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COMPANY REGISTRATION NUMBER: 07992545
TM LIGHTING LTD
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
TM LIGHTING LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
TM LIGHTING LTD
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr A J G Molyneux
Mr H Triggs
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 December 2024 and signed on behalf of the board by:
Mr H Triggs
Director
Registered office:
Gallery
7 Cubitt Street
London
WC1X 0LN
TM LIGHTING LTD
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
Turnover
2,493,271
2,718,356
Cost of sales
882,027
1,258,815
-------------
-------------
Gross profit
1,611,244
1,459,541
Administrative expenses
1,334,343
1,157,804
-------------
-------------
Operating profit
276,901
301,737
Other interest receivable and similar income
29
396
Interest payable and similar expenses
1,505
4,384
-------------
-------------
Profit before taxation
5
275,425
297,749
Tax on profit
31,934
36,948
----------
----------
Profit for the financial year and total comprehensive income
243,491
260,801
----------
----------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
TM LIGHTING LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
65,809
54,993
Investments
7
9,192
7,212
---------
---------
75,001
62,205
Current assets
Stocks
809,132
638,845
Debtors
8
365,636
299,817
Cash at bank and in hand
6,004
14,295
-------------
----------
1,180,772
952,957
Creditors: amounts falling due within one year
9
816,429
675,761
-------------
----------
Net current assets
364,343
277,196
----------
----------
Total assets less current liabilities
439,344
339,401
Creditors: amounts falling due after more than one year
10
15,833
25,833
Provisions
16,452
----------
----------
Net assets
407,059
313,568
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
406,959
313,468
----------
----------
Shareholders funds
407,059
313,568
----------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TM LIGHTING LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 December 2024 , and are signed on behalf of the board by:
Mr H Triggs
Director
Company registration number: 07992545
TM LIGHTING LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
2
202,667
202,669
Profit for the year
260,801
260,801
----
----------
----------
Total comprehensive income for the year
260,801
260,801
Issue of shares
98
98
Dividends paid and payable
( 150,000)
( 150,000)
----
----------
----------
Total investments by and distributions to owners
98
( 150,000)
( 149,902)
At 31 March 2023
100
313,468
313,568
Profit for the year
243,491
243,491
----
----------
----------
Total comprehensive income for the year
243,491
243,491
Dividends paid and payable
( 150,000)
( 150,000)
----
----------
----------
Total investments by and distributions to owners
( 150,000)
( 150,000)
----
----------
----------
At 31 March 2024
100
406,959
407,059
----
----------
----------
TM LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gallery, 7 Cubitt Street, London, WC1X 0LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
over the unexpired term of the 5 year lease
Plant and machinery
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 17 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
20,634
49,027
---------
---------
6. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
99,827
158,479
258,306
Additions
14,487
16,963
31,450
----------
----------
----------
At 31 March 2024
114,314
175,442
289,756
----------
----------
----------
Depreciation
At 1 April 2023
99,827
103,486
203,313
Charge for the year
829
19,805
20,634
----------
----------
----------
At 31 March 2024
100,656
123,291
223,947
----------
----------
----------
Carrying amount
At 31 March 2024
13,658
52,151
65,809
----------
----------
----------
At 31 March 2023
54,993
54,993
----------
----------
----------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2023
7,212
Additions
1,980
-------
At 31 March 2024
9,192
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
9,192
-------
At 31 March 2023
7,212
-------
8. Debtors
2024
2023
£
£
Trade debtors
291,863
255,916
Other debtors
73,773
43,901
----------
----------
365,636
299,817
----------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,662
23,830
Trade creditors
417,246
320,850
Corporation tax
15,482
36,948
Social security and other taxes
49,540
80,733
Wages Payable
506
Other creditors
301,993
213,400
----------
----------
816,429
675,761
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,833
25,833
---------
---------
11. Directors' advances, credits and guarantees
At 31 March 2024 the company collectively owed the directors £96,064 (2023 : £12,505). H Triggs and A J G Molyneux were owed £-3,744 (2023 : £3,383) and £99,808 (2023 : £9,123) respectively. These amounts are unsecured, provided interest free and are repayable on demand.