Silverfin false false 28/02/2025 01/03/2024 28/02/2025 Thomas Ricca-Mccarthy 26/02/2019 17 June 2025 The principal activity of the Company during the year was that of business software development. 11846628 2025-02-28 11846628 bus:Director1 2025-02-28 11846628 2024-02-29 11846628 core:CurrentFinancialInstruments 2025-02-28 11846628 core:CurrentFinancialInstruments 2024-02-29 11846628 core:Non-currentFinancialInstruments 2025-02-28 11846628 core:Non-currentFinancialInstruments 2024-02-29 11846628 core:ShareCapital 2025-02-28 11846628 core:ShareCapital 2024-02-29 11846628 core:SharePremium 2025-02-28 11846628 core:SharePremium 2024-02-29 11846628 core:FurtherSpecificReserve2ComponentTotalEquity 2025-02-28 11846628 core:FurtherSpecificReserve2ComponentTotalEquity 2024-02-29 11846628 core:CapitalRedemptionReserve 2025-02-28 11846628 core:CapitalRedemptionReserve 2024-02-29 11846628 core:OtherCapitalReserve 2025-02-28 11846628 core:OtherCapitalReserve 2024-02-29 11846628 core:RetainedEarningsAccumulatedLosses 2025-02-28 11846628 core:RetainedEarningsAccumulatedLosses 2024-02-29 11846628 core:OtherResidualIntangibleAssets 2024-02-29 11846628 core:OtherResidualIntangibleAssets 2025-02-28 11846628 core:OtherPropertyPlantEquipment 2024-02-29 11846628 core:OtherPropertyPlantEquipment 2025-02-28 11846628 core:RemainingRelatedParties core:CurrentFinancialInstruments 2025-02-28 11846628 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-02-29 11846628 core:Non-currentFinancialInstruments core:Secured 2025-02-28 11846628 2024-03-01 2025-02-28 11846628 bus:FilletedAccounts 2024-03-01 2025-02-28 11846628 bus:SmallEntities 2024-03-01 2025-02-28 11846628 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 11846628 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 11846628 bus:Director1 2024-03-01 2025-02-28 11846628 core:OtherResidualIntangibleAssets 2024-03-01 2025-02-28 11846628 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-03-01 2025-02-28 11846628 2023-03-01 2024-02-29 11846628 core:OtherPropertyPlantEquipment 2024-03-01 2025-02-28 11846628 core:CurrentFinancialInstruments 2024-03-01 2025-02-28 iso4217:GBP xbrli:pure

Company No: 11846628 (England and Wales)

GET LUCIDITY LTD

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

GET LUCIDITY LTD

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

GET LUCIDITY LTD

COMPANY INFORMATION

For the financial year ended 28 February 2025
GET LUCIDITY LTD

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2025
DIRECTOR Thomas Ricca-Mccarthy
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 11846628 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
GET LUCIDITY LTD

BALANCE SHEET

As at 28 February 2025
GET LUCIDITY LTD

BALANCE SHEET (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 148,743 0
Tangible assets 4 150 2,294
148,893 2,294
Current assets
Debtors 5 75,877 64,764
Cash at bank and in hand 934 277
76,811 65,041
Creditors: amounts falling due within one year 6 ( 119,567) ( 95,191)
Net current liabilities (42,756) (30,150)
Total assets less current liabilities 106,137 (27,856)
Creditors: amounts falling due after more than one year 7 ( 222,778) ( 192,172)
Net liabilities ( 116,641) ( 220,028)
Capital and reserves
Called-up share capital 849 817
Share premium account 1,044,086 959,118
Equity reserve 52,345 52,345
Capital redemption reserve 75 75
Other reserves 0 9,600
Profit and loss account ( 1,213,996 ) ( 1,241,983 )
Total shareholder's deficit ( 116,641) ( 220,028)

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Get Lucidity Ltd (registered number: 11846628) were approved and authorised for issue by the Director on 17 June 2025. They were signed on its behalf by:

Thomas Ricca-Mccarthy
Director
GET LUCIDITY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
GET LUCIDITY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Get Lucidity Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The balance sheet at the end of the period recorded net liabilities. However, the director believes that sufficient financial resources are available to the Company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Research and development

Research and development is capitalised and amortised evenly over its useful economic life. Previously the costs have been written off in the year in which they occurred.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 25 % reducing balance
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Convertible loan note

The convertible loan note is split between debt and equity in the financial statements.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2024 0 0
Additions 198,324 198,324
At 28 February 2025 198,324 198,324
Accumulated amortisation
At 01 March 2024 0 0
Charge for the financial year 49,581 49,581
At 28 February 2025 49,581 49,581
Net book value
At 28 February 2025 148,743 148,743
At 29 February 2024 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2024 10,884 10,884
At 28 February 2025 10,884 10,884
Accumulated depreciation
At 01 March 2024 8,590 8,590
Charge for the financial year 2,144 2,144
At 28 February 2025 10,734 10,734
Net book value
At 28 February 2025 150 150
At 29 February 2024 2,294 2,294

5. Debtors

2025 2024
£ £
Corporation tax 53,488 64,561
Other debtors 22,389 203
75,877 64,764

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank overdrafts 18,960 9,905
Trade creditors 4,420 3,443
Amounts owed to related parties 11,600 2,000
Other taxation and social security 15,577 33,520
Other creditors 69,010 46,323
119,567 95,191

There is a fixed and floating charge over all the property or undertaking of the Company.

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Convertible loan notes (secured £ 219,604) 222,778 192,172

8. Convertible loans

On 28 May 2021, the Company issued 200,000 2% variable rate secured convertible loan notes of £1 each. The loan notes are convertible into fully paid shares. The conversion can only be triggered by an adjusting event or with the final redemption at 1 June 2026.

When issued, the new shares shall rank pari passu with the current issued share capital of the Company.

Subject to agreement between the Company and the loan note holder, the outstanding value of loan notes can be redeemed at any time at the principal amount plus outstanding interest. The Company does not have the right to repay the loan notes without the agreement of the loan note holder.

The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:

2025
£
Nominal value of convertible loan notes issued 225,000
Equity component (52,345)
Liability components at date of issue 172,655
Interest charged 63,735
Interest paid (13,612)
Liability component at 28 February 2025 222,778

9. Ultimate controlling party

There is no ultimate controlling party.