REGISTERED NUMBER:
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LUXDECO LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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LUXDECO LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LUXDECO LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Director: |
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Secretaries: |
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Registered office: |
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Registered number: |
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LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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ABRIDGED BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
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Tangible assets | 6 |
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Current assets |
Stocks |
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Debtors |
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Cash at bank |
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Creditors |
Amounts falling due within one year |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Creditors |
Amounts falling due after more than one
year |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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Shareholders' funds | ( |
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The director acknowledges its 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. |
LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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ABRIDGED BALANCE SHEET - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | Statutory information |
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Luxdeco Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | Statement of compliance |
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3. | Accounting policies |
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Compliance with accounting standards |
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Set out below is a summary of the principal accounting policies, all of which have been applied consistently |
(except as otherwise stated). |
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Significant judgements and estimates |
In applying the Company's accounting policies, the director is required to make judgements, estimates and |
assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates |
and assumptions are based on the best and most reliable evidence available at the time when the decisions are |
made, and are based on historical experience and other factors that are considered to be applicable. Due to the |
inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and |
outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or |
in the period of the revision and future periods, if the revision affects both current and future periods. |
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Critical judgements in applying the Company's accounting policies |
The critical judgement that the director has made in the process of applying the Company's accounting policies |
that have the most significant effect on the amounts recognised in the statutory financial statements are |
discussed below: |
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(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the director has considered both |
external and internal sources of information such as market conditions, counterparty credit ratings and |
experience of recoverability. There have been no indicators or impairments identified during the current financial |
year. |
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Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a |
significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next |
financial year are discussed below. |
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(i) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing |
recoverability the director considers factors such as the aging of the receivables, past experience and |
recoverability, and the credit profile of individual or groups of customers. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | Accounting policies - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Going concern |
These financial statements have been prepared on a going concern basis. |
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The current economic conditions present increased risks for all businesses. In response to such conditions, the |
director has carefully considered these risks including an assessment on uncertainty on future trading projection |
for a period of at least 12 months from the date of signing the financial statements, and the extent to which they |
might affect the preparation of the financial statements on a going concern basis. |
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Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, |
sufficient to meet the demands of the business including any capital and servicing obligations and external debt |
liabilities. |
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In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers |
that the Company is not exposed to losses on these assets which would affect their decision to adopt the going |
concern basis. |
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The investors continue to support Luxdeco Ltd and therefore, the director has a reasonable expectation that the |
Company has adequate resources to continue in operational existence for the foreseeable future and that there |
are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going |
concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these |
financial statements. |
LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | Accounting policies - continued |
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Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it |
is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount |
of the obligation. The amount recognised as a provision is the best estimate of the consideration required to |
settle the present obligation at the end of the reporting taking into account the risks and uncertainties |
surrounding the obligation. Provisions are discounted when the time value of money is material. |
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Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of |
the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, |
trade and other receivables, equity investments, trade and other payables, loans and borrowings. The company |
has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial |
Instruments in full. |
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Financial assets / liabilities - classified as basic financial instruments |
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(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original |
maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. |
Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to |
be received, net of any impairment. |
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At the end of each reporting period, the Company assesses whether there is objective evidence that an |
receivable amount may be impaired. A provision for impairment is established when there is objective evidence |
that the Company will not be able to collect all amounts due according to the original terms of the receivables. |
The amount of the provision is the difference between the asset's carrying amount and the present value of the |
estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised |
immediately in profit or loss. |
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(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any |
transaction price, including any transaction costs. |
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4. | Employees and directors |
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The average number of employees during the year was
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LUXDECO LTD (REGISTERED NUMBER: 08067602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | Intangible fixed assets |
Totals |
£ |
Cost |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Amortisation |
At 1 April 2016 |
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Amortisation for year |
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At 31 March 2017 |
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Net book value |
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At 31 March 2017 |
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At 31 March 2016 |
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6. | Tangible fixed assets |
Totals |
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Cost |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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Net book value |
At 31 March 2017 |
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At 31 March 2016 |
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7. | Post balance sheet events |
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After the year end, the company received a further tranche of funding amounting to £550,000 from the investors. |
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8. | Transactions with directors |
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Included in creditors is a loan from Jonathan Holmes of £8,277 (2016 - £857). This loan is interest free and |
repayable on demand. |