Company registration number 4865404 (England and Wales)
LUCID PRODUCTIONS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LUCID PRODUCTIONS LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
LUCID PRODUCTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of conference & event production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
W J Merryweather
D J Christou
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
W J Merryweather
Director
5 September 2024
LUCID PRODUCTIONS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
906
1,811
Current assets
Debtors
4
76,245
87,364
Cash at bank and in hand
3
3
76,248
87,367
Creditors: amounts falling due within one year
5
(62,664)
(64,947)
Net current assets
13,584
22,420
Total assets less current liabilities
14,490
24,231
Creditors: amounts falling due after more than one year
6
(14,302)
(23,518)
Net assets
188
713
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
184
709
Total equity
188
713
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 5 September 2024 and are signed on its behalf by:
D J Christou
Director
Company registration number 4865404 (England and Wales)
LUCID PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Lucid Productions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Innovation House,, Innovation House, 17-27 Stirling Road, Acton, London, W3 8DJ.
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 £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LUCID PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Hire purchase and leasing commitments
Rentals paid under operation leases are charged to profir and loss on a straight line basis over the period of the lease.
1.6
Pension costs and other post-Retirement benefits
The company operates a defined contribution pension scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:2.
2023
2022
Number
Number
Total
2
2
LUCID PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
20,067
Depreciation and impairment
At 1 January 2023
18,256
Depreciation charged in the year
905
At 31 December 2023
19,161
Carrying amount
At 31 December 2023
906
At 31 December 2022
1,811
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,205
25,474
Other debtors
72,040
61,890
76,245
87,364
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,584
19,141
Corporation tax
15,490
19,038
Other taxation and social security
6,017
6,818
Other creditors
22,573
19,950
62,664
64,947
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,302
23,518
7
Related Party Disclosures
During the year,total dividends of £19,600 (2022-£80,000) were paid to the director.
LUCID PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
(61,889)
(31,400)
21,250
(72,039)
(61,889)
(31,400)
21,250
(72,039)
9
Ultimate Controlling Party
The ultimate controlling party is the board of directors.