REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Luxid Group UK Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Luxid Group UK Limited |
Luxid Group UK Limited (Registered number: 09607838) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Luxid Group UK Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Strelley Hall |
Main Street |
Strelley |
Nottingham |
NG8 6PE |
Luxid Group UK Limited (Registered number: 09607838) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Luxid Group UK Limited (Registered number: 09607838) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Luxid Group UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number is 09607838 and its registered office address is C/O Freeman Carr, The Gatehouse, 2 Devonhurst Place, Heathfield Terrace, Chiswick, London, W4 4JD. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", Section 1A - Small Entities and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional and presentational currency of the company. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Fixed assets are initially recorded at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture, fittings, and equipment - 33% straight line |
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 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debt factoring |
Amounts due in respect of non-recourse factored debts are included within either trade debtors, or within bank loans and overdrafts, depending on if the balance is positive or negative. The company can use these facilities to draw down a percentage of the value of certain sales invoices. Advances received from the factoring company are netted off against amounts due in respect of the factored debts. |
Luxid Group UK Limited (Registered number: 09607838) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
With regards to "Going Concern" the Directors believe that there is no material risk to Luxid Group UK Limited. The company's current financial position, and a growing, sustainable, future order book, together with effective cost management mean the future looks positive which will allow us to grow our business to keep up with client demand. We will continue utilising a hybrid remote working model which results in a lowering of overhead costs to the business. |
Luxid Group UK Limited specifically and the parent company, continue to have strong order books and we have seen a significant increase in the existing account sales and the acquisition of world leading brands across the businesses. |
Our growth we believe is as a direct impact of the quality and reliability of the service we offer our clients. Our agility and adaptability are two of our key strengths which have served us and our clients well during the past year and will continue to do so in this ever-changing world. |
Luxid Group UK Limited continues to be in the fortunate position to be working at a Global/regional level with some of the most globally recognised financially strong brands and our roster continues to grow. |
To help mitigate any potential financial and operating risk we continue to utilise Invoice Factoring for Luxid Group UK Limited to support our cash flow position which gives us the security and flexibility to manage the extended payment terms of our customers. In the unlikely circumstance that we would require financial support, we can call on the group business to support our financial and resource needs via the Parent Company. |
Luxid Group UK Limited and the group continue to successfully manage expenses supported by effective local management. As a group we focus on inter-company resource utilisation resulting in reducing our external expenses and increasing our inter-company billing for relevant projects as our wider group personnel support the UK client work and vice versa which mitigates any localised or singular client or global event risk. |
As at the date these financial statements are authorised, the Directors believe that the going concern basis of preparing the accounts remains appropriate for at least twelve months. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Luxid Group UK Limited (Registered number: 09607838) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included within trade debtors is £733,304 (2023 - £335,388) which forms part of an invoice factoring facility. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
Luxid Group UK Limited (Registered number: 09607838) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
David Fletcher BA BFP FCA (Senior Statutory Auditor) |
for and on behalf of Just Audit Limited |
11. | PARENT UNDERTAKING |
The smallest group which includes Luxid Group UK Limited in its consolidated financial statements is Luxid Group OY, an entity incorporated in Finland. The registered office is Tehtaankatu 27-29 A, 00150 Helsinki, Finland. |
12. | BOUNCE BACK LOAN |
The Bounce Back Loan provided by the bank is repayable in instalments over 60 months, commencing April 2022, with a fixed interest rate of 2.5%. The UK government guaranteed the loan and paid the first 12 months' interest. The total amount outstanding at 31 March 2024 was £30,000 (31 March 2023: £40,494), included within Other creditors. |