John Cullen Lighting Limited - Filleted accounts

John Cullen Lighting Limited - Filleted accounts

JOHN CULLEN LIGHTING LIMITED - Company Information

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Registered number
02222386
John Cullen Lighting Limited
Filleted Accounts
30 June 2022
John Cullen Lighting Limited
Registered number: 02222386
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 4 117,297 116,218
Tangible assets 5 160,570 171,691
277,867 287,909
Current assets
Stocks 1,181,488 1,171,431
Debtors 6 2,286,442 1,707,652
Cash at bank and in hand 1,646,095 3,061,369
5,114,025 5,940,452
Creditors: amounts falling due within one year 7 (2,535,833) (2,077,670)
Net current assets 2,578,192 3,862,782
Total assets less current liabilities 2,856,059 4,150,691
Creditors: amounts falling due after more than one year 8 (58,000) (58,000)
Provisions for liabilities (8,229) (13,829)
Net assets 2,789,830 4,078,862
Capital and reserves
Called up share capital 410 410
Profit and loss account 2,789,420 4,078,452
Shareholder's funds 2,789,830 4,078,862
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sally Storey
Director
Approved by the board on 29 June 2023
John Cullen Lighting Limited
Notes to the Accounts
for the year ended 30 June 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable net of value added tax.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Grants received in the current year relate to the Coronavirus Job Retention Scheme. Amounts received from the Government are recognised in Other operating income on the face of the Profit and Loss Account.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Patents and license costs are being amortised in equal annual instalments over estimated economic lives of 10 years.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, on either a reducing balance or straight line basis.

Depreciation is provided on the following basis:
Leasehold land and buildings straight line basis over the lease term
Motor vehicles 25% reducing balance
Computer equipment 20 to 33% straight line
Fixtures and fittings 25% reducing balance
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is determined using most recent purchase price.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss. Provision is made for obsolete and slow-moving stocks as appropriate and reviewed on an annual basis.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Alex Eagle
Firm: Warrener Stewart
Date of audit report: 30 June 2023
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 51 42
4 Intangible fixed assets £
Patents and licenses
Cost
At 1 July 2021 151,990
Additions 19,196
At 30 June 2022 171,186
Amortisation
At 1 July 2021 35,772
Provided during the year 18,117
At 30 June 2022 53,889
Net book value
At 30 June 2022 117,297
At 30 June 2021 116,218
5 Tangible fixed assets
Leasehold improvements Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2021 988,293 661,272 16,505 1,666,070
Additions 63,333 65,220 - 128,553
Disposals - - (16,505) (16,505)
At 30 June 2022 1,051,626 726,492 - 1,778,118
Depreciation
At 1 July 2021 882,082 597,536 14,761 1,494,379
Charge for the year 78,919 59,011 234 138,164
On disposals - - (14,995) (14,995)
At 30 June 2022 961,001 656,547 - 1,617,548
Net book value
At 30 June 2022 90,625 69,945 - 160,570
At 30 June 2021 106,211 63,736 1,744 171,691
6 Debtors 2022 2021
£ £
Trade debtors 1,264,536 829,238
Other debtors 1,021,906 878,414
2,286,442 1,707,652
7 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 886,027 963,918
Payments received on account 1,102,024 599,585
Amounts due to related parties 14,006 14,006
Taxation and social security costs 140,708 89,489
Other creditors 21,153 18,460
Accruals 371,915 392,212
2,535,833 2,077,670
8 Creditors: amounts falling due after one year 2022 2021
£ £
Dilapidations provision 58,000 58,000
9 Related party transactions
Ms S Storey - Director and shareholder:

Lighting Design International Limited - A company in which Ms S Storey is a shareholder and
director:

The company trades with Lighting Design International which charged management fees to John Cullen Lighting of £10,318 (2021: £9,455). At the balance sheet date the amount due to Lighting Design International was £14,006 (2021: £14,006).

John Cullen Lighting DMCC and John Cullen Lighting LLC - companies in which Ms S Storey is a shareholder and director.

The company trades with John Cullen Lighting LLC, at the year end £905,549 (2021: £612,810) was due to the company by John Cullen Lighting LLC and is included within trade debtors. During the year the company continued to provide a loan to John Cullen Lighting DMCC. At the balance sheet date the loan amount due from John Cullen Lighting DMCC was £361,068 (2021: £401,068).

Company pension scheme
During the year the company paid rent to its pension scheme of £98,000 (2021: £98,000). At the balance sheet date the amount due to the pension scheme was £nil (2021: £31,383).
10 Controlling party
The ultimate controlling party is Ms Sally Storey.
11 Other information
John Cullen Lighting Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 24, Talina Centre
Bagleys Lane
London
SW6 2BW
John Cullen Lighting Limited
Independent auditor's report
to the member of John Cullen Lighting Limited
Opinion
We have audited the accounts of John Cullen Lighting Limited for the year ended 30 June 2022 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the accounts:
● give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year then ended;
● have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
● have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
● the directors' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
● the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
● the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
● the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
● adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
● the accounts are not in agreement with the accounting records and returns; or
● certain disclosures of directors’ remuneration specified by law are not made; or
● we have not received all the information and explanations we require for our audit; or
● the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations, departures from which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.

We designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved:

Enquiries of management regarding any instance of fraud, non-compliance with laws and regulations and any actual and potential litigation and claims.
Addressing the fraud risk over revenue recognition and expenditure as a whole, through both analytical and substantive procedures.
Critically assessing key estimates made by management.
Reading financial statement disclosures to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Alex Eagle
(Senior Statutory Auditor) Harwood House
for and on behalf of 43 Harwood Road
Warrener Stewart London
Chartered Accountants and Statutory Auditors SW6 4QP
30 June 2023
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