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Registered number: 03518127
Touchstone Lighting Components Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03518127
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,307 35,275
30,307 35,275
CURRENT ASSETS
Stocks 5 433,868 384,594
Debtors 6 426,237 473,969
Cash at bank and in hand 615,076 531,511
1,475,181 1,390,074
Creditors: Amounts Falling Due Within One Year 7 (316,396 ) (272,074 )
NET CURRENT ASSETS (LIABILITIES) 1,158,785 1,118,000
TOTAL ASSETS LESS CURRENT LIABILITIES 1,189,092 1,153,275
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,590 ) -
NET ASSETS 1,182,502 1,153,275
CAPITAL AND RESERVES
Called up share capital 8 6 4
Profit and Loss Account 1,182,496 1,153,271
SHAREHOLDERS' FUNDS 1,182,502 1,153,275
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G L Stone
Director
3 December 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Touchstone Lighting Components Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. 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:
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the sale of products is recognised by reference to the stage of completion at the balance sheet date.  Stage of completion is measured by reference to the date the service were performed.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.  Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.
2.5. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profits (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 assesments 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.
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:  10 (2023: 10)
10 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 102,335 598 - 102,933
Additions - - 5,776 5,776
As at 31 March 2024 102,335 598 5,776 108,709
Depreciation
As at 1 April 2023 67,060 598 - 67,658
Provided during the period 8,819 - 1,925 10,744
As at 31 March 2024 75,879 598 1,925 78,402
Net Book Value
As at 31 March 2024 26,456 - 3,851 30,307
As at 1 April 2023 35,275 - - 35,275
5. Stocks
2024 2023
£ £
Stock 433,868 384,594
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 404,092 470,589
Prepayments and accrued income 15,598 -
Other debtors 700 -
Directors' loan accounts 5,847 3,380
426,237 473,969
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 234,857 263,752
Corporation tax 57,421 -
Social security 4,329 -
VAT 4,954 8,322
Other creditors 3,811 -
Accruals and deferred income 11,024 -
316,396 272,074
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
3 Ordinary Shares of £ 1.00 each 3 3
3 Ordinary B shares of £ 1.00 each 3 1
6 4
Shares issued during the period: £
2 Ordinary B shares of £ 1.00 each 2
9. Other Commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £61,758 (2023 - £82,482).
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Gary Stone 3,380 2,467 - - 5,847
The above loan is provided interest free and repayable on demand.
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