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Registration number: 14637868

Lightwave Digital Ltd

Unaudited Financial Statements

for the Period from 3 February 2023 to 28 February 2024

 

Lightwave Digital Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Lightwave Digital Ltd

(Registration number: 14637868)
Balance Sheet as at 28 February 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

993,269

Tangible assets

5

877

 

994,146

Current assets

 

Debtors

6

16,026

Cash at bank and in hand

 

41,458

 

57,484

Creditors: Amounts falling due within one year

7

(628,550)

Net current liabilities

 

(571,066)

Total assets less current liabilities

 

423,080

Provisions for liabilities

119,347

Net assets

 

542,427

Capital and reserves

 

Called up share capital

11,170

Share premium reserve

514,681

Retained earnings

16,576

Shareholders' funds

 

542,427

For the financial period ending 28 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

 

Lightwave Digital Ltd

(Registration number: 14637868)
Balance Sheet as at 28 February 2024

.........................................
Mr M Knott
Director

.........................................
Ms J Moore
Director

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lightwave Digital Ltd

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
8 Gateway 1000
Whittle Way
Stevenage
Herts
SG1 2FP
United Kingdom

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

At the balance sheet date the company had net current liabilities of £571,066. The Directors have pledged to continue to financially support the company for the forseeable future.

 

Lightwave Digital Ltd

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 28 February 2024

Judgements

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.

Revenue recognition

Turnover comprises of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight line

 

Lightwave Digital Ltd

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 28 February 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment. Goodwill is held in the functional currency of the entity. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

10% Straight line

Goodwill

10% Straight line

Internally generated software development

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Lightwave Digital Ltd

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 28 February 2024

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Software
£

Total
£

Cost or valuation

Additions acquired separately

415,324

225,634

445,000

1,085,958

At 28 February 2024

415,324

225,634

445,000

1,085,958

Amortisation

Amortisation charge

40,073

8,116

44,500

92,689

At 28 February 2024

40,073

8,116

44,500

92,689

Carrying amount

At 28 February 2024

375,251

217,518

400,500

993,269

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,027

1,027

At 28 February 2024

1,027

1,027

Depreciation

Charge for the period

150

150

At 28 February 2024

150

150

Carrying amount

At 28 February 2024

877

877




 

6

Debtors

 

Lightwave Digital Ltd

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 28 February 2024

Current

2024
£

Trade debtors

4,591

Prepayments

585

Other debtors

10,850

 

16,026

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

8,600

Taxation and social security

2,046

Accruals and deferred income

1,250

Other creditors

616,654

628,550

8

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £0.10 each

103,200

10,320.00

Ordinary share class B of £0.10 each

8,500

850.00

 

111,700

11,170

9

Ultimate controling party

The ultimate controlling party is J Moore and M Knott by virtue of their majority shareholding.