Sycamore Lighting Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03603153 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SYCAMORE LIGHTING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J L R Cicero

M Edmond

SECRETARY:

REGISTERED OFFICE:

Unit 6

Astley Lane Industrial Estate

Swillington

Leeds

West Yorkshire

LS26 8XT

REGISTERED NUMBER:

03603153 (England and Wales)

AUDITORS:

Lewis's Ltd (Statutory Auditors)

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

BANKERS:

HSBC

PO Box 105

33 Park Row

LEEDS

LS1 1LD

FIXED ASSETS

Tangible assets

5

243,819

81,398

CURRENT ASSETS

Stocks

2,376,508

1,554,009

Debtors

6

5,728,294

6,227,189

Cash at bank and in hand

412,381

526,112

8,517,183

8,307,310

CREDITORS

Amounts falling due within one year

7

831,589

961,492

NET CURRENT ASSETS

7,685,594

7,345,818

TOTAL ASSETS LESS CURRENT LIABILITIES

7,929,413

7,427,216

CREDITORS

Amounts falling due after more than one year

8

(52,825

)

-

PROVISIONS FOR LIABILITIES

10

(36,139

)

(3,168

)

NET ASSETS

7,840,449

7,424,048

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

7,839,449

7,423,048

SHAREHOLDERS' FUNDS

7,840,449

7,424,048

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 29 September 2023 and were signed on its behalf by:

J L R Cicero - Director

1.	STATUTORY INFORMATION

Sycamore Lighting Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03603153 and the registered office address is Unit 6, Astley Lane Industrial Estate, Swillington, Leeds LS26 8XT. The principal activity of the company is that of a wholesale lighting supplier.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements of the Company are consolidated in the financial statements of GCH Corporation Limited. The consolidated financial statements of GCH Corporation Limited are available from its registered office, 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost, on a first in first out basis, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 19 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2022

24,393

76,175

100,197

Additions

-

65,924

58,951

At 31 December 2022

24,393

142,099

159,148

DEPRECIATION

At 1 January 2022

18,304

56,737

66,707

Charge for year

2,419

9,666

8,224

At 31 December 2022

20,723

66,403

74,931

NET BOOK VALUE

At 31 December 2022

3,670

75,696

84,217

At 31 December 2021

6,089

19,438

33,490

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

6,522

108,186

315,473

Additions

73,372

19,466

217,713

At 31 December 2022

79,894

127,652

533,186

DEPRECIATION

At 1 January 2022

6,522

85,805

234,075

Charge for year

15,063

19,920

55,292

At 31 December 2022

21,585

105,725

289,367

NET BOOK VALUE

At 31 December 2022

58,309

21,927

243,819

At 31 December 2021

-

22,381

81,398

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

51,578

At 31 December 2022

51,578

DEPRECIATION

Charge for year

8,595

At 31 December 2022

8,595

NET BOOK VALUE

At 31 December 2022

42,983

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,138,187

1,301,132

Amounts owed by group undertakings

3,950,000

3,950,000

Other debtors

640,107

976,057

5,728,294

6,227,189

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Hire purchase contracts

16,407

-

Trade creditors

334,074

234,335

Taxation and social security

226,957

288,966

Other creditors

254,151

438,191

831,589

961,492

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Hire purchase contracts

52,825

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase contracts

69,232

-

HSBC holds a fixed charge over all present freehold and leasehold property; a First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future dated 14 May 2004.

There is a guarantee dated 30 September 2003 in favour of H M Revenue & Customs for £16,000.

Assets held under Hire Purchase Agreements are secured on the relevant assets.

10.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

Accelerated capital allowances

36,139

3,168

Deferred

tax

£

Balance at 1 January 2022

3,168

Accelerated capital allowances

32,971

Balance at 31 December 2022

36,139

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Lewis (Senior Statutory Auditor)

for and on behalf of Lewis's Ltd (Statutory Auditors)

13.	ULTIMATE CONTROLLING PARTY

The controlling party is G F Hutchings.

The ultimate controlling party is G F Hutchings.