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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: A J Jeffrey
Mrs S K Jeffrey
G Alker
B T Jeffrey





SECRETARY: Mrs S K Jeffrey





REGISTERED OFFICE: Edison Point
Regent Street
Colne
Lancashire
BB8 8LJ





REGISTERED NUMBER: 09370487 (England and Wales)





AUDITORS: Ainsworths Limited
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:





A J Jeffrey - Director


15th August 2024

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.

A J Jeffrey
Mrs S K Jeffrey
G Alker

Other changes in directors holding office are as follows:

B T Jeffrey was appointed as a director after 31st March 2024 but prior to the date of this report.

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:




A J Jeffrey - Director


15th August 2024

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.




Mel Henry (Senior Statutory Auditor)
for and on behalf of Ainsworths Limited
Chartered Accountants
and Statutory Auditors
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

15th August 2024

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 2,912,434 2,180,660
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 1,597,711 1,615,041
Investments 10 305 305
1,598,016 1,615,346

CURRENT ASSETS
Debtors 12 946,904 1,072,099
Cash at bank and in hand 90,690 199,631
1,037,594 1,271,730
CREDITORS
Amounts falling due within one year 13 271,387 592,751
NET CURRENT ASSETS 766,207 678,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,364,223

2,294,325

PROVISIONS FOR LIABILITIES 17 15,152 17,042
NET ASSETS 2,349,071 2,277,283

CAPITAL AND RESERVES
Called up share capital 18 207 207
Share premium 19 2,259,353 2,259,353
Retained earnings 19 89,511 17,723
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 15th August 2024 and were signed on its behalf by:





A J Jeffrey - Director


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 207 (989,886 ) 2,259,353 1,269,674
Prior year adjustment - 1,000,000 - 1,000,000
As restated 207 10,114 2,259,353 2,269,674

Changes in equity
Dividends - (161,098 ) - (161,098 )
Total comprehensive income - 168,707 - 168,707
Balance at 31st March 2023 207 17,723 2,259,353 2,277,283

Changes in equity
Dividends - (202,882 ) - (202,882 )
Total comprehensive income - 274,670 - 274,670
Balance at 31st March 2024 207 89,511 2,259,353 2,349,071

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - 4% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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
30 26

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 1,905,396 160,532 42,419 69,228 2,177,575
Additions - - 106,324 - 106,324
At 31st March 2024 1,905,396 160,532 148,743 69,228 2,283,899
DEPRECIATION
At 1st April 2023 381,029 106,992 37,824 36,689 562,534
Charge for year 76,218 17,865 10,923 18,648 123,654
At 31st March 2024 457,247 124,857 48,747 55,337 686,188
NET BOOK VALUE
At 31st March 2024 1,448,149 35,675 99,996 13,891 1,597,711
At 31st March 2023 1,524,367 53,540 4,595 32,539 1,615,041

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 - 940,639 1,000,000
Other debtors 65,563 - - -
EFRBS Asset 160 160 - -
VAT 12,691 - 6,265 2,681
Prepayments - 69,418 - 69,418
1,704,874 1,781,386 946,904 1,072,099

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 13 45,713
Amounts owed to group undertakings 100 - 150,666 395,365
Tax 337,850 195,817 118,988 59,361
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 1,512,164 271,387 592,751

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 17,042
Credit to Income Statement during year (1,890 )
Balance at 31st March 2024 15,152

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 2,259,353 2,277,076
Profit for the year 274,670 274,670
Dividends (202,882 ) (202,882 )
At 31st March 2024 89,511 2,259,353 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