Luxus Limited - Limited company accounts 23.2
Luxus Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 00834329 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| Luxus Limited |
| Luxus Limited (Registered number: 00834329) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Statement of Directors' Responsibilities | 6 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| Luxus Limited |
| Company Information |
| for the Year Ended 31 December 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| BANKERS: | HSBC Bank Plc |
| Stonebow Branch |
| 221 High Street |
| Lincoln |
| LN1 1TS |
| Luxus Limited (Registered number: 00834329) |
| Group Strategic Report |
| for the Year Ended 31 December 2022 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
| REVIEW OF BUSINESS |
| The principal activities of the group continued to be that of plastic processors with an emphasis on using our extensive technical expertise to provide high quality, bespoke products to our customers based on recycled and prime feedstocks, thereby producing the best environmental outcome. |
| The principal activity of the group continued to be that of plastic processors with an emphasis on using our extensive technical expertise to provide high quality, environmentally positive thermoplastic raw materials as we head toward Net Zero Carbon Emissions. |
| There have not been any significant changes in the group's principal activities in the current year but there have been enhancements to our capabilities and the directors are not aware, at the date of this report, of any likely major changes in the group's principal activities in the forthcoming year. |
| Overseas activities |
| The group continues to see Europe as a viable marketplace, despite the additional complications and costs post Brexit. |
| Despite the invasion of Ukraine in February 2022 and resultant political turmoil and market uncertainty, the group remains committed to growing its European activities along with the environmental accountability in the emerging export markets. |
| Luxus Limited (Registered number: 00834329) |
| Group Strategic Report |
| for the Year Ended 31 December 2022 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Health and Safety |
| The group recognises the business-critical importance of this area and its responsibilities for Health and Safety in the workplace. This is assessed, managed, reported, and improved on an ongoing basis using our qualified resource, whilst also being audited by our external consultants. |
| Our ongoing commitment is to reduce accidents and dangerous occurrences using key elements of cultural change, and engaging with every stakeholder as we are committed to continuous improvement in our performance. |
| People |
| We recognise our people are our most valuable asset and we continue to improve our inclusive culture, communication training and commitment to everyone as an integral part of the Business Team. |
| Environmental & social responsibility |
| The group recognises its environmental and social responsibilities both locally and globally as a key element of our ongoing success. |
| Environmental concerns are always high on our agenda, and to demonstrate our ongoing commitment many years ago we signed an agreement with Operation Clean Sweep to minimize the contamination of the ocean with plastic resin. To enhance our commitment during 2022 we continued the process of assessing our operations in line with PAS510 (Plastic pellets, flakes and powders - Handling and management throughout the supply chain to prevent their leakage into the environment). |
| Our Recycling Site is an Environment Agency Licenced waste transfer station and all our staff on the Recycling Site are Competence Management System trained to ensure we manage & continue to improve our commitment to minimise our Environmental Impact. |
| We are certified to the EuCertPlast standard for appropriate grades to verify the defined recycled content. |
| Market Risk |
| The uncertainty in the metrics to be used globally in the measurement of environmental performance are of concern. Therefore, we continue to measure our performance to have available relevant data to meet the needs of our key customers. |
| We are committed to avoiding "GreenWash" within the environmental certification arena. |
| Energy Management |
| The Directors consider the management of energy to be a key element of our operations. |
| We are engaged on several proactive initiatives and R & D projects to reduce energy consumption per unit of output, and have introduced production wide energy monitoring. |
| We actively review our energy contracts which allows us to hedge risk and have the ability to fix our electricity prices where it is in the Company's interest to do so. |
