Company registration number 02602874 (England and Wales)
VICTORY LIGHTING (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
VICTORY LIGHTING (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
VICTORY LIGHTING (UK) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,610,132
1,303,773
Investments
4
100
186
1,610,232
1,303,959
Current assets
Stocks
5
1,149,954
1,401,557
Debtors
6
3,303,459
2,759,617
Cash at bank and in hand
2,798,930
3,223,171
7,252,343
7,384,345
Creditors: amounts falling due within one year
7
(1,305,657)
(1,197,731)
Net current assets
5,946,686
6,186,614
Total assets less current liabilities
7,556,918
7,490,573
Provisions for liabilities
(223,481)
(147,641)
Net assets
7,333,437
7,342,932
Capital and reserves
Called up share capital
4,988
4,988
Non-distributable reserve
437,654
310,666
Profit and loss reserves
6,890,795
7,027,278
Total equity
7,333,437
7,342,932

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VICTORY LIGHTING (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr A Penman
Director
Company registration number 02602874 (England and Wales)
VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

The company is a private company limited by share capital, incorporated in England & Wales, registration number 02602874

 

The address of its registered office is:

C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, WD6 4PJ.

 

The principal place of business is Leighton Buzzard, Unit 10 Chartmoor Road, Bedfordshire, LU7 4WG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

1.3
Going concern

The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true

 

As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.

 

On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial  statements on a going concern basis.

 

VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of lamps and lighting components to customers in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10%-20% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Straight line
Office equipment
33.33% Straight line

No depreciation has been provided on Land and Buildings as required by the Companies Act 2006. The directors consider the net book value of land and buildings that has been included in accounts as showing true and fair.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

 

VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

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

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

1.10
Foreign exchange

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

1.11

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
18
VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
1,200,000
240,303
212,456
101,469
200,333
1,954,561
Additions
-
0
-
0
1,663
1,231
206,764
209,658
Disposals
-
0
-
0
-
0
-
0
(167,340)
(167,340)
Revaluation
200,000
-
0
-
0
-
0
-
0
200,000
At 31 October 2023
1,400,000
240,303
214,119
102,700
239,757
2,196,879
Depreciation and impairment
At 1 November 2022
-
0
231,122
176,798
101,292
141,576
650,788
Depreciation charged in the year
-
0
5,005
17,639
587
46,588
69,819
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(133,860)
(133,860)
At 31 October 2023
-
0
236,127
194,437
101,879
54,304
586,747
Carrying amount
At 31 October 2023
1,400,000
4,176
19,682
821
185,453
1,610,132
At 31 October 2022
1,200,000
9,181
35,658
177
58,757
1,303,773

If revalued assets were stated at historical costs rather than fair value then their carrying value would be £ 816,462 (2022: £816,462)

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
186
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
186
Investments written off
(86)
At 31 October 2023
100
Carrying amount
At 31 October 2023
100
At 31 October 2022
186
VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Stocks
2023
2022
£
£
Stocks
1,149,954
1,401,557
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,023,683
849,047
Amounts owed by group undertakings
1,097,569
1,010,255
Other debtors
48,498
37,203
2,169,750
1,896,505
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
230,434
187,386
Other debtors
903,275
675,726
1,133,709
863,112
Total debtors
3,303,459
2,759,617
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,088,374
933,285
Corporation tax
90,049
175,514
Other taxation and social security
111,933
76,827
Other creditors
15,301
12,105
1,305,657
1,197,731
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
49,500
71,500
VICTORY LIGHTING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
9
Directors' transactions

 

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A Penman -
386,735
181,330
(56,000)
512,065
Mrs J S Penman -
288,991
134,580
(44,000)
379,571
Mr M J T Penman -
-
11,639
-
11,639
675,726
327,549
(100,000)
903,275
2023-10-312022-11-01false30 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr A PenmanMrs J S PenmanMr J PenmanMr M J T PenmanMr T WallerMrs J S Penmanfalsefalse026028742022-11-012023-10-31026028742023-10-31026028742022-10-3102602874core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3102602874core:PlantMachinery2023-10-3102602874core:FurnitureFittings2023-10-3102602874core:ComputerEquipment2023-10-3102602874core:MotorVehicles2023-10-3102602874core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3102602874core:PlantMachinery2022-10-3102602874core:FurnitureFittings2022-10-3102602874core:ComputerEquipment2022-10-3102602874core:MotorVehicles2022-10-3102602874core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3102602874core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3102602874core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3102602874core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3102602874core:CurrentFinancialInstruments2023-10-3102602874core:CurrentFinancialInstruments2022-10-3102602874core:ShareCapital2023-10-3102602874core:ShareCapital2022-10-3102602874core:RevaluationReserve2023-10-3102602874core:RevaluationReserve2022-10-3102602874core:RetainedEarningsAccumulatedLosses2023-10-3102602874core:RetainedEarningsAccumulatedLosses2022-10-3102602874bus:Director12022-11-012023-10-3102602874core:PlantMachinery2022-11-012023-10-3102602874core:FurnitureFittings2022-11-012023-10-3102602874core:MotorVehicles2022-11-012023-10-3102602874core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-11-012023-10-31026028742021-11-012022-10-3102602874core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3102602874core:PlantMachinery2022-10-3102602874core:FurnitureFittings2022-10-3102602874core:ComputerEquipment2022-10-3102602874core:MotorVehicles2022-10-31026028742022-10-3102602874core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3102602874core:ComputerEquipment2022-11-012023-10-3102602874core:WithinOneYear2023-10-3102602874core:WithinOneYear2022-10-3102602874core:AfterOneYear2023-10-3102602874core:AfterOneYear2022-10-3102602874core:Non-currentFinancialInstruments2023-10-3102602874core:Non-currentFinancialInstruments2022-10-3102602874bus:PrivateLimitedCompanyLtd2022-11-012023-10-3102602874bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3102602874bus:FRS1022022-11-012023-10-3102602874bus:AuditExemptWithAccountantsReport2022-11-012023-10-3102602874bus:Director22022-11-012023-10-3102602874bus:Director32022-11-012023-10-3102602874bus:Director42022-11-012023-10-3102602874bus:Director52022-11-012023-10-3102602874bus:CompanySecretary12022-11-012023-10-3102602874bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP