Company registration number 11880792 (England and Wales)
LUMEN ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LUMEN ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
L Guo
J A de Lavenere Lussan
Company number
11880792
Registered office
7th Floor (North)
11 Old Jewry
London
United Kingdom
EC2R 8DU
Auditor
Henton & Co LLP
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
LUMEN ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 18
LUMEN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company obtained authorisation from the Financial Conduct Authority ("FCA") on 2nd September 2019 and commenced its investment activities just before the start of the previous period on 1 May 2022.

 

The directors are satisfied with the company's performance in difficult market conditions with income increasing by 87.9% and the company generating profits for the current year.

 

The level of net assets reported in the year end balance sheet has increased by 8.6% on the amount last year, representing a surplus over the company's regulatory capital requirements and a strong base for the planned expansion of business activities.

Principal risks and uncertainties

As an entity regulated by the FCA, the company is required to undertake internal assessments of the key risks faced by the company and consider their impact on the company's capital adequacy position. The internal reporting ensures that the company's risk management approach is clearly documented and that appropriate levels of capital are maintained.

Business risk

The directors consider that the company's principal business risks are losing or failing to attract new customers and investment executives and other normal risks associated with the performance of the investments under management. The directors are confident that the company is well placed to retain existing clients and attract new business.

Liquidity risk

The company manages its cash in order to ensure that it has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company's principal foreign currency exposures would arise from transactions in currencies other than Sterling and the company has foreign currency income and costs. The company's policy permits but does not demand that derivative foreign exchange products are used to eliminate undue risks contained in these cash flows.

Credit risk

The company places its cash with creditworthy institutions and debtors are reviewed on a regular basis with provision made against doubtful debts when necessary. The carrying amount of cash and debtors represent the maximum credit risk that the company is exposed to.

SECTION 172 (1) STATEMENT

The directors have the following comments regarding the performance of their duties to promote the success of the Company:

 

Interests of of the company's members

The company’s ownership changed during the period under review as part of a group restructuring exercise and the new shareholder is represented on the board which consists of two executive directors. The interests of the board and the shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.

 

Board decisions during the period

The board meets regularly to monitor the performance of the company and other matters. The company reports to and is regulated by the FCA and it is the directors' responsibility to ensure that the company is fully compliant with FCA rules. Regular updates and review of the firm's risk management approach ensure that the company maintains levels of capital that are a surplus over its regulatory requirements.

 

 

LUMEN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The interests of our employees

The company is yet to employ any staff and will focus on the training and support of its employees in the future, understanding that a well informed and trained workforce is essential for the company's ongoing success. The company will offer its employees competitive remuneration packages in order to secure the best talent available.

 

The interests of our customers

It is imperative that customers are provided with an excellent level of customer service and the company's ethos is that the work performed must be of the highest quality to ensure this.

 

The interests of our suppliers

Due to the nature of the company's activities it is not reliant on suppliers in order to generate revenue and suppliers will be used to provide auxiliary and support services.

 

The impact of the company's operations on the community and the environment

The company aims to provide services internationally in many different geographical locations which are likely to include the Caribbean and Europe. These regions have exacting operating procedures to ensure as little effect as possible is made on the environment and we endeavour to use technology wherever possible to reduce unnecessary travel by our staff.

 

Maintaining a reputation for high standards of business conduct

We are committed to maintaining a reputation of the high standards of business conduct associated with FCA regulated firms. The company has a number of policies for all officers and employees to follow and externally prepared compliance reviews are undertaken in respect of any regulated activities.

On behalf of the board

L Guo
Director
22 April 2024
LUMEN ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review was that of alternative investment management.

Results and dividends

No dividends will be distributed for the year ended 31st December 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L Guo
J A de Lavenere Lussan
Auditor

A resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LUMEN ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
L Guo
Director
22 April 2024
LUMEN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUMEN ASSET MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Lumen Asset Management Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LUMEN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUMEN ASSET MANAGEMENT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102, the Financial Services and Markets Act 2000 and applicable tax legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance concerning compliance with such laws and regulations and any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

LUMEN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUMEN ASSET MANAGEMENT LIMITED
- 7 -

