Company registration number 06267363 (England and Wales)
Meta-Lucid Limited
UNAUDITED Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Meta-Lucid Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Meta-Lucid Limited
Balance Sheet
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
755
2,386
Current assets
Debtors
4
824,712
323,152
Investments
5
47,100
47,100
Cash at bank and in hand
915,430
1,596,516
1,787,242
1,966,768
Creditors: amounts falling due within one year
6
(56,200)
(122,970)
Net current assets
1,731,042
1,843,798
Net assets
1,731,797
1,846,184
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,731,795
1,846,182
Total equity
1,731,797
1,846,184
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
C Pritchard
M L McCarthy
Director
Director
Company registration number 06267363 (England and Wales)
Meta-Lucid Limited
Notes to the Financial Statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Meta-Lucid Limited is a private company limited by shares incorporated in England and Wales. The registered office is Russell Building, Rothamsted Campus, West Common, Harpenden, Hertfordshire, AL5 2JQ.
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.
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.
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:
Equipment
25% straight line
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Meta-Lucid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
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
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.8
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Meta-Lucid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 4 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 January 2023
20,068
Disposals
(3,783)
At 31 December 2023
16,285
Depreciation and impairment
At 1 January 2023
17,682
Depreciation charged in the year
465
Eliminated in respect of disposals
(2,617)
At 31 December 2023
15,530
Carrying amount
At 31 December 2023
755
At 31 December 2022
2,386
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
127,824
120,152
Other debtors
696,888
203,000
824,712
323,152
5
Current asset investments
2023
2022
£
£
Other investments
47,100
47,100
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
53,049
111,208
Other creditors
3,151
11,762
56,200
122,970
Meta-Lucid Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 5 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in other debtors is £502,000 (2022 - £203,000) owed to a company under common control.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
M L McCarthy -
-
(4,381)
251,501
(97,120)
150,000
C Pritchard -
-
(4,381)
111,500
(97,120)
9,999
(8,762)
363,001
(194,240)
159,999