Lighting & Illumination Technology Exper - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04246192 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Lighting & Illumination Technology

Experience Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Hainsworth

A P Taylor

N R Graham

SECRETARY:

N R Graham

REGISTERED OFFICE:

LITEUnit 2,Farrington Place

Rossendale Rd Industrial Estate

Burnley

Lancashire

BB11 5TY

REGISTERED NUMBER:

04246192 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Tangible assets

4

111,728

227,941

Investment property

5

45,039

45,039

156,767

272,980

CURRENT ASSETS

Stocks

803,000

857,500

Debtors

1,222,157

1,406,557

Cash at bank and in hand

85,475

26,194

2,110,632

2,290,251

CREDITORS

Amounts falling due within one year

1,276,125

1,588,011

NET CURRENT ASSETS

834,507

702,240

TOTAL ASSETS LESS CURRENT LIABILITIES

991,274

975,220

CREDITORS

Amounts falling due after more than one year

(136,123

)

(206,890

)

PROVISIONS FOR LIABILITIES

-

(18,925

)

NET ASSETS

855,151

749,405

CAPITAL AND RESERVES

Called up share capital

8

100,000

100,000

Retained earnings

755,151

649,405

SHAREHOLDERS' FUNDS

855,151

749,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 November 2023 and were signed on its behalf by:

N R Graham - Director

S P Hainsworth - Director

1.	STATUTORY INFORMATION

Lighting & Illumination Technology Experience Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

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.

Exhibition equipment

-

50% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on reducing balance

Tangible fixed assets are initially recorded at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2022

885,882

Additions

55,371

Disposals

(240,585

)

At 31 July 2023

700,668

DEPRECIATION

At 1 August 2022

657,941

Charge for year

154,161

Eliminated on disposal

(223,162

)

At 31 July 2023

588,940

NET BOOK VALUE

At 31 July 2023

111,728

At 31 July 2022

227,941

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

Totals

£

COST

At 1 August 2022

177,961

Additions

32,939

Disposals

(32,300

)

At 31 July 2023

178,600

DEPRECIATION

At 1 August 2022

101,378

Charge for year

24,298

Eliminated on disposal

(19,963

)

At 31 July 2023

105,713

NET BOOK VALUE

At 31 July 2023

72,887

At 31 July 2022

76,583

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2022

and 31 July 2023

45,039

NET BOOK VALUE

At 31 July 2023

45,039

At 31 July 2022

45,039

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/7/23

31/7/22

£

£

Net obligations repayable:

Within one year

30,551

37,099

Between one and five years

26,123

36,890

56,674

73,989

Non-cancellable operating

leases

31/7/23

31/7/22

£

£

Within one year

51,055

-

Between one and five years

115,693

266,361

In more than five years

613,224

1,094,288

779,972

1,360,649

7.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/23

31/7/22

£

£

Bank loans

170,000

230,000

Hire purchase contracts

56,674

73,989

226,674

303,989

The hire purchase contracts are secured on the associated assets.

The company's bankers have taken a debenture over the other assets of the company as security for the

overdraft facility.

The "Amounts advanced on invoices" which are included in "Creditors: Amounts falling due within one year" are also secured upon the associated book debts of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/7/23

31/7/22

value:

£

£

100,000

Ordinary

£1

100,000

100,000