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Company registration number: 10317407
Brilliant Lighting Limited
Unaudited filleted financial statements
31 March 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Brilliant Lighting Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Brilliant Lighting Limited
Directors and other information
Directors M I Shaw
M C Shaw
R Sands
Company number 10317407
Registered office Unit 9, Severfield Close
York Road, Thirsk Industrial Park
Thirsk
North Yorkshire
YO7 3BX
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Brilliant Lighting Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Brilliant Lighting Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brilliant Lighting Limited for the year ended 31 March 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Brilliant Lighting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Brilliant Lighting Limited and state those matters that we have agreed to state to the board of directors of Brilliant Lighting Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brilliant Lighting Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Brilliant Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brilliant Lighting Limited. You consider that Brilliant Lighting Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Brilliant Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
30 July 2024
Brilliant Lighting Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 110,900 93,613
_______ _______
110,900 93,613
Current assets
Stocks 20,400 15,850
Debtors 6 280,839 224,830
Cash at bank and in hand 1,022,704 1,303,268
_______ _______
1,323,943 1,543,948
Creditors: amounts falling due
within one year 7 ( 380,401) ( 353,519)
_______ _______
Net current assets 943,542 1,190,429
_______ _______
Total assets less current liabilities 1,054,442 1,284,042
Provisions for liabilities ( 20,137) ( 16,648)
_______ _______
Net assets 1,034,305 1,267,394
_______ _______
Capital and reserves
Called up share capital 104 105
Share premium account 8,925 8,925
Capital redemption reserve 4 3
Profit and loss account 1,025,272 1,258,361
_______ _______
Shareholders funds 1,034,305 1,267,394
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
M C Shaw
Director
Company registration number: 10317407
Brilliant Lighting Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9, Severfield Close, York Road, Thirsk Industrial Park, Thirsk, North Yorkshire, YO7 3BX. The principal activity of the company is that of technical lighting design, installation and consultation.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Showroom - 25 % reducing balance
Office equipment - 25% reducing balance with the exception of the website (20% straight line)
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 38,434 56,193 34,326 62,600 191,553
Additions - 27,074 433 26,417 53,924
Disposals - ( 11,300) - - ( 11,300)
_______ _______ _______ _______ _______
At 31 March 2024 38,434 71,967 34,759 89,017 234,177
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 31,554 32,592 12,467 21,327 97,940
Charge for the year 1,720 11,121 5,573 16,922 35,336
Disposals - ( 9,999) - - ( 9,999)
_______ _______ _______ _______ _______
At 31 March 2024 33,274 33,714 18,040 38,249 123,277
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 5,160 38,253 16,719 50,768 110,900
_______ _______ _______ _______ _______
At 31 March 2023 6,880 23,601 21,859 41,273 93,613
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 254,163 216,721
Other debtors 26,676 8,109
_______ _______
280,839 224,830
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 44,430 119,924
Corporation tax 98,641 108,338
Social security and other taxes 73,095 58,086
Other creditors 164,235 67,171
_______ _______
380,401 353,519
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 2,703
Later than 1 year and not later than 5 years 57,200 65,000
_______ _______
57,200 67,703
_______ _______
9. Related party transactions
The directors, who are also shareholders of the company, have made an interest free, unsecured loan to the company. The balance on this loan which is included within creditors at the year end was £26,519 (2023: £28,507).During the year the company was sold to an Employee Ownership Trust. Included within dividends is an amount of £415,226 which is the company contribution to the Trust to facilitate payments to previous shareholders.