| As part of the BPF plastics industry scheme the company has achieved CCL refund in exchange for its commitment to CO2 reduction in coming years. |
| Quality |
| Our products are used in demanding applications, and we therefore work in accordance with the highest quality standards. Our robust Quality Management System complies with ISO 9001: 2015. |
| Fire Risk |
| We aware that the Recycling Industry in general has experienced a significant number of fires in the recent past and consequently we continue to maintain our awareness of the dangers, manage the risks and comply with the current recommendations of the Environment Agency and Technical Guidance Note 7.01 issued by The Chartered Institute of Waste Management (CIWM). |
| During 2022, we have continued to invest to improve risk management. |
| Luxus Limited (Registered number: 00834329) |
| Group Strategic Report |
| for the Year Ended 31 December 2022 |
| Credit Risk |
| Our credit risk is managed by credit rating our customers and managing the risk in an appropriate manner which is underpinned by debtor insurance across the group. |
| We continue to monitor and manage the risk of the fraudulent organised crime associated with company identity still occurring within the plastics industry. The measures that were put in place in prior reporting periods have proved to be successful. |
| Interest Risk |
| Interest rate risk exposure on loan, debt purchase agreements, and Hire Purchase finance is reviewed prior to commitment as well as regularly on variable agreements to ensure we obtain the fair value interest rates both at inception and on-going on the short term or variable rate agreements. |
| Foreign Exchange Risk |
| Our objective is neither to make a profit nor a loss on foreign exchange. Risk management in this area is constantly reviewed as more versatile tools become available to enable improved management. |
| Liquidity and Cash flow risk |
| The Directors have built an appropriate liquidity risk management framework for the management of the company's short, medium and long-term funding and liquidity management requirements. The group managed liquidity risk by maintaining adequate reserves, banking and other debt facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. |
| Bribery Policy |
| We have always valued the group's reputation for ethical behaviour for financial probity and reliability, which has led to our creating and implementing a Policy and Procedure as required by The Bribery Act 2010. |
| ON BEHALF OF THE BOARD: |
| Luxus Limited (Registered number: 00834329) |
| Report of the Directors |
| for the Year Ended 31 December 2022 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
| DIVIDENDS |
| A dividend has not been recommended and the retained profit has been transferred to reserves. |
| RESEARCH AND DEVELOPMENT |
| Research & Development investment at significant levels into new product development, technologies, and IP, continue to be a part of our ongoing strategy. This year, we have continued projects looking at the use of artificial intelligence in the development of product formulations, development of a continuous NIR and visual inspection system and the removal of odour in post-consumer waste. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
| DIRECTORS INSURANCE |
| The company maintains insurance policies on behalf of all directors against liability when acting for the company. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Certain matters required by regulation to be dealt with in the annual report have been dealt with in the strategic report, rather than in the directors report. These include the future developments of the Company, Financial instruments and risk management. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Luxus Limited (Registered number: 00834329) |
| Statement of Directors' Responsibilities |
| for the Year Ended 31 December 2022 |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Report of the Independent Auditors to the Members of |
| Luxus Limited |
| Opinion |
| We have audited the financial statements of Luxus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements 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. |
| Report of the Independent Auditors to the Members of |
| Luxus Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Luxus Limited |
| Use of our report |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Riverside House, Business Park |
| Kings Reach, Yew Street |
| Stockport |
| SK4 2HD |
| Luxus Limited (Registered number: 00834329) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| TURNOVER | 4 | 42,817,816 | 37,802,959 |
| Cost of sales | 35,902,066 | 32,151,339 |
| GROSS PROFIT | 6,915,750 | 5,651,620 |
| Administrative expenses | 5,359,757 | 5,200,402 |
| 1,555,993 | 451,218 |
