2 false false false false false false false false false true false false false false true false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,526 3,089 83 3,172 354 437 xbrli:pure xbrli:shares iso4217:GBP 09199330 2023-03-01 2024-02-29 09199330 2024-02-29 09199330 2023-02-28 09199330 2022-03-01 2023-02-28 09199330 2023-02-28 09199330 bus:Director2 2023-03-01 2024-02-29 09199330 core:WithinOneYear 2024-02-29 09199330 core:WithinOneYear 2023-02-28 09199330 core:ShareCapital 2024-02-29 09199330 core:ShareCapital 2023-02-28 09199330 core:RetainedEarningsAccumulatedLosses 2024-02-29 09199330 core:RetainedEarningsAccumulatedLosses 2023-02-28 09199330 bus:SmallEntities 2023-03-01 2024-02-29 09199330 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09199330 bus:FullAccounts 2023-03-01 2024-02-29 09199330 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09199330 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09199330 core:OfficeEquipment 2023-03-01 2024-02-29 09199330 core:OfficeEquipment 2024-02-29 09199330 core:OfficeEquipment 2023-02-28 09199330 core:CloseFamilyMembersKeyManagementPersonnel 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 09199330
Lucid Legal Ltd
Filleted Unaudited Financial Statements
29 February 2024
Lucid Legal Ltd
Balance Sheet
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
354
437
Current assets
Debtors
6
40,535
Cash at bank and in hand
79,448
16,945
---------
--------
119,983
16,945
Creditors: amounts falling due within one year
7
349,100
349,164
---------
---------
Net current liabilities
229,117
332,219
---------
---------
Total assets less current liabilities
( 228,763)
( 331,782)
---------
---------
Capital and reserves
Called up share capital
950
950
Profit and loss account
( 229,713)
( 332,732)
---------
---------
Shareholders deficit
( 228,763)
( 331,782)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr J N Plews Director
Company registration number: 09199330
Lucid Legal Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Birchin Lane, London, EC3V 9DU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have received assurances from the parent company that the loan received will continue as required and therefore consider the company to be a going concern. The financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2023 and 29 February 2024
3,526
3,526
-------
-------
Depreciation
At 1 March 2023
3,089
3,089
Charge for the year
83
83
-------
-------
At 29 February 2024
3,172
3,172
-------
-------
Carrying amount
At 29 February 2024
354
354
-------
-------
At 28 February 2023
437
437
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
40,535
--------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
174,287
271,838
Social security and other taxes
174,813
75,315
Other creditors
2,011
---------
---------
349,100
349,164
---------
---------
8. Directors' advances, credits and guarantees
During the period the loans to the directors were repaid and further loans advanced, and £618 interest charged to the directors. As at 28 February 2024 £40,535 (2023 £2,011) was owed to the company and will be repaid before 30 November 2024.
9. Related party transactions
During the period the company made repayments in respect of the loan from the parent company, totalling £97,550, reducing the short term loan. As at 28 February 2024 £174,287 (2023 £271,837) is outstanding in respect of this loan. No formal terms have been agreed for the loan, but the directors have received assurances that the loan will continue as required.
10. Reserves
The only movement in reserves during the period was in respect of the profit for the year.