Lightspace Homes Ltd - Period Ending 2014-04-30

LIGHTSPACE HOMES LIMITED - Company Information

Lightspace Homes Ltd 05442055 false true 2013-05-01 2014-04-30 2014-04-30 05442055 2013-05-01 2014-04-30 05442055 2014-04-30 05442055 uk-bus:OrdinaryShareClass1 2014-04-30 05442055 uk-bus:Director2 2013-05-01 2014-04-30 05442055 uk-bus:OrdinaryShareClass1 2013-05-01 2014-04-30 05442055 uk-bus:EntityAccountantsOrAuditors 2013-05-01 2014-04-30 05442055 uk-gaap:Buildings 2013-05-01 2014-04-30 05442055 uk-gaap:FixturesFittings 2013-05-01 2014-04-30 05442055 uk-gaap:MotorVehicles 2013-05-01 2014-04-30 05442055 2013-04-30 05442055 2013-04-30 05442055 uk-bus:OrdinaryShareClass1 2013-04-30 iso4217:GBP xbrli:shares

Registration number: 05442055

Lightspace Homes Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014

V&A Bell Brown LLP
Chartered Accountants and Chartered Tax Advisers
Stoneygate House
2 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

Lightspace Homes Ltd
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 4

Lightspace Homes Ltd
(Registration number: 05442055)
Abbreviated Balance Sheet at 30 April 2014

	Note	2014 £	2013 £
Fixed assets
Tangible fixed assets		9,880	12,403
Current assets
Stocks		904,735	643,734
Debtors	3	1,872,518	1,831,099
Cash at bank and in hand		4,311	3,841
		2,781,564	2,478,674
Creditors: Amounts falling due within one year		(9,878)	(4,468)
Net current assets		2,771,686	2,474,206
Total assets less current liabilities		2,781,566	2,486,609
Creditors: Amounts falling due after more than one year		(3,910,640)	(3,569,486)
Net liabilities		(1,129,074)	(1,082,877)
Capital and reserves
Called up share capital	5	2	2
Profit and loss account		(1,129,076)	(1,082,879)
Shareholders' deficit		(1,129,074)	(1,082,877)

For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 January 2015 and signed on its behalf by:

.........................................
Mrs R Parsons
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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Lightspace Homes Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

At the year end the Company had net liabilities of £1,129,074. The Directors have amounts owing to them which total £3,029,803 at the year end. They have agreed that these amounts will not be repaid until such time as the Company has adequate funds available to allow it to pay its other debts as they fall due and are prepared to continue to support the Company through its next phase of development. On this basis the Directors believes that it is appropriate to draw up these financial statements on the going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold property	20% straight line method
Fixtures and fittings	15% reducing balance method
Motor vehicles	25% reducing balance method

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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Lightspace Homes Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 May 2013	50,954	50,954
At 30 April 2014	50,954	50,954
Depreciation
At 1 May 2013	38,551	38,551
Charge for the year	2,523	2,523
At 30 April 2014	41,074	41,074
Net book value
At 30 April 2014	9,880	9,880
At 30 April 2013	12,403	12,403

Debtors

Debtors includes £1,856,713 (2013 - £1,806,488) receivable after more than one year.

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2014 £	2013 £

Amounts falling due after more than one year	880,837	903,337

5	Share capital

Allotted, called up and fully paid shares

	2014			2013
		No.	£		No.	£
Ordinary shares of £1 each		2	2		2	2

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Lightspace Homes Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

6	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

James Sommerville & Son Limited ( A company controlled by Mr J Sommerville, a director of Lightspace Homes Limited )
Purchases made from the company amounted to £255,416 (2013 - £73,056) . At the balance sheet date the amount due to James Sommerville & Son Limited was £628 ( 2013 - £2,518 ) .

James Sommerville & Son Limited ( A company controlled by Mr J Sommerville, a director of Lightspace Homes Limited )
Included in Other Debtors is a loan to the James Sommerville and Son Ltd a company in which Mr J Sommerville is a director and shareholder . At the balance sheet date the amount due from James Sommerville & Son Limited was £3,200 ( 2013 - £3,200 ) .

Lightspace Management Company Limited ( Common ownership )
Included in other debtors over one year is a loan to Lightspace Management Company Limited . At the balance sheet date the amount due from Lightspace Management Company Limited was £1,856,713 ( 2013 - £1,806,488 ) .

J S Sommerville ( Director )
Included in other debtors are amounts due from the Director which arise because the monies drawn are in excess of the wages, dividends and expenses made on behalf of the company
. At the balance sheet date the amount due from J S Sommerville was £4,962 ( 2013 - £4,962 ) .

A & R Parsons ( Directors )
Included in other creditors over one year are amounts due to the directors arising from monies introduced into the company not yet being repaid to them . At the balance sheet date the amount due to A & R Parsons was £3,029,803 ( 2013 - £2,666,149 ) .

Control

The company is controlled by R Parsons (Director).

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