| REGISTERED NUMBER: |
| Lightbody Ventures Limited |
| Unaudited Financial Statements for the Year Ended 30 April 2025 |
| REGISTERED NUMBER: |
| Lightbody Ventures Limited |
| Unaudited Financial Statements for the Year Ended 30 April 2025 |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Lightbody Ventures Limited |
| Company Information |
| for the Year Ended 30 April 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 28 Rutland Square |
| Edinburgh |
| EH1 2BW |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Balance Sheet |
| 30 April 2025 |
| 30.4.25 | 30.4.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2025 |
| 1. | STATUTORY INFORMATION |
| Lightbody Ventures Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Going concern |
| When preparing financial statements, the directors shall make an assessment of the entity's ability to continue as a going concern. Financial statements shall be prepared on a going concern basis unless the directors either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Lightbody Ventures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| 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. |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed 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. |
| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
| 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: |
| Computer equipment - 25% 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. |
| Investments in subsidiaries |
| Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
| 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. |
| 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. |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Taxation |
| 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. |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| 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. |
| Defined contribution plans |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 May 2024 |
| and 30 April 2025 |
| DEPRECIATION |
| At 1 May 2024 |
| Charge for year |
| At 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 May 2024 |
| and 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| The company owns 100% of the share capital of Lightbody Ventures Inc, a company incorporated in Delaware, USA. The company reported a profit of £956 (2024 £1,022.) The capital and reserves amounted to £18,887 (2024 - £19,244). |
| Lightbody Ventures Limited (Registered number: SC314794) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.25 | 30.4.24 |
| £ | £ |
| Trade debtors |
| Tax |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.4.25 | 30.4.24 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 19,602 | 189,309 |
| CID loan facility | (354,228 | ) | 771,236 |
| Directors' loan accounts | 375,479 | 375,479 |
| Accruals and deferred income |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.4.25 | 30.4.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | RELATED PARTY DISCLOSURES |
| The company was under the control of Mr M W Lightbody throughout the current and previous year. Mr Lightbody is Chairman and majority shareholder. |
| Lightbody Ventures Limited rents 2 floors of the office from West Coldstream Properties LLP, the rent is on a commercial, arms-length basis. Mr M W Lightbody is the controlling designated member of West Coldstream Properties LLP. |
| At the balance sheet date the company owed £375,479 (2024 - £375,479) to M W Lightbody by way of his directors loan account. This loan is interest free and has no fixed terms of repayment. |
| The company owns a 100% subsidiary Lightbody Ventures Inc. At the balance sheet date this company owed Lightbody Ventures Limited £25,778 (2024 - £26,180) by way of an inter company loan. This loan is interest free and has no fixed terms of repayment. |