Registered number
06230366
Future Light Design Ltd
Unaudited Filleted Accounts
31 December 2023
Future Light Design Ltd
Registered number: 06230366
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,246 24,499
Current assets
Stock and WIP 248,000 64,500
Debtors 4 605,952 558,696
Cash at bank and in hand 4,932 61,592
858,884 684,788
Creditors: amounts falling due within one year 5 (326,649) (237,718)
Net current assets 532,235 447,070
Total assets less current liabilities 553,481 471,569
Creditors: amounts falling due after more than one year 6 (14,165) (24,179)
Provisions for liabilities (4,564) (4,655)
Net assets 534,752 442,735
Capital and reserves
Called up share capital 100 100
Profit and loss account 534,652 442,635
Shareholder's funds 534,752 442,735
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M P Kavanagh
Director
Approved by the board on 30 September 2024
Future Light Design Ltd
Notes to the Accounts
for the year ended 31 December 2023
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:
Showroom lights 25% reducing balance
Motor Vehicle 25% reducing balance
FF & equipment 25% reducing balance
Stocks and work in progress
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. After date invoices are reviewed to determine if it is appropriate to take any profit in the 2018 year.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 15,766 53,757 29,450 98,973
Additions - 3,828 - 3,828
At 31 December 2023 15,766 57,585 29,450 102,801
Depreciation
At 1 January 2023 15,296 37,918 21,260 74,474
Charge for the year 117 4,917 2,047 7,081
At 31 December 2023 15,413 42,835 23,307 81,555
Net book value
At 31 December 2023 353 14,750 6,143 21,246
At 31 December 2022 470 15,839 8,190 24,499
4 Debtors 2023 2022
£ £
Trade debtors 39,530 31,066
Amounts owed by group undertakings and undertakings in which the company has a participating interest 54,159 109,080
Other debtors 512,263 418,550
605,952 558,696
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,002 9,985
Trade creditors 224,918 31,243
Taxation and social security costs 40,219 88,256
Deferred income - 100,000
Other creditors 51,510 8,234
326,649 237,718
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,165 24,179
7 Related party transactions
At the end of year, the company was owed £54,189.59 (2022: £109,078.59) by M. P. Kavanagh Ltd and £416,000 by Viney Bridge Mills Heritage Limited, companies in which Mr M P Kavanagh is interested as a director and shareholder. Mr M P Kavanagh, a director and shareholder, owed £83,025.69 to the company (2022: £146.31 owed by the company). The balance was cleared within 9 months of the year end.
8 Controlling party
M P Kavanagh controls the company by virtue of owning all the issued shares.
9 Other information
Future Light Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Post House, Ockham Road South
East Horsley
Leatherhead
Surrey
KT24 6RX
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