Company Registration No. 08241189 (England and Wales)
LED Creative Ltd
Unaudited accounts
for the year ended 31 October 2020
LED Creative Ltd
Unaudited accounts
Contents
LED Creative Ltd
Company Information
for the year ended 31 October 2020
Directors
Gerald Smith
Sally Smith
Company Number
08241189 (England and Wales)
Registered Office
Audley House
Northbridge Road
Berkhamsted
Herts
HP4 1EH
Accountants
HJP Chartered
Audley House
Northbridge Road
Berkhamsted
Herts
HP4 1EH
LED Creative Ltd
Statement of financial position
as at 31 October 2020
Tangible assets
237,859
284,882
Inventories
115,527
90,589
Cash at bank and in hand
384,049
215,751
Creditors: amounts falling due within one year
(244,805)
(264,937)
Net current assets
499,384
357,968
Total assets less current liabilities
737,243
642,850
Creditors: amounts falling due after more than one year
(45,833)
-
Provisions for liabilities
Deferred tax
(44,229)
(52,953)
Net assets
647,181
589,897
Called up share capital
1,000
1,000
Profit and loss account
646,181
588,897
Shareholders' funds
647,181
589,897
For the year ending 31 October 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 30 June 2021 and were signed on its behalf by
Gerald Smith
Director
Company Registration No. 08241189
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2020
LED Creative Ltd is a private company, limited by shares, registered in England and Wales, registration number 08241189. The registered office is Audley House, Northbridge Road, Berkhamsted, Herts, HP4 1EH.
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.
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.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Expenditure on research and development is written off in the year in which it is incurred.
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:
Land & buildings
10% reducing balance
Plant & machinery
25% reducing balance or 1/3 straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2020
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.
Monetary 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 rates of exchange ruling at the date of the transaction.
Exchange differences are taken into account in arriving at the operating profit.
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.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2019
649,485
16,409
16,252
682,146
Additions
30,998
-
3,842
34,840
At 31 October 2020
680,483
16,409
20,094
716,986
At 1 November 2019
383,576
5,129
8,559
397,264
Charge for the year
76,160
2,820
2,883
81,863
At 31 October 2020
459,736
7,949
11,442
479,127
At 31 October 2020
220,747
8,460
8,652
237,859
At 31 October 2019
265,909
11,280
7,693
284,882
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2020
5
Debtors: amounts falling due within one year
2020
2019
Trade debtors
221,421
308,293
Accrued income and prepayments
10,896
2,772
Other debtors
12,296
5,500
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
4,167
-
Trade creditors
47,632
49,244
Amounts owed to group undertakings and other participating interests
14
150
Taxes and social security
70,843
147,527
Loans from directors
2,169
12,264
Deferred income
25,099
44,375
7
Creditors: amounts falling due after more than one year
2020
2019
8
Deferred taxation
2020
2019
Accelerated capital allowances
44,229
52,953
Provision at start of year
52,953
68,285
Credited to the profit and loss account
(8,724)
(15,332)
Provision at end of year
44,229
52,953
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2020
10
Operating lease commitments
2020
2019
At 31 October 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
32,000
48,000
More than five years
92,850
-
11
Transactions with related parties
All related party transactions have been conducted under normal market conditions, including dividend payments to shareholders.
On 30 September 2019 the entire share capital of the company was acquired by LED Creative Holdings Ltd.
LED Creative Holdings Ltd is a company incorporated in England - 11911971.
Dividends of £198,400 were paid to the holding company in the year to 31 October 2020.
13
Average number of employees
During the year the average number of employees was 7 (2019: 8).