| Other operating income | 107,922 | 380,143 |
| OPERATING PROFIT | 6 | 1,663,915 | 831,361 |
| Interest payable and similar expenses | 7 | 323,087 | 229,424 |
| PROFIT BEFORE TAXATION | 1,340,828 | 601,937 |
| Tax on profit | 8 | 91,373 | 54,720 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,249,455 | 547,217 |
| Luxus Limited (Registered number: 00834329) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,249,455 | 547,217 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,249,455 |
547,217 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,249,455 | 547,217 |
| Luxus Limited (Registered number: 00834329) |
| Consolidated Balance Sheet |
| 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 121,929 | 131,747 |
| Tangible assets | 12 | 7,901,304 | 8,426,912 |
| Investments | 13 | - | - |
| 8,023,233 | 8,558,659 |
| CURRENT ASSETS |
| Stocks | 14 | 4,669,726 | 4,658,522 |
| Debtors | 15 | 9,269,207 | 8,252,299 |
| Cash at bank and in hand | 1,431,606 | 980,638 |
| 15,370,539 | 13,891,459 |
| CREDITORS |
| Amounts falling due within one year | 16 | 13,113,183 | 12,821,828 |
| NET CURRENT ASSETS | 2,257,356 | 1,069,631 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
10,280,589 |
9,628,290 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(1,995,858 |
) |
(2,678,596 |
) |
| PROVISIONS FOR LIABILITIES | 22 | (484,150 | ) | (392,965 | ) |
| ACCRUALS AND DEFERRED INCOME | 23 | - | (5,603 | ) |
| NET ASSETS | 7,800,581 | 6,551,126 |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | 10,876 | 10,876 |
| Share premium | 25 | 1,785 | 1,785 |
| Revaluation reserve | 25 | 658,979 | 658,979 |
| Capital redemption reserve | 25 | 12,519 | 12,519 |
| Retained earnings | 25 | 7,116,422 | 5,866,967 |
| SHAREHOLDERS' FUNDS | 7,800,581 | 6,551,126 |
| The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by: |
| P N Atterby - Director |
| Luxus Limited (Registered number: 00834329) |
| Company Balance Sheet |
| 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | 23 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 24 |
| Share premium | 25 |
| Revaluation reserve | 25 |
| Capital redemption reserve | 25 |
| Retained earnings | 25 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 403,435 | 292,537 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Luxus Limited (Registered number: 00834329) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2022 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 January 2021 | 10,876 | 5,302,293 | 1,785 |
| Changes in equity |
| Total comprehensive income | - | 564,674 | - |
| Balance at 31 December 2021 | 10,876 | 5,866,967 | 1,785 |
| Changes in equity |
| Total comprehensive income | - | 1,249,455 | - |
| Balance at 31 December 2022 | 10,876 | 7,116,422 | 1,785 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 January 2021 | 676,436 | 12,519 | 6,003,909 |
| Changes in equity |
| Total comprehensive income | (17,457 | ) | - | 547,217 |
| Balance at 31 December 2021 | 658,979 | 12,519 | 6,551,126 |
| Changes in equity |
| Total comprehensive income | - | - | 1,249,455 |
| Balance at 31 December 2022 | 658,979 | 12,519 | 7,800,581 |
| Luxus Limited (Registered number: 00834329) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2022 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 January 2021 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2021 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2022 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 January 2021 |
| Changes in equity |
| Total comprehensive income | ( |
) |
| Balance at 31 December 2021 |
| Changes in equity |
| Total comprehensive income |
| Balance at 31 December 2022 |
| Luxus Limited (Registered number: 00834329) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,003,546 | 1,409,914 |
| Interest paid | (298,248 | ) | (202,003 | ) |
| Interest element of hire purchase payments paid |
(24,839 |
) |
(27,421 |
) |
| Tax paid | 62,864 | 122,699 |
| Net cash from operating activities | 1,743,323 | 1,303,189 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (10,962 | ) | (78,766 | ) |
| Purchase of tangible fixed assets | (517,507 | ) | (1,064,935 | ) |
| Sale of tangible fixed assets | 547 | 23,728 |
| Net cash from investing activities | (527,922 | ) | (1,119,973 | ) |
| Cash flows from financing activities |
| New loans in year | 1,067,584 | - |
| Loan repayments in year | (1,485,264 | ) | (1,575,166 | ) |
| Capital repayments in year | (337,813 | ) | (359,614 | ) |
| Amount withdrawn by directors | (8,940 | ) | (357 | ) |
| Net cash from financing activities | (764,433 | ) | (1,935,137 | ) |
| Increase/(decrease) in cash and cash equivalents | 450,968 | (1,751,921 | ) |
| Cash and cash equivalents at beginning of year |
2 |
980,638 |
2,732,559 |
