Company Registration No. 02378809 (England and Wales)
Luxteam Limited
Unaudited accounts
for the year ended 31 March 2024
Luxteam Limited
Unaudited accounts
Contents
Luxteam Limited
Company Information
for the year ended 31 March 2024
Director
Huw Falconer Jones
Secretary
Deborah Jane Jones
Company Number
02378809 (England and Wales)
Registered Office
Home Farm Stables
St Leonard's Forest
Horsham
West Sussex
RH13 6PH
Accountants
Alison Austin FCA BFP
Home Farm House
St. Leonard's Forest
Horsham
West Sussex
RH13 6PH
Luxteam Limited
Statement of financial position
as at 31 March 2024
Tangible assets
46,397
30,216
Investment property
4,259,319
4,000,000
Cash at bank and in hand
318,137
416,372
Creditors: amounts falling due within one year
(75,575)
(50,373)
Net current assets
254,107
409,817
Total assets less current liabilities
4,559,823
4,440,033
Creditors: amounts falling due after more than one year
(55,680)
(53,515)
Provisions for liabilities
Net assets
4,397,825
4,386,518
Called up share capital
100
100
Fair value reserve
3,727,066
3,727,066
Profit and loss account
670,659
659,352
Shareholders' funds
4,397,825
4,386,518
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 July 2024 and were signed on its behalf by
Huw Falconer Jones
Director
Company Registration No. 02378809
Luxteam Limited
Notes to the Accounts
for the year ended 31 March 2024
Luxteam Limited is a private company, limited by shares, registered in England and Wales, registration number 02378809. The registered office is Home Farm Stables, St Leonard's Forest, Horsham, West Sussex, RH13 6PH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The turnover shown in the profit and loss account represents rents received and receivable by the company during the year.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Motor vehicles
20% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
25% on reducing balance
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised as profit or loss.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Luxteam Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
11,664
52,914
37,459
3,655
105,692
Additions
6,043
19,405
1,670
-
27,118
Disposals
(1,953)
-
-
-
(1,953)
At 31 March 2024
15,754
72,319
39,129
3,655
130,857
At 1 April 2023
7,577
31,267
33,278
3,354
75,476
Charge for the year
1,321
8,211
744
75
10,351
On disposals
(1,367)
-
-
-
(1,367)
At 31 March 2024
7,531
39,478
34,022
3,429
84,460
At 31 March 2024
8,223
32,841
5,107
226
46,397
At 31 March 2023
4,087
21,647
4,181
301
30,216
Fair value at 1 April 2023
4,000,000
At 31 March 2024
4,259,319
Fair value at 31 March 2024 is represented by:
Original cost of £766,517 and the following revaluations in 2011 of £924,710, in 2013 of £808,773 and in 2014 of £1,500,000 totalling £4,000,000. A further property has been purchased this year for £259,319.
The valuation of the properties has been undertaken by the director, Mr H Jones, and is at open market value.
The change in valuation is held in a fair value reserve.
Amounts falling due within one year
Deferred tax asset
-
33,343
Accrued income and prepayments
-
84
Amounts falling due after more than one year
Other debtors
11,545
10,391
Luxteam Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
54,757
33,610
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
55,680
53,515
9
Deferred taxation
2024
2023
Accelerated capital allowances
11,599
5,740
Revaluation of land and buildings
94,719
(39,083)
Provision at start of year
(33,343)
(32,081)
Charged/(credited) to the profit and loss account
139,661
(1,262)
Provision at end of year
106,318
(33,343)
The increased deferred tax liability this year reflects the change in corporation tax rates from 19% to 25%.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).