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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Lucent Lighting Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Lucent Lighting Limited |
Lucent Lighting Limited (Registered number: 02810647) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 10 |
Lucent Lighting Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
Lucent Lighting Limited (Registered number: 02810647) |
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Statement of Financial Position |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Lucent Lighting Limited (Registered number: 02810647) |
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Statement of Financial Position - continued |
31 December 2020 |
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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 Board of Directors and authorised for issue on
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Lucent Lighting Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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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. The following criteria must also be met before revenue is recognised: |
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Sale of goods |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1993, has been fully amortised over its estimated useful life of twenty years. |
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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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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: |
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Capitalised dilapidations - over the period of the lease. |
Improvements to property - in accordance with the property. |
Plant and machinery - 30% on cost. |
Fixtures and fittings - 30% on cost. |
Motor vehicles - 25% on reducing balance. |
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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. Net realisable value is based on the estimated selling price less any further costs expected to be incurred to completion and disposal. |
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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 statement of financial position date. |
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
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Tax deferred or accelerated is accounted for in respect of all material timing differences. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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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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Pension costs and other post-retirement benefits |
The company operated a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Capitalised | to | Plant and |
dilapidations | property | machinery |
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COST |
At 1 January 2020 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2020 |
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Disposals | ( |
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Transfer to ownership | (20,295 | ) |
At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (14,278 | ) |
At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | STOCKS |
31.12.20 | 31.12.19 |
£ | £ |
Finished goods |
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Goods in transit | 41,971 | 13,998 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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VAT |
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Prepayments |
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | - | 64,436 |
Other creditors |
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Sales deposits | 271,783 | 160,527 |
Accrued expenses |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts (see note 10) |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.12.20 | 31.12.19 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Lucent Lighting Limited (Registered number: 02810647) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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10. | LEASING AGREEMENTS - continued |
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Non-cancellable operating | leases |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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11. | SECURED DEBTS |
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There is a debenture dated 24 May 2012 including a fixed charge over all freehold and leasehold property, first fixed charge over book and other debts, uncalled capital, chattels and goodwill both present and future, and first floating charge over all assets and undertaking both present and future given by the company to HSBC Bank PLC. |
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12. | CONTINGENT LIABILITIES |
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There is a guarantee dated 12 June 2012 in favour of HM Revenue and Customs for £10,000 held by HSBC PLC. |
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13. | ULTIMATE CONTROLLING PARTY |
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Lucent Lighting Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
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Lucent Lighting Holdings Limited's registered office address and principal place of business is 1345 High Road, London, N20 9HR. |
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14. | GOING CONCERN |
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The directors have considered the consequences of Covid-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Lucent Lighting Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lucent Lighting Limited for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Lucent Lighting Limited, as a body, in accordance with the terms of our engagement letter dated 2 December 2008. Our work has been undertaken solely to prepare for your approval the financial statements of Lucent Lighting Limited and state those matters that we have agreed to state to the Board of Directors of Lucent Lighting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lucent Lighting Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Lucent Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lucent Lighting Limited. You consider that Lucent Lighting Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Lucent Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
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