Boxed Light Services Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Boxed Light Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10997022 . The registered office is Office 6, Bristol Science Park Dirac Crescent, Emersons Green, Bristol, BS16 7FR.

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. Going Concern Disclosure

The accounts are prepared on a going concern basis as directors are confident that they have sufficient funds in place to continue to trade. The business is operating in line with its business model and funding is in place for the foreseeable future.

2.3. Turnover

The turnover shown in the profit and loss account represents turnover recognised in respect of services provided during the period, exclusive of value added tax.

The Company's turnover comprises:

- Contractual charges for the supply of light

- Income received upon commencement of the lighting agreements; and

- Finance income on finance leases, recognised under the sum of digits basis. This apportions the gross earnings over the period arithmetically in proportion to the balance of future rentals receivable

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initally recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

2.5. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

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Boxed Light Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Leasing and Hire Purchase Contracts

When assets leased to a third party give rights to approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in th elease i.e the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit oe loss resulting from outright sale of the asset being lease, at a normal selling price, reflecting any applicable discounts, and finance income over the lease term.

2.7. Financial Instruments

An interest rate swap option was entered in to in June 2021 to cover the risk of the variable rate of interest payable on the AIB loan (included in creditors below) and effectively fix a rate of interest on the borrowing to provide additional certainty for the business. The interest rate swap is valued at its fair value at the year-end. The movement in the fair value of the interest rate swap is processed through the profit & loss.

2.8. Foreign Currencies

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 thirs parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initally measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument consistute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

2.9. 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 years 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.

...CONTINUED

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Boxed Light Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Taxation - continued

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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Finance and borrowing costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

All borrowing costs are recognised in profit and loss in the year in which they are incurred.

2.11. Debtors and Creditors

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 amortised cost using the effective interest method.

2.12. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: NIL)

4. Intangible Assets

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 April 2024	364,342	100,147	464,489
Disposals	(172,235 )	(100,147 )	(272,382 )

As at 31 March 2025	192,107	-	192,107

...CONTINUED

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Boxed Light Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Amortisation
As at 1 April 2024	212,355	18,181	230,536
Disposals	(45,933 )	(18,181 )	(64,114 )

As at 31 March 2025	166,422	-	166,422

Net Book Value
As at 31 March 2025	25,685	-	25,685

As at 1 April 2024	151,987	81,966	233,953

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	72,120	350,120
Amounts recoverable on contracts	-	276,656
Prepayments and accrued income	140,420	21,107
Other debtors	22,000	70,000
VAT	18,966	-
Amounts owed by group undertakings	2,740,848	2,277,149

	2,994,354	2,995,032
Due after more than one year
Amounts recoverable on contracts	2,117,264	1,743,183

	5,111,618	4,738,215

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	231,211	229,587
Other loans	324,875	248,917
Corporation tax	20,761	327,456
VAT	-	19,800
Other creditors	123,295	95,200
Accruals and deferred income	315,680	144,200
Amounts owed to group undertakings	307,430	398,934
Amounts owed to parent undertaking	395,000	-

	1,718,252	1,464,094

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	1,874,204	2,049,116

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Boxed Light Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	649	649

9. Related Party Transactions

Boxed Energy Limited

During the year Boxed Light Services Limited was invoiced £146,192 net of VAT (2024: £22,986) by Boxed Energy Limited for the acquisition of completed lighting systems. At the year end £307,430 was outstanding (2024: £nil). P Tuch and M Button, directors of the company, are also directors of Boxed Energy Limited

Boxed Management Services (Previous name: Fontenergy Construction Services Limited)

During the year Boxed Light Services Limited was invoiced £47,250 net of VAT (2024: £51,188) by Boxed Management Services Limited for monthly management charges and the provision of financial support. There is a loan receivable outstanding of £2,740,848 (2024: £2,277,149) as at the year end. P Tuch and M Button, directors of the company, are also directors of Boxed Management Services Limited

Boxed Light Holdings

Intercompany loan balance of £395,000 outstanding at year end (2024: £270,000)

10. Ultimate Controlling Party

The Company's ultimate parent company is Boxed Solutions Limited, whose registered office is Studio 4, Stuart House, St Johns Street, Peterborough, PE1 5DD

11. Audit Information

The auditor's report on the accounts of Boxed Light Services Limited for the year ended 31 March 2025 was unqualified.

The auditor's report was signed by Statutory Auditor.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		25,685		233,953

			25,685		233,953
CURRENT ASSETS
Debtors	5	5,111,618		4,738,215
Cash at bank and in hand		275,700		129,967

		5,387,318		4,868,182
Creditors: Amounts Falling Due Within One Year	6	(1,718,252 )		(1,464,094 )

NET CURRENT ASSETS (LIABILITIES)			3,669,066		3,404,088

TOTAL ASSETS LESS CURRENT LIABILITIES			3,694,751		3,638,041

Creditors: Amounts Falling Due After More Than One Year	7		(1,874,204 )		(2,049,116 )

NET ASSETS			1,820,547		1,588,925

CAPITAL AND RESERVES
Called up share capital	8		649		649
Share premium account			548,154		548,154
Profit and Loss Account			1,271,744		1,040,122

SHAREHOLDERS' FUNDS			1,820,547		1,588,925