Company registration number 11754792 (England and Wales)
LUXE ASSET FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
LUXE ASSET FINANCE LIMITED
COMPANY INFORMATION
Directors
M Arundale
S Arundale
Company number
11754792
Registered office
Burkes Court
Burkes Road
Beaconsfield
Buckinghamshire
England
HP9 1NZ
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
LUXE ASSET FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
LUXE ASSET FINANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
18,526
12,270
Cash at bank and in hand
12,338
10,053
30,864
22,323
Creditors: amounts falling due within one year
4
(21,721)
(11,602)
Net current assets
9,143
10,721
Capital and reserves
Called up share capital
5
100
100
Share premium account
9,990
Profit and loss reserves
9,043
631
Total equity
9,143
10,721
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2022 and are signed on its behalf by:
M Arundale
Director
Company Registration No. 11754792
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LUXE ASSET FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
100
9,990
14,609
24,699
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
18,322
18,322
Dividends
-
-
(32,300)
(32,300)
Balance at 31 March 2021
100
9,990
631
10,721
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
-
30,549
30,549
Dividends
-
-
(32,127)
(32,127)
Reduction of share premium
5
(9,990)
9,990
Balance at 31 March 2022
100
9,043
9,143
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LUXE ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
Company information
Luxe Asset Finance Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Burkes Court, Burkes Road, Beaconsfield, Buckinghamshire, England, HP9 1NZ.
1.1
Reporting period
The reporting length of the entity regarding the current year is a 14 month period, the period has been lengthened because it is the first year of trading. As such, there are no comparative figures in the accounts.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rendering of services
Revenue arises from the provision of financial services.
Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period. Turnover is measured at the fair value of the consideration received or receivable for the rendering of such services, and shown net of discounts.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
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LUXE ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
12,541
6,327
Other debtors
5,985
5,943
18,526
12,270
4
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
7,737
4,485
Other creditors
13,984
7,117
21,721
11,602
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LUXE ASSET FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
10
10
10
100
100
100
100
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