Thanks for the responses...
Sorry for that calculation mistake, the numbers where from different scenarios, my mistake. When I wrote 1A, this is because in one real word scenario I will be having 2x 6W LEDs in parallel, so that means 1A total. As for the 0.42A, that was from another real world scenario, where the bulb is actually 5W. Nevertheless, there is no confusion about arithmetic.
So, for anything than a "simple resistive load", it is not safe to apply Ohms law, since when the voltage changes, resistance could also change, and therefore we have two unknown variables? And by "simple resistive load" you mean - resistors, which have constant resistance? For everything else, we should not be assuming that resistance will be constant?