Acorah Software Products - Accounts Production 14.3.260 false true true 31 May 2022 1 June 2021 false 1 June 2022 31 May 2023 31 May 2023 07476290 Mr Vinay Jayaram Mr John Owen iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07476290 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-05-31 07476290 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-05-31 07476290 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-05-31 07476290 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-05-31 07476290 frs-core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-01 2023-05-31 07476290 frs-core:AllSubsidiaries 2022-06-01 2023-05-31 07476290 frs-core:KeyManagementPersonnel 2022-06-01 2023-05-31 07476290 frs-core:EntitiesControlledByKeyManagementPersonnel 2022-06-01 2023-05-31 07476290 frs-core:OtherRelatedParties 2022-06-01 2023-05-31 07476290 2022-05-31 07476290 2023-05-31 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Registered number: 07476290
Lifescale Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Finerva
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07476290
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,392 140
4,392 140
CURRENT ASSETS
Debtors 5 103,553 157,074
Cash at bank and in hand 3,104,390 1,453,898
3,207,943 1,610,972
Creditors: Amounts Falling Due Within One Year 6 (1,892,567 ) (374,467 )
NET CURRENT ASSETS (LIABILITIES) 1,315,376 1,236,505
TOTAL ASSETS LESS CURRENT LIABILITIES 1,319,768 1,236,645
NET ASSETS 1,319,768 1,236,645
CAPITAL AND RESERVES
Called up share capital 7 17,089 17,089
Share premium account 1,787,012 1,787,012
Profit and Loss Account (484,333 ) (567,456 )
SHAREHOLDERS' FUNDS 1,319,768 1,236,645
Page 1
Page 2
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 19 February 2024 and were signed on its behalf by:
Mr Vinay Jayaram
Director
19 February 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Lifescale Limited is a private company,  limited by shares, incorporated in England & Wales, registered number 07476290 . The registered office is International House 142 Cromwell Road, Kensington, London, SW7 4EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
2.3. Significant judgements and estimations
The preparation of financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
In preparing these financial statements, the directors have made the following judgements:
FRS 102 requires the grant date fair value of share-based payments awards granted to employees and contractors to be recognised as an expense, with a corresponding increase in equity, over the period in which the employees and contractors become unconditionally entitled to the awards. Share options issued to the company’s employees and contractors will only be exercised on an exit event. At the date of these financial statements management has determined that an exit event is not probable and therefore no share-based payment charges have been recorded in these financial statements. 
2.4. Turnover
Revenue is recognised to the extent there is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

2.5. Research and Development
Expenditure on research and development is written off in the year it is incurred.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 3 years on a straight line basis
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

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2.7. Financial Instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.8. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow  all or  part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
3. Average Number of Employees
Average number of employees during the year was as follows: 4 (2022: 3)
4 3
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Page 5
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2022 3,039
Additions 5,212
As at 31 May 2023 8,251
Depreciation
As at 1 June 2022 2,899
Provided during the period 960
As at 31 May 2023 3,859
Net Book Value
As at 31 May 2023 4,392
As at 1 June 2022 140
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 90,000 60,000
Other debtors 13,553 97,074
103,553 157,074
6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 99,798 101,525
Other creditors 1,762,276 268,231
Taxation and social security 30,493 4,711
1,892,567 374,467
Included within other creditors are outstanding pension contributions of £1,876 (2022: £962)
7. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 17,089 17,089
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