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COMPANY REGISTRATION NUMBER: 07042538
Lusis Payments Limited
Filleted Unaudited Financial Statements
31 December 2024
Lusis Payments Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,170
3,076
Current assets
Debtors
6
559,667
600,030
Cash at bank and in hand
789,003
305,979
------------
---------
1,348,670
906,009
Creditors: amounts falling due within one year
7
933,116
587,106
------------
---------
Net current assets
415,554
318,903
---------
---------
Total assets less current liabilities
416,724
321,979
---------
---------
Net assets
416,724
321,979
---------
---------
Lusis Payments Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
416,624
321,879
---------
---------
Shareholders funds
416,724
321,979
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr P Preval
Director
Company registration number: 07042538
Lusis Payments Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Northumberland Avenue, Trafalgar Square, London, WC2N 5BW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis, due to the continued support of the company's parent and it's creditors.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover is recognised by reference of the stage of completion.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2024 and 31 December 2024
5,955
5,955
-------
-------
Depreciation
At 1 January 2024
2,879
2,879
Charge for the year
1,906
1,906
-------
-------
At 31 December 2024
4,785
4,785
-------
-------
Carrying amount
At 31 December 2024
1,170
1,170
-------
-------
At 31 December 2023
3,076
3,076
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
517,305
574,978
Other debtors
42,362
25,052
---------
---------
559,667
600,030
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,103
12,454
Amounts owed to group undertakings and undertakings in which the company has a participating interest
895,329
500,000
Social security and other taxes
5,463
6,027
Other creditors
20,221
68,625
---------
---------
933,116
587,106
---------
---------
8. Related party transactions
At the balance sheet date, the company owed £895,329 (2023 - £500,000) to Lusis France, a related party by way of mutual ownership. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1(A).
9. Controlling party
The company was under the control of Lusis France throughout the period, a company registered in France.