Company Registration No. 11260371 (England and Wales)
LIGHTING PROJECT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LIGHTING PROJECT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LIGHTING PROJECT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
209
279
Tangible assets
5
54,523
32,762
54,732
33,041
Current assets
Stocks
149,574
273,968
Debtors
6
125,207
272,719
Cash at bank and in hand
42,051
14,322
316,832
561,009
Creditors: amounts falling due within one year
7
(120,301)
(294,842)
Net current assets
196,531
266,167
Total assets less current liabilities
251,263
299,208
Creditors: amounts falling due after more than one year
8
(12,231)
(22,435)
Provisions for liabilities
(4,804)
(4,612)
Net assets
234,228
272,161
Capital and reserves
Called up share capital
9
180
180
Share premium account
49,820
49,820
Profit and loss reserves
184,228
222,161
Total equity
234,228
272,161

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

LIGHTING PROJECT SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr M A Harding
Director
Company registration number 11260371 (England and Wales)
LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Lighting Project Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Woodland Close, Clipstone Village, Mansfield, Nottinghamshire, NG21 9BF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Number plate
5 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10 years straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

 

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
7
4
Intangible fixed assets
Number plate
£
Cost
At 1 April 2023 and 31 March 2024
349
Amortisation and impairment
At 1 April 2023
70
Amortisation charged for the year
70
At 31 March 2024
140
Carrying amount
At 31 March 2024
209
At 31 March 2023
279
LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
4,956
47,987
52,943
Additions
23,034
15,666
38,700
Disposals
-
0
(7,875)
(7,875)
At 31 March 2024
27,990
55,778
83,768
Depreciation and impairment
At 1 April 2023
1,170
19,011
20,181
Depreciation charged in the year
1,791
9,227
11,018
Eliminated in respect of disposals
-
0
(1,954)
(1,954)
At 31 March 2024
2,961
26,284
29,245
Carrying amount
At 31 March 2024
25,029
29,494
54,523
At 31 March 2023
3,786
28,976
32,762
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,830
264,394
Other debtors
18,223
1,609
Prepayments and accrued income
7,154
6,716
125,207
272,719
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,204
9,952
Trade creditors
24,856
172,943
Corporation tax
30,520
39,019
Other taxation and social security
32,612
45,588
Other creditors
1,436
9,353
Accruals and deferred income
20,673
17,987
120,301
294,842
LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,231
22,435
LIGHTING PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
178 Ordinary of £1 each
178
178
2 A Ordinary of £1 each
2
2
180
180
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
14,065
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

No interest has been charged on the loans.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advanced
-
(149)
9,070
8,921
(149)
9,070
8,921
2024-03-312023-04-01false19 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M A HardingMr D T NettleMr Matthew Clarkefalsefalse112603712023-04-012024-03-31112603712024-03-31112603712023-03-3111260371core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3111260371core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3111260371core:LandBuildings2024-03-3111260371core:OtherPropertyPlantEquipment2024-03-3111260371core:LandBuildings2023-03-3111260371core:OtherPropertyPlantEquipment2023-03-3111260371core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111260371core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111260371core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3111260371core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3111260371core:CurrentFinancialInstruments2024-03-3111260371core:CurrentFinancialInstruments2023-03-3111260371core:ShareCapital2024-03-3111260371core:ShareCapital2023-03-3111260371core:SharePremium2024-03-3111260371core:SharePremium2023-03-3111260371core:RetainedEarningsAccumulatedLosses2024-03-3111260371core:RetainedEarningsAccumulatedLosses2023-03-3111260371core:ShareCapitalOrdinaryShares2024-03-3111260371core:ShareCapitalOrdinaryShares2023-03-3111260371bus:Director12023-04-012024-03-3111260371core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111260371core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111260371core:LeaseholdImprovements2023-04-012024-03-3111260371core:PlantMachinery2023-04-012024-03-3111260371core:FurnitureFittings2023-04-012024-03-3111260371core:ComputerEquipment2023-04-012024-03-3111260371core:MotorVehicles2023-04-012024-03-31112603712022-04-012023-03-3111260371core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3111260371core:LandBuildings2023-03-3111260371core:OtherPropertyPlantEquipment2023-03-31112603712023-03-3111260371core:LandBuildings2023-04-012024-03-3111260371core:OtherPropertyPlantEquipment2023-04-012024-03-3111260371core:Non-currentFinancialInstruments2024-03-3111260371core:Non-currentFinancialInstruments2023-03-3111260371bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111260371bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111260371bus:FRS1022023-04-012024-03-3111260371bus:AuditExemptWithAccountantsReport2023-04-012024-03-3111260371bus:Director22023-04-012024-03-3111260371bus:Director32023-04-012024-03-3111260371bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP