REGISTERED NUMBER: 09370487 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PROLIGHT CONCEPTS GROUP LIMITED |
REGISTERED NUMBER: 09370487 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PROLIGHT CONCEPTS GROUP LIMITED |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
PROLIGHT CONCEPTS GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The principal activity of the Group in the period under review was that of wholesalers of lighting systems and related products |
The Groups main trading activity is that of Prolight Concepts (UK) Ltd. Prolight Concepts (UK) Ltd is one of the leading suppliers of lighting systems and related products to the entertainments industry. The prolight brand has become synonymous with lighting innovation, perfect lighting products and reliability of product. |
The directors consider the results achieved by the company to be very good, considering the current UK economy. The company's market share in the UK continues to grow and it is envisaged will improve further in the coming years following the continued investment in staffing and resources. The product ranges continue to be regularly updated with new innovative technology which is expected to improve income and profitability. |
The Groups key performance indicators during the period were as follows: |
2023/24 | 2022/23 |
Turnover | £18,282,569 | £12,191,410 |
Gross % | 28.96% | 28.13% |
EBITDA | £4,114,142 | £2,843,078 |
The directors are satisfied with the current results. Turnover has been maintained at levels consistent with the prior year. Gross profit margins have been maintained due to sales mix and efficiency savings. The costs in the business have moved in line with the levels of activity and continue to be closely monitored. |
The balance sheet improved as the majority of the profits are retained within the business as working capital. |
The group does not have any external funding requirements or reliance on any external creditors for its day to day operations. |
The directors are confident in the future outlook of the company and are budgeting an increase in turnover and market share for 2024/25. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal commercial risks and uncertainties faced by the Group include the general economic climate, seasonal weather factors and rising costs. The directors monitor these risks in order to respond and react to changes in the market conditions. |
FINANCIAL RISK MANAGEMENT |
The groups operations expose it to a variety of financial risks that include the effects of credit, currency, interest rate and liquidity risk. The directors actively manage these risks by monitoring levels of risk and related costs of mitigating these. |
EMPLOYEES |
The directors continue to develop employees using both external and internal resources. Programmes are developed around both business and personal needs. The group continues to appraise all systems and staff wellbeing to actively promote a positive group culture. |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
RESEARCH AND DEVELOPMENT |
The group continues to develop improved products. |
ON BEHALF OF THE BOARD: |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
The total dividend paid on all classes of shares during the period amounted to £202,882.00. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
AUDITORS |
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROLIGHT CONCEPTS GROUP LIMITED |
Opinion |
We have audited the financial statements of Prolight Concepts Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROLIGHT CONCEPTS GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROLIGHT CONCEPTS GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Company and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, tax legislation and the Licencing Act 2013. |
We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inappropriate journal entries, management bias in accounting estimates and judgements and inappropriate disclosure of related party transactions. Our audit procedures designed to address these risks included, but were not limited to: |
- Enquiries with management, regarding any known or suspected instances of non-compliance with laws and regulations, and fraud; |
- Agreement of the financial statement disclosures to the underlying supporting documentation; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to provisions and future performance; |
- Auditing the risk of management override of controls, including through the testing journal entries and other adjustments for appropriateness; |
- Revenue year end cut-off procedure; |
- Obtaining an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PROLIGHT CONCEPTS GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Year Ended | Period |
31.3.24 | 1.8.22 to 31.3.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 18,282,569 | 12,191,410 |
Cost of sales | 12,987,993 | 8,762,015 |
GROSS PROFIT | 5,294,576 | 3,429,395 |
