Company No:
Contents
| 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 |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 148,893 | 2,294 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 76,811 | 65,041 | |||
| Creditors: amounts falling due within one year | 6 | (
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| 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 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Equity reserve |
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| Capital redemption reserve |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Get Lucidity Ltd (registered number:
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Thomas Ricca-Mccarthy
Director |
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.
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 £.
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.
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.
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 is capitalised and amortised evenly over its useful economic life. Previously the costs have been written off in the year in which they occurred.
| Other intangible assets |
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| Plant and machinery etc. |
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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.
The convertible loan note is split between debt and equity in the financial statements.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 March 2024 |
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| Additions |
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| At 28 February 2025 |
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| Accumulated amortisation | |||
| At 01 March 2024 |
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| Charge for the financial year |
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| At 28 February 2025 |
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| Net book value | |||
| At 28 February 2025 |
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| At 29 February 2024 |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 March 2024 |
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| At 28 February 2025 |
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| Accumulated depreciation | |||
| At 01 March 2024 |
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| Charge for the financial year |
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| At 28 February 2025 |
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| Net book value | |||
| At 28 February 2025 |
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| At 29 February 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Corporation tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to related parties |
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| Other taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Convertible loan notes (secured £
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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 |
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There is no ultimate controlling party.