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REGISTERED NUMBER: 09607838 (England and Wales)















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: W S Emery-Sphar
L Kenley



SECRETARY: L Kenley



REGISTERED OFFICE: c/o Freeman Carr
The Gatehouse, 2 Devonhurst Place
Heathfield Terrace
Chiswick
London
W4 4JD



REGISTERED NUMBER: 09607838 (England and Wales)



SENIOR STATUTORY AUDITOR: David Fletcher BA BFP FCA



AUDITORS: Just Audit Limited
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 2,475 2,919

CURRENT ASSETS
Debtors 5 1,101,021 448,184
Prepayments and accrued income 6,387 6,083
Cash at bank 556,048 733,639
1,663,456 1,187,906
CREDITORS
Amounts falling due within one year 6 794,765 583,367
NET CURRENT ASSETS 868,691 604,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

871,166

607,458

CREDITORS
Amounts falling due after more than one year 7 (19,352 ) (29,352 )

PROVISIONS FOR LIABILITIES (619 ) (1,331 )
NET ASSETS 851,195 576,775

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 850,195 575,775
SHAREHOLDERS' FUNDS 851,195 576,775

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 19 July 2024 and were signed on its behalf by:





L Kenley - Director


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 40 (2023 - 33 ) .

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 70,089
Additions 1,935
At 31 March 2024 72,024
DEPRECIATION
At 1 April 2023 67,170
Charge for year 2,379
At 31 March 2024 69,549
NET BOOK VALUE
At 31 March 2024 2,475
At 31 March 2023 2,919

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 755,912 375,823
Amounts owed by group undertakings 295,531 39,892
Other debtors 49,578 32,469
1,101,021 448,184

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 42,159 99,848
Amounts owed to group undertakings 552,297 320,386
Taxation and social security 143,214 122,523
Other creditors 57,095 40,610
794,765 583,367

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 19,352 29,352

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 84,132 76,314
Between one and five years 22,348 31,575
106,480 107,889

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: £    £   
1,000 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.