Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302024-09-302023-10-01falsemarket research and public opinion polling5828truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08682432 2023-10-01 2024-09-30 08682432 2022-10-01 2023-09-30 08682432 2024-09-30 08682432 2023-09-30 08682432 2022-10-01 08682432 2 2023-10-01 2024-09-30 08682432 2 2022-10-01 2023-09-30 08682432 d:Director7 2023-10-01 2024-09-30 08682432 e:PlantMachinery 2023-10-01 2024-09-30 08682432 e:FurnitureFittings 2023-10-01 2024-09-30 08682432 e:FurnitureFittings 2024-09-30 08682432 e:FurnitureFittings 2023-09-30 08682432 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08682432 e:ComputerEquipment 2023-10-01 2024-09-30 08682432 e:ComputerEquipment 2024-09-30 08682432 e:ComputerEquipment 2023-09-30 08682432 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08682432 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08682432 e:Goodwill 2023-10-01 2024-09-30 08682432 e:CurrentFinancialInstruments 2024-09-30 08682432 e:CurrentFinancialInstruments 2023-09-30 08682432 e:Non-currentFinancialInstruments 2024-09-30 08682432 e:Non-currentFinancialInstruments 2023-09-30 08682432 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 08682432 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 08682432 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 08682432 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 08682432 e:ShareCapital 2023-10-01 2024-09-30 08682432 e:ShareCapital 2024-09-30 08682432 e:ShareCapital 2022-10-01 2023-09-30 08682432 e:ShareCapital 2023-09-30 08682432 e:ShareCapital 2022-10-01 08682432 e:SharePremium 2023-10-01 2024-09-30 08682432 e:SharePremium 2024-09-30 08682432 e:SharePremium 2 2023-10-01 2024-09-30 08682432 e:SharePremium 2022-10-01 2023-09-30 08682432 e:SharePremium 2023-09-30 08682432 e:SharePremium 2022-10-01 08682432 e:SharePremium 2 2022-10-01 2023-09-30 08682432 e:OtherMiscellaneousReserve 2023-10-01 2024-09-30 08682432 e:OtherMiscellaneousReserve 2024-09-30 08682432 e:OtherMiscellaneousReserve 2 2023-10-01 2024-09-30 08682432 e:OtherMiscellaneousReserve 2022-10-01 2023-09-30 08682432 e:OtherMiscellaneousReserve 2023-09-30 08682432 e:OtherMiscellaneousReserve 2022-10-01 08682432 e:OtherMiscellaneousReserve 2 2022-10-01 2023-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2024-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2 2023-10-01 2024-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2023-09-30 08682432 e:RetainedEarningsAccumulatedLosses 2022-10-01 08682432 e:RetainedEarningsAccumulatedLosses 2 2022-10-01 2023-09-30 08682432 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 08682432 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 08682432 d:FRS102 2023-10-01 2024-09-30 08682432 d:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08682432 d:FullAccounts 2023-10-01 2024-09-30 08682432 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08682432 e:Subsidiary1 2023-10-01 2024-09-30 08682432 e:Subsidiary1 1 2023-10-01 2024-09-30 08682432 e:Subsidiary2 2023-10-01 2024-09-30 08682432 e:Subsidiary2 1 2023-10-01 2024-09-30 08682432 e:Subsidiary3 2023-10-01 2024-09-30 08682432 e:Subsidiary3 1 2023-10-01 2024-09-30 08682432 e:WithinOneYear 2024-09-30 08682432 e:WithinOneYear 2023-09-30 08682432 d:Consolidated 2024-09-30 08682432 d:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 08682432 2 2023-10-01 2024-09-30 08682432 6 2023-10-01 2024-09-30 08682432 e:ShareCapital 2 2023-10-01 2024-09-30 08682432 e:ShareCapital 2 2022-10-01 2023-09-30 08682432 f:PoundSterling 2023-10-01 2024-09-30 08682432 e:SharePremium e:PreviouslyStatedAmount 2023-09-30 08682432 e:PreviouslyStatedAmount 2023-09-30 08682432 e:PriorPeriodErrorIncreaseDecrease 2023-09-30 08682432 e:SharePremium e:PriorPeriodErrorIncreaseDecrease 2023-09-30 08682432 e:OtherMiscellaneousReserve e:PriorPeriodErrorIncreaseDecrease 2023-09-30 08682432 e:RetainedEarningsAccumulatedLosses e:PriorPeriodErrorIncreaseDecrease 2023-09-30 08682432 e:ShareCapital e:PriorPeriodErrorIncreaseDecrease 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 08682432









LUMEN RESEARCH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LUMEN RESEARCH LIMITED
REGISTERED NUMBER: 08682432

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
1,556,510
1,638,793

Tangible assets
 5 
6,723
21,372

  
1,563,233
1,660,165

Current assets
  

Debtors: amounts falling due within one year
 7 
2,326,564
2,293,794

Cash at bank and in hand
 8 
1,191,089
297,263

  
3,517,653
2,591,057

Creditors: amounts falling due within one year
 9 
(2,326,896)
(3,201,188)

Net current assets/(liabilities)
  
 
 
1,190,757
 
 
(610,131)

Total assets less current liabilities
  
2,753,990
1,050,034

Creditors: amounts falling due after more than one year
 10 
(285,826)
(413,956)

Provisions for liabilities
  

Deferred taxation
  
-
(3,561)

  
 
 
-
 
 
(3,561)

Net assets excluding pension asset
  
2,468,164
632,517

Net assets
  
2,468,164
632,517

Page 1

 
LUMEN RESEARCH LIMITED
REGISTERED NUMBER: 08682432
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
20
17

Share premium account
 12 
3,457,304
562,936

Other reserves
 12 
242,860
164,268

Profit and loss account
 12 
(1,232,020)
(94,704)

Equity attributable to owners of the parent Company
  
2,468,164
632,517

  
2,468,164
632,517


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M W Robinson
Director

Date: 4 August 2025

The notes on pages 7 to 20 form part of these financial statements.

Page 2

 
LUMEN RESEARCH LIMITED
REGISTERED NUMBER: 08682432

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,723
18,743

Investments
 6 
46,940
46,940

  
53,663
65,683

Current assets
  

Debtors: amounts falling due within one year
 7 
2,178,241
2,924,295

Cash at bank and in hand
 8 
1,165,055
270,518

  
3,343,296
3,194,813

Creditors: amounts falling due within one year
  
(2,256,922)
(2,695,831)

Net current assets
  
 
 
1,086,374
 
 
498,982

Total assets less current liabilities
  
1,140,037
564,665

  

Creditors: amounts falling due after more than one year
  
(285,826)
(413,956)

Provisions for liabilities
  

Deferred taxation
  
-
(3,561)

  
 
 
-
 
 
(3,561)

Net assets excluding pension asset
  
854,211
147,148

Net assets
  
854,211
147,148

Page 3

 
LUMEN RESEARCH LIMITED
REGISTERED NUMBER: 08682432
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
  
20
17

Share premium account
 12 
3,457,308
562,938

Other reserves
 12 
242,860
164,268

Profit and loss account brought forward
  
(580,075)
(118,378)

Loss for the year
  
(2,265,902)
(461,697)

Profit and loss account carried forward
  
(2,845,977)
(580,075)

  
854,211
147,148


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M W Robinson
Director

Date: 4 August 2025

The notes on pages 7 to 20 form part of these financial statements.

Page 4

 
LUMEN RESEARCH LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
13
562,936
-
(108,674)
454,275


Comprehensive income for the year

Profit for the year
-
-
-
13,970
13,970
Total comprehensive income for the year
-
-
-
13,970
13,970


Contributions by and distributions to owners

Shares issued during the year
4
-
-
-
4

Share based payment
-
-
164,268
-
164,268


Total transactions with owners
4
-
164,268
-
164,272



At 1 October 2023 (as previously stated)
17
515,998
164,268
(94,704)
585,579

Prior year adjustment - correction of error
-
46,938
-
-
46,938


At 1 October 2023 (as restated)
17
562,936
164,268
(94,704)
632,517


Comprehensive income for the year

Loss for the year
-
-
-
(1,137,316)
(1,137,316)
Total comprehensive income for the year
-
-
-
(1,137,316)
(1,137,316)


Contributions by and distributions to owners

Shares issued during the year
3
2,894,368
-
-
2,894,371

Share based payment
-
-
78,592
-
78,592


Total transactions with owners
3
2,894,368
78,592
-
2,972,963


At 30 September 2024
20
3,457,304
242,860
(1,232,020)
2,468,164


The notes on pages 7 to 20 form part of these financial statements.

Page 5

 
LUMEN RESEARCH LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
13
562,938
-
(118,378)
444,573


Comprehensive income for the year

Loss for the year
-
-
-
(461,697)
(461,697)
Total comprehensive income for the year
-
-
-
(461,697)
(461,697)


Contributions by and distributions to owners

Shares issued during the year
4
-
-
-
4

Share based payment
-
-
164,268
-
164,268


Total transactions with owners
4
-
164,268
-
164,272



At 1 October 2023 (as previously stated)
17
516,000
164,268
(580,075)
100,210

Prior year adjustment - correction of error
-
46,938
-
-
46,938


At 1 October 2023 (as restated)
17
562,938
164,268
(580,075)
147,148


Comprehensive income for the year

Loss for the year
-
-
-
(2,265,902)
(2,265,902)
Total comprehensive income for the year
-
-
-
(2,265,902)
(2,265,902)


Contributions by and distributions to owners

Shares issued during the year
3
2,894,370
-
-
2,894,373

Share based payment
-
-
78,592
-
78,592


Total transactions with owners
3
2,894,370
78,592
-
2,972,965


At 30 September 2024
20
3,457,308
242,860
(2,845,977)
854,211


The notes on pages 7 to 20 form part of these financial statements.

