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Company registration number:
SC202004
Lighthouse Network Solutions Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
R Iain Gardner & Co
Chartered Accountants
2 Bishops Park, Thorntonhall, Glasgow, G74 5AF, United Kingdom
Lighthouse Network Solutions Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Lighthouse Network Solutions Limited
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Lighthouse Network Solutions Limited
for the year ended
31 March 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/​accountspreparationguidance.
This report is made solely to the Board of Directors of
Lighthouse Network Solutions Limited
, as a body, in accordance with the terms of our engagement letter dated 25 September 2012. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Lighthouse Network Solutions Limited
and state those matters that we have agreed to state to the Board of Directors of
Lighthouse Network Solutions Limited
, as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/​accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Lighthouse Network Solutions Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Lighthouse Network Solutions Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Lighthouse Network Solutions Limited
. You consider that
Lighthouse Network Solutions Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lighthouse Network Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
R Iain Gardner & Co
Chartered Accountants
2 Bishops Park
Thorntonhall
Glasgow
G74 5AF
United Kingdom
Date:
1 October 2024
Lighthouse Network Solutions Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
63,478
 
29,567
 
Current assets    
Debtors 6
155,384
 
150,221
 
Cash at bank and in hand
67,215
 
96,123
 
222,599
 
246,344
 
Creditors: amounts falling due within one year 7
(125,520
)
(108,382
)
Net current assets
97,079
 
137,962
 
Total assets less current liabilities 160,557   167,529  
Creditors: amounts falling due after more than one year 8
(22,492
)
(33,140
)
Net assets
138,065
 
134,389
 
Capital and reserves    
Called up share capital
200
 
200
 
Profit and loss account
137,865
 
134,189
 
Shareholders funds
138,065
 
134,389
 
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 October 2024
, and are signed on behalf of the board by:
Mark George Canning
Director
Company registration number:
SC202004
Lighthouse Network Solutions Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
2 Bishops Park
,
Thorntonhall
,
Glasgow
,
South Lanarkshire
,
G74 5AF
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Office equipment
33% straight line and 25& reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

Impairment

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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 pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
7
(2023:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
79,581
 
Additions
49,501
 
At
31 March 2024
129,082
 
Depreciation  
At
1 April 2023
50,014
 
Charge
15,590
 
At
31 March 2024
65,604
 
Carrying amount  
At
31 March 2024
63,478
 
At 31 March 2023
29,567
 

6 Debtors

20242023
££
Trade debtors
91,808
 
101,449
 
Other debtors
63,576
 
48,772
 
155,384
 
150,221
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
37,830
 
39,654
 
Taxation and social security
19,020
 
28,285
 
Other creditors
68,670
 
40,443
 
125,520
 
108,382
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
22,492
 
33,140
 

9 Director's advances, credit and guarantees

Including within other debtors is a loan to the director of 63,576 (2023: £47,337). During the year, the director received a dividend of £19,500 (2023: £22,500).

10 Controlling party

The company was under the control of Mark G Canning through the current and prior years by virtue of his 100% shareholding.