Registered number: 12933038
LUMEN HOUSE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
|
LUMEN HOUSE LIMITED
REGISTERED NUMBER: 12933038
BALANCE SHEET
AS AT 30 JUNE 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.
The notes on pages 2 to 8 form part of these financial statements.
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Lumen House Limited ('the "Company") is a private company limited by shares, incorporated in England and Wales. The registered office is Leytonstone House, Leytonstone, London, England, E11 1GA.
The principal activity of the company is that of property holding and letting.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sara (EU) Limited) as at 30 June 2024 and these financial statements may be obtained from Golden House, Golden Business Park, Leyton, London, E10 7FE.
Revenue shown in the profit and loss account represents amounts receivable for goods and management income provided during the year in the normal course of business, net of discounts, VAT and other sales and related taxes.
Rental income
Rental income is recognised on a monthly basis in advance of the services provided. Revenue is recognised in the accounting period in which the services are rendered.
|
|
Operating leases: the Company as lessor
|
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The non-depreciation of investment properties is contrary to the Companies Act 2006 which states that investment properties should be depreciated but is, in the opinion of the Directors, necessary in order to give a true and fair view of the financial position of the Group. It is not practicable to quantify the effect of this departure since no depreciation policy has ever been set
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
third parties, loans to related parties and investments in ordinary shares.
|
|
Related party transactions
|
The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the entity’s accounting policies
No critical accounting judgments have had to be made by management in preparing these financial
statements.
b) Critical accounting estimates and assumptions
(i) Valuation of investment properties
The Director assess the market valuation of investment properties annually. Market valuation is based upon the Director's knowledge and experience of the property market in which the Group operates, recent market transactions and current rental yields.
The Director's annually assess whether any investment property is impaired. Impairment reviews consist of assessing a number of factors including impairment due to market conditions that may only be transient or factors that indicate permanent impairment. Impairment losses are recognised in the profit and loss account. See note 5 for the net carrying value of investment properties.
|
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
|
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
|
The investment property was revalued on an open market basis on 30 June 2023 by the directors with relevant experience in the location and category of the property being valued and taking into account recent valuation reports obtained.
|
|
If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand
|
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand
|
The company received rental income in relation to operating leases amounting to £218,904 (2023 - £192,396).
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for deferred tax on investment property
|
|
|
|
Provision for deferred tax on rolled over gain
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100 (2023 - 100) Ordinary GBP shares of £1.00 each
|
|
|
Profit and loss account
The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made. Included within the profit and loss account are undistributable reserves of £1,425,000.
|
Related party transactions
|
|
The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with entities included in these consolidated financial statements.
|
|
LUMEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Company is a 100% subsidiary of Sara (EU) Limited, its ultimate parent undertaking. The Company is included in the consolidated accounts prepared by Sara (EU) Limited, and copies of those accounts can be obtained from the registered office detailed on the Company information page.
There is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on 17 March 2025 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe LLP.
|