Lucre London Limited - Accounts to registrar (filleted) - small 18.2
Lucre London Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 28 February 2021 |
| for |
| Lucre London Limited |
| Lucre London Limited (Registered number: 06134772) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Lucre London Limited |
| Company Information |
| for the Year Ended 28 February 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Sterling House |
| 1 Sheepscar Court |
| Meanwood Road |
| Leeds |
| West Yorkshire |
| LS7 2BB |
| Lucre London Limited (Registered number: 06134772) |
| Balance Sheet |
| 28 February 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| 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. |
| Lucre London Limited (Registered number: 06134772) |
| Balance Sheet - continued |
| 28 February 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Lucre London Limited (Registered number: 06134772) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2021 |
| 1. | STATUTORY INFORMATION |
| Lucre London Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have taken into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
| Turnover |
| 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 |
| Leasehold improvements | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| 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. |
| Lucre London Limited (Registered number: 06134772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Operating leases: the company as leasee |
| Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term. |
| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
| 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. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Lucre London Limited (Registered number: 06134772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the balance sheet. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | and | Computer |
| improvements | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2020 |
| Additions |
| At 28 February 2021 |
| DEPRECIATION |
| At 1 March 2020 |
| Charge for year |
| At 28 February 2021 |
| NET BOOK VALUE |
| At 28 February 2021 |
| At 29 February 2020 |
| Lucre London Limited (Registered number: 06134772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 74,084 | 35,182 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank Loans >1 year | 241,667 | - |
| 9. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 1,279 | 3,265 |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2020 |
| Provided during year | ( |
) |
| Balance at 28 February 2021 |
| 10. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are administered by trustees in a fund independent from those of the company. |
| The total contributions paid in the year amounted to £12,361 (2020: £12,876). There were contributions of £2,536 outstanding at the year end (2020: £2,399). |
| Lucre London Limited (Registered number: 06134772) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2021 |
| 11. | RELATED PARTY TRANSACTIONS |
| At the year end, included within debtors, is a balance of £0 (2020: £29,724) due from a connected company. The two companies are connected as they are under common control. |
| The company has taken advantage of the exemption in Section 1A of FRS102 to not disclose transactions entered into with wholly owned subsidiary undertakings. |
| No further transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102. |
| 12. | POST BALANCE SHEET EVENTS |
| In June 2021, Audience Collective Limited bought 51% of the shares in the Lucre Group becoming the new Ultimate Parent Company. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company of Lucre London Limited is Audience Collective Limited which holds 51% of the issued share capital. Audience Collective Limited is a company that is incorporated and registered in England and Wales. |