Registered number
09672373
Light Fixation Limited
Unaudited Filleted Accounts
31 July 2024
Light Fixation Limited
Registered number: 09672373
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 26,346 28,864
26,347 28,865
Current assets
Stocks 63,500 62,904
Debtors 5 15,931 19,322
Cash at bank and in hand 45,714 33,342
125,145 115,568
Creditors: amounts falling due within one year 6 (35,106) (30,293)
Net current assets 90,039 85,275
Net assets 116,386 114,140
Capital and reserves
Called up share capital 4 4
Profit and loss account 116,382 114,136
Shareholders' funds 116,386 114,140
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
IP Hawes
Director
Approved by the board on 16 September 2024
Light Fixation Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 5,000
At 31 July 2024 5,000
Amortisation
At 1 August 2023 4,999
At 31 July 2024 4,999
Net book value
At 31 July 2024 1
At 31 July 2023 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 25,821 36,334 62,155
Additions - 599 599
At 31 July 2024 25,821 36,933 62,754
Depreciation
At 1 August 2023 10,596 22,695 33,291
Charge for the year 2,507 610 3,117
At 31 July 2024 13,103 23,305 36,408
Net book value
At 31 July 2024 12,718 13,628 26,346
At 31 July 2023 15,225 13,639 28,864
5 Debtors 2024 2023
£ £
Trade debtors 7,577 10,218
Other debtors 8,354 9,104
15,931 19,322
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,019 5,869
Taxation and social security costs 23,208 18,349
Other creditors 8,879 6,075
35,106 30,293
7 Other information
Light Fixation Limited is a private company limited by shares and incorporated in England. Its registered office is:
31 Richmond Way, London, W14 0AS
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