Luxihomes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02079462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

LUXIHOMES LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

DIRECTORS:

J G Hesp

M Gillett

K R Smalley

A P Machin

REGISTERED OFFICE:

Bridlington Caravan Centre

Bessingby Way

Bessingby Industrial Estate

BRIDLINGTON

E. Yorks

YO16 4SJ

REGISTERED NUMBER:

02079462 (England and Wales)

ACCOUNTANTS:

Majors Limited

F15 The Bloc

38 Springfield Way

Anlaby

Hull

E. Yorks

HU10 6RJ

FIXED ASSETS

Tangible assets

4

2,484,042

924,910

Investments

5

550

150

2,484,592

925,060

CURRENT ASSETS

Stocks

2,444,160

3,877,124

Debtors

6

1,302,506

1,502,801

Cash at bank

3,359,592

316,796

7,106,258

5,696,721

CREDITORS

Amounts falling due within one year

7

3,762,515

3,992,631

NET CURRENT ASSETS

3,343,743

1,704,090

TOTAL ASSETS LESS CURRENT LIABILITIES

5,828,335

2,629,150

CREDITORS

Amounts falling due after more than one year

8

(2,750,188

)

-

PROVISIONS FOR LIABILITIES

(71,528

)

(56,537

)

NET ASSETS

3,006,619

2,572,613

CAPITAL AND RESERVES

Called up share capital

2,500

2,500

Capital redemption reserve

2,500

2,500

Fair value reserve

11

91,745

79,712

Retained earnings

2,909,874

2,487,901

SHAREHOLDERS' FUNDS

3,006,619

2,572,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 9 March 2021 and were signed on its behalf by:

J G Hesp - Director

M Gillett - Director

1.	STATUTORY INFORMATION

Luxihomes 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.

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 as modified by the revaluation of certain assets.

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

-

2% on cost

Long leasehold

-

in accordance with the property

Equipment, Fixtures & Fittings

-

33% on cost, 25% on cost, 20% on cost and 15% on cost

Motor vehicles

-

20% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Equipment,

Freehold

Long

Fixtures

property

leasehold

& Fittings

£

£

£

COST OR VALUATION

At 1 February 2020

592,244

14,842

139,545

Additions

1,603,751

-

45,161

Disposals

-

-

(6,163

)

At 31 January 2021

2,195,995

14,842

178,543

DEPRECIATION

At 1 February 2020

375

3,339

106,081

Charge for year

4,045

1,485

15,138

Eliminated on disposal

-

-

(5,114

)

At 31 January 2021

4,420

4,824

116,105

NET BOOK VALUE

At 31 January 2021

2,191,575

10,018

62,438

At 31 January 2020

591,869

11,503

33,464

Hire

Motor

Fleet

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 February 2020

22,256

494,380

1,263,267

Additions

-

57,283

1,706,195

Disposals

-

(81,406

)

(87,569

)

At 31 January 2021

22,256

470,257

2,881,893

DEPRECIATION

At 1 February 2020

4,266

224,296

338,357

Charge for year

3,339

83,017

107,024

Eliminated on disposal

-

(42,416

)

(47,530

)

At 31 January 2021

7,605

264,897

397,851

NET BOOK VALUE

At 31 January 2021

14,651

205,360

2,484,042

At 31 January 2020

17,990

270,084

924,910

Cost or valuation at 31 January 2021 is represented by:

Equipment,

Freehold

Long

Fixtures

property

leasehold

& Fittings

£

£

£

Valuation in 2020

77,938

-

-

Cost

2,118,057

14,842

178,543

2,195,995

14,842

178,543

Hire

Motor

Fleet

vehicles

Totals

£

£

£

Valuation in 2020

-

-

77,938

Cost

22,256

470,257

2,803,955

22,256

470,257

2,881,893

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 February 2020

150

Additions

400

At 31 January 2021

550

NET BOOK VALUE

At 31 January 2021

550

At 31 January 2020

150

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,062,131

1,183,416

Other debtors

120,950

270,170

Directors' current accounts

7,392

-

VAT

38,934

1,124

Prepayments

73,099

48,091

1,302,506

1,502,801

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

287,434

-

Trade creditors

3,153,444

3,875,175

Tax

141,762

85,656

Social security and other taxes

20,518

15,648

Other creditors

8,593

4,291

Accrued expenses

150,764

11,861

3,762,515

3,992,631

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

387,573

-

Bank loans - 2-5 years

1,162,720

-

Bank loans more 5 yr by instal

1,199,895

-

2,750,188

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,199,895

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

39,040

39,040

Between one and five years

136,000

136,000

In more than five years

90,656

90,656

265,696

265,696

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

3,037,622

-

The loan is secured with a fixed and floating charge over the assets of the company.

11.

RESERVES

Fair

value

reserve

£

At 1 February 2020

79,712

Property revaluation

12,033

At 31 January 2021

91,745

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2021 and 31 January 2020:

2021

2020

£

£

M Gillett

Balance outstanding at start of year

-

-

Amounts advanced

10,000

-

Amounts repaid

(2,608

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,392

-