| Cash and cash equivalents at end of year | 2 | 1,431,606 | 980,638 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2022 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Profit before taxation | 1,340,828 | 601,937 |
| Depreciation charges | 1,056,713 | 1,084,961 |
| Loss on disposal of fixed assets | 6,636 | 42,619 |
| Government grants | (18,286 | ) | - |
| Finance costs | 323,087 | 229,424 |
| 2,708,978 | 1,958,941 |
| Increase in stocks | (11,204 | ) | (996,744 | ) |
| Increase in trade and other debtors | (1,087,971 | ) | (1,758,970 | ) |
| Increase in trade and other creditors | 393,743 | 2,206,687 |
| Cash generated from operations | 2,003,546 | 1,409,914 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2022 |
| 31.12.22 | 1.1.22 |
| £ | £ |
| Cash and cash equivalents | 1,431,606 | 980,638 |
| Year ended 31 December 2021 |
| 31.12.21 | 1.1.21 |
| £ | £ |
| Cash and cash equivalents | 980,638 | 2,732,559 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.22 | Cash flow | At 31.12.22 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 980,638 | 450,968 | 1,431,606 |
| 980,638 | 450,968 | 1,431,606 |
| Debt |
| Finance leases | (910,082 | ) | 337,813 | (572,269 | ) |
| Debts falling due within 1 year | (450,281 | ) | 73,625 | (376,656 | ) |
| Debts falling due after 1 year | (2,076,417 | ) | 344,055 | (1,732,362 | ) |
| (3,436,780 | ) | 755,493 | (2,681,287 | ) |
| Total | (2,456,142 | ) | 1,206,461 | (1,249,681 | ) |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Luxus Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 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" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are 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. |
| Revenue is recognised when the company becomes entitled to it - usually on the rendering of an invoice. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents and licences are being amortised over the life of the asset. |
| Tangible fixed assets |
| Freehold property is shown at a previous UK GAAP valuation, which has been used as deemed cost on transition to FRS 102. All other assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less residual cost, over the useful life of the asset as follows: |
| Freehold land and buildings | Over 46 or 50 years |
| Improvements to property | No depreciation has been charged on improvements to property as the yearly programme of maintenance is such that any depreciation charge would be immaterial. |
| Plant, machinery and laboratory equipment | 25%, 20% and 12.5% reducing balance, or over 30, 10, 8, 5 or 3 years on cost |
| Warehouse, fixtures and office equipment | 10% reducing balance except for warehouse and computer equipment which is at 33 1/3% on cost and computer software which is at 15% reducing balance. |
| Motor vehicles | 25% on cost or 25% reducing balance as appropriate. |
| R & D Capital Expenditure for the specific purpose of an R&D project will be depreciated over the duration of the project. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| For work in progress and finished goods manufactured by the company, cost is taken as production cost, which includes an appropriate proportion of attributable overheads. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Investments |
| All investments are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment. All purchases and sales of investments are recognised using trade date accounting. |
| Trade and other debtors |
| Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified. |
| Cash and cash equivalents |
| Cash and cash equivalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash at bank and in hand and short term deposits with an original maturity of three months or less. |
| Interest-bearing loans and borrowing |
| All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future profits. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| United Kingdom | 38,645,697 | 34,320,762 |
| Europe | 4,172,119 | 3,479,857 |
| Rest of the world | - | 2,340 |
| 42,817,816 | 37,802,959 |
| 5. | EMPLOYEES AND DIRECTORS |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Wages and salaries | 4,475,598 | 4,502,898 |
| Social security costs | 421,538 | 297,029 |
| Other pension costs | 101,618 | 94,652 |
| 4,998,754 | 4,894,579 |
| The average monthly number of employees (including directors) during the period was: |
| Number | Number |
| Management and administration | 56 | 55 |
| Production | 114 | 117 |
| 170 | 172 |
| The total employment benefits including employer pension contributions of the key management personnel were £381,236 (2021: £347,867). |
| Directors' emoluments |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Emoluments for qualifying services | 193,352 | 209,076 |
| Company pension contributions to money purchase schemes | 10,827 | 8,958 |