Distribution costs | 467,312 | 336,395 |
Administrative expenses | 866,964 | 373,227 |
1,334,276 | 709,622 |
3,960,300 | 2,719,773 |
Other operating income | 9,279 | (10,185 | ) |
OPERATING PROFIT | 4 | 3,969,579 | 2,709,588 |
Interest receivable and similar income | 54,885 | 1,457 |
4,024,464 | 2,711,045 |
Interest payable and similar expenses | 5 | 115,676 | 1,061 |
PROFIT BEFORE TAXATION | 3,908,788 | 2,709,984 |
Tax on profit | 6 | 996,354 | 529,324 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,912,434 | 2,180,660 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,912,434 | 2,180,660 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,912,434 |
2,180,660 |
Total comprehensive income attributable to: |
Owners of the parent | 2,912,434 | 2,180,660 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 8,638,048 | 1,689,669 |
Investments | 10 | - | - |
8,638,048 | 1,689,669 |
CURRENT ASSETS |
Stocks | 11 | 6,844,833 | 6,637,039 |
Debtors | 12 | 1,704,874 | 1,781,386 |
Cash at bank and in hand | 2,565,717 | 1,617,030 |
11,115,424 | 10,035,455 |
CREDITORS |
Amounts falling due within one year | 13 | 2,692,944 | 1,512,164 |
NET CURRENT ASSETS | 8,422,480 | 8,523,291 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
17,060,528 |
10,212,960 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(4,107,041 |
) |
- |
PROVISIONS FOR LIABILITIES | 17 | (66,674 | ) | (35,699 | ) |
NET ASSETS | 12,886,813 | 10,177,261 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 207 | 207 |
Share premium | 19 | 2,259,353 | 2,259,353 |
Retained earnings | 19 | 10,627,253 | 7,917,701 |
SHAREHOLDERS' FUNDS | 12,886,813 | 10,177,261 |
The financial statements were approved by the Board of Directors and authorised for issue on 15th August 2024 and were signed on its behalf by: |
A J Jeffrey - Director |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS | 2,349,071 | 2,277,283 |
Company's profit for the financial year | 274,670 | 168,707 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st August 2022 | 207 | 5,898,139 | 2,259,353 | 8,157,699 |
Changes in equity |
Dividends | - | (161,098 | ) | - | (161,098 | ) |
Total comprehensive income | - | 2,180,660 | - | 2,180,660 |
Balance at 31st March 2023 | 207 | 7,917,701 | 2,259,353 | 10,177,261 |
Changes in equity |
Dividends | - | (202,882 | ) | - | (202,882 | ) |
Total comprehensive income | - | 2,912,434 | - | 2,912,434 |
Balance at 31st March 2024 | 207 | 10,627,253 | 2,259,353 | 12,886,813 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st August 2022 | ( |
) |
Prior year adjustment | - | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st March 2023 | 207 | 17,723 | 2,259,353 | 2,277,283 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st March 2024 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,773,332 | 1,720,904 |
Interest paid | (115,676 | ) | (1,061 | ) |
Tax paid | (823,346 | ) | (681,555 | ) |
Net cash from operating activities | 2,834,310 | 1,038,288 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (7,092,942 | ) | (80,783 | ) |
Interest received | 54,885 | 1,457 |
Net cash from investing activities | (7,038,057 | ) | (79,326 | ) |
Cash flows from financing activities |
New loans in year | 6,615,000 | - |
Loan repayments in year | (1,100,612 | ) | - |
Amount introduced by directors | - | 68,480 |
Amount withdrawn by directors | (159,072 | ) | (128,227 | ) |
Equity dividends paid | (202,882 | ) | (161,098 | ) |
Net cash from financing activities | 5,152,434 | (220,845 | ) |
Increase in cash and cash equivalents | 948,687 | 738,117 |
Cash and cash equivalents at beginning of year |
2 |
1,617,030 |
878,913 |
Cash and cash equivalents at end of year | 2 | 2,565,717 | 1,617,030 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 3,908,788 | 2,709,984 |
Depreciation charges | 144,563 | 94,981 |
Finance costs | 115,676 | 1,061 |
Finance income | (54,885 | ) | (1,457 | ) |
4,114,142 | 2,804,569 |
Increase in stocks | (207,794 | ) | (1,960,844 | ) |
Decrease in trade and other debtors | 76,612 | 1,217,879 |
Decrease in trade and other creditors | (209,628 | ) | (340,700 | ) |
Cash generated from operations | 3,773,332 | 1,720,904 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,565,717 | 1,617,030 |
Period ended 31st March 2023 |
31.3.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 1,617,030 | 878,913 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,617,030 | 948,687 | 2,565,717 |
1,617,030 | 948,687 | 2,565,717 |
Debt |
Debts falling due within 1 year | - | (1,407,347 | ) | (1,407,347 | ) |
Debts falling due after 1 year | - | (4,107,041 | ) | (4,107,041 | ) |
- | (5,514,388 | ) | (5,514,388 | ) |
Total | 1,617,030 | (4,565,701 | ) | (2,948,671 | ) |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Prolight Concepts Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 806,073 | 489,726 |
Social security costs | 68,544 | 42,118 |
Other pension costs | 17,130 | 9,068 |
891,747 | 540,912 |
