Company registration number 04047558 (England and Wales)
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,120
Tangible assets
5
182,893
221,199
184,013
221,199
Current assets
Debtors
6
1,187,156
980,745
Cash at bank and in hand
24,990
140,143
1,212,146
1,120,888
Creditors: amounts falling due within one year
7
(118,363)
(160,848)
Net current assets
1,093,783
960,040
Total assets less current liabilities
1,277,796
1,181,239
Creditors: amounts falling due after more than one year
8
(6,378)
(20,320)
Provisions for liabilities
(45,275)
(54,510)
Net assets
1,226,143
1,106,409
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,226,043
1,106,309
Total equity
1,226,143
1,106,409
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
J L Seymour
Director
Company Registration No. 04047558
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Lucion Survey (Landform) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Halifax Court, Dunston, Gateshead, Tyne and Wear, United Kingdom, NE11 9JT.
1.1
Reporting period
The reporting period ended 31 March 2023 was a short period of 7 months. Therefore the prior period financial statements (including the related notes) for the period ended 31 March 2023 are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future given its significant net asset position, although a large proportion of this is intercompany receivables and therefore it is reliant on the wider group to draw down cash as necessary. The company is part of a group banking arrangement and therefore the going concern assessment has been considered on a Group basis.true
The Group’s trading results in the final quarter of FY24 were below the Board’s expectations. Mitigations were immediately put in place including the appointment of a new Chief Executive Officer and other management changes. Post year end additional funding has been received from its investors and revised covenants have been agreed with the Group's lenders.
The directors have prepared forward Group projections which cover at least twelve months from the date of approval of these financial statements containing what is considered to be a prudent scenario. The forecasts consider the impact of the various macro-economic factors including the continued impact of inflation and increasing National Insurance contributions, on the Group. The board has applied sensitivities to future Group sales, cash management, working capital and appropriate mitigating actions including cost control measures to ensure compliance. Those forward projections show positive cash generation and headroom within the Group’s banking facilities even with these sensitivities applied.
As a result of the above, the directors are satisfied that the company is a going concern, through the ongoing support of the Group, and that the financial statements are correctly prepared on this basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be reliably measured; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
15
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(9,235)
1,062
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
7,200
7,200
Additions
1,120
1,120
At 31 March 2024
7,200
1,120
8,320
Amortisation and impairment
At 1 April 2023 and 31 March 2024
7,200
7,200
Carrying amount
At 31 March 2024
1,120
1,120
At 31 March 2023
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
467,173
88,628
66,958
622,759
Depreciation and impairment
At 1 April 2023
297,174
73,869
30,517
401,560
Depreciation charged in the year
25,500
3,695
9,111
38,306
At 31 March 2024
322,674
77,564
39,628
439,866
Carrying amount
At 31 March 2024
144,499
11,064
27,330
182,893
At 31 March 2023
169,999
14,759
36,441
221,199
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
203,597
254,905
Amounts owed by group undertakings
910,180
690,164
Other debtors
73,379
35,676
1,187,156
980,745
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,958
325
Amounts owed to group undertakings
9,870
Corporation tax
30,364
Other taxation and social security
40,800
80,443
Other creditors
61,605
39,846
118,363
160,848
Obligations under finance leases included in other creditors of £15,911 (2023 - £18,896), are secured upon the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,378
20,320
Obligations under finance leases included in other creditors of £6,378 (2023 - £20,320), are secured upon the assets to which they relate.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
31 March 2024
31 March 2023
£
£
Total commitments
7,493
22,065
11
Parent company
The immediate parent company is Lucion Services Limited, a company incorporated in England and Wales.
The ultimate parent company is Project Jedi Topco Limited, a company incorporated in England and Wales with a registered office of: Unit 5 Abbots Park, Preston Brook, Runcorn, Cheshire, United Kingdom, WA7 3GH.
LUCION SURVEY (LANDFORM) LTD
(FORMERLY LANDFORM SURVEYS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Slater
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
21 March 2025
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