LIGHTYEAR FINANCIAL LTD

Company Registration Number:
12925823 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

LIGHTYEAR FINANCIAL LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes

LIGHTYEAR FINANCIAL LTD

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 1,698,409 917,912
Tangible assets: 4 30,223 24,935
Investments: 5 8,251,234 4,365,485
Total fixed assets: 9,979,866 5,308,332
Current assets
Stocks:   0 0
Debtors: 6 201,628 122,453
Cash at bank and in hand: 1,508,024 3,312,983
Investments: 7 8,022,829 13,280,483
Total current assets: 9,732,481 16,715,919
Prepayments and accrued income: 57,272 38,522
Creditors: amounts falling due within one year: 8 ( 287,677 ) ( 199,470 )
Net current assets (liabilities): 9,502,076 16,554,971
Total assets less current liabilities: 19,481,942 21,863,303
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): 19,481,942 21,863,303
Capital and reserves
Called up share capital: 214 213
Share premium account: 26,454,620 26,454,620
Other reserves: 338 2,466
Profit and loss account: (6,973,230 ) (4,593,996 )
Total Shareholders' funds: 19,481,942 21,863,303

The notes form part of these financial statements

LIGHTYEAR FINANCIAL LTD

Balance sheet statements

For the year ending 31 March 2024 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 25 September 2024
and signed on behalf of the board by:

Name: Mihkel Aamer, Martin Sokk, Nicole Quinn
Status: Director

The notes form part of these financial statements

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 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 and trading for a fee. Revenues from foreign exchange services and trading 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. Externally bought software and licences are capitalised as intangible fixed assets and amortised on a straight-line basis over the expected life of the asset.

    Other accounting policies

    Foreign Exchange Monetary 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 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 25 18

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2023 0 1,246,968 1,246,968
Additions 0 1,318,031 1,318,031
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 March 2024 0 2,564,999 2,564,999
Amortisation
At 1 April 2023 0 329,056 329,056
Charge for year 0 537,534 537,534
On disposals 0 0 0
Other adjustments 0 0 0
At 31 March 2024 0 866,590 866,590
Net book value
At 31 March 2024 0 1,698,409 1,698,409
At 31 March 2023 0 917,912 917,912

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 0 0 0 40,885 0 40,885
Additions 0 0 0 20,433 0 20,433
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 March 2024 0 0 0 61,318 0 61,318
Depreciation
At 1 April 2023 0 0 0 15,950 0 15,950
Charge for year 0 0 0 15,145 0 15,145
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 March 2024 0 0 0 31,095 0 31,095
Net book value
At 31 March 2024 0 0 0 30,223 0 30,223
At 31 March 2023 0 0 0 24,935 0 24,935

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

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 2024

6. Debtors

2024 2023
£ £
Trade debtors 75,624 35,350
Prepayments and accrued income 126,004 84,752
Other debtors 0 2,351
Total 201,628 122,453
Debtors due after more than one year: 0 0

LIGHTYEAR FINANCIAL LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

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 2024

8. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 48,237 84,430
Taxation and social security 110,516 46,156
Accruals and deferred income 128,924 68,884
Other creditors 0 0
Total 287,677 199,470