| 204,179 | 218,034 |
| The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 2 (2021 - 2) |
| 6. | OPERATING PROFIT |
| 31.12.22 | 31.12.21 |
| £ | £ |
| The operating profit is stated after charging/(crediting): |
| Depreciation |
| Owned assets | 692,679 | 732,238 |
| Leased assets | 355,445 | 334,782 |
| Loss/(Profit) on sale of tangible assets | 6,636 | 42,619 |
| Amortisation | 12,191 | 17,943 |
| Operating lease rentals | 124,383 |
| Auditors remuneration - audit fees | 17,688 | 18,450 |
| - non-audit fees | 5,310 | 18,150 |
| Foreign exchange differences | (15,396 | ) | 4,282 |
| Government grants | (113,956 | ) | (322,675 | ) |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Bank interest | 110,844 | 111,606 |
| Factor interest | 186,279 | 86,350 |
| Other loan interest | 1,125 | 4,047 |
| Hire purchase | 21,713 | 27,421 |
| Leasing | 3,126 | - |
| 323,087 | 229,424 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Current tax: |
| UK corporation tax | 188 | - |
| Refund in respect of tax |
| credits cashed in | - | (82,618 | ) |
| Under provision re prior year | - | 54,589 |
| Total current tax | 188 | (28,029 | ) |
| Deferred tax | 91,185 | 82,749 |
| Tax on profit | 91,373 | 54,720 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Profit before tax | 1,340,828 | 601,937 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
254,757 |
114,368 |
| Effects of: |
| Expenses not deductible for tax purposes | 114 | 723 |
| Capital allowances in excess of depreciation | - | (399,723 | ) |
| Depreciation in excess of capital allowances | 11,618 | - |
| Utilisation of tax losses | (187,175 | ) | 111,678 |
| Adjustments to tax charge in respect of previous periods | - | 33,448 |
| forward |
| Other | (58,150 | ) | 116,975 |
| Refund re tax credits | (20,976 | ) | (5,498 | ) |
| Deferred tax provision | 91,185 | 82,749 |
| Total tax charge | 91,373 | 54,720 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 10. | GOVERNMENT GRANTS |
| During the year, the group received the following material grants: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| NIR Sort - Horizon 2020 | - | - |
| Odour Control - Innovate | - | 57,910 |
| NIR Plas - Innovate | - | 76,010 |
| Covid 19 Innovate Grant | - | - |
| Coronovirus Job Retention Scheme | - | 30,916 |
| Coronovirus Business Interruption Scheme Interest | - | 34,961 |
| AI - WRAP | - | 31,369 |
| Microdry - BEIS | 113,956 | 19,568 |
| Economic Resilience Fund Grant | - | 51,649 |
| All grants are accounted for on an accruals basis. |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Website | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2022 | 44,042 | 110,967 | 17,990 | 172,999 |
| Additions | - | 10,462 | 500 | 10,962 |
| At 31 December 2022 | 44,042 | 121,429 | 18,490 | 183,961 |
| AMORTISATION |
| At 1 January 2022 | 21,371 | 17,782 | 2,099 | 41,252 |
| Amortisation for year | 4,404 | 12,719 | 3,657 | 20,780 |
| At 31 December 2022 | 25,775 | 30,501 | 5,756 | 62,032 |
| NET BOOK VALUE |
| At 31 December 2022 | 18,267 | 90,928 | 12,734 | 121,929 |
| At 31 December 2021 | 22,671 | 93,185 | 15,891 | 131,747 |
| Company |
| Patents |
| and |
| licences | Website | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2022 |
| Additions |
| At 31 December 2022 |
| AMORTISATION |
| At 1 January 2022 |
| Amortisation for year |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Plant and |
| machinery |
| Freehold | Improvements | and |
| land and | to | laboratory |
| buildings | property | equipment |
| £ | £ | £ |
| COST |
| At 1 January 2022 | 3,518,585 | 50,739 | 13,443,108 |
| Additions | 9,132 | - | 447,847 |
| Disposals | - | - | (23,655 | ) |
| At 31 December 2022 | 3,527,717 | 50,739 | 13,867,300 |
| DEPRECIATION |
| At 1 January 2022 | 624,250 | - | 8,236,158 |
| Charge for year | 60,949 | - | 893,927 |
| Eliminated on disposal | - | - | (16,092 | ) |
| At 31 December 2022 | 685,199 | - | 9,113,993 |
| NET BOOK VALUE |
| At 31 December 2022 | 2,842,518 | 50,739 | 4,753,307 |
| At 31 December 2021 | 2,894,335 | 50,739 | 5,206,950 |
| Warehouse |
| fixtures |
| and |
| office | Motor | Computer |
| equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2022 | 597,616 | 343,006 | - | 17,953,054 |
| Additions | 59,743 | - | 785 | 517,507 |
| Disposals | 2,169 | - | - | (21,486 | ) |
| At 31 December 2022 | 659,528 | 343,006 | 785 | 18,449,075 |
| DEPRECIATION |
| At 1 January 2022 | 407,180 | 258,554 | - | 9,526,142 |
| Charge for year | 53,904 | 21,348 | 5,804 | 1,035,932 |
| Eliminated on disposal | 1,789 | - | - | (14,303 | ) |
| At 31 December 2022 | 462,873 | 279,902 | 5,804 | 10,547,771 |
| NET BOOK VALUE |
| At 31 December 2022 | 196,655 | 63,104 | (5,019 | ) | 7,901,304 |
| At 31 December 2021 | 190,436 | 84,452 | - | 8,426,912 |
