFinancialInstruments 2023-12-31 06419298 d:CurrentFinancialInstruments 2022-12-31 06419298 d:Non-currentFinancialInstruments 2023-12-31 06419298 d:Non-currentFinancialInstruments 2022-12-31 06419298 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06419298 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06419298 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06419298 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06419298 d:ShareCapital 2023-12-31 06419298 d:ShareCapital 2022-12-31 06419298 d:SharePremium 2023-12-31 06419298 d:SharePremium 2022-12-31 06419298 d:RetainedEarningsAccumulatedLosses 2023-12-31 06419298 d:RetainedEarningsAccumulatedLosses 2022-12-31 06419298 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 06419298 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 06419298 c:FRS102 2023-01-01 2023-12-31 06419298 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06419298 c:FullAccounts 2023-01-01 2023-12-31 06419298 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06419298 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06419298 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06419298 2 2023-01-01 2023-12-31 06419298 6 2023-01-01 2023-12-31 06419298 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06419298 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06419298 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06419298 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 06419298







UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


INDO LIGHTING LIMITED






































img30d2.png                        

 


INDO LIGHTING LIMITED
 


 
COMPANY INFORMATION


Directors
T R J Baynham 
L P S Baynham 
O W Brooks 
T F Vaughan 
S N Martin (resigned 30 July 2023)
G W T Rice 




Company secretary
O W Brooks



Registered number
06419298



Registered office
Unit 18 Chancerygate Business Centre
Manor House Avenue

Southampton

SO15 0AE




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


INDO LIGHTING LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Business review

2023 was a profitable year for INDO, marked by significant technological advancement and market penetration, delivering a 38% increase in revenue compared to 2022.
In 2022, INDO focused heavily on restructuring the business to support future growth. This initiative, supported by funding from shareholders, facilitated the launch of many exciting new products in late 2022 and throughout 2023, significantly expanding our Horticultural product offering and launching an exciting new IoT infrastructure management solution into the Exterior lighting market. Our focus on innovation and technological leadership has not only driven revenue growth but also expanded our market presence nationally and internationally, reinforced our position in the smart city and Horticultural lighting sectors, and set strong foundations for continued growth in 2024.
The Board extends its heartfelt thanks to our shareholders, employees, customers, and partners for their continuous support. We look forward to leveraging our technological innovations to drive future growth and deliver exceptional value to all stakeholders.

Directors

The directors who served during the year were:

T R J Baynham 
L P S Baynham 
O W Brooks 
T F Vaughan 
S N Martin (resigned 30 July 2023)
G W T Rice 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





G W T Rice
Director

Date: 30 July 2024

Page 1

 


INDO LIGHTING LIMITED
REGISTERED NUMBER:06419298



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
595,037
214,325

Tangible assets
 5 
36,805
64,542

Investments
 6 
1
1

  
631,843
278,868

Current assets
  

Stocks
  
1,131,179
1,172,201

Debtors: amounts falling due within one year
 7 
307,294
454,273

Cash at bank and in hand
  
44,909
28,866

  
1,483,382
1,655,340

Creditors: amounts falling due within one year
 8 
(1,098,400)
(1,100,657)

Net current assets
  
 
 
384,982
 
 
554,683

Total assets less current liabilities
  
1,016,825
833,551

Creditors: amounts falling due after more than one year
 9 
(849,671)
(750,360)

Provisions for liabilities
  

Other provisions
 10 
(51,425)
(51,425)

  
 
 
(51,425)
 
 
(51,425)

Net assets
  
115,729
31,766

Page 2

 


INDO LIGHTING LIMITED
REGISTERED NUMBER:06419298


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,263
1,263

Share premium account
  
699,737
699,737

Profit and loss account
  
(585,271)
(669,234)

  
115,729
31,766


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 income and retained earnings 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: 




G W T Rice
Director

Date: 30 July 2024

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

Page 3

 


INDO LIGHTING LIMITED
 


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

1.


General information

Indo Lighting Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 


INDO LIGHTING LIMITED
 


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

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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 of 15 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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 


INDO LIGHTING LIMITED
 


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

2.Accounting policies (continued)

 
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 Statement of Financial Position. 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 reporting 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.

 
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.

Page 6

 


INDO LIGHTING LIMITED
 


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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
on cost
Plant and machinery
-
25%
on cost
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
25%
on cost
Office equipment
-
25%
on cost

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.15

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.

 
2.16

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.

Page 7

 


INDO LIGHTING LIMITED
 


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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 22).

Page 8

 


INDO LIGHTING LIMITED
 


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

4.


Intangible assets




Patents
Other IP
Total

£
£
£



Cost


At 1 January 2023
4,325
210,000
214,325


Additions
-
395,000
395,000



At 31 December 2023

4,325
605,000
609,325



Amortisation


Charge for the year on owned assets
288
14,000
14,288



At 31 December 2023

288
14,000
14,288



Net book value



At 31 December 2023
4,037
591,000
595,037



At 31 December 2022
4,325
210,000
214,325



Page 9

 


INDO LIGHTING LIMITED
 


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

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
5,321
226,408
13,433
103,725
348,887


Additions
-
1,099
-
877
1,976



At 31 December 2023

5,321
227,507
13,433
104,602
350,863



Depreciation


At 1 January 2023
4,549
183,486
9,817
86,493
284,345


Charge for the year on owned assets
395
21,374
904
7,040
29,713



At 31 December 2023

4,944
204,860
10,721
93,533
314,058



Net book value



At 31 December 2023
377
22,647
2,712
11,069
36,805



At 31 December 2022
772
42,921
3,617
17,232
64,542


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 10

 


INDO LIGHTING LIMITED
 


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

7.


Debtors

2023
2022
£
£


Trade debtors
304,097
450,497

Other debtors
3,197
3,776

307,294
454,273



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
218,166
324,599

Other loans
33,324
33,324

Trade creditors
472,237
477,958

Other taxation and social security
215,912
245,811

Other creditors
154,761
14,965

Accruals and deferred income
4,000
4,000

1,098,400
1,100,657


Bank overdrafts totalling £218,166 (2022: £324,587) falling due within one year are secured by a fixed and floating charge over all property or undertaking of the company including a negative pledge.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
638,664
750,360

Other creditors
211,007
-

849,671
750,360



10.


Provisions





Provisions

£





At 1 January 2023
51,425



At 31 December 2023
51,425

 
Page 11