LUCID CO DEV LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company Registration No. 10463050 (England and Wales)
LUCID CO DEV LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
LUCID CO DEV LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
989,060
283,600
Cash at bank and in hand
419,260
30,598
1,408,320
314,198
Creditors: amounts falling due within one year
5
(531,192)
(36,000)
Net current assets
877,128
278,198
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
877,028
278,098
Total equity
877,128
278,198
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 21 December 2023 and are signed on its behalf by:
Miss H L Davidson
Director
Company registration number 10463050 (England and Wales)
LUCID CO DEV LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100
712
812
Year ended 31 March 2022:
Profit and total comprehensive income
-
277,386
277,386
Balance at 31 March 2022
100
278,098
278,198
Year ended 31 March 2023:
Profit and total comprehensive income
-
864,555
864,555
Dividends
-
(265,625)
(265,625)
Balance at 31 March 2023
100
877,028
877,128
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Lucid Co Dev Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Parliament Street, Liverpool, L8 5RN.
1.1
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 amounts 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 and have been consistently applied.
1.2
Going concern
The directors regularly review existing projects and future pipeline and review how best to allocate resources based on contract and technical requirements. The company can operate through its cash reserves and by management of its working capital. The directors regularly review the forecasts and working capital requirements to ensure there is sufficient resources to meet current and future operational needs. At the time of approving the financial statements, the directors understand this to be the case. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised as and when services are delivered in line with underlying contracts.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
796,876
129,500
Other debtors
192,184
154,100
989,060
283,600
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
180,000
36,000
Taxation and social security
51,192
Accruals and deferred income
300,000
531,192
36,000
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Moss BA FCA
Statutory Auditor:
DSG
7
Events after the reporting date
On 11 July 2023, Lucid Entertainment Group Limited, was acquired by L&G Oasis PTE Limited who are a fully owned subsidiary of Gold Coast Limited. The ultimate parent company is Tencent Holdings Limited and there is no ultimate controlling party.
8
Related party transactions
There were no transactions during the year with related parties other than with group companies. The company is exempt from disclosing transactions with group companies that are wholly owned within the same group.
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Parent company
At 31 March 2023, the company is a wholly owned subsidiary of Lucid Entertainment Group Ltd which is also the ultimate parent company. The ultimate parent company, which prepares consolidated financial statements, is registered in England and Wales at 29-31 Parliament Street, Liverpool, England, L8 5RN.
The smallest and largest group into which the results of this entity are consolidated is that headed by Lucid Entertainment Group Ltd.
The ultimate controlling party is Mr P Wallace.
Note 7 contains details of post period end events concerning the parent company and ultimate controlling party at the date of account signing.