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COMPANY REGISTRATION NUMBER: 08751761
Lightning Solutions (Wales) Limited
Unaudited Financial Statements
31 October 2024
Lightning Solutions (Wales) Limited
Financial Statements
Year ended 31 October 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Accountants & business advisors report to the director on the preparation of the unaudited statutory financial statements
11
Lightning Solutions (Wales) Limited
Director's Report
Year ended 31 October 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2024 .
Director
The director who served the company during the year was as follows:
Mr B Smith
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 10 March 2025 and signed on behalf of the board by:
Mr B Smith
Director
Registered office:
Units 14 & 15 Pant Industrial Estate
Dowlais
Merthyr Tydfil
Wales
CF48 2SR
Lightning Solutions (Wales) Limited
Statement of Income and Retained Earnings
Year ended 31 October 2024
2024
2023
Note
£
£
Turnover
4,625,255
2,440,898
Cost of sales
2,384,881
1,182,645
------------
------------
Gross profit
2,240,374
1,258,253
Administrative expenses
1,120,228
957,017
------------
------------
Operating profit
1,120,146
301,236
Interest payable and similar expenses
5,482
7,780
------------
------------
Profit before taxation
5
1,114,664
293,456
Tax on profit
270,973
54,679
------------
---------
Profit for the financial year and total comprehensive income
843,691
238,777
------------
---------
Dividends paid and payable
( 1,968,972)
( 50,000)
Retained earnings at the start of the year
1,805,491
1,616,714
------------
------------
Retained earnings at the end of the year
680,210
1,805,491
------------
------------
All the activities of the company are from continuing operations.
Lightning Solutions (Wales) Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
107,318
82,195
Current assets
Stocks
20,000
200,000
Debtors
7
605,272
811,564
Cash at bank and in hand
813,945
1,383,595
------------
------------
1,439,217
2,395,159
Creditors: amounts falling due within one year
8
831,496
611,724
------------
------------
Net current assets
607,721
1,783,435
---------
------------
Total assets less current liabilities
715,039
1,865,630
Creditors: amounts falling due after more than one year
9
34,828
60,138
---------
------------
Net assets
680,211
1,805,492
---------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
680,210
1,805,491
---------
------------
Shareholders funds
680,211
1,805,492
---------
------------
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 October 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lightning Solutions (Wales) Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr B Smith
Director
Company registration number: 08751761
Lightning Solutions (Wales) Limited
Notes to the Financial Statements
Year ended 31 October 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 Units 14 & 15 Pant Industrial Estate, Dowlais, Merthyr Tydfil, CF48 2SR, Wales.
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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 25 (2023: 22 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
35,773
27,399
--------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
95,407
155,592
250,999
Additions
60,896
60,896
--------
---------
---------
At 31 October 2024
95,407
216,488
311,895
--------
---------
---------
Depreciation
At 1 November 2023
54,003
114,801
168,804
Charge for the year
10,351
25,422
35,773
--------
---------
---------
At 31 October 2024
64,354
140,223
204,577
--------
---------
---------
Carrying amount
At 31 October 2024
31,053
76,265
107,318
--------
---------
---------
At 31 October 2023
41,404
40,791
82,195
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
573,934
265,734
Amounts owed by group undertakings and undertakings in which the company has a participating interest
513,159
Other debtors
31,338
32,671
---------
---------
605,272
811,564
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,000
Trade creditors
343,195
394,145
Corporation tax
270,973
65,050
Social security and other taxes
203,809
114,037
Other creditors
13,519
4,492
---------
---------
831,496
611,724
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
60,138
Other creditors
34,828
--------
--------
34,828
60,138
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B Smith
32,671
( 1,333)
31,338
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr B Smith
( 313)
32,984
32,671
----
--------
--------
11. Related party transactions
The company was under the control of Mr Smith until 6th July 2023, at which point control was transferred to Lightning Solutions Holdings Ltd. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.
Lightning Solutions (Wales) Limited
Management Information
Year ended 31 October 2024
The following pages do not form part of the financial statements.
Lightning Solutions (Wales) Limited
Accountants & Business Advisors Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Lightning Solutions (Wales) Limited
Year ended 31 October 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 October 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FOOKS & CO Accountants & Business Advisors
14 High Street Bargoed Caerphilly CF81 8RA