Version 2 Lights Limited

(Registration number: 10120396)
Balance Sheet as at 31 March 2026

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 September 2026 and signed on its behalf by:
 

......................................... Mr N Edwards Director

Version 2 Lights Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Grain Store
Childs Court Farm
Ashampstead Common
Reading
Berkshire
RG8 8QT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Version 2 Lights Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short leasehold land and buildings	10% straight line
Hire assets	10% straight line
Plant and machinery	10% straight line
Office and computer equipment	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Version 2 Lights Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Turnover

Turnover for year £3,117,982 (2025 - £2,348,500).

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2025 - 12).

Version 2 Lights Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

5	Loss before tax

Arrived at after charging/(crediting)

	2026 £	2025 £
Depreciation expense	392,922	424,968

6	Tangible assets

	Short leasehold land and buildings £	Hire assets £	Plant and machinery £	Office and computer equipment £	Total £
Cost or valuation
At 1 April 2025	52,846	4,558,819	64,552	98,762	4,774,979
Additions	-	67,338	190	1,511	69,039
Disposals	-	(86,620)	(8,745)	-	(95,365)
At 31 March 2026	52,846	4,539,537	55,997	100,273	4,748,653
Depreciation
At 1 April 2025	27,360	1,840,777	26,922	68,884	1,963,943
Charge for the year	5,285	365,517	6,397	15,723	392,922
Eliminated on disposal	-	(56,937)	(2,624)	-	(59,561)
At 31 March 2026	32,645	2,149,357	30,695	84,607	2,297,304
Carrying amount
At 31 March 2026	20,201	2,390,180	25,302	15,666	2,451,349
At 31 March 2025	25,486	2,718,042	37,630	29,878	2,811,036

Restrictions on title and pledges as security
Tangible fixed assets with a carrying amount of £931,754 (2025 - £1,099,452) have been pledged as security for the company's finance lease liabilities.
Tangible fixed assets with a carrying amount of £2,451,349 (2025 - £2,811,036) have been pledged as security for the company's bank borrowings.

7

Debtors

	2026 £	2025 £
Trade debtors	130,790	173,356
Prepayments	3,440	2,193
Other debtors	7,800	6,600
	142,030	182,149

Version 2 Lights Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

8

Creditors

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	97,106	300,454
Trade creditors		137,466	150,910
Taxation and social security		34,836	37,326
Other creditors		341,300	435,252
Accruals and deferred income		40,592	32,385
		651,300	956,327
Due after one year
Loans and borrowings	9	90,000	158,929

9	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	90,000	125,833
Finance lease liabilities	-	33,096
	90,000	158,929

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	35,833	65,000
Bank overdrafts	28,176	-
Finance lease liabilities	33,097	235,454
	97,106	300,454