31 31 The Lamp Company Limited 02838626 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of lamp distributors. Digita Accounts Production Advanced 6.30.9574.0 true 02838626 2023-07-01 2024-06-30 02838626 2024-06-30 02838626 bus:OrdinaryShareClass1 2024-06-30 02838626 core:CurrentFinancialInstruments 2024-06-30 02838626 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 02838626 core:Non-currentFinancialInstruments 2024-06-30 02838626 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 02838626 core:Goodwill 2024-06-30 02838626 core:OtherResidualIntangibleAssets 2024-06-30 02838626 core:LandBuildings 2024-06-30 02838626 core:MotorVehicles 2024-06-30 02838626 core:OtherPropertyPlantEquipment 2024-06-30 02838626 bus:SmallEntities 2023-07-01 2024-06-30 02838626 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02838626 bus:FilletedAccounts 2023-07-01 2024-06-30 02838626 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02838626 bus:RegisteredOffice 2023-07-01 2024-06-30 02838626 bus:Director3 2023-07-01 2024-06-30 02838626 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 02838626 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02838626 core:Goodwill 2023-07-01 2024-06-30 02838626 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 02838626 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 02838626 core:LandBuildings 2023-07-01 2024-06-30 02838626 core:LeaseholdImprovements 2023-07-01 2024-06-30 02838626 core:MotorVehicles 2023-07-01 2024-06-30 02838626 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 02838626 core:PlantMachinery 2023-07-01 2024-06-30 02838626 countries:EnglandWales 2023-07-01 2024-06-30 02838626 2023-06-30 02838626 core:Goodwill 2023-06-30 02838626 core:OtherResidualIntangibleAssets 2023-06-30 02838626 core:LandBuildings 2023-06-30 02838626 core:MotorVehicles 2023-06-30 02838626 core:OtherPropertyPlantEquipment 2023-06-30 02838626 2022-07-01 2023-06-30 02838626 2023-06-30 02838626 bus:OrdinaryShareClass1 2023-06-30 02838626 core:CurrentFinancialInstruments 2023-06-30 02838626 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02838626 core:Non-currentFinancialInstruments 2023-06-30 02838626 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 02838626 core:Goodwill 2023-06-30 02838626 core:OtherResidualIntangibleAssets 2023-06-30 02838626 core:LandBuildings 2023-06-30 02838626 core:MotorVehicles 2023-06-30 02838626 core:OtherPropertyPlantEquipment 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 02838626

The Lamp Company Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

The Lamp Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

The Lamp Company Limited

(Registration number: 02838626)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

597,697

678,726

Tangible assets

5

25,076

38,525

 

622,773

717,251

Current assets

 

Stocks

6

392,995

384,344

Debtors

7

2,592,062

2,428,478

Cash at bank and in hand

 

97,117

190,466

 

3,082,174

3,003,288

Creditors: Amounts falling due within one year

8

(771,570)

(786,208)

Net current assets

 

2,310,604

2,217,080

Total assets less current liabilities

 

2,933,377

2,934,331

Creditors: Amounts falling due after more than one year

8

-

(31,250)

Provisions for liabilities

(2,742)

(5,212)

Net assets

 

2,930,635

2,897,869

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

2,930,535

2,897,769

Shareholders' funds

 

2,930,635

2,897,869

 

The Lamp Company Limited

(Registration number: 02838626)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2025
 


Mr James Shortridge
Director

 

The Lamp Company Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Ashville Trading Estate
Royston Road
Baldock
Hertfordshire
SG7 6NN

These financial statements were authorised for issue by the director on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Lamp Company Limited

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

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight line

Leasehold improvement

5% Straight line

Motor Vehicles

20% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

The Lamp Company Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Website

20 Years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised the transaction price.

Trade debtors are reviewed on an annual basis and any bad debts are adjusted accordingly through
the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using average cost.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Lamp Company Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 31).

 

The Lamp Company Limited

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

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

877,900

750,000

1,627,900

At 30 June 2024

877,900

750,000

1,627,900

Amortisation

At 1 July 2023

790,841

158,333

949,174

Amortisation charge

43,529

37,500

81,029

At 30 June 2024

834,370

195,833

1,030,203

Carrying amount

At 30 June 2024

43,530

554,167

597,697

At 30 June 2023

87,059

591,667

678,726

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

44,183

8,299

132,219

184,701

At 30 June 2024

44,183

8,299

132,219

184,701

Depreciation

At 1 July 2023

36,643

2,602

106,931

146,176

Charge for the year

2,209

1,660

9,580

13,449

At 30 June 2024

38,852

4,262

116,511

159,625

Carrying amount

At 30 June 2024

5,331

4,037

15,708

25,076

At 30 June 2023

7,540

5,697

25,288

38,525

Included within the net book value of land and buildings above is £5,331 (2023 - £7,540) in respect of long leasehold land and buildings.
 

 

The Lamp Company Limited

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

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

392,995

384,344

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

772,930

613,644

Amounts owed by related parties

13

1,776,039

1,732,435

Prepayments

 

3,243

39,859

Other debtors

 

39,850

42,540

   

2,592,062

2,428,478

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

31,250

37,500

Trade creditors

 

573,646

563,115

Taxation and social security

 

153,440

134,703

Accruals and deferred income

 

5,450

43,853

Other creditors

 

7,784

7,037

 

771,570

786,208


Creditors include bank loans which are secured of £31,250 (2023 - £37,500). A debenture by the company including fixed and floating legal mortgages over the whole assets of the company is held in favour of the bank.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

31,250


Creditors include bank loans which are secured of £nil (2023 - £31,250). A debenture by the company including fixed and floating legal mortgages over the whole assets of the company is held in favour of the bank.

 

The Lamp Company Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

31,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

31,250

37,500

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

         

11

Dividends

2024

2023

£

£

Interim dividend of £4,000.00 (2023 - £4,000.00) per ordinary share

200,000

200,000

 

 

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £60,109 (2023 - £62,961).

The company has a lease on its main business premises. The amount disclosed of £55,950 is the annual committment.

The company has an operating lease on a business vehicle. The total amount disclosed of £4,159 is the annual committment.

 

The Lamp Company Limited

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

13

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company was owed £1,776,039 (2023: £1,732,434) by Shorters Limited, the ultimate controlling parent company. The loan is repayable on demand and no interest is being charged.