The average number of employees during the year was as follows: |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Office and management | 3 | 3 |
Sales and warehouse | 27 | 23 |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 78,788 | 50,051 |
Directors' pension contributions to money purchase schemes | 1,306 | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 144,563 | 94,981 |
Auditors' remuneration | 11,060 | 5,268 |
Auditors' remuneration for non audit work | 5,460 | 3,340 |
Foreign exchange differences | (9,279 | ) | 10,185 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest | 115,676 | - |
Mortgage | - | 1,061 |
115,676 | 1,061 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.8.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 965,379 | 513,227 |
Deferred tax | 30,975 | 16,097 |
Tax on profit | 996,354 | 529,324 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
The total dividend paid on all classes of shares during the period under review amounted to £202,882.00. |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1st April 2023 | - | 1,905,396 | 228,679 |
Additions | 6,851,354 | - | 49,020 |
At 31st March 2024 | 6,851,354 | 1,905,396 | 277,699 |
DEPRECIATION |
At 1st April 2023 | - | 381,029 | 111,497 |
Charge for year | - | 76,218 | 34,667 |
At 31st March 2024 | - | 457,247 | 146,164 |
NET BOOK VALUE |
At 31st March 2024 | 6,851,354 | 1,448,149 | 131,535 |
At 31st March 2023 | - | 1,524,367 | 117,182 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 | - | 42,419 | 81,547 | 2,258,041 |
Additions | 85,319 | 106,324 | 925 | 7,092,942 |
At 31st March 2024 | 85,319 | 148,743 | 82,472 | 9,350,983 |
DEPRECIATION |
At 1st April 2023 | - | 37,824 | 38,022 | 568,372 |
Charge for year | - | 10,923 | 22,755 | 144,563 |
At 31st March 2024 | - | 48,747 | 60,777 | 712,935 |
NET BOOK VALUE |
At 31st March 2024 | 85,319 | 99,996 | 21,695 | 8,638,048 |
At 31st March 2023 | - | 4,595 | 43,525 | 1,689,669 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
10. | FIXED ASSET INVESTMENTS |
The Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Name of company |
Class of shares |
% Holding |
Nature of business |
Party People Limited | Ordinary | 100.00 | Dormant |
River 50 Limited | Ordinary | 100.00 | Dormant |
Prolight Concepts (UK) Limited |
Ordinary |
100.00 |
Wholesale of lighting equipment and related products |
Propay HR Ltd | Ordinary | 100.00 | Human resources management |
11. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 6,844,833 | 6,637,039 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 1,626,360 | 1,711,808 |
Amounts owed by group undertakings | 100 | - |
Other debtors | 65,563 | - |
EFRBS Asset | 160 | 160 | - | - |
VAT | 12,691 | - |
Prepayments | - | 69,418 |
1,704,874 | 1,781,386 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 1,407,347 | - |
Trade creditors | 523,811 | 552,190 |
Amounts owed to group undertakings | 100 | - |
Tax | 337,850 | 195,817 |
Social security and other taxes | 16,254 | 15,977 |
VAT | - | 160,945 | - | - |
Other creditors | 373,902 | 396,700 |
Directors' current accounts | 1,720 | 160,792 | 1,720 | 92,312 |
Accruals and deferred income | 31,960 | 29,743 |
2,692,944 | 1,512,164 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 15) | 4,107,041 | - |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 1,407,347 | - |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 173,675 | - |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 3,933,366 | - |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans | 5,514,388 | - |
The bank loans are secured against the Freehold and Leasehold properties held within the group. |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Deferred tax | 66,674 | 35,699 | 15,152 | 17,042 |
Group |
Deferred |
tax |
£ |
Balance at 1st April 2023 | 35,699 |
Provided during year | 30,975 |
Balance at 31st March 2024 | 66,674 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31st March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: |
Class: |
Nominal Value: |
31.3.23 |
31.7.23 |
£ | £ |
196 | Ordinary | £1 | 196 | 196 |
2 | Ordinary A | £1 | 2 | 2 |
2 | Ordinary B | £1 | 2 | 2 |
2 | Ordinary C | £1 | 2 | 2 |
2 | Ordinary D | £1 | 2 | 2 |
1 | Ordinary E | £1 | 1 | 1 |
1 | Ordinary F | £1 | 1 | 1 |
1 | Ordinary G | £1 | 1 | 1 |
207 | 207 |
19. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2023 | 7,917,701 | 2,259,353 | 10,177,054 |
Profit for the year | 2,912,434 | 2,912,434 |
Dividends | (202,882 | ) | (202,882 | ) |
At 31st March 2024 | 10,627,253 | 2,259,353 | 12,886,606 |
PROLIGHT CONCEPTS GROUP LIMITED (REGISTERED NUMBER: 09370487) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
19. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st April 2023 | 17,723 | 2,277,076 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31st March 2024 | 2,348,864 |
20. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | 251,159 | 6,627,842 |