| Included in cost of land and buildings is freehold land of £571,458 (2021 - £571,458) which is not depreciated. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Included above are assets held under finance leases or hire purchase contracts as follows: |
| Plant, machinery and laboratory equipment |
Computer equipment |
Motor vehicles |
Total |
| £ | £ | £ | £ |
| Net book value |
| At 31 December 2022 | 1,603,618 | - | 21,738 | 1,625,356 |
| At 31 December 2021 | 1,942,050 | - | 37,748 | 1,979,798 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Cost | 3,135,949 | 3,126,817 |
| Aggregate depreciation | 685,199 | 614,829 |
| Value of land in freehold land and buildings | 140,141 | 140,141 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 | 74,533 |
| DEPRECIATION |
| At 1 January 2022 | 45,549 |
| Charge for year | 7,246 |
| At 31 December 2022 | 52,795 |
| NET BOOK VALUE |
| At 31 December 2022 | 21,738 |
| At 31 December 2021 | 28,984 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Plant and | Warehouse |
| machinery | fixtures |
| Freehold | and | and |
| land and | laboratory | office | Motor |
| buildings | equipment | equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| Included in cost of land and buildings is freehold land of £ 571,458 (2021 - £ 571,458 ) which is not depreciated. |
| Included above are assets held under finance leases or hire purchase contracts as follows: |
| Plant, machinery and laboratory equipment | Computer equipment | Motor vehicles | Total |
| £ | £ | £ | £ |
| Net book value |
| At 31 December 2022 | 1,540,838 | - | - | 1,540,838 |
| At 31 December 2021 | 1,856,805 | - | 8,765 | 1,865,569 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Cost | 3,135,949 | 3,126,817 |
| Aggregate depreciation | 685,199 | 614,829 |
| Value of land in freehold land and buildings | 140,141 | 140,141 |
| The valuation carried out by Peter Hornsby of Hodgson Elkinton on 24th June 2009 has continued to be adopted in these accounts. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 | 5,000 |
| PROVISIONS |
| At 1 January 2022 |
| and 31 December 2022 | 5,000 |
| NET BOOK VALUE |
| At 31 December 2022 | - |
| At 31 December 2021 | - |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 |
| PROVISIONS |
| At 1 January 2022 |
| and 31 December 2022 | 5,000 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Belvoir Way, Fairfield Industrial Estate, Louth, Lincolnshire, LN11 0LQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Belvoir Way, Fairfield Industrial Estate, Louth, Lincolnshire, LN11 0LQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| Pulverlux Limited, whose registered office is Belvoir Way, Fairfield Industrial Estate, Louth, has not traded and its accounts for the period since incorporation on 18 February 1980 to date, reflect an accumulated loss of £5,000 (2021: £5,000). It is not intended that the company should commence trading and the directors consider its shares to be of negligible value. The company has not been included in the consolidated accounts as it is considered to be insignificant. |
| 14. | STOCKS |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Raw materials | 2,554,633 | 3,039,236 |
| Finished goods | 1,400,074 | 1,005,556 |
| Packaging and other |
| consumables stock | 715,019 | 613,730 | 715,019 | 596,647 |
| 4,669,726 | 4,658,522 |
| 15. | DEBTORS |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 7,197,425 | 6,427,452 |
| Amounts owed by group undertakings | 383,484 | 203,667 |
| Other debtors | 1,065,459 | 905,929 |
| Tax | 7,457 | 105,367 |
| Prepayments and accrued income | 273,114 | 309,884 |
| Prepayments | 42,268 | - |
| 8,969,207 | 7,952,299 |
| Amounts falling due after more than one | year: |
| Other debtors | 300,000 | 300,000 |
| Aggregate amounts | 9,269,207 | 8,252,299 |
| Trade debtors are subject to an invoice discounting agreement. |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 376,656 | 443,157 |
| Other loans (see note 18) | - | 7,124 |
| Hire purchase contracts (see note 19) | 345,253 | 359,862 |
| Trade creditors | 5,975,532 | 5,732,180 |
| Amounts owed to group undertakings | - | 378 |
| Tax | 188 | 35,046 | ( |
) |
| Social security and other taxes | 137,509 | 131,448 |
| VAT | 246,090 | 226,530 | 246,090 | 226,530 |
| Other creditors | 5,482,755 | 5,443,768 |
| Accruals and deferred income | 533,721 | 423,278 |
| Deferred government grants | 15,479 | 19,057 |
| 13,113,183 | 12,821,828 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 1,732,362 | 2,076,417 |
| Hire purchase contracts (see note 19) | 227,016 | 550,220 |
| Deferred government grants | 36,480 | 51,959 |
| 1,995,858 | 2,678,596 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 376,656 | 443,157 |
| Other loans | - | 7,124 |
