Lightning Media Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03556135 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

LIGHTNING MEDIA LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M D Patel

N L Patel

SECRETARY:

M D Patel

REGISTERED OFFICE:

Unit 27-31 Silicon Business Centre

28 Wadsworth Road

Perivale

Middlesex

UB6 7JZ

REGISTERED NUMBER:

03556135 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lightning Media Limited for the year ended 30 April 2021 which comprise the Income Statement, 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lightning Media Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lightning Media Limited and state those matters that we have agreed to state to the Board of Directors of Lightning Media Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lightning Media Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lightning Media 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 Lightning Media Limited. You consider that Lightning Media 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 Lightning Media 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.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

31 January 2022

FIXED ASSETS

Tangible assets

3

117,570

51,651

CURRENT ASSETS

Stocks

4

180,593

106,231

Debtors

5

413,855

164,095

Cash at bank

264,827

29,211

859,275

299,537

CREDITORS

Amounts falling due within one year

6

173,268

74,788

NET CURRENT ASSETS

686,007

224,749

TOTAL ASSETS LESS CURRENT LIABILITIES

803,577

276,400

PROVISIONS FOR LIABILITIES

7

17,171

-

NET ASSETS

786,406

276,400

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

786,404

276,398

SHAREHOLDERS' FUNDS

786,406

276,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 31 January 2022 and were signed on its behalf by:

M D Patel - Director

1.	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 represents income from hire of lighting equipment, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2020

103,361

2,923

40,640

9,117

156,041

Additions

96,544

-

-

-

96,544

At 30 April 2021

199,905

2,923

40,640

9,117

252,585

DEPRECIATION

At 1 May 2020

66,628

1,674

30,763

5,325

104,390

Charge for year

26,655

250

2,469

1,251

30,625

At 30 April 2021

93,283

1,924

33,232

6,576

135,015

NET BOOK VALUE

At 30 April 2021

106,622

999

7,408

2,541

117,570

At 30 April 2020

36,733

1,249

9,877

3,792

51,651

4.

STOCKS

30/4/21

30/4/20

£

£

Stocks

180,593

106,231

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/21

30/4/20

£

£

Trade debtors

241,652

146,687

Other debtors

172,203

10,749

VAT

-

6,659

413,855

164,095

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/21

30/4/20

£

£

Tax

125,562

34,186

Social security and other taxes

49

-

VAT

43,484

-

Directors' current accounts

1,173

37,902

Accrued expenses

3,000

2,700

173,268

74,788

7.	PROVISIONS FOR LIABILITIES

30/4/21

30/4/20

£

£

Deferred tax

17,171

-

Deferred tax

£

Provided during year

17,171

movement in the year

Balance at 30 April 2021

17,171

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/4/21

30/4/20

value:

£

£

100

Ordinary

1

2

2

9.

RESERVES

Retained

earnings

£

At 1 May 2020

276,398

Profit for the year

590,006

Dividends

(80,000

)

At 30 April 2021

786,404