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Registration number: 11059104

Luminous Show Technology Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Luminous Show Technology Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Luminous Show Technology Limited

Company Information

Directors

Mr M J Badley

Mr E R Samkin

Registered office

Unit 14
Apple Lane
Exeter
Devon
EX2 5GL

Accountants

GX Accountancy & Bookkeeping Services
Unit 1 Fortescue Court
Thorverton
Exeter
Devon
EX5 5JN

 

Luminous Show Technology Limited

(Registration number: 11059104)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

101,818

116,623

Current assets

 

Stocks

5

464,777

456,563

Debtors

6

292,613

385,531

Cash at bank and in hand

 

568,251

139,272

 

1,325,641

981,366

Creditors: Amounts falling due within one year

7

(520,319)

(323,717)

Net current assets

 

805,322

657,649

Total assets less current liabilities

 

907,140

774,272

Creditors: Amounts falling due after more than one year

7

(87,982)

(144,236)

Provisions for liabilities

(24,902)

(21,664)

Net assets

 

794,256

608,372

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

794,156

608,272

Shareholders' funds

 

794,256

608,372

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

 

Luminous Show Technology Limited

(Registration number: 11059104)
Balance Sheet as at 30 November 2023 (continued)

.........................................
Mr M J Badley
Director

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 14
Apple Lane
Exeter
Devon
EX2 5GL

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised using the accrual model. Grants relating to revenue are recognised as income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised. Grants that become receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income
in the period in which the company becomes eligible to receive the grant.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Plant and machinery

25% Reducing balance

Computer equipment

25% Reducing balance

Leasehold improvements

10% Straight line

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

 Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
 

Research and Development

Expenditure on research and development is written off in the year it is incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

4

Tangible assets

Land and buildings
£

Plant and machinery etc
 £

Total
£

Cost or valuation

At 1 December 2022

16,973

167,948

184,921

Additions

-

5,260

5,260

At 30 November 2023

16,973

173,208

190,181

Depreciation

At 1 December 2022

4,163

64,135

68,298

Charge for the year

1,697

18,368

20,065

At 30 November 2023

5,860

82,503

88,363

Carrying amount

At 30 November 2023

11,113

90,705

101,818

At 30 November 2022

12,810

103,813

116,623

Included within the net book value of land and buildings above is £11,113 (2022 - £12,810) in respect of short leasehold land and buildings.
 

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

464,777

456,563

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

210,469

149,456

Amounts owed by related parties

11

99

99

Prepayments

 

36,050

13,027

Other debtors

 

45,995

222,949

   

292,613

385,531

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

56,254

56,255

Trade creditors

 

65,010

242,718

Taxation and social security

 

94,966

15,264

Accruals and deferred income

 

299,585

4,637

Other creditors

 

4,504

4,843

 

520,319

323,717

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

87,982

144,236

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

68,182

113,636

Hire purchase contracts

19,800

30,600

87,982

144,236

 

Luminous Show Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2023
£

2022
£

Bank borrowings

45,454

45,455

Hire purchase contracts

10,800

10,800

56,254

56,255

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £74,825 (2022 - £Nil).

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

50,000

32,000