Company Registration No. 08241189 (England and Wales)
LED Creative Ltd
Unaudited accounts
for the year ended 31 October 2021
LED Creative Ltd
Unaudited accounts
Contents
LED Creative Ltd
Company Information
for the year ended 31 October 2021
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 2021
Tangible assets
305,346
237,859
Inventories
137,271
115,527
Cash at bank and in hand
662,628
384,049
Creditors: amounts falling due within one year
(579,036)
(244,805)
Net current assets
416,473
499,384
Total assets less current liabilities
721,819
737,243
Creditors: amounts falling due after more than one year
(49,098)
(45,833)
Provisions for liabilities
Deferred tax
(57,225)
(44,229)
Net assets
615,496
647,181
Called up share capital
1,000
1,000
Profit and loss account
614,496
646,181
Shareholders' funds
615,496
647,181
For the year ending 31 October 2021 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 28 February 2022 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 2021
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 2021
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.
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.
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2021
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2020
680,483
16,409
20,094
716,986
Additions
65,145
72,679
8,142
145,966
At 31 October 2021
745,628
89,088
28,236
862,952
At 1 November 2020
459,736
7,949
11,442
479,127
Charge for the year
70,652
3,629
4,198
78,479
At 31 October 2021
530,388
11,578
15,640
557,606
At 31 October 2021
215,240
77,510
12,596
305,346
At 31 October 2020
220,747
8,460
8,652
237,859
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
171,055
221,421
Accrued income and prepayments
13,484
10,896
Other debtors
11,071
12,296
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
250,000
4,167
Obligations under finance leases and hire purchase contracts
12,536
-
Trade creditors
76,539
47,632
Amounts owed to group undertakings and other participating interests
-
14
Taxes and social security
74,993
70,843
Loans from directors
624
2,169
Deferred income
67,583
25,099
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
49,098
-
LED Creative Ltd
Notes to the Accounts
for the year ended 31 October 2021
8
Deferred taxation
2021
2020
Accelerated capital allowances
57,225
44,229
Provision at start of year
44,229
52,953
Charged/(credited) to the profit and loss account
12,996
(8,724)
Provision at end of year
57,225
44,229
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
10
Operating lease commitments
2021
2020
At 31 October 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
75,828
32,000
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.
LED Creative Ltd is 100% subsidiary of LED Creative Holdings Ltd.
Dividends of £388,187 were paid to the holding company in the year to 31 October 2021 (£198,400 - 2020).
13
Average number of employees
During the year the average number of employees was 6 (2020: 6).
