LIGHTYEAR FINANCIAL LTD

Company Registration Number:
12925823 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

LIGHTYEAR FINANCIAL LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Additional notes
Balance sheet notes

LIGHTYEAR FINANCIAL LTD

Balance sheet

As at 31 March 2023

Notes 2023 18 months to 31 March 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 917,912 423,947
Tangible assets: 4 24,935 19,683
Investments: 5 4,365,485 1,285,143
Total fixed assets: 5,308,332 1,728,773
Current assets
Stocks:   0 0
Debtors: 6 122,453 104,352
Cash at bank and in hand: 3,312,983 3,931,492
Investments: 7 13,280,483 0
Total current assets: 16,715,919 4,035,844
Prepayments and accrued income: 38,522 0
Creditors: amounts falling due within one year: 8 ( 199,470 ) ( 325,458 )
Net current assets (liabilities): 16,554,971 3,710,386
Total assets less current liabilities: 21,863,303 5,439,159
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 21,863,303 5,439,159
Capital and reserves
Called up share capital: 213 165
Share premium account: 26,454,620 7,176,525
Other reserves: 2,466 377
Profit and loss account: (4,593,996 ) (1,737,908 )
Total Shareholders' funds: 21,863,303 5,439,159

The notes form part of these financial statements

LIGHTYEAR FINANCIAL LTD

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 21 November 2023
and signed on behalf of the board by:

Name: Mihkel Aamer
Status: Director

The notes form part of these financial statements

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    The company provides foreign exchange services for a fee. Revenues from foreign exchange services are recognised in the profit and loss at the time services are rendered.The Company also provides intragroup marketing services to its subsidiary operating in the EU. Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer equipment - 33% straight line

    Intangible fixed assets amortisation policy

    Development costs are costs incurred for the development of software platforms and systems capitalised on the balance sheet in intangible fixed assets. Annual amortisation of development costs is calculated at 33% to write off the cost of the asset, minus its residual value, over its estimated useful lifetime.

    Other accounting policies

    Foreign ExchangeMonetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 18 months to 31 March 2022
    Average number of employees during the period 18 8

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2022 0 477,460 477,460
Additions 0 769,508 769,508
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 March 2023 0 1,246,968 1,246,968
Amortisation
At 1 April 2022 0 53,513 53,513
Charge for year 0 275,543 275,543
On disposals 0 0 0
Other adjustments 0 0 0
At 31 March 2023 0 329,056 329,056
Net book value
At 31 March 2023 0 917,912 917,912
At 31 March 2022 0 423,947 423,947

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2022 0 0 0 25,265 0 25,265
Additions 0 0 0 15,620 0 15,620
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 March 2023 0 0 0 40,885 0 40,885
Depreciation
At 1 April 2022 0 0 0 5,582 0 5,582
Charge for year 0 0 0 10,368 0 10,368
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 March 2023 0 0 0 15,950 0 15,950
Net book value
At 31 March 2023 0 0 0 24,935 0 24,935
At 31 March 2022 0 0 0 19,683 0 19,683

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Fixed assets investments note

On May 21, 2021 the Company established a subsidiary Lightyear Europe AS with the intention of expanding its service offering to customers in the European Economic Area. The investment is carried at cost.On September 21, 2022 the Company established a subsidiary Lightyear U.K. LTD with the intention of deepening its service offering in the United Kingdom. The investment is carried at cost.

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

6. Debtors

2023 18 months to 31 March 2022
£ £
Trade debtors 35,350 0
Prepayments and accrued income 84,752 57,927
Other debtors 2,351 46,425
Total 122,453 104,352
Debtors due after more than one year: 0 0

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

7. Current assets investments note

The company holds its excess cash in short-term bond funds which are treated as other financial instruments under FRS 102 and are initially recognised at fair value, which is the transaction price. Other financial instruments are subsequently measured at fair value with any changes in the fair value recorded in the profit and loss account.

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

8. Creditors: amounts falling due within one year note

2023 18 months to 31 March 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 84,430 167,823
Taxation and social security 46,156 137,971
Accruals and deferred income 68,884 19,664
Other creditors 0 0
Total 199,470 325,458