Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetruetruetruetrue2023-08-29falseNo description of principal activity4truefalsefalse 15101669 2023-08-29 2024-03-31 15101669 2022-05-21 2023-08-28 15101669 2024-03-31 15101669 2023-08-28 15101669 6 2023-08-29 2024-03-31 15101669 d:Director1 2023-08-29 2024-03-31 15101669 d:Director2 2023-08-29 2024-03-31 15101669 d:Director2 2024-03-31 15101669 d:Director3 2023-08-29 2024-03-31 15101669 d:Director3 2024-03-31 15101669 d:Director4 2023-08-29 2024-03-31 15101669 d:Director4 2024-03-31 15101669 d:Director5 2023-08-29 2024-03-31 15101669 d:RegisteredOffice 2023-08-29 2024-03-31 15101669 e:CurrentFinancialInstruments 2024-03-31 15101669 e:Non-currentFinancialInstruments 2024-03-31 15101669 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 15101669 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 15101669 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-03-31 15101669 e:ShareCapital 2023-08-29 2024-03-31 15101669 e:ShareCapital 2024-03-31 15101669 e:RetainedEarningsAccumulatedLosses 2023-08-29 2024-03-31 15101669 e:RetainedEarningsAccumulatedLosses 2024-03-31 15101669 d:OrdinaryShareClass1 2023-08-29 2024-03-31 15101669 d:OrdinaryShareClass1 2024-03-31 15101669 d:FRS102 2023-08-29 2024-03-31 15101669 d:Audited 2023-08-29 2024-03-31 15101669 d:FullAccounts 2023-08-29 2024-03-31 15101669 d:PrivateLimitedCompanyLtd 2023-08-29 2024-03-31 15101669 e:Subsidiary1 2023-08-29 2024-03-31 15101669 e:Subsidiary1 1 2023-08-29 2024-03-31 15101669 6 2023-08-29 2024-03-31 15101669 f:PoundSterling 2023-08-29 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 15101669







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024


LUMEN BIDCO LIMITED






































img0326.png                        

 


LUMEN BIDCO LIMITED
 


 
COMPANY INFORMATION


Directors
D Gasparro 
S Smith 
S B Wallis 
G P Salmon  




Registered number
15101669



Registered office
21 Upper Brook Street

London

W1K 7PY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


LUMEN BIDCO LIMITED
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19


 


LUMEN BIDCO LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The Directors present their strategic report for the period ended 31 March 2024.
The company was incorporated on 29 August 2023. 

Business review
 
The principal activity of the company is to hold the share capital of its trading subsidiary,  GIA Surveyors Limited. 
The company was loss making in the period mainly due to interest payable on loans.
At 31 March 2024 the company had net liabilities of £1,085,195. See note 2.5.
The principal activity of GIA Surveyors Limited is property surveyors. 

Principal risks and uncertainties
 
The principal risk to the company is in the value of its investment in GIA Surveyors Limited (GSL). As part of the GIA group, the management of the business and the execution of the trading subsidiary's strategy are subject to a number of risks. Risks are reviewed by management on an on-going basis and appropriate processes put in place to monitor and mitigate them.
The principal risks of the subsidiary are as follows;
The nature of the work requires GSL staff to visit many different third-party sites to satisfy our clients commercial property requirements. Therefore Health & Safety of all our staff is a top risk and top priority. Having a strong culture backed up by high quality continues training and induction programs helps us to keep awareness elevated and to make sure staff are always healthy and safe.
The uncertainties in the economy as well as international conflicts present risk to GSL business with foreign investment being reduced and with some of our services being affected by new competitors entering the market. Our aim is to mitigate this risk by continuing to expand geographically into new areas within the UK and Ireland. 
Cash flow risk: The directors carefully monitor the cash levels of the group to ensure that there are always cash funds available to meet the day to day working capital requirements of the business.

Key performance indicators
 
Due to the nature of the business, key performance indicators are not applicable. 


This report was approved by the board and signed on its behalf.



G P Salmon
Director

Date: 28 November 2024

Page 1

 


LUMEN BIDCO LIMITED
 


 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the period, after taxation, amounted to £1,085,195.

Directors

The directors who served during the period were:

D Gasparro (appointed 29 August 2023) 
S Smith (appointed 29 August 2023)
S B Wallis (appointed 6 October 2023)
S Woollett (appointed 6 October 2023, resigned 25 June 2024)

G P Salmon was appointed as a director on 1 July 2024 after 31 March 2024 but prior to the date of this report.

Matters covered in the Strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information required by Schedule 7 of the Large and Medium sized companies and Group Regulations 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 


LUMEN BIDCO LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Menzies LLP were appointed as auditors by the directors of the company on 17 May 2024 and will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006. 

This report was approved by the board and signed on its behalf.
 





G P Salmon
Director

Date: 28 November 2024

Page 3

 


LUMEN BIDCO LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMEN BIDCO LIMITED

Opinion


We have audited the financial statements of Lumen Bidco Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4

 


LUMEN BIDCO LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMEN BIDCO LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Page 5

 


LUMEN BIDCO LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMEN BIDCO LIMITED (CONTINUED)

Auditors' 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 Auditors' 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.

The engagement lead assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 


LUMEN BIDCO LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMEN BIDCO LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Sophie Said FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP

28 November 2024
Page 7

 


LUMEN BIDCO LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

2024
Note
£

  

Cost of sales
  
(121,421)

Gross (loss)/profit
  
(121,421)

Administrative expenses
  
(411,261)

Other operating income
 3 
558,534

Operating profit
  
25,852

Interest payable and similar expenses
 7 
(1,111,047)

(Loss)/profit before tax
  
(1,085,195)

(Loss)/profit for the financial period
  
(1,085,195)

There was no other comprehensive income for 2024.

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 


LUMEN BIDCO LIMITED
REGISTERED NUMBER:15101669



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Investments
 9 
23,369,793

  
23,369,793

Current assets
  

Debtors: amounts falling due within one year
 10 
3,414,033

  
3,414,033

Creditors: amounts falling due within one year
 11 
(7,969,430)

Net current (liabilities)/assets
  
 
 
(4,555,397)

Total assets less current liabilities
  
18,814,396

Creditors: amounts falling due after more than one year
 12 
(19,899,591)

  

Net (liabilities)/assets
  
(1,085,195)


Capital and reserves
  

Called up share capital 
 14 
-

Profit and loss account
 15 
(1,085,195)

  
(1,085,195)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G P Salmon
S B Wallis
Director
Director


Date: 28 November 2024
Date:28 November 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 


LUMEN BIDCO LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(1,085,195)
(1,085,195)
Total comprehensive income for the period
-
(1,085,195)
(1,085,195)


Total transactions with owners
-
-
-


At 31 March 2024
-
(1,085,195)
(1,085,195)

The notes on pages 11 to 19 form part of these financial statements.

Page 10

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Lumen Bidco Limited is a private Company limited by shares and  incorporated in England and Wales. The registered office of the Company is found on the company information page. The principal place of business is The Whitehouse, Belvedere Road, London, England, SE1 8GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Other operating income

Other operating income relates to management charges received from subsidiary undertakings.
Management charges receivable represents the expenses recharged to the other companies in the group.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lumen Topco Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Going concern

At 31 March 2024 the Company has net liabilities of £1,085,195 and a reporting loss of £1,085,195. The Company is fully dependent on the support of its subsidiary, GIA Surveyors Limited, in terms of maintaining an adequate level of liquidity. 
The Directors believe the Company will continue as a going concern for the foreseeable future and, at a minimum, for the next twelve months from the date these financial statements are approved. A letter of support has been provided by GIA Surveyors Limited, confirming that they will provide financial support to the Company for this period in order to meets its liabilities as they fall due. Therefore the financial statements for the period ended 31 March 2024, have been prepared on a going concern basis. 

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 13

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Other operating income

2024
£

Management fees receivable
558,534

558,534



4.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


2024
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 14

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Employees

2024
£

Wages and salaries
409,644

Social security costs
56,531

Cost of defined contribution scheme
19,507

485,682


The average monthly number of employees, including the directors, during the period was as follows:


        2024
            No.






Directors
4

Three of the directors are not remunerated in this entity.


6.


Directors' remuneration

2024
£

Directors' emoluments
102,411

Company contributions to defined contribution pension schemes
4,877

107,288


During the period retirement benefits were accruing to no directors in respect of defined contribution pension schemes.


7.


Interest payable and similar expenses

2024
£


Bank interest payable
752,185

Other loan interest payable
358,862

1,111,047

Page 15

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Taxation


2024
£



Total current tax
-

Deferred tax

Total deferred tax
-


Tax on (loss)/profit
-

Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

2024
£


(Loss)/profit on ordinary activities before tax
(1,085,195)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
(271,299)

Effects of:


Expenses not deductible for tax purposes
11,750

Group relief
118,388

Movement in deferred tax not recognised
141,161

Total tax charge for the period
-


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
23,369,793



At 31 March 2024
23,369,793




The purchase method has been applied in recognition of the business combination. There were no material differences between the fair value and book value of the assets and liabilities.

Page 16

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

GIA Surveyors Limited
The Whitehouse, Belvedere Road, London, England, SE1 8GA
Ordinary
100%


10.


Debtors

2024
£


Amounts owed by group undertakings
3,254,363

Other debtors
159,670

3,414,033



11.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
7,604,249

Accruals and deferred income
365,181

7,969,430



12.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
12,098,800

Other loans
7,441,929

Accruals and deferred income
358,862

19,899,591


Page 17

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
£




Amounts falling due after more than 5 years

Bank loans
12,098,800

Other loans
7,441,929

19,540,729

19,540,729


The bank loan is repayable in full on 6th October 2029. Interest during the period has been charged at an effective interest rate of 11.49%.
The bank loan is secured by way of a fixed and floating debenture charge over the company's assets on behalf of the secured parties to Shawbrook Bank Limited as security trustee. The bank loan security will be first ranking. 
The other loans represent loan notes which are repayable in full on 31 December 2033. Interest is charged at 10% on the loan notes and repayable on 31 December 2033. 
The loan notes are secured by way of a fixed and floating debenture charge over the company's assets on behalf of the secured parties to Lonsdale Capital Partners LLP as security trustee. 


14.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary shares at £0.01 each share of £0.01
-



15.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


16.


Related party transactions

The Company qualifies and has therefore taken advantage of the exemptions available under section 33.1A of the Financial Reporting Standard 102 in respect of related party disclosures. 

Page 18

 


LUMEN BIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

17.


Controlling party

The immediate and ultimate parent company is Lumen Topco Limited, a company registered in England, with address 21 Upper Brook Street, London, W1K 7PY.
The directors are of the opinion that there is no ultimate controlling party. 

 
Page 19