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No description of principal activities is disclosed
2022-12-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
11450998
Lighthouse FX Ltd
Unaudited filleted financial statements
30 November 2023
Lighthouse FX Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Lighthouse FX Ltd
Directors and other information
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Directors |
Mr Nicholas Burns |
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Mr Joshua Coles |
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Company number |
11450998 |
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Registered office |
50 Liverpool Street |
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London |
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EC2M 7PY |
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Accountants |
J D McDavitt Accountants Ltd |
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4 Cornhouse Buildings |
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Claydons Lane |
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Rayleigh |
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Essex |
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SS6 7UP |
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Lighthouse FX Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Lighthouse FX Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lighthouse FX Ltd for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Lighthouse FX Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lighthouse FX Ltd and state those matters that we have agreed to state to the board of directors of Lighthouse FX Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lighthouse FX Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lighthouse FX Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lighthouse FX Ltd. You consider that Lighthouse FX Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lighthouse FX Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
J D McDavitt Accountants Ltd
Chartered Certified Accountants
4 Cornhouse Buildings
Claydons Lane
Rayleigh
Essex
SS6 7UP
15 August 2024
Lighthouse FX Ltd
Statement of financial position
30 November 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
|
5 |
973 |
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1,199 |
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|
|
|
_______ |
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|
_______ |
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973 |
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1,199 |
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Current assets |
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Debtors |
|
6 |
45,555 |
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24,455 |
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Cash at bank and in hand |
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66,766 |
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86,918 |
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_______ |
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_______ |
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112,321 |
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111,373 |
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Creditors: amounts falling due |
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within one year |
|
7 |
(
29,357) |
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(
27,197) |
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_______ |
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_______ |
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Net current assets |
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82,964 |
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84,176 |
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_______ |
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_______ |
Total assets less current liabilities |
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83,937 |
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85,375 |
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Creditors: amounts falling due |
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after more than one year |
|
8 |
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(
16,500) |
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(
26,400) |
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Provisions for liabilities |
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(
185) |
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(
228) |
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_______ |
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_______ |
Net assets |
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67,252 |
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58,747 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1,000 |
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1,000 |
Profit and loss account |
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66,252 |
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57,747 |
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_______ |
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_______ |
Shareholders funds |
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67,252 |
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58,747 |
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_______ |
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_______ |
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2024
, and are signed on behalf of the board by:
Mr Nicholas Burns
Director
Company registration number:
11450998
Lighthouse FX Ltd
Notes to the financial statements
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 50 Liverpool Street, London, EC2M 7PY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
- |
10 % |
straight line |
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Fittings fixtures and equipment |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
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Plant and machinery |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 December 2022 |
617 |
2,498 |
3,115 |
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Additions |
- |
400 |
400 |
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_______ |
_______ |
_______ |
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At 30 November 2023 |
617 |
2,898 |
3,515 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 December 2022 |
154 |
1,762 |
1,916 |
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Charge for the year |
61 |
565 |
626 |
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_______ |
_______ |
_______ |
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At 30 November 2023 |
215 |
2,327 |
2,542 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 30 November 2023 |
402 |
571 |
973 |
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_______ |
_______ |
_______ |
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At 30 November 2022 |
463 |
736 |
1,199 |
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_______ |
_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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44,239 |
23,010 |
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Other debtors |
|
1,316 |
1,445 |
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_______ |
_______ |
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45,555 |
24,455 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
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£ |
£ |
|
Bank loans and overdrafts |
|
9,900 |
9,900 |
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Trade creditors |
|
4,399 |
2,802 |
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Corporation tax |
|
12,994 |
12,685 |
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Other creditors |
|
2,064 |
1,810 |
|
|
|
_______ |
_______ |
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29,357 |
27,197 |
|
|
|
_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
16,500 |
26,400 |
|
|
|
_______ |
_______ |
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