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REGISTERED NUMBER: 02782602 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Lightcredit Limited

Lightcredit Limited (Registered number: 02782602)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lightcredit Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G P Hymanson
Miss L N Hymanson
Miss C R Hymanson





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





REGISTERED NUMBER: 02782602 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Lightcredit Limited (Registered number: 02782602)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 73,814 44,687

CURRENT ASSETS
Stocks 5 458,085 437,775
Debtors 6 419,877 379,363
Cash at bank and in hand 297,655 192,436
1,175,617 1,009,574
CREDITORS
Amounts falling due within one year 7 897,975 705,109
NET CURRENT ASSETS 277,642 304,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

351,456

349,152

PROVISIONS FOR LIABILITIES 18,173 10,829
NET ASSETS 333,283 338,323

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 333,183 338,223
SHAREHOLDERS' FUNDS 333,283 338,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lightcredit Limited (Registered number: 02782602)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





G P Hymanson - Director


Lightcredit Limited (Registered number: 02782602)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Lightcredit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Interest income
Interest income is recognised in the statement of comprehensive income using the effective interest method.

Grant income
Grants of a revenue nature are credited to income in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term.

Fixtures & fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance.
Plant & machinery- 20% on cost
Computer equipment- 20% on cost
Property improvements- over the period of the lease

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Lightcredit Limited (Registered number: 02782602)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Those held under operating leases are charged to the profit and loss account as they are incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company's financial statements for the year ended 30 June 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 16 ) .

Lightcredit Limited (Registered number: 02782602)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 20,000 8,885 58,785
Additions - 3,725 30,260
At 30 June 2024 20,000 12,610 89,045
DEPRECIATION
At 1 July 2023 20,000 8,885 54,098
Charge for year - 124 1,820
At 30 June 2024 20,000 9,009 55,918
NET BOOK VALUE
At 30 June 2024 - 3,601 33,127
At 30 June 2023 - - 4,687

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 80,487 43,578 211,735
Additions - 9,501 43,486
At 30 June 2024 80,487 53,079 255,221
DEPRECIATION
At 1 July 2023 47,154 36,911 167,048
Charge for year 8,333 4,082 14,359
At 30 June 2024 55,487 40,993 181,407
NET BOOK VALUE
At 30 June 2024 25,000 12,086 73,814
At 30 June 2023 33,333 6,667 44,687

5. STOCKS
2024 2023
£    £   
Goods for resale 458,085 437,775

Lightcredit Limited (Registered number: 02782602)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 336,788 298,144
Amounts owed by group undertakings 3,553 3,140
Other debtors 79,536 78,079
419,877 379,363

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 273,686 185,293
Amounts owed to group undertakings 327,196 363,024
Taxation and social security 160,266 135,820
Other creditors 136,827 20,972
897,975 705,109

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 3,750

9. CONTINGENT LIABILITIES

The company has guaranteed the bank facility of its parent undertaking. At 30 June 2024, this entity had no bank borrowings.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company paid rent of £45,000 (2023: £45,000) to a pension scheme in which one of the directors of the company is a trustee and beneficiary.

11. ULTIMATE PARENT UNDERTAKING

The company's parent undertaking at the balance sheet date was Lightcredit Holdings Limited. It's ultimate parent entity is Lightcredit Holdings (2022) Limited, a company incorporated and registered in England. Copies of the financial statements of Lightcredit Holdings (2022) Limited can be obtained from the registered office of that entity which is the same as this company and the address can be found on the Company Information page.