Maxilux Lighting Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02868064 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Maxilux Lighting Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R P Cockayne

N Cockayne

SECRETARY:

N Cockayne

REGISTERED OFFICE:

Euston House

12 Euston Place

Leamington Spa

Warwickshire

CV32 4BN

REGISTERED NUMBER:

02868064 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

CV3 1JN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

34,774

59,401

34,774

59,401

CURRENT ASSETS

Stocks

872,595

810,870

Debtors

6

640,718

118,022

Cash at bank and in hand

1,466,928

1,730,389

2,980,241

2,659,281

CREDITORS

Amounts falling due within one year

7

405,339

248,302

NET CURRENT ASSETS

2,574,902

2,410,979

TOTAL ASSETS LESS CURRENT LIABILITIES

2,609,676

2,470,380

PROVISIONS FOR LIABILITIES

-

2,891

NET ASSETS

2,609,676

2,467,489

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,609,576

2,467,389

2,609,676

2,467,489

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.

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 10 November 2023 and were signed on its behalf by:

R P Cockayne - Director

1.	STATUTORY INFORMATION

Maxilux Lighting 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

Straight line over 4 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost 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 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.

Hire purchase and leasing commitments

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 24 (2022 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2022

and 31 July 2023

9,450

AMORTISATION

At 1 August 2022

and 31 July 2023

9,450

NET BOOK VALUE

At 31 July 2023

-

At 31 July 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2022

101,873

74,448

16,454

Additions

-

803

1,232

Disposals

(101,873

)

(62,255

)

(15,381

)

At 31 July 2023

-

12,996

2,305

DEPRECIATION

At 1 August 2022

98,693

60,842

14,275

Charge for year

1,070

3,552

1,693

Eliminated on disposal

(99,763

)

(54,400

)

(15,141

)

At 31 July 2023

-

9,994

827

NET BOOK VALUE

At 31 July 2023

-

3,002

1,478

At 31 July 2022

3,180

13,606

2,179

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2022

51,136

21,983

265,894

Additions

-

684

2,719

Disposals

-

(16,242

)

(195,751

)

At 31 July 2023

51,136

6,425

72,862

DEPRECIATION

At 1 August 2022

12,784

19,899

206,493

Charge for year

9,588

1,238

17,141

Eliminated on disposal

-

(16,242

)

(185,546

)

At 31 July 2023

22,372

4,895

38,088

NET BOOK VALUE

At 31 July 2023

28,764

1,530

34,774

At 31 July 2022

38,352

2,084

59,401

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade debtors

133,695

113,948

Other debtors

507,023

4,074

640,718

118,022

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade creditors

91,749

68,115

Taxation and social security

179,222

124,079

Other creditors

134,368

56,108

405,339

248,302

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23

31.7.22

£

£

R P Cockayne

Balance outstanding at start of year

-

-

Amounts advanced

654

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

654

-

The above amount outstanding from the director is interest free and repaid in full following the balance sheet date.

9.	RELATED PARTY DISCLOSURES

The company pays rent on normal commercial terms to the Trustees of Shire Excecutive Retirement Benefit Scheme, which the directors are trustees. During the year £33,000 was paid (2022 - £32,200) no amounts were outstanding at the balance sheet date in respect of this transaction.

In addition to the rent the company also made advances to the pension scheme in respect of expenses incurred with regards to the property owned by pension scheme amounting to £249,653, at the balance sheet date these sums are included within debtors due back from the pension scheme.

During the year the company made an interest free loan Halfpipe Properties Limited a company with common control, at the balance sheet date £250,000 was due to the company in respect of this transaction (2022 - £NIL).

.

During the year the company received an interest free loan from Maxilux Systems Limited a company in which Mr R Cockayne owns 50% of the ordinary share capital. At the balance sheet date £92,350 was due from the company in respect of this transaction (2022 - £52,500).

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.