Registration number:
Lightspeed Arctic Ltd
for the Year Ended 31 December 2024
Lightspeed Arctic Ltd
Contents
Company Information |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Lightspeed Arctic Ltd
Company Information
Director |
Mr T H Abraham-James |
Registered office |
|
Accountants |
|
Lightspeed Arctic Ltd
(Registration number: 11361431)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
- |
|
|
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
30,000 |
30,000 |
|
Retained earnings |
(44,509) |
(28,920) |
|
Shareholders' (deficit)/funds |
(14,509) |
1,080 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Lightspeed Arctic Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Retained earnings |
Total |
|
At 1 January 2024 |
|
( |
|
Loss for the year |
- |
( |
( |
At 31 December 2024 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
( |
|
Loss for the year |
- |
( |
( |
At 31 December 2023 |
30,000 |
(28,920) |
1,080 |
Lightspeed Arctic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
Enkomi Resources Limited is a private company, limited by shares, incorporated in England & Wales. The address of the registered office is given in the company information on page 1 of these financial statements.
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
Group accounts not prepared
Foreign currency transactions and balances
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Lightspeed Arctic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
- |
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2024 |
|
Revaluation |
( |
At 31 December 2024 |
- |
Carrying amount |
|
At 31 December 2024 |
- |
At 31 December 2023 |
|
Details of undertakings
The company owns 98% of the issued share capital of Enkomi (TZ) Limited, a company incorporated in Tanzania. During the year, the investment has been revalued to its recoverable value of £nil.
Lightspeed Arctic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Debtors |
Note |
2024 |
2023 |
|
Amounts owed by related parties |
- |
|
|
- |
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
- |
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,000 |
|
30,000 |
Related party transactions |
Included in debtors is £nil (2023 - £11,203) owed to the company by its subsidiary, Enkomi Resources (TZ) Limited. This balance has been written off during the year as it is considered to be irrecoverable.