Caseware UK (AP4) 2018.0.196 2018.0.196 2019-03-31 2019-03-31 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. true true The principal activity of the company is the production of bespoke furniture false 2018-04-01 08067602 2018-04-01 2019-03-31 08067602 2017-04-01 2018-03-31 08067602 2019-03-31 08067602 2018-03-31 08067602 1 2018-04-01 2019-03-31 08067602 d:Director1 2018-04-01 2019-03-31 08067602 c:MotorVehicles 2018-04-01 2019-03-31 08067602 c:MotorVehicles 2019-03-31 08067602 c:MotorVehicles 2018-03-31 08067602 c:MotorVehicles c:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 08067602 c:OfficeEquipment 2018-04-01 2019-03-31 08067602 c:OfficeEquipment 2019-03-31 08067602 c:OfficeEquipment 2018-03-31 08067602 c:OfficeEquipment c:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 08067602 c:ComputerEquipment 2018-04-01 2019-03-31 08067602 c:ComputerEquipment 2019-03-31 08067602 c:ComputerEquipment 2018-03-31 08067602 c:ComputerEquipment c:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 08067602 c:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 08067602 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-04-01 2019-03-31 08067602 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-03-31 08067602 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-03-31 08067602 c:CurrentFinancialInstruments 2019-03-31 08067602 c:CurrentFinancialInstruments 2018-03-31 08067602 c:Non-currentFinancialInstruments 2019-03-31 08067602 c:Non-currentFinancialInstruments 2018-03-31 08067602 c:CurrentFinancialInstruments c:WithinOneYear 2019-03-31 08067602 c:CurrentFinancialInstruments c:WithinOneYear 2018-03-31 08067602 c:Non-currentFinancialInstruments c:AfterOneYear 2019-03-31 08067602 c:Non-currentFinancialInstruments c:AfterOneYear 2018-03-31 08067602 c:ShareCapital 2019-03-31 08067602 c:ShareCapital 2018-03-31 08067602 c:SharePremium 2019-03-31 08067602 c:SharePremium 2018-03-31 08067602 c:RetainedEarningsAccumulatedLosses 2019-03-31 08067602 c:RetainedEarningsAccumulatedLosses 2018-03-31 08067602 d:FRS102 2018-04-01 2019-03-31 08067602 d:AuditExempt-NoAccountantsReport 2018-04-01 2019-03-31 08067602 d:FullAccounts 2018-04-01 2019-03-31 08067602 d:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 08067602 c:WithinOneYear 2019-03-31 08067602 c:WithinOneYear 2018-03-31 08067602 c:BetweenOneFiveYears 2019-03-31 08067602 c:BetweenOneFiveYears 2018-03-31 iso4217:GBP xbrli:pure

Registered number:  08067602









LUXDECO LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

 
LUXDECO LTD
REGISTERED NUMBER:  08067602

STATEMENT OF FINANCIAL POSITION
AS AT  31 MARCH 2019

As restated
2019
2018
Note
£
£
   

Intangible assets
 4 
274,353
171,678

Tangible assets
 5 
26,829
8,945

   
301,182
180,623

Current assets
   

Stocks
   
81,207
152,493

Debtors: amounts falling due within one year
 6 
902,498
757,348

Cash at bank and in hand
   
93,012
321,440

   
1,076,717
1,231,281

Creditors: amounts falling due within one year
 7 
(1,359,172 )
(1,587,082 )

Net current liabilities
   
 
 
(282,455 )
 
 
(355,801 )

Total assets less current liabilities
   
18,727
(175,178 )

Creditors: amounts falling due after more than one year
 8 
(2,040,838 )
(4,624,900 )

   

Net liabilities
   
(2,022,111 )
(4,800,078 )

Capital and reserves
   

Called up share capital 
   
4
2

Share premium account
   
7,580,218
3,039,573

Profit and loss account
   
(9,602,333 )
(7,839,653 )

   
(2,022,111 )
(4,800,078 )


Page 1

 
LUXDECO LTD
REGISTERED NUMBER:  08067602
    
STATEMENT OF FINANCIAL POSITION  (CONTINUED)
AS AT  31 MARCH 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by : 




J Holmes
Director

Date:  9 August 2019

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

General information

The principal activity of LuxDeco Ltd ("the Company") is that of an online retailer of fine furnishings.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 9th Floor 107 Cheapside, London, EC2V 6DN.

