Company Registration No. 07278952 (England and Wales)
Lumisi Ltd
Unaudited accounts
for the year ended 30 April 2020
Lumisi Ltd
Unaudited accounts
Contents
Lumisi Ltd
Company Information
for the year ended 30 April 2020
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 2020
Intangible assets
15,600
23,400
Tangible assets
23,000
21,476
Cash at bank and in hand
79,463
24,592
Creditors: amounts falling due within one year
(102,865)
(90,978)
Net current assets
21,330
10,172
Total assets less current liabilities
59,930
55,048
Provisions for liabilities
Deferred tax
(4,370)
(4,080)
Called up share capital
100
100
Profit and loss account
55,460
50,868
Shareholders' funds
55,560
50,968
For the year ending 30 April 2020 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.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2020 and were signed on its behalf by
Mr L Gooding
Director
Company Registration No. 07278952
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2020
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
Intangible fixed assets (including goodwill)
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 2020
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 2020
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2019
1,124
32,855
7,551
41,530
Additions
-
8,656
442
9,098
At 30 April 2020
1,124
41,511
7,993
50,628
At 1 May 2019
-
16,181
3,873
20,054
Charge for the year
-
6,654
920
7,574
At 30 April 2020
-
22,835
4,793
27,628
At 30 April 2020
1,124
18,676
3,200
23,000
At 30 April 2019
1,124
16,674
3,678
21,476
Finished goods
2,000
2,000
Trade debtors
38,097
65,084
Accrued income and prepayments
1,530
4,797
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Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
-
2,275
Trade creditors
6,664
9,301
Taxes and social security
35,167
23,504
Loans from directors
1,583
16,254
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2020
9
Operating lease commitments
2020
2019
At 30 April 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
23,429
14,004
More than five years
199,271
223,426
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The loans were unsecured and interest free.
11
Transactions with related parties
The directors loaned to the company a total of £5,713 and were repaid a total of £20,384 in the period. The balance owing to the directors' at 30.04.2020 is £1,583.
12
Average number of employees
During the year the average number of employees was 9 (2019: 7).
