Lightsaver Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06564974 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2018

FOR

LIGHTSAVER HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R D Dalton

R G Dalton

SECRETARY:

R G Dalton

REGISTERED OFFICE:

10-12 York Road

Erdington

Birmingham

West Midlands

B23 6TE

REGISTERED NUMBER:

06564974 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

FIXED ASSETS

Tangible assets

3

453,829

455,828

CURRENT ASSETS

Stocks

16,232

15,189

Debtors

4

12,778

13,862

Cash in hand

162

1,059

29,172

30,110

CREDITORS

Amounts falling due within one year

5

325,105

296,977

NET CURRENT LIABILITIES

(295,933

)

(266,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

157,896

188,961

CREDITORS

Amounts falling due after more than one year

6

(111,876

)

(121,887

)

PROVISIONS FOR LIABILITIES

(1,284

)

(1,685

)

NET ASSETS

44,736

65,389

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

44,734

65,387

SHAREHOLDERS' FUNDS

44,736

65,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 October 2019 and were signed on its behalf by:

R G Dalton - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each

balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in

profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between

the asset's carrying amount and the present value of estimated future cash flows, discounted at the

financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related

objectively to an event occuring after the impairment was recognised, the prior impairment loss is

tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset

to the extent that the revised recoverable value does not lead to a revised carrying amount higher than

the carrying value had no impairment been recognised.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2017

and 31 July 2018

445,561

1,170

18,826

1,000

466,557

DEPRECIATION

At 1 August 2017

-

534

9,195

1,000

10,729

Charge for year

-

117

1,882

-

1,999

At 31 July 2018

-

651

11,077

1,000

12,728

NET BOOK VALUE

At 31 July 2018

445,561

519

7,749

-

453,829

At 31 July 2017

445,561

636

9,631

-

455,828

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,797

3,365

Other debtors

9,981

10,497

12,778

13,862

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,929

16,766

Trade creditors

72,700

72,189

Taxation and social security

21,108

13,890

Other creditors

214,368

194,132

325,105

296,977

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

111,876

121,887

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

121,886

131,897

The bank loan is secured by a charge over the freehold property of 58 Aston Church Road, Aston,

Birmingham, B7 5RX.

8.	OTHER FINANCIAL COMMITMENTS

The company also has a fixed and floating charge over the undertaking and all property and assets,

present and future, in favour of the company's bankers.