Company registration number 10463050 (England and Wales)
LUCID CO DEV LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LUCID CO DEV LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LUCID CO DEV LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
1,102,672
1,169,368
Cash at bank and in hand
3,440,041
470,095
4,542,713
1,639,463
Creditors: amounts falling due within one year
4
(1,083,333)
(458,333)
Net current assets
3,459,380
1,181,130
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,459,280
1,181,030
Total equity
3,459,380
1,181,130

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 August 2025 and are signed on its behalf by:
Miss H L Davidson
Director
Company registration number 10463050 (England and Wales)
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Lucid Co Dev Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Parliament Street, Liverpool, England, L8 5RN.

1.1
Reporting period

The prior period financial statements were prepared for a period shorter than one year to 31 December 2023 due to a change in ownership. Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below and have been consistently applied.

1.3
Going concern

The directors regularly review existing projects and future pipeline and review how best to allocate resources based on contract and technical requirements.true The company can operate through its cash reserves and by management of its working capital. The directors regularly review the forecasts and working capital requirements to ensure there is sufficient resources to meet current and future operational needs. At the time of approving the financial statements, the directors understand this to be the case. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

31 December
31 December
2024
2023
Number
Number
Total
0
0
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Debtors
31 December
31 December
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
463,129
777,603
Other debtors
639,543
391,765
1,102,672
1,169,368
4
Creditors: amounts falling due within one year
31 December
31 December
2024
2023
£
£
Amounts owed to group undertakings
1,083,333
458,333

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

Senior Statutory Auditor:
Laura Leslie BSc FCA
Statutory Auditor:
DSG Audit
Date of audit report:
8 August 2025
6
Related party transactions

There were no other transactions during the year with related parties other than with group companies. The company is exempt from disclosing transactions with group companies that are wholly owned within the same group.

7
Parent company

The company is a wholly owned subsidiary of Lucid Entertainment Group Limited.

The ultimate parent company is Tencent Holdings Limited, which prepares consolidated financial statements.

The following are t he parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Tencent Holdings Limited
Smallest group
Lucid Entertainment Group Limited
LUCID CO DEV LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Parent company
(Continued)
- 5 -

The company is a wholly owned subsidiary of Lucid Entertainment Group Limited.

The ultimate parent company is Tencent Holdings Limited, which prepares consolidated financial statements.

There is no ultimate controlling party.

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