Lumax Homes Limited - Accounts to registrar (filleted) - small 23.2.5
Lumax Homes Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2023 |
| for |
| Lumax Homes Limited |
| Lumax Homes Limited (Registered number: SC241540) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Lumax Homes Limited |
| Company Information |
| for the Year Ended 30 June 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Westburn Business Centre |
| McNee Road |
| Prestwick |
| KA9 2PB |
| Lumax Homes Limited (Registered number: SC241540) |
| Balance Sheet |
| 30 June 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Lumax Homes Limited (Registered number: SC241540) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2023 |
| 1. | STATUTORY INFORMATION |
| Lumax Homes Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Despite the company having net liabilities of £210,753, the company continues to be fully supported by related companies and inter company debt. As at 30 June 2023 the net debt due to other related companies was £245,075. On the basis of this continued support the accounts have been prepared on a going concern basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
| Lumax Homes Limited (Registered number: SC241540) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
| Loans and other receivables |
| Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
| Other financial liabilities |
| Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
| Impairment of financial instruments |
| A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 July 2022 |
| and 30 June 2023 |
| DEPRECIATION |
| At 1 July 2022 |
| and 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| Lumax Homes Limited (Registered number: SC241540) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| 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. |
| During the year the company undertook transactions with Craigie Property Investments Ltd to a value of £nil (2022 - £12,201), a company in which Mr and Mrs Andrew Lusk own the entire share capital between them. The amount outstanding and due from Craigie Property Investments Ltd at 30 June 2023 was £28,006 (2022: £28,006). |
| In a previous year, the company lent monies to Lumac Construction Ltd, a company in which Mr Lusk owns the entire share capital. As at 30th June 2023 the amount outstanding and due by Lumac Construction Ltd was £10,000 (2022: £10,000).. |
| 8. | CONTROLLING PARTIES |
| The company is a wholly owned subsidiary of Lumax Homes (Holdings) Limited. |
| The company is under the ultimate control of Mr and Mrs Andrew Lusk by virtue of their 100% shareholding in the parent company Lumax Homes (Holdings) Limited. Lumax Homes (Holdings) Limited registered office is at Unit 2 Southhook Road, Kilmarnock, Ayrshire, KA1 2NN. |