Lighting & Illumination Technology Exper - Accounts to registrar (filleted) - small 18.2
Lighting & Illumination Technology Exper - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2021 |
for |
Lighting & Illumination Technology |
Experience Ltd |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Contents of the Financial Statements |
for the year ended 31 July 2021 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lighting & Illumination Technology |
Experience Ltd |
Company Information |
for the year ended 31 July 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
22-28 Willow Street |
Accrington |
Lancashire |
BB5 1LP |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Abridged Balance Sheet |
31 July 2021 |
31/7/21 | 31/7/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Abridged Balance Sheet - continued |
31 July 2021 |
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 |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Notes to the Financial Statements |
for the year ended 31 July 2021 |
1. | STATUTORY INFORMATION |
Lighting & Illumination Technology Experience Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Exhibition equipment | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are initially recorded at cost. |
Government grants |
Covid-19 grants and support provided by the government are revenue based grants and have been accounted for using the accrual model. The rants have been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grants are intended to compensate. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 August 2020 |
Additions |
Disposals | ( |
) |
At 31 July 2021 |
DEPRECIATION |
At 1 August 2020 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2021 |
NET BOOK VALUE |
At 31 July 2021 |
At 31 July 2020 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 August 2020 | 232,133 |
Additions | 32,500 |
Disposals | (42,175 | ) |
Transfer to ownership | (28,497 | ) |
At 31 July 2021 | 193,961 |
DEPRECIATION |
At 1 August 2020 | 91,260 |
Charge for year | 38,149 |
Eliminated on disposal | (19,221 | ) |
Transfer to ownership | (26,488 | ) |
At 31 July 2021 | 83,700 |
NET BOOK VALUE |
At 31 July 2021 | 110,261 |
At 31 July 2020 | 140,873 |
Lighting & Illumination Technology |
Experience Ltd (Registered number: 04246192) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2020 |
and 31 July 2021 |
NET BOOK VALUE |
At 31 July 2021 |
At 31 July 2020 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31/7/21 | 31/7/20 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 85,000 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/7/21 | 31/7/20 |
£ | £ |
Bank loans |
Hire purchase contracts | 116,593 | 144,768 |
Amounts advanced on invoices | - | 287,251 |
The hire purchase contracts are secured on the associated assets. |
The company's bankers have taken a debenture over the other assets of the company as security for the |
overdraft facility. |
The "Amounts advanced on invoices" which are included in "Creditors: Amounts falling due within one year" are also secured upon the associated book debts of the company. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/7/21 | 31/7/20 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |