REGISTERED NUMBER: 08630973 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LUCAS SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

W S Brown IV

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

08630973 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

-

34

CURRENT ASSETS

Debtors

5

569,390

172,782

Cash at bank

4,690

21,135

574,080

193,917

CREDITORS

Amounts falling due within one year

6

4,769,068

3,814,829

NET CURRENT LIABILITIES

(4,194,988

)

(3,620,912

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,194,988

)

(3,620,878

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(4,195,088

)

(3,620,978

)

SHAREHOLDERS' FUNDS

(4,194,988

)

(3,620,878

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

W S Brown IV - Director

1.	STATUTORY INFORMATION

Lucas Systems Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is Greenwood House, Suite 2A, London Road, Bracknell, RG12 2UB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The parent company, Lucas Systems Inc., has confirmed that they will continue to support the company for a period of at least twelve months and one day following the signing of the audit report attached to these financial statements. As a result, the director has used the going concern basis in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

The Company has four streams of turnover:

1. External sales - Hardware

2. External sales - Licence fees & Programming

3. External sales - Subscriptions

4. Intercompany sales

External hardware sales are recognised on delivery to the customer, when the control of the goods has passed over.

External license fees & programming sales are recognised when the the work has been completed and the asset has been made available to the client.

External subscriptions sales are recognised periodically over the duration of the subscription.

The intercompany sales are generated under a marketing agreement and is recognised when chargeable costs are incurred.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are recognised initially at cost. Subsequent recognition is at cost less accumulated depreciation and any accumulated impairment losses.

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

Plant and Machinery etc: 25% on cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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.

Basic financial instruments

Basic financial instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any other financial instrument as covered by Section 12 of FRS 102 (Section 1A).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

15,247

DEPRECIATION

At 1 January 2024

15,213

Charge for year

34

At 31 December 2024

15,247

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

34

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

410,278

56,024

Other debtors

159,112

116,758

569,390

172,782

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

14,719

8,840

Amounts owed to group undertakings

4,442,449

3,676,863

Taxation and social security

39,142

37,572

Other creditors & accruals

272,758

91,554

4,769,068

3,814,829

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

57,174

26,629

Between one and five years

59,397

116,541

116,571

143,170

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would also like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W S Brown IV by virtue of his ownership of the share capital in Lucas Systems, Inc., a company incorporated in United States, the 100% owner of Lucas Systems Limited. Copies of the consolidated financial statements of Lucas Systems, Inc. are not publicly available.