Company Registration No. 07278952 (England and Wales)
Lumisi Ltd
Unaudited accounts
for the year ended 30 April 2019
Lumisi Ltd
Unaudited accounts
Contents
Lumisi Ltd
Company Information
for the year ended 30 April 2019
Directors
Mrs J Barnard
Mr R T Barnard
Mr S L Barnard
Mr L Gooding
Company Number
07278952 (England and Wales)
Registered Office
Cassidy House
Station Road
Chester
CH1 3DW
Accountants
My Tax Point
12 Nicholas Street
Chester
Cheshire
CH1 2NX
Lumisi Ltd
Statement of financial position
as at 30 April 2019
Intangible assets
23,400
31,200
Tangible assets
21,476
16,465
Cash at bank and in hand
24,592
55,910
Creditors: amounts falling due within one year
(90,978)
(69,864)
Net current assets
10,172
48,297
Total assets less current liabilities
55,048
95,962
Creditors: amounts falling due after more than one year
-
(1,864)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
50,868
93,998
Shareholders' funds
50,968
94,098
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 15 January 2020.
Mr L Gooding
Director
Company Registration No. 07278952
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2019
Lumisi Ltd is a private company, limited by shares, registered in England and Wales, registration number 07278952. The registered office is Cassidy House, Station Road, Chester, CH1 3DW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance and 33% on cost
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Intangibe fixed assets (including goowill)
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, was previously amortised evenly over its estimated useful life of twenty years. In accordance with FRS 102 the goodwill from 1 May 2016 is now being amortised evenly over its estimated useful life of five years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2019
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2019
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2018
-
29,259
10,252
3,055
42,566
Additions
1,124
8,163
-
4,496
13,783
Disposals
-
(4,567)
(10,252)
-
(14,819)
At 30 April 2019
1,124
32,855
-
7,551
41,530
At 1 May 2018
-
14,571
8,883
2,647
26,101
Charge for the year
-
4,732
-
1,226
5,958
On disposals
-
(3,122)
(8,883)
-
(12,005)
At 30 April 2019
-
16,181
-
3,873
20,054
At 30 April 2019
1,124
16,674
-
3,678
21,476
At 30 April 2018
-
14,688
1,369
408
16,465
Finished goods
2,000
5,000
Trade debtors
65,084
52,990
Accrued income and prepayments
4,797
2,361
8
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
2,275
7,456
Trade creditors
9,301
15,662
Taxes and social security
23,504
29,415
Loans from directors
16,254
13,688
9
Creditors: amounts falling due after more than one year
2019
2018
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2019
10
Operating lease commitments
2019
2018
At 30 April 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
14,004
20,379
More than five years
223,426
247,580
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loans were unsecured and interest free.
12
Transactions with related parties
The directors loaned to the company a total of £20,686 and were repaid a total of £18,120 in the period. The balance owing to the directors' at 30.04.2019 is £16,254 and is repayable on demand.
13
Average number of employees
During the year the average number of employees was 7 (2018: 7).
