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LIGHTMODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Lightmode Limited is a private company limited by share capital, incorporated in England and Wales, registration number 15073906. The address of the registered office is 48 George Street, Floor 2, London, England, W1U 7DY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
At the balance sheet date, the company's liabilities exceeded its assets. The company has received
assurance from the parent undertaking that it will continue to give financial support to the company
for a period of at least twelve months from the date of signing of these financial statements.
On this basis, the directors have considered it appropriate to prepare the financial statements on a
going concern basis. However, should the financial support mentioned above not be forthcoming,
the going concern basis used in preparing the company's financial statements may be invalid and
adjustments would have to be made to reduce the value of assets to their realisable amount and to
provide for any further liabilities which might arise. The financial statements do not include any
adjustment to the company's assets or liabilities that might be necessary should this basis not
continue to be appropriate.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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