| 376,656 | 450,281 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 380,800 | 406,420 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 1,351,562 | 1,057,715 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 612,282 | - | 612,282 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 345,253 | 359,862 |
| Between one and five years | 227,016 | 550,220 |
| 572,269 | 910,082 |
| Company |
| Hire purchase contracts |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable operating | leases |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Within one year | 75,393 | 17,940 |
| Between one and five years | 226,291 | 97,691 |
| In more than five years | 44,429 | 67,894 |
| 346,113 | 183,525 |
| Company |
| Non-cancellable operating | leases |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Bank loans | 2,109,018 | 2,519,574 |
| Other loans | - | 7,124 | - | 7,124 |
| Hire purchase contracts | 572,269 | 910,082 | 516,771 | 820,446 |
| Invoice Discounters advances | 5,372,549 | 5,302,924 | 5,372,549 | 4,907,563 |
| 8,053,836 | 8,739,704 |
| HSBC Bank plc hold a mortgage debenture and legal mortgages over the group's freehold properties and a fixed charge over book & other debts, chattels, goodwill and uncalled capital, and a floating charge over the other business assets. |
| Hire purchase balances are secured on the assets to which they relate. |
| Advances from the invoice discounters are secured on the related debtors. |
| Other loans are secured by way of a debenture from Luxus Limited and a personal guarantee given by P Atterby (Director). |
| 21. | FINANCIAL INSTRUMENTS |
| The group holds or issues financial instruments in order to achieve three main objectives, being: |
| (a) to finance its operations; |
| (b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; |
| (c) for trading purposes. |
| In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations. |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Deferred tax | 484,150 | 392,965 | 381,878 | 300,047 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2022 | 392,965 |
| Provided during year | 91,185 |
| Balance at 31 December 2022 | 484,150 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2022 |
| Provided during year |
| Balance at 31 December 2022 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 22. | PROVISIONS FOR LIABILITIES - continued |
| Deferred tax is provided at 25% (2021: 19%) analysed over the following timing differences: |
Group |
Fully provided |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Accelerated capital allowances | 720,093 | 739,770 |
| Tax losses available | (339,025 | ) | (339,025 | ) |
| 381,878 | 400,745 |
Company |
Fully provided |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Accelerated capital allowances | 720,903 | 639,072 |
| Tax losses available | (339,025 | ) | (339,025 | ) |
| 381,878 | 300,047 |
| 23. | ACCRUALS AND DEFERRED INCOME |
| Group | Company |
| 31.12.22 | 31.12.21 | 31.12.22 | 31.12.21 |
| £ | £ | £ | £ |
| Deferred government grants | - | 5,603 | - | 5,603 |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
| value: | £ | £ |
| Ordinary | £1 | 10,876 | 10,876 |
| 25. | RESERVES |
| Group |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 January 2022 | 5,866,967 | 1,785 | 658,979 | 12,519 | 6,540,250 |
| Profit for the year | 1,249,455 | 1,249,455 |
| At 31 December 2022 | 7,116,422 | 1,785 | 658,979 | 12,519 | 7,789,705 |
| Company |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 January 2022 | 6,134,511 |
| Profit for the year |
| At 31 December 2022 | 6,537,946 |
| Luxus Limited (Registered number: 00834329) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 26. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £111,108 (2021: £94,652). Contributions amounting to £38,196 (2021: £34,856) were outstanding at the end of the period. |
| 27. | RELATED PARTY DISCLOSURES |
| The accounts include the following transactions with related parties: |
| Related parties with entities which have control over the company: |
| Loan to Mr P N Atterby, unsecured, interest free and repayable on demand. Debtor balance at 31 December 2022 £89,804 (2021: £80,864). |
| Other related parties (companies under common control): |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Intercompany loans (debtors) | 468,240 | 468,240 |
| All loans are unsecured, interest free and repayable on demand. |
| Luxus Limited has a tenancy of a property owned by Luxus Group Holdings Limited (company under common control) on a rent free basis. |
| Luxus Group Holdings Limited has also provided a legal mortgage over one of the company's freehold properties as security against a loan in favour of Luxus Limited. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The controlling party is P N Atterby. |