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Registered number: 12585290
Majoto Lab Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12585290
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 604 160
604 160
CURRENT ASSETS
Debtors 5 18,256 28,191
Cash at bank and in hand 37,758 15,289
56,014 43,480
Creditors: Amounts Falling Due Within One Year 6 (7,671 ) (5,047 )
NET CURRENT ASSETS (LIABILITIES) 48,343 38,433
TOTAL ASSETS LESS CURRENT LIABILITIES 48,947 38,593
Creditors: Amounts Falling Due After More Than One Year 7 (10,521 ) -
NET ASSETS 38,426 38,593
CAPITAL AND RESERVES
Called up share capital 9 135 134
Share premium account 192,206 157,243
Profit and Loss Account (153,915 ) (118,784 )
SHAREHOLDERS' FUNDS 38,426 38,593
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For the year ending 31 December 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.
On behalf of the board
Mr Denis Potemkin
Director
22 April 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
Majoto Lab Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12585290 . The registered office is 27 Old Gloucester Street, London, WC1N 3AX.
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.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. 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, straight line
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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2.7. 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 profit / loss before taxation.
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.9. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 720
Additions 606
As at 31 December 2023 1,326
Depreciation
As at 1 January 2023 560
Provided during the period 162
As at 31 December 2023 722
Net Book Value
As at 31 December 2023 604
As at 1 January 2023 160
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,332 16,466
Prepayments and accrued income - 833
Corporation tax recoverable 8,924 9,832
VAT - 706
Directors' loan accounts - 354
18,256 28,191
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,052 4,041
Other loans 2,527 -
VAT 601 -
Other creditors 8 6
Accruals and deferred income 1,800 1,000
Directors' loan accounts 1,683 -
7,671 5,047
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 10,521 -
8. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 2,527 -
2023 2022
£ £
Amounts falling due between one and five years:
Other loans 10,521 -
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
128,297 Ordinary Shares of £ 0.001 each 128 127
6,968 Growth shares of £ 0.001 each 7 7
135 134
Shares issued during the period: £
1,690 Ordinary Shares of £ 0.001 each 1
On 30 May 2023, 1,470 Ordinary Shares of £0.001 each were allotted at a price per share of £20.39 fully paid.
On 2 June 2023, 220 Ordinary Shares of £0.001 each were allotted at a price per share of £22.69 fully paid.
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