Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-315650falsefalse2023-04-01No description of principal activity97truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08034958 2023-04-01 2024-03-31 08034958 2022-05-01 2023-03-31 08034958 2024-03-31 08034958 2023-03-31 08034958 c:Director1 2023-04-01 2024-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2024-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2023-03-31 08034958 d:PlantMachinery 2023-04-01 2024-03-31 08034958 d:PlantMachinery 2024-03-31 08034958 d:PlantMachinery 2023-03-31 08034958 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08034958 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08034958 d:MotorVehicles 2023-04-01 2024-03-31 08034958 d:MotorVehicles 2024-03-31 08034958 d:MotorVehicles 2023-03-31 08034958 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08034958 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08034958 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08034958 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08034958 d:Goodwill 2023-04-01 2024-03-31 08034958 d:Goodwill 2024-03-31 08034958 d:Goodwill 2023-03-31 08034958 d:CurrentFinancialInstruments 2024-03-31 08034958 d:CurrentFinancialInstruments 2023-03-31 08034958 d:Non-currentFinancialInstruments 2024-03-31 08034958 d:Non-currentFinancialInstruments 2023-03-31 08034958 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08034958 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08034958 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08034958 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08034958 d:ShareCapital 2024-03-31 08034958 d:ShareCapital 2023-03-31 08034958 d:RetainedEarningsAccumulatedLosses 2024-03-31 08034958 d:RetainedEarningsAccumulatedLosses 2023-03-31 08034958 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08034958 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08034958 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 08034958 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 08034958 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08034958 c:OrdinaryShareClass1 2024-03-31 08034958 c:OrdinaryShareClass1 2023-03-31 08034958 c:OrdinaryShareClass2 2023-04-01 2024-03-31 08034958 c:OrdinaryShareClass2 2024-03-31 08034958 c:OrdinaryShareClass2 2023-03-31 08034958 c:FRS102 2023-04-01 2024-03-31 08034958 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08034958 c:FullAccounts 2023-04-01 2024-03-31 08034958 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08034958 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 08034958 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 08034958 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 08034958 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 08034958 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 08034958 2 2023-04-01 2024-03-31 08034958 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08034958 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08034958









LIGHTWAVE PRODUCTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
LIGHTWAVE PRODUCTIONS LTD
REGISTERED NUMBER: 08034958

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
263,823
-

Tangible assets
 5 
2,024,711
877,705

  
2,288,534
877,705

Current assets
  

Debtors
 6 
467,649
375,638

Cash at bank and in hand
 7 
72,821
49,413

  
540,470
425,051

Creditors: amounts falling due within one year
 8 
(737,492)
(397,120)

Net current (liabilities)/assets
  
 
 
(197,022)
 
 
27,931

Total assets less current liabilities
  
2,091,512
905,636

Creditors: amounts falling due after more than one year
 9 
(927,441)
(110,470)

Provisions for liabilities
  

Deferred tax
 12 
(333,498)
(215,138)

  
 
 
(333,498)
 
 
(215,138)

Net assets
  
830,573
580,028


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
830,473
579,928

  
830,573
580,028


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
LIGHTWAVE PRODUCTIONS LTD
REGISTERED NUMBER: 08034958
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.




H J A Clarke
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Lightwave Productions Ltd is a private company limited by shares  and domiciled in England and Wales. The registered office is at Unit 10 Falcon Business Centre, 14 Wandle Way, Mitcham CR4 4FG. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Straight line
Plant and machinery
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the
Page 6

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 7).

Page 7

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


Additions
264,040



At 31 March 2024

264,040



Amortisation


Charge for the year on owned assets
217



At 31 March 2024

217



Net book value



At 31 March 2024
263,823



At 31 March 2023
-



Page 8

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
56,500
1,975,804
149,278
2,181,582


Additions
66,000
1,479,395
-
1,545,395



At 31 March 2024

122,500
3,455,199
149,278
3,726,977



Depreciation


At 1 April 2023
4,363
1,226,439
73,075
1,303,877


Charge for the year on owned assets
5,650
334,424
8,082
348,156


Charge for the year on financed assets
-
40,849
9,384
50,233



At 31 March 2024

10,013
1,601,712
90,541
1,702,266



Net book value



At 31 March 2024
112,487
1,853,487
58,737
2,024,711



At 31 March 2023
52,137
749,365
76,203
877,705


6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
44,100
44,100

Due within one year

Trade debtors
312,907
246,256

Prepayments and accrued income
110,642
85,282

467,649
375,638


Page 9

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
72,821
49,413



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
231,812
104,397

Corporation tax
-
47,720

Other taxation and social security
66,652
6,808

Obligations under finance lease and hire purchase contracts
70,754
56,688

Other creditors
302,826
148,504

Accruals and deferred income
55,448
23,003

737,492
397,120


The following liabilities were secured:

2024
2023
£
£



Other creditors
100,798
128,338

Obligations under finance lease and hire purchase contracts
70,754
56,688

171,552
185,026

Details of security provided:

The loans are secured by a fixed and floating charge over the assets of the Company...

Page 10

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,380
22,500

Net obligations under finance leases and hire purchase contracts
156,933
54,220

Other creditors
757,128
33,750

927,441
110,470


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
156,933
54,220

Other creditors
660,878
-

817,811
54,220

Details of security provided:

Enter details here...


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
3,380
12,500


23,380
32,500


Page 11

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
70,754
56,638

Between 1-5 years
156,932
54,226

227,686
110,864


12.


Deferred taxation




2024


£






At beginning of year
215,138


Charged to profit or loss
118,360



At end of year
333,498

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
460,178
215,138

Tax losses carried forward
(126,680)
-

333,498
215,138


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60 (2023 - 60) Ordinary A shares of £1.00 each
60
60
40 (2023 - 40) Ordinary B shares of £1.00 each
40
40

100

100


Page 12

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,899 (2023 - £,5,616) . Contributions totalling £991 (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.

 
Page 13