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2022-01-01
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2022-12-31
COMPANY REGISTRATION NUMBER:
05344017
Light Control Systems (UK) Limited |
|
Filleted Unaudited Financial Statements |
|
Light Control Systems (UK) Limited |
|
Year ended 31 December 2022
Officers and professional advisers |
1 |
|
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Light Control Systems (UK) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
H Davies |
|
M Grimshaw |
|
B Davies |
|
|
Registered office |
North Road |
|
Bridgend Industrial Estate |
|
Bridgend |
|
CF31 3TB |
|
|
Accountants |
Clay Shaw Thomas Ltd |
|
Chartered accountants |
|
2 Oldfield Road |
|
Bocam Park |
|
Bridgend |
|
CF35 5LJ |
|
|
Light Control Systems (UK) Limited |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Light Control Systems (UK) Limited |
|
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Light Control Systems (UK) Limited for the year ended 31 December 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Clay Shaw Thomas Ltd
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
26 September 2023
Light Control Systems (UK) Limited |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
|
64,439 |
58,342 |
|
|
|
|
|
Current assets
Stocks |
23,274 |
|
28,283 |
Debtors |
6 |
273,030 |
|
234,548 |
Cash at bank and in hand |
166,905 |
|
169,519 |
|
--------- |
|
--------- |
|
463,209 |
|
432,350 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
194,955 |
|
151,942 |
|
--------- |
|
--------- |
Net current assets |
|
268,254 |
280,408 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
332,693 |
338,750 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
123,903 |
143,569 |
|
|
|
|
|
Provisions |
|
16,110 |
11,085 |
|
|
--------- |
--------- |
Net assets |
|
192,680 |
184,096 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
6,000 |
6,000 |
Profit and loss account |
|
186,680 |
178,096 |
|
|
--------- |
--------- |
Shareholders funds |
|
192,680 |
184,096 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Light Control Systems (UK) Limited |
|
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2023
, and are signed on behalf of the board by:
M Grimshaw |
B Davies |
Director |
Director |
|
|
Company registration number:
05344017
Light Control Systems (UK) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is North Road, Bridgend Industrial Estate, Bridgend, CF31 3TB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
|
|
Motor vehicles |
- |
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2021:
12
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 |
46,702 |
68,978 |
115,680 |
Additions |
1,091 |
26,768 |
27,859 |
Disposals |
– |
(
20,500) |
(
20,500) |
|
-------- |
-------- |
--------- |
At 31 December 2022 |
47,793 |
75,246 |
123,039 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 January 2022 |
39,122 |
18,216 |
57,338 |
Charge for the year |
6,003 |
15,759 |
21,762 |
Disposals |
– |
(
20,500) |
(
20,500) |
|
-------- |
-------- |
--------- |
At 31 December 2022 |
45,125 |
13,475 |
58,600 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2022 |
2,668 |
61,771 |
64,439 |
|
-------- |
-------- |
--------- |
At 31 December 2021 |
7,580 |
50,762 |
58,342 |
|
-------- |
-------- |
--------- |
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31 December 2022 |
55,892 |
|
-------- |
At 31 December 2021 |
46,394 |
|
-------- |
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
266,394 |
228,511 |
Other debtors |
6,636 |
6,037 |
|
--------- |
--------- |
|
273,030 |
234,548 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
24,000 |
7,456 |
Trade creditors |
96,946 |
74,110 |
Social security and other taxes |
42,012 |
30,467 |
Other creditors |
31,997 |
39,909 |
|
--------- |
--------- |
|
194,955 |
151,942 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
88,000 |
112,544 |
Other creditors |
35,903 |
31,025 |
|
--------- |
--------- |
|
123,903 |
143,569 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £17,050) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
10,926 |
6,760 |
Later than 1 year and not later than 5 years |
8,673 |
2,253 |
|
-------- |
------- |
|
19,599 |
9,013 |
|
-------- |
------- |
|
|
|
10.
Related party transactions
During the year the company incurred management fees of £33,000 (2021: £33,000) from Solar Group Holdings Limited, a company under common control. At the year end the company owed £4,500 (2021: £3,300) in respect of these charges. During the year the company incurred purchases and management fees of £534,413 (2021: £38,695) from Solar Sunshades Limited, a company under common control. At the year end the company owed £40,470 (2021: £27,545) in respect of these charges.
11.
Ultimate controlling party
The company is controlled by Solar Group Holdings Limited who owns 52% of the called up share capital. The ultimate controlling party is
H Davies
.