Company Registration No. 07278952 (England and Wales)
Lumisi Ltd
Unaudited accounts
for the year ended 30 April 2022
Lumisi Ltd
Unaudited accounts
Contents
Lumisi Ltd
Company Information
for the year ended 30 April 2022
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 2022
Tangible assets
28,587
22,802
Cash at bank and in hand
88,897
28,443
Creditors: amounts falling due within one year
(200,200)
(136,978)
Net current (liabilities)/assets
(21,326)
4,694
Total assets less current liabilities
7,261
35,296
Provisions for liabilities
Deferred tax
(5,431)
(4,332)
Called up share capital
100
100
Profit and loss account
1,730
30,864
Shareholders' funds
1,830
30,964
For the year ending 30 April 2022 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 5 December 2022 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 2022
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.
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.
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.
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2022
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2021
1,124
48,719
8,457
58,300
Additions
-
15,798
-
15,798
At 30 April 2022
1,124
64,517
8,457
74,098
At 1 May 2021
-
29,789
5,709
35,498
Charge for the year
-
9,326
687
10,013
At 30 April 2022
-
39,115
6,396
45,511
At 30 April 2022
1,124
25,402
2,061
28,587
At 30 April 2021
1,124
18,930
2,748
22,802
Lumisi Ltd
Notes to the Accounts
for the year ended 30 April 2022
Amounts falling due within one year
Trade debtors
51,824
108,709
Accrued income and prepayments
36,153
2,520
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
28,139
6,992
Taxes and social security
44,950
48,806
Other creditors
10,486
5,867
Loans from directors
3,147
3,798
8
Operating lease commitments
2022
2021
At 30 April 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
8,096
11,973
Later than five years
175,117
181,156
9
Transactions with related parties
The directors loaned to the company a total of £7,093 and were repaid a total of £7,744 in the period. The balance owing to the directors' at 30.04.2022 is £3,147.
A shareholder loaned to the company a total of £664 in the period. The balance owing to the shareholder at 30.04.2022 is £664.
.
10
Average number of employees
During the year the average number of employees was 13 (2021: 11).
