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Company Registration No. 02378809 (England and Wales)
Luxteam Limited Unaudited accounts for the year ended 31 March 2024
Luxteam Limited Unaudited accounts Contents
Page
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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
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Luxteam Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
46,397 
30,216 
Investment property
4,259,319 
4,000,000 
4,305,716 
4,030,216 
Current assets
Debtors
11,545 
43,818 
Cash at bank and in hand
318,137 
416,372 
329,682 
460,190 
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
Deferred tax
(106,318)
- 
Net assets
4,397,825 
4,386,518 
Capital and reserves
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
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Luxteam Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
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
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
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 taxation
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.
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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 
Depreciation
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 
Net book value
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 
5
Investment property
2024 
£ 
Fair value at 1 April 2023
4,000,000 
Additions
259,319 
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.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Deferred tax asset
33,343 
Accrued income and prepayments
- 
84 
- 
33,427 
Amounts falling due after more than one year
Other debtors
11,545 
10,391 
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Luxteam Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
6,809 
2,843 
Taxes and social security
54,757 
33,610 
Accruals
14,009 
13,920 
75,575 
50,373 
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)
106,318 
(33,343)
2024 
2023 
£ 
£ 
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).
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