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 2019

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

4

6,643

453,829

CURRENT ASSETS

Stocks

16,232

16,232

Debtors

5

18,021

12,778

Cash at bank and in hand

34,641

162

68,894

29,172

CREDITORS

Amounts falling due within one year

6

73,683

325,105

NET CURRENT LIABILITIES

(4,789

)

(295,933

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,854

157,896

CREDITORS

Amounts falling due after more than one year

7

-

(111,876

)

PROVISIONS FOR LIABILITIES

(1,027

)

(1,284

)

NET ASSETS

827

44,736

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

825

44,734

SHAREHOLDERS' FUNDS

827

44,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 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 and authorised for issue on 24 November 2020 and were signed on its behalf by:

R G Dalton - Director

1.	STATUTORY INFORMATION

Lightsaver Holdings Limited is a private company, limited by shares , registered in England and Wales. 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 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

Computer equipment

-

33.33% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2018

445,561

1,170

18,826

Additions

-

-

-

Disposals

(445,561

)

-

-

At 31 July 2019

-

1,170

18,826

DEPRECIATION

At 1 August 2018

-

651

11,077

Charge for year

-

117

1,882

At 31 July 2019

-

768

12,959

NET BOOK VALUE

At 31 July 2019

-

402

5,867

At 31 July 2018

445,561

519

7,749

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2018

1,000

-

466,557

Additions

-

481

481

Disposals

-

-

(445,561

)

At 31 July 2019

1,000

481

21,477

DEPRECIATION

At 1 August 2018

1,000

-

12,728

Charge for year

-

107

2,106

At 31 July 2019

1,000

107

14,834

NET BOOK VALUE

At 31 July 2019

-

374

6,643

At 31 July 2018

-

-

453,829

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,699

2,797

Other debtors

16,322

9,981

18,021

12,778

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

16,929

Trade creditors

29,060

72,700

Taxation and social security

33,979

21,108

Other creditors

10,644

214,368

73,683

325,105

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

111,876

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

121,886

The bank loan was secured by a charge over the freehold property of 58 Aston Church Road, Aston, Birmingham, B7 5RX. This property was sold during the current financial year.

9.	OTHER FINANCIAL COMMITMENTS

The company's bankers also hold a fixed and floating charge over the company and all its property and assets, present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end R D Dalton and R G Dalton had overdrawn directors loan accounts of £733 (2018: £nil) and £9,995 (2018: £Nil) respectively. No interest accrued on this loan.

11.	POST BALANCE SHEET EVENTS

The Coronvirus pandemic and the UK Government's lockdown of the country on the 23rd March 2020 has significantly restricted most companies operations and ability to generate cash. This unprecedented situation has created uncertainty for all businesses and the economy as a whole.

The company has assessed the impact this situation has had on its revenue streams, profitability and cashflow and considers there to be sufficient resources to continue trading in the current climate. Based on this the directors believe the company has adequate resources to continue as a going concern.