Company Registration No. 07291699 (England and Wales)
LUCID GROUP (HOLDINGS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
LUCID GROUP (HOLDINGS) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LUCID GROUP (HOLDINGS) LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
703
703
Current assets
Debtors
3
24,953
24,953
Creditors: amounts falling due within one year
4
(550)
(550)
Net current assets
24,403
24,403
Total assets less current liabilities
25,106
25,106
Capital and reserves
Called up share capital
5
1,500
1,500
Capital redemption reserve
500
500
Profit and loss reserves
23,106
23,106
Total equity
25,106
25,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 January 2019 and are signed on its behalf by:
N R C G Lycett
Director
Company Registration No. 07291699
LUCID GROUP (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Lucid Group (Holdings) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.
1.1
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Details of the company's subsidiaries:
Lucid Public Relations Limited
Registered office: 3rd Floor, Colwyn Chambers, 19 York Street, Manchester M2 3BA
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’
.
Basic financial assets
Basic financial assets, which include debtors 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
.
LUCID GROUP (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
2
Fixed asset investments
2018
2017
£
£
Investments
703
703
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2017 & 31 March 2018
703
Carrying amount
At 31 March 2018
703
At 31 March 2017
703
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
22,953
22,953
Other debtors
2,000
2,000
24,953
24,953
4
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings
550
550
LUCID GROUP (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,500 Ordinary shares of £1 each
1,500
1,500
1,500
1,500