LUX GROUP HOLDINGS LTD

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

• ⚠

  Material uncertainty over going concern

  As at 31 March 2024, the group has net current liabilities of £31,220,674 (2023: £36,106,091), and those liabilities are of a related nature due to prior year support, The group's shareholder continues to demonstrate his commitment and support to the group and there is an existing credit line in the amount of £2.4 million that is unused as of date of this report. By way of this credit facility the shareholder has confirmed it is his current intention to support the business further to enable the group to meet its financial commitments for a period of at least 12 months from the date of approval of these financial statements. Should the forecast level of sales and profitability not be achieved, the business might need to seek further funding in order to bridge the cashflow position. This funding is currently available, but this written commitment as filed in companies house represents a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. LUX GROUP HOLDINGS LTD 2019-08-06 → present
2. SMWF LTD 2018-12-03 → 2019-08-06

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Harris Bassett Limited

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“As at 31 March 2024, the group has net current liabilities of £31,220,674 (2023: £36,106,091), and those liabilities are of a related nature due to prior year support, The group's shareholder continues to demonstrate his commitment and support to the group and there is an existing credit line in the amount of £2.4 million that is unused as of date of this report. By way of this credit facility the shareholder has confirmed it is his current intention to support the business further to enable the group to meet its financial commitments for a period of at least 12 months from the date of approval of these financial statements. Should the forecast level of sales and profitability not be achieved, the business might need to seek further funding in order to bridge the cashflow position. This funding is currently available, but this written commitment as filed in companies house represents a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern.”

Group structure

1. LUX GROUP HOLDINGS LTD · parent
   1. Last Layer Limited 100% · UK · Manufacture of kitchen furniture
   2. The ARX Group Limited 100% · UK · Retail sale in commercial art galleries

Significant events

• “The Covid-19 pandemic had an impact on delivered results for the Company's products, more especially because of the international nature of the Company's business and the pausing of multiple projects. Covid-19 led to serious supply chain issues and rapid material cost inflation also affecting the Company.”
• “a rather serious flood occurred on the 4th of February 2021 and significant damage was done to the nearly completed fit out and the flooding resulted in delayed and increased losses. Due to the Landlord's lethargic and often myopic remedial actions and the unreasonable delays by the Landlord to reinstate the premises, additional damage and costs were incurred.”
• “On the 16th of October 2023 the Landlord unlawfully terminated the lease. Shortly after termination, the Landlord began to effectuate the long delayed repairs and replacements to the corroded Victorian Era Cast Iron pipes that were part of the Landlord's retained assets.”
• “The Company has written off the entire capital spend on the showroom as it has lost control of the assets that were converted by the Landlord. As noted above, Lux hopes to recover significant portions of its spending from insurance proceeds and from the Landlord.”
• “The litigation is now in high court (a claim in excess of £100 million has been duly filed), which the directors believe will lead to very substantial compensation estimated to be North of £30 million as relates to reimbursement of remedial expenses, loss of trade and profits.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.