Registered number
10508018
LIGHTWORKS ELECTRICAL LTD
Filleted Accounts
31 December 2024
LIGHTWORKS ELECTRICAL LTD
Registered number: 10508018
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,054 2,963
Current assets
Stocks 9,750 9,750
Debtors 4 223,343 148,325
Cash at bank and in hand 132,199 86,887
365,292 244,962
Creditors: amounts falling due within one year 5 (193,914) (134,262)
Net current assets 171,378 110,700
Total assets less current liabilities 205,432 113,663
Creditors: amounts falling due after more than one year 6 (21,071) -
Provisions for liabilities (8,513) -
Net assets 175,848 113,663
Capital and reserves
Called up share capital 2 2
Profit and loss account 175,846 113,661
Shareholders' funds 175,848 113,663
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Cooper
Director
Approved by the board on 3 July 2025
LIGHTWORKS ELECTRICAL LTD
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Motor vehicles 20% reducing balance
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 6,120 - 6,120
Additions - 33,041 33,041
At 31 December 2024 6,120 33,041 39,161
Depreciation
At 1 January 2024 3,157 - 3,157
Charge for the year 824 1,126 1,950
At 31 December 2024 3,981 1,126 5,107
Net book value
At 31 December 2024 2,139 31,915 34,054
At 31 December 2023 2,963 - 2,963
4 Debtors 2024 2023
£ £
Trade debtors 190,913 117,712
Other debtors 32,430 30,613
223,343 148,325
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 120,657 71,278
Taxation and social security costs 50,978 46,766
Other creditors 22,279 16,218
193,914 134,262
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 21,071 -
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 48,099 -
The company has entered into a 5 year lease in respect of its operating premises, at an annual cost of £12,025.
8 Other information
LIGHTWORKS ELECTRICAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6, The Tin Lid Industrial Estate
Brampton Road
Buckden
St Neots
PE19 5YZ
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