Likido Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC542407

Likido Limited

Filleted Financial Statements

30 June 2024

Likido Limited

Statement of Financial Position

30 June 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	593	780
Tangible assets	6	52,653	77,674
		---------	---------
		53,246	78,454

Current assets

Stocks		1,496,677	1,054,237
Debtors	7	42,514	907,416
Cash at bank and in hand		2,932	20,952
		--------------	--------------
		1,542,123	1,982,605

Creditors: amounts falling due within one year	8	2,282,863	1,152,345
		--------------	--------------
Net current (liabilities)/assets		( 740,740)	830,260
		-----------	-----------
Total assets less current liabilities		( 687,494)	908,714

Creditors: amounts falling due after more than one year	9	8,462	18,089

Provisions	–	14,759
	-----------	-----------
Net (liabilities)/assets	( 695,956)	875,866
	-----------	-----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 696,056)	875,766
	-----------	-----------
Shareholder (deficit)/funds	( 695,956)	875,866
	-----------	-----------

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.

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.

Likido Limited

Statement of Financial Position (continued)

30 June 2024

These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:

Brian Bonar

Director

Company registration number: SC542407

Likido Limited

Notes to the Financial Statements

Year ended 30 June 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Kingsthorne Park, Houstoun Industrial Estate, Livingston, West Lothian, EH54 5DB, United Kingdom.

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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes the company will be able to continue its operations for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business. The director's acknowledge that the ability of the company to continue as a going concern and to realise the carrying value of its assets and discharge its liabilities when due is dependent on the continued support of its parent company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

Leasehold improvements	-	10% straight line
Plant and machinery	-	25% reducing balance
Office equipment	-	20% reducing balance
Computer equipment	-	33% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 July 2023 and 30 June 2024	1,873
	--------
Amortisation
At 1 July 2023	1,093
Charge for the year	187
	--------
At 30 June 2024	1,280
	--------
Carrying amount
At 30 June 2024	593
	--------
At 30 June 2023	780
	--------

6. Tangible assets

	Leasehold improvem-ents	Plant and machinery	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 July 2023 and 30 June 2024	8,049	131,463	23,230	43,451	206,193
	--------	-----------	---------	---------	-----------
Depreciation
At 1 July 2023	805	82,426	11,434	33,854	128,519
Charge for the year	805	12,257	2,362	9,597	25,021
	--------	-----------	---------	---------	-----------
At 30 June 2024	1,610	94,683	13,796	43,451	153,540
	--------	-----------	---------	---------	-----------
Carrying amount
At 30 June 2024	6,439	36,780	9,434	–	52,653
	--------	-----------	---------	---------	-----------
At 30 June 2023	7,244	49,037	11,796	9,597	77,674
	--------	-----------	---------	---------	-----------

7. Debtors

	2024	2023
	£	£
Trade debtors	–	486,900
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	108,723
Other debtors	42,514	311,793
	---------	-----------
	42,514	907,416
	---------	-----------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,680	11,040
Trade creditors	81,928	558,450
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,163,523	539,489
Social security and other taxes	14,589	20,467
Other creditors	12,143	22,899
	--------------	--------------
	2,282,863	1,152,345
	--------------	--------------

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

	2024	2023
	£	£
Bank loans and overdrafts	8,462	18,089
	--------	---------

10. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	1,542,123	1,982,605
	--------------	--------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	2,291,325	1,170,434
	--------------	--------------

11. Summary audit opinion

The auditor's report dated 27 August 2025 was qualified on the following basis:

We were unable to obtain sufficient appropriate audit evidence in the following areas: - Inter-company creditors - we were unable to verify the accuracy of loan balances as there are differences noted between the company's accounting records and the records of the related companies. - Closing Inventory - we were unable to obtain sufficient appropriate audit evidence regarding the carrying amount in the financial statements. These limitations on the scope of our audit means we were unable to determine whether any adjustments to these amounts were necessary in order to show a true and fair view of the company's financial statements.

The senior statutory auditor was Neil Paterson B.A. C.A , for and on behalf of PB Audit Limited .

12. Related party transactions

Amounts totalling £nil (2023 - £972,818) was received from Dalrada Financial Corporation in the year, to support the company with its operations. Dalrada have confirmed that this amount does not need to be repaid, therefore it has been included in other operating income and disclosed in the accounts as an exceptional item (see Note 6). The company made sales in the year to DES (Dalrada Energy Services Inc) a 100% subsidiary of Dalrada Financial Corporation totalling £nil (2023 - £181,264). At 30 June 2024, the company owed Likido Corp a 100% subsidiary of Dalrada Precision Parts Inc - £157,543, Dalrada Financial Corporation (DFCO), the parent company - £53,046, DES (Dalrada Energy Services Inc) a 100% subsidiary of Dalrada Financial Corporation - £246,236, Dalrada Precision Parts Inc a 100% subsidiary of Dalrada Financial Corporation - £453,172, Dalrada Technology Ltd a 100% subsidiary of Dalrada Financial Corporation - £1,207,459, and Deposition Technology Ltd a 100% subsidiary of Dalrada Financial Corporation - £46,067. During the year to 30 June 2024, the company paid £30,189 (2023 - £17,508)for rent and £34,156 (2023 - £nil) for management fees to Dalrada Technology Limited. A dispute between the company and one of its customers (MAPtech Packaging Inc, a US company) was concluded in the prior year. Likido Limited is due to pay MAPtech Packaging Inc a total of $509,731.06 (approx £401,413)in installments over 36 months. Dalrada Precision Corporation is settling this arrangement on behalf of Likido Limited .

13. Parent

The immediate parent company is Dalrada Precision Corporation. The ultimate controlling party is Dalrada Financial Corporation, which holds the shares in Dalrada Precision Corporation. The financial results of Likido Limited are included in the consolidated financial statements of Dalrada Financial Corporation, which are available from 600 La Terraza Blvd, Escondido, California, 92025.