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of  Financial Reporting Standard 102, the Financial Reporting Standard applicable in  the UK and the Republic of Ireland and the Companies Act 2006 .

The following principal accounting policies have been applied:

2.2

Going concern

These financial statements have been prepared on a going concern basis.
The company incurred trading losses for the year and the directors are aware that the company’s balance sheet reflects net liabilities. However, they have reasonable expectations that the company will begin to trade profitably once the research and development stage has advanced further. The investors continue to support LuxDeco Ltd and the directors are also actively seeking further new investment to ensure the business can meet its obligations, if and when, they become due. LuxDeco Ltd have raised in excess of £1.5m in investment since the balance sheet date. It is on this basis that the directors believe the accounts should continue to be prepared on the going concern basis. 

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2. Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2. Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2. Accounting policies (continued)

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
straight line over 3 years
Office equipment
-
straight line over 3 years
Computer equipment
-
straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.13

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the
recognition of financial assets and liabilities like trade and other debtors and creditors, loans from
 
Page 6

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2. Accounting policies (continued)

Financial instruments (continued)

other third parties, loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) control of the asset has been transferred to another party who has
the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional
restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at
transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.

The average monthly number of employees, including directors, during the year was  29  (2018 -  25 ) .

Page 7

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019




£



Cost


At 1 April 2018
773,079


Additions
236,576



At 31 March 2019

1,009,655



Amortisation


At 1 April 2018
601,401


Charge for the year
133,901



At 31 March 2019

735,302



Net book value



At 31 March 2019
274,353



At 31 March 2018
171,678

Page 8

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019




Motor vehicles
Office & warehouse equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2018
5,695
12,595
29,713
48,003


Additions
11,444
7,505
9,793
28,742



At 31 March 2019

17,139
20,100
39,506
76,745



Depreciation


At 1 April 2018
1,661
10,877
26,520
39,058


Charge for the year on owned assets
3,801
3,325
3,732
10,858



At 31 March 2019

5,462
14,202
30,252
49,916



Net book value



At 31 March 2019
11,677
5,898
9,254
26,829



At 31 March 2018
4,034
1,718
3,193
8,945

Page 9

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
As restated
2019
2018
£
£


Trade debtors
158,506
132,573

Other debtors
125,588
56,527

Prepayments and accrued income
487,793
566,919

Tax recoverable
129,282
-

Deferred taxation
1,329
1,329

902,498
757,348


As restated
2019
2018
£
£

Trade creditors
276,281
411,783

Other taxation and social security
47,348
74,239

Other creditors
191,643
194,780

Accruals and deferred income
843,900
906,280

1,359,172
1,587,082


As restated
2019
2018
£
£

Other loans
2,040,838
4,624,900


2019
2018
£
£
Allotted, called up and fully paid



173,516  (2018 -  173,333 )  Deferred shares of £ 0.000003  each
0.52
0.52
327,695  (2018 -  180,000 )  Ordinary shares of £ 0.000010  each
3.28
1.80

3.80

2.32

Page 10

 
LUXDECO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

9. Share capital (continued)


During the year, 147,695 Ordinary shares were issued at par.

in the prior year, sales were overstated by £324,199 and cost of sales overstated by £100,651. Accordingly, the net profit for the year ended 31 March 2018 has been reduced by £223,548.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £3,295 (2018: £889) were payable to the fund at the Statement of Financial Position date and are included in creditors.

As restated
2019
2018
£
£
125,400
87,960

Later than 1 year and not later than 5 years
451,250
123,500

576,650
211,460

Included within debtors due within one year is an amount owed by a director, amounting to £nil (2018 - £7,952).

After the year end, the company raised in excess of £1.5m in investment via a crowdfunding campaign.

 
Page 11