Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-302022-05-01falseThe company's principal activity is that of the creation of encrypted content delivery systems for use in the aviation industry.67falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06212950 2022-05-01 2023-04-30 06212950 2021-05-01 2022-04-30 06212950 2023-04-30 06212950 2022-04-30 06212950 c:Director1 2022-05-01 2023-04-30 06212950 d:FurnitureFittings 2022-05-01 2023-04-30 06212950 d:FurnitureFittings 2023-04-30 06212950 d:FurnitureFittings 2022-04-30 06212950 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06212950 d:ComputerEquipment 2022-05-01 2023-04-30 06212950 d:ComputerEquipment 2023-04-30 06212950 d:ComputerEquipment 2022-04-30 06212950 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06212950 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 06212950 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 06212950 d:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 06212950 d:CurrentFinancialInstruments 2023-04-30 06212950 d:CurrentFinancialInstruments 2022-04-30 06212950 d:Non-currentFinancialInstruments 2023-04-30 06212950 d:Non-currentFinancialInstruments 2022-04-30 06212950 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06212950 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 06212950 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 06212950 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-04-30 06212950 d:ShareCapital 2023-04-30 06212950 d:ShareCapital 2022-04-30 06212950 d:RetainedEarningsAccumulatedLosses 2023-04-30 06212950 d:RetainedEarningsAccumulatedLosses 2022-04-30 06212950 c:OrdinaryShareClass1 2022-05-01 2023-04-30 06212950 c:OrdinaryShareClass1 2023-04-30 06212950 c:FRS102 2022-05-01 2023-04-30 06212950 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 06212950 c:FullAccounts 2022-05-01 2023-04-30 06212950 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06212950 d:WithinOneYear 2023-04-30 06212950 d:WithinOneYear 2022-04-30 06212950 d:BetweenOneFiveYears 2023-04-30 06212950 d:BetweenOneFiveYears 2022-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06212950














PROJECT LAMBDA LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  30 APRIL 2023

 
PROJECT LAMBDA LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 9


 
PROJECT LAMBDA LIMITED
REGISTERED NUMBER:06212950

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
70,210
68,816

Current assets
  

Stocks
  
11,502
11,502

Debtors: amounts falling due after more than one year
 6 
25,170
25,000

Debtors: amounts falling due within one year
 6 
218,800
332,342

Cash at bank and in hand
  
156,897
55,581

  
412,369
424,425

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(640,475)
(697,993)

Net current liabilities
  
 
 
(228,106)
 
 
(273,568)

Total assets less current liabilities
  
(157,896)
(204,752)

Creditors: amounts falling due after more than one year
 8 
(29,157)
(31,746)

  

Net liabilities
  
(187,053)
(236,498)


Capital and reserves
  

Called up share capital 
 10 
930
930

Profit and loss account
  
(187,983)
(237,428)

  
(187,053)
(236,498)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
 
Page 1

 
PROJECT LAMBDA LIMITED
REGISTERED NUMBER:06212950
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023


The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2024.



M A Pleydell-Bouverie
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Project Lambda Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 14 Turnham Green Terrace Mews, London, W4 1QU.
The company's principal activity is that of the creation of encrypted content delivery systems for use in the aviation industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company made a profit for the year however at the reporting date has net current liabilities and net liabilities. The controlling party has confirmed that he has the ability and will continue to provide financial support to the company so that it will be able to meet its financial obligations as and when they fall due. Therefore the accounts have been prepared under the going concern basis.

 
2.3

Turnover

Turnover is measured at the fair value of amounts receivable in respect of goods and services provided in the year, net of trade discounts and excluding value added tax. 
Turnover is recognised from services and goods when all contractual obligations have been met. 

 
2.4

Intangible assets

Intangible assets acquired seperately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised seperately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