Company registration number 12637769 (England and Wales)
MENON LABS LTD
T/A HYPHEN
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
Taylor Associates
Chartered Accountants
MENON LABS LTD
T/A HYPHEN
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MENON LABS LTD
T/A HYPHEN
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,269
9,762
Tangible assets
5
1,720
-
0
15,989
9,762
Current assets
Work in progress
142,585
-
Debtors
6
40,978
35,342
Cash at bank and in hand
858,742
1,081,329
1,042,305
1,116,671
Creditors: amounts falling due within one year
7
(181,626)
(200,179)
Net current assets
860,679
916,492
Total assets less current liabilities
876,668
926,254
Creditors: amounts falling due after more than one year
8
(1,548,629)
(1,193,850)
Net liabilities
(671,961)
(267,596)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(671,962)
(267,597)
Total equity
(671,961)
(267,596)

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 30 June 2023 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.

The member has 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.

MENON LABS LTD
T/A HYPHEN
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr R Eder
Mr E Stephens
Director
Director
Company registration number 12637769 (England and Wales)
MENON LABS LTD
T/A HYPHEN
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1
(1,613)
(1,612)
Period ended 30 June 2022:
Loss and total comprehensive income
-
(265,984)
(265,984)
Balance at 30 June 2022
1
(267,597)
(267,596)
Year ended 30 June 2023:
Loss and total comprehensive income
-
(404,365)
(404,365)
Balance at 30 June 2023
1
(671,962)
(671,961)
MENON LABS LTD
T/A HYPHEN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Menon Labs Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

No amortisation is being charged at present. This will begin when the intangible is ready for intended use.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance Basis
Computers
3 Years Straight Line Basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

MENON LABS LTD
T/A HYPHEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.

1.8
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MENON LABS LTD
T/A HYPHEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
3
MENON LABS LTD
T/A HYPHEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Intangible fixed assets
Software
£
Cost
At 1 July 2022
9,762
Additions - internally developed
4,507
At 30 June 2023
14,269
Amortisation and impairment
At 1 July 2022 and 30 June 2023
-
0
Carrying amount
At 30 June 2023
14,269
At 30 June 2022
9,762
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2022
-
0
-
0
-
0
Additions
262
2,286
2,548
At 30 June 2023
262
2,286
2,548
Depreciation and impairment
At 1 July 2022
-
0
-
0
-
0
Depreciation charged in the year
66
762
828
At 30 June 2023
66
762
828
Carrying amount
At 30 June 2023
196
1,524
1,720
At 30 June 2022
-
0
-
0
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,221
-
0
Other debtors
31,757
35,342
40,978
35,342
MENON LABS LTD
T/A HYPHEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,434
5,885
Taxation and social security
23,568
6,303
Other creditors
156,624
187,991
181,626
200,179
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Convertible loans
1,548,629
1,193,850
9
Convertible loan notes
2023
2022
£
£
Liability component of convertible loan notes
1,548,629
1,193,850

Convertible loan notes of £1,193,850.93 (€1,400,000) were issued on 25 April 2022.

 

The nominal amount of each note issued in the year ending 30 June 2022 was €1.

 

In the current year, there were additions of £354,779 which includes foreign exchange differences.

 

- On 25 April 2022 there was an addition of €150,000 at a nominal rate of €1 per note

- On 16 December 2022 there was an addition of €298,077 at a nominal rate of £1 per note

 

The total total value of the convertible loans as at the balance sheet date was £1,548,629.60.

 

No interest is to accrue on the notes.

 

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