The company was authorised and regulated by the Financial Conduct Authority ('the FCA') throughout the year and non-compliance with the rules of the FCA was an area of focus. Our procedures to respond to risks identified in relation to regulatory compliance included the following; enquiries of management and those charged with governance; reviewing the firm's higher level standards and compliance reports; reviewing returns submitted to and correspondence with the regulator, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Heaney
For and on behalf of Henton & Co LLP
23 April 2024
Statutory Auditor
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
LUMEN ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
221,504
117,881
Cost of sales
(199,972)
(124,191)
Gross profit/(loss)
21,532
(6,310)
Administrative expenses
(18,622)
(13,687)
Other operating income
7,851
2,390
Profit/(loss) before taxation
10,761
(17,607)
Tax on profit/(loss)
7
-
0
-
0
Profit/(loss) for the financial year
10,761
(17,607)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LUMEN ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
8
102,782
53,186
Cash at bank and in hand
88,527
138,131
191,309
191,317
Creditors: amounts falling due within one year
9
(55,526)
(66,295)
Net current assets
135,783
125,022
Capital and reserves
Called up share capital
10
150,000
150,000
Profit and loss reserves
(14,217)
(24,978)
Total equity
135,783
125,022
The financial statements were approved by the board of directors and authorised for issue on 22 April 2024 and are signed on its behalf by:
L Guo
Director
Company registration number 11880792 (England and Wales)
LUMEN ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
150,000
(7,371)
142,629
Period ended 31 December 2022:
Loss and total comprehensive income
-
(17,607)
(17,607)
Balance at 31 December 2022
150,000
(24,978)
125,022
Year ended 31 December 2023:
Profit and total comprehensive income
-
10,761
10,761
Balance at 31 December 2023
150,000
(14,217)
135,783
LUMEN ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
13
(49,604)
(5,223)
Net decrease in cash and cash equivalents
(49,604)
(5,223)
Cash and cash equivalents at beginning of year
138,131
143,354
Cash and cash equivalents at end of year
88,527
138,131
LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Lumen Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor (North), 11 Old Jewry, London, United Kingdom, EC2R 8DU.

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.

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
Going concern

Ttruehe directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

1.4
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.

LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

 

 

LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
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.

1.7
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.

1.8

Expenses

Expenses incurred have been recognised on an accruals basis.

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 directors consider that the only area where management judgement has been required that has had a significant effect on the amounts recognised in the financial statements is the recoverability of debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

The directors do not consider that there are any estimates used in the amounts recognised in the financial statements.

LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Investment management fees
221,504
117,881
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
221,504
117,881
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,250
1,250
For other services
All other non-audit services
2,425
125
5
Employees

There were no staff costs for the year ended 31st December 2023 nor for the period ended 31st December 2022.

 

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
2
6
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
7,490
499
LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
7
Taxation

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
10,761
(17,607)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
2,690
(3,345)
Unutilised tax losses carried forward
(2,690)
3,345
Taxation charge for the year
-
-

The company has unrelieved losses of approximately £14,000 (2022 - £24,479) available to carry forward against future profits and gains.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,686
2,867
Amounts owed by group undertakings
1,508
-
0
Other debtors
85,198
49,930
Prepayments and accrued income
390
389
102,782
53,186
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,526
39,863
Amounts owed to group undertakings
22,000
-
0
Accruals and deferred income
3,000
26,432
55,526
66,295
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
150,000
150,000
150,000
150,000
LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
22,000
-
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,000
-
Group undertakings
508
-
Other related parties
51,283
-

No interest has been charged on the amounts owed to or by related parties during the current year or the previous period.

12
Ultimate controlling party

On 31 March 2023, Laven Hosting Limited became the immediate parent company and Laven Holdings Limited, a company incorporated in the British Virgin Islands, became the ultimate parent company.

 

J A de Lavenere Lussan was the ultimate controlling party up to 30 March 2023 and since that date no single party has had ultimate control of the company.

 

13
Cash absorbed by operations
2023
2022
£
£
Profit/(loss) for the year after tax
10,761
(17,607)
Movements in working capital:
Increase in debtors
(49,596)
(47,471)
(Decrease)/increase in creditors
(10,769)
59,855
Cash absorbed by operations
(49,604)
(5,223)
LUMEN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
14
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
138,131
(49,604)
88,527
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200L GuoJ A de Lavenere Lussanfalsefalse118807922023-01-012023-12-3111880792bus:Director12023-01-012023-12-3111880792bus:Director22023-01-012023-12-3111880792bus:RegisteredOffice2023-01-012023-12-31118807922023-12-31118807922022-05-012022-12-3111880792core:RetainedEarningsAccumulatedLosses2022-05-012022-12-3111880792core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31118807922022-12-3111880792core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111880792core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111880792core:CurrentFinancialInstruments2023-12-3111880792core:CurrentFinancialInstruments2022-12-3111880792core:ShareCapital2023-12-3111880792core:ShareCapital2022-12-3111880792core:RetainedEarningsAccumulatedLosses2023-12-3111880792core:RetainedEarningsAccumulatedLosses2022-12-3111880792core:ShareCapital2022-04-3011880792core:RetainedEarningsAccumulatedLosses2022-04-30118807922022-12-31118807922022-04-3011880792core:UKTax2023-01-012023-12-3111880792core:UKTax2022-05-012022-12-3111880792core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-3111880792bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111880792bus:FRS1022023-01-012023-12-3111880792bus:Audited2023-01-012023-12-3111880792bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP