Lumax Homes Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC241540 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2014

for

Lumax Homes Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

4

DIRECTOR:

A Lusk

SECRETARY:

A Lusk

REGISTERED OFFICE:

Unit 2

Southhook Road

Kilmarnock

Ayrshire

KA1 2NN

REGISTERED NUMBER:

SC241540 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants & Business Adviser

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, from which the unaudited abbreviated accounts (set out on pages three to five)

have been prepared.

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 2014 which comprise the Profit and Loss

Account, the 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other

professional requirements which are detailed at http://www.icas.org.uk/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 the Institute of Chartered Accountants of Scotland as detailed at

http://www.icas.org.uk/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 & Business Adviser

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

30 March 2015

CURRENT ASSETS

Debtors

173,230

172,196

Cash at bank

817

439

174,047

172,635

CREDITORS

Amounts falling due within one year

396,365

395,050

NET CURRENT LIABILITIES

(222,318

)

(222,415

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(222,318

)

(222,415

)

CAPITAL AND RESERVES

Called up share capital

3

1,000

1,000

Profit and loss account

(223,318

)

(223,415

)

SHAREHOLDERS' FUNDS

(222,318

)

(222,415

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 30 March 2015 and were signed by:

A Lusk - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Despite the company having net liabilities of £222,318 at the balance sheet date, the financial statements have

been prepared on the going concern basis as the company continues to be fully supported by group companies

and inter company debt. As at 30 June 2014 the net debt due to other group companies was £257,688.

Accounting convention

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 8 Related

Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Deferred tax

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

sheet date except that:-

the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient

taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

1,399

DEPRECIATION

At 1 July 2013

and 30 June 2014

1,399

NET BOOK VALUE

At 30 June 2014

-

At 30 June 2013

-

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

4.	ULTIMATE PARENT COMPANY

Lumax Homes (Holdings) Limited (incorporated in Scotland) is regarded by the director as being the company's

ultimate parent company.

5.	RELATED PARTY DISCLOSURES

During the year the company undertook transactions with Craigie Property Investments Ltd of £5,816 (2013:

£30,000). This company is under the control of Mr and Mrs Andrew Lusk. The amount outstanding and due

from Craigie Property Investments Ltd at 30 June 2014 was £35,816 (2013: £30,000).

The company is a wholly owned subsidiary of Lumax Homes (Holdings) Limited and has taken advantage of the

exemption conferred to Financial Reporting Standard 8 'Related Party Disclosures' not to disclose transactions

with Lumax Homes (Holdings) Limited or other wholly owned subsidiaries within the group.