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Registration number: 06927908

299 Lighting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

299 Lighting Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

299 Lighting Limited

(Registration number: 06927908)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

198,516

305,851

Investments

5

-

6,083

 

198,516

311,934

Current assets

 

Stocks

6

18,500

19,974

Debtors

7

451,031

744,429

Cash at bank and in hand

 

2,872

1,059

 

472,403

765,462

Creditors: Amounts falling due within one year

8

(473,109)

(772,904)

Net current liabilities

 

(706)

(7,442)

Total assets less current liabilities

 

197,810

304,492

Creditors: Amounts falling due after more than one year

8

(68,952)

(185,568)

Provisions for liabilities

(8,115)

(19,460)

Net assets

 

120,743

99,464

Capital and reserves

 

Called up share capital

2

2

Retained earnings

120,741

99,462

Shareholders' funds

 

120,743

99,464

 

299 Lighting Limited

(Registration number: 06927908)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

Mr J Pomphrey
Director

   
     
 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2C Flowers Hill
Brislington
Bristol
BS4 5JJ

These financial statements were authorised for issue by the Board on 5 March 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Improvements to property

20% on cost and 25% on reducing balance

Office equipment

25% on reducing balance

Fixtures and Fiittings

25% on reducing balance

Computer equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rentals paid 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 7).

4

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Office equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

435,842

30,229

51,258

99,510

35,536

652,375

Additions

-

-

-

76

-

76

Disposals

(36,274)

(150)

-

(16,868)

-

(53,292)

At 31 December 2024

399,568

30,079

51,258

82,718

35,536

599,159

Depreciation

At 1 January 2024

216,119

18,428

32,497

70,596

8,884

346,524

Charge for the year

69,688

2,945

4,690

5,170

6,663

89,156

Eliminated on disposal

(26,430)

(41)

-

(8,566)

-

(35,037)

At 31 December 2024

259,377

21,332

37,187

67,200

15,547

400,643

Carrying amount

At 31 December 2024

140,191

8,747

14,071

15,518

19,989

198,516

At 31 December 2023

219,723

11,801

18,761

28,914

26,652

305,851

Included within the net book value of improvements to property above is £140,191 (2023 - £219,723) in respect of short leasehold land and buildings.
 

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Investments

2024
£

2023
£

Investments

-

6,083

£

Cost or valuation

At 1 January 2024

6,083

Revaluation

(1,959)

Disposals

(4,124)

At 31 December 2024

-

Carrying amount

At 31 December 2024

-

At 31 December 2023

6,083

6

Stocks

2024
£

2023
£

Other inventories

18,500

19,974

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

234,327

492,354

Amounts owed by related parties

11

210,454

190,906

Other debtors

 

3,750

30,924

Prepayments and accrued income

 

2,500

30,245

Total current trade and other debtors

 

451,031

744,429


Details of non-current trade and other debtors
£210,454 (2023 - £190,906) of intercompany loans are classified as non current.

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

244,714

222,777

Trade creditors

 

149,989

386,403

Amounts due to related parties

11

43,530

64,057

Social security and other taxes

 

12,683

56,934

Other creditors

 

13,421

16,365

Accruals

 

8,772

26,368

 

473,109

772,904

Due after one year

 

Loans and borrowings

9

68,952

185,568

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

39,638

89,160

Other borrowings

29,314

96,408

68,952

185,568

2024
£

2023
£

Current loans and borrowings

Bank borrowings

187,966

152,707

Bank overdrafts

-

16,589

Other borrowings

56,748

53,481

244,714

222,777

Bank borrowings are secured against all the property or undertaking of the company.

Other borrowings are secured against the assets to which they relate.

299 Lighting Limited is a mortgage guarantor for Sugar & Honey Property Company Limited.

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

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 £44,144 (2023 - £87,023).

Amounts disclosed in the balance sheet

Included in the balance sheet are pension liabilites of £1,123 (2023 - £7,913).

 

299 Lighting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

190,906

190,906

Advanced

23,458

23,458

Repaid

(3,910)

(3,910)

At end of period

210,454

210,454

2023

Other related parties
£

Total
£

At start of period

166,611

166,611

Advanced

44,646

44,646

Repaid

(20,351)

(20,351)

At end of period

190,906

190,906

Terms of loans to related parties

Other related parties are related by virtue of their common ownership.
Loans to other related parties are repayable within a period of no shorter than one year and interest is charged at 0%-7% per annum on the outstanding balance.

Loans from related parties

2024

Key management
£

Total
£

At start of period

64,057

64,057

Advanced

11,966

11,966

Repaid

(32,493)

(32,493)

At end of period

43,530

43,530

2023

Key management
£

Total
£

At start of period

70,827

70,827

Repaid

(6,770)

(6,770)

At end of period

64,057

64,057

Terms of loans from related parties

Key management comprises directors of the company.
The loans from key management are interest free and repayable on demand.