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Registered number: 02242700
Lightact Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02242700
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,735,550 8,778,068
8,735,550 8,778,068
CURRENT ASSETS
Stocks 5 125,000 258,333
Debtors 6 780,559 779,581
Cash at bank and in hand 2,903,525 643,118
3,809,084 1,681,032
Creditors: Amounts Falling Due Within One Year 7 (2,148,654 ) (67,548 )
NET CURRENT ASSETS (LIABILITIES) 1,660,430 1,613,484
TOTAL ASSETS LESS CURRENT LIABILITIES 10,395,980 10,391,552
NET ASSETS 10,395,980 10,391,552
CAPITAL AND RESERVES
Called up share capital 8 6,350 6,350
Revaluation reserve 10 7,656,852 7,656,852
Profit and Loss Account 2,732,778 2,728,350
SHAREHOLDERS' FUNDS 10,395,980 10,391,552
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Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 7 February 2025 and were signed on its behalf by:
Mrs Eileen Dowling
Director
7th February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lightact Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02242700 . The registered office is Unit B Ascensis Tower, Juniper Drive, Battersea Reach, London, SW18 1AY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 50 years straight line on buildings only
Leasehold Over the term of the lease
Fixtures & Fittings 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 9,631,916 133,268 459,417 10,224,601
As at 30 September 2024 9,631,916 133,268 459,417 10,224,601
Depreciation
As at 1 October 2023 865,916 133,268 447,349 1,446,533
Provided during the period 39,501 - 3,017 42,518
As at 30 September 2024 905,417 133,268 450,366 1,489,051
...CONTINUED
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Net Book Value
As at 30 September 2024 8,726,499 - 9,051 8,735,550
As at 1 October 2023 8,766,000 - 12,068 8,778,068
5. Stocks
2024 2023
£ £
Work in progress 125,000 258,333
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 767,715 767,717
Net wages 980 -
Directors' loan accounts 11,864 11,864
780,559 779,581
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 29,935
Corporation tax 15,618 8,652
Other taxes and social security 995 877
VAT 27,291 25,545
Net wages - 519
Other creditors - 270
Accruals and deferred income 1,750 1,750
Amounts owed to associates 2,103,000 -
2,148,654 67,548
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,350 6,350
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Daniel Dowling 5,932 - - - 5,932
Mrs Eileen Dowling 5,932 - - - 5,932
The above loan is unsecured, interest free and repayable on demand.
10. Reserves
Revaluation Reserve
£
As at 1 October 2023 7,656,852
As at 30 September 2024 7,656,852
11. Related Party Transactions
Included in other debtors is an amount totalling £761,466 (2023: £760,466) due from EC & D Properties Limted, a company under common control.
Included in Amounts owed to associates is an amount totalling £2,103,000 (2021: £NIL) due to The Swan Bar and Entertainment Limted, a company under common control.
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