Page 6

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Lumen Research Limited ("the Company") is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Westgate House, 9 Holborn, London, EC1N 2LL.
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

These financial statements are prepared on a going concern basis. The directors have every expectation that the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Thus the directors consider it appropriate to prepare these financial statements on a going concern basis.

Page 7

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Rendering of services

Revenue 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 revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 8

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 9

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 10

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery etc
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 11

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 Group after the deduction of all its liabilities.

Page 12

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 59 (2023 - 40).

Page 13

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 October 2023
1,645,650



At 30 September 2024

1,645,650



Amortisation


At 1 October 2023
6,857


Charge for the year on owned assets
82,283



At 30 September 2024

89,140



Net book value



At 30 September 2024
1,556,510



At 30 September 2023
1,638,793



All of the Group's intangible fixed assets are held in the Parent Company

Page 14

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
4,479
125,407
129,886


Additions
-
8,599
8,599


Disposals
(4,479)
(125,407)
(129,886)



At 30 September 2024

-
8,599
8,599



Depreciation


At 1 October 2023
3,223
105,291
108,514


Charge for the year on owned assets
534
21,259
21,793


Disposals
(3,757)
(124,674)
(128,431)



At 30 September 2024

-
1,876
1,876



Net book value



At 30 September 2024
-
6,723
6,723



At 30 September 2023
1,256
20,116
21,372

Page 15

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           5.Tangible fixed assets (continued)


Company






Fixtures and fittings
Computer equipment
Total

£
£
£

Cost or valuation


At 1 October 2023
2,341
99,639
101,980


Additions
-
8,599
8,599


Disposals
(2,341)
(99,639)
(101,980)



At 30 September 2024

-
8,599
8,599



Depreciation


At 1 October 2023
1,874
81,363
83,237


Charge for the year on owned assets
467
20,115
20,582


Disposals
(2,341)
(99,602)
(101,943)



At 30 September 2024

-
1,876
1,876



Net book value



At 30 September 2024
-
6,723
6,723



At 30 September 2023
467
18,276
18,743






Page 16

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
46,940



At 30 September 2024
46,940





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Avocet Systems Ltd
Labs House, 15-19 Bloomsbury Way, London, WC14 2TH
Ordinary
100%
Lumen Attention Solutions Inc.
131 Continental Dr., Suite 305, Newark, DE 19713, USA
Ordinary
100%
Lumen Attentions Solutions Ltd
53 Cheevers Court, Cualanor Crescent, Dun Laoghaire, Co Dublin, Ireland
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Avocet Systems Limited
119,087
1,202,625

Lumen Attention Solutions Inc.
226,072
-

Lumen Attentions Solutions Ltd
2,586
813

Page 17

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,907,182
1,928,339
1,775,826
1,171,573

Amounts owed by group undertakings
-
-
-
1,387,595

Other debtors
61,532
17,045
44,565
16,717

Prepayments and accrued income
99,038
138,635
99,038
138,635

Tax recoverable
258,812
209,775
258,812
209,775

2,326,564
2,293,794
2,178,241
2,924,295



8.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,191,089
297,263
1,165,055
270,518



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
10,300
23,598
10,300
23,598

Other loans
587,381
-
587,381
-

Trade creditors
327,119
829,705
246,677
396,232

Amounts owed to group undertakings
-
-
11,570
-

Other taxation and social security
178,515
288,991
177,413
271,704

Other creditors
193,062
1,574,989
193,062
1,558,235

Accruals and deferred income
1,030,519
483,905
1,030,519
446,062

2,326,896
3,201,188
2,256,922
2,695,831


Page 18

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
7,890
28,435
7,890
28,435

Other loans
262,141
369,726
262,141
369,726

Other creditors
15,795
15,795
15,795
15,795

285,826
413,956
285,826
413,956



11.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,191,089
1,191,089
1,165,055
270,518




Financial assets measured at fair value through profit or loss comprise...


12.


Reserves

Share premium account

Share premium account represents the difference in total amount paid for ordinary shares and the par value of the shares.

Other reserves

Other reserves include adjustments related to share-based payments granted to certain employees of the company.

Profit and loss account

The profit and loss reserve represents cumulative profits and losses, net of distributions to owners.


13.


Prior year adjustment

The cost of investment for subsidiary Avocet Systems UK Limited was accounted for under merger accounting instead of acquisition accounting this has resulted in increasing fixed asset investments at the company level by £46,396 to £46,398 and reduced share premium by the same amount - this has had no effect on profits or retained earnings.

Page 19

 
LUMEN RESEARCH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £65,888 (2023 - £52,332) . Contributions totalling £17,117 (2023 - £9,977) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
73,528
-
73,528
-

73,528
-
73,528
-


16.


Controlling party

The directors do not consider the Company and the Group to have an ultimate controlling party.

 
Page 20