Company Registration No. 07224873 (England and Wales)
Lucid Creates Limited
Unaudited accounts
for the year ended 30 April 2024
Lucid Creates Limited
Unaudited accounts
Contents
Lucid Creates Limited
Company Information
for the year ended 30 April 2024
Company Number
07224873 (England and Wales)
Registered Office
ORCHARD FARM
SCHOOL LANE
IWADE
KENT
ME9 8QG
ENGLAND
Lucid Creates Limited
Statement of financial position
as at 30 April 2024
Tangible assets
132,757
216,496
Cash at bank and in hand
39,224
236,904
Creditors: amounts falling due within one year
(107,041)
(168,536)
Net current assets
290,390
416,160
Total assets less current liabilities
423,147
632,656
Creditors: amounts falling due after more than one year
(228,034)
(328,637)
Provisions for liabilities
Other provisions
(3,625)
(7,517)
Net assets
191,488
296,502
Called up share capital
1
1
Profit and loss account
191,487
296,501
Shareholders' funds
191,488
296,502
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 January 2025 and were signed on its behalf by
Christopher Carr
Director
Company Registration No. 07224873
Lucid Creates Limited
Notes to the Accounts
for the year ended 30 April 2024
Lucid Creates Limited is a private company, limited by shares, registered in England and Wales, registration number 07224873. The registered office is ORCHARD FARM, SCHOOL LANE, IWADE, KENT, ME9 8QG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
20% Reducing Balance
Computer equipment
20% Reducing Balance
The accounts are presented in £ sterling.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Lucid Creates Limited
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2023
281,865
19,890
5,224
306,979
Additions
207,849
28,990
440
237,279
Disposals
(288,993)
-
-
(288,993)
At 30 April 2024
200,721
48,880
5,664
255,265
At 1 May 2023
75,574
13,399
1,510
90,483
Charge for the year
102,516
7,094
831
110,441
On disposals
(78,416)
-
-
(78,416)
At 30 April 2024
99,674
20,493
2,341
122,508
At 30 April 2024
101,047
28,387
3,323
132,757
At 30 April 2023
206,291
6,491
3,714
216,496
Amounts falling due within one year
Trade debtors
28,998
57,020
Accrued income and prepayments
-
167,851
Other debtors
295,324
84,748
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
29,710
42,350
Obligations under finance leases and hire purchase contracts
8,425
2,361
Taxes and social security
1,116
(13,893)
Proposed dividends
20,580
20,580
Loans from directors
5,868
14,197
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
141,142
168,631
Lucid Creates Limited
Notes to the Accounts
for the year ended 30 April 2024
8
Transactions with related parties
LDCB Management Ltd & Lucid Builds Ltd
Chris Carr is a Director and shareholder
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).