Lumax Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC241540 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

Lumax Homes Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

Andrew Lusk

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC241540 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lumax Homes Limited for the year ended 30 June 2018 which comprise the Profit and Loss

Account, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Lumax Homes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lumax Homes Limited and state those matters that we have agreed to state to the director of Lumax Homes Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lumax Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lumax Homes Limited. You consider that Lumax Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lumax Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

25 March 2019

CURRENT ASSETS

Debtors

4

176,091

177,201

Cash at bank

727

46

176,818

177,247

CREDITORS

Amounts falling due within one year

5

395,787

397,865

NET CURRENT LIABILITIES

(218,969

)

(220,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(218,969

)

(220,618

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(219,969

)

(221,618

)

SHAREHOLDERS' FUNDS

(218,969

)

(220,618

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 25 March 2019 and were signed by:

Andrew Lusk - Director

1.	STATUTORY INFORMATION

Lumax Homes Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Going Concern

Despite the company having net liabilities of £218,969, the company continues to be fully supported by group

companies and inter company debt. As at 30 June 2018 the net debt due to other group companies was £259,320.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is

probable that the collectability of the related receivables is reasonably assured and when the specific criteria for

each of the Company's activities are met.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Work in progress

Work in progress is stated at the lower of cost and net realisable value. Cost includes all direct expenditure and

an appropriate proportion of fixed and variable overheads.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in

exchange for its performance under those contracts. It is measured at the fair value of the right to consideration,

which represents amounts chargeable to clients, including recoverable expenses and disbursements but excluding

VAT.

For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This

assessment takes into account the nature of the assignment, its stage of completion and the relevant contract

terms.

Unbilled revenue is included in work in progress.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2017

and 30 June 2018

1,399

DEPRECIATION

At 1 July 2017

and 30 June 2018

1,399

NET BOOK VALUE

At 30 June 2018

-

At 30 June 2017

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

135,177

136,809

Amounts owed by associates

40,392

40,392

VAT

522

-

176,091

177,201

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed to group undertakings

394,497

394,497

Tax

2

-

Accruals and deferred income

1,288

3,368

395,787

397,865

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

During previous years the company undertook transactions with Craigie Property Investments Ltd, a company in

which Mr and Mrs Andrew Lusk own the entire share capital between them. The amount outstanding and due

from Craigie Property Investments Ltd at 30 June 2018 was £40,392 (2017: £40,392).

7.	CONTROLLING PARTIES

The company is a wholly owned subsidiary of Lumax Homes (Holdings) Limited.

The company is under the ultimate control of Mr and Mrs Andrew Lusk by virtue of their 100% shareholding in

the parent company Lumax Homes (Holdings) Limited. Lumax Homes (Holdings) Limited registered office is at

Unit 2 Southhook Road, Kilmarnock, Ayrshire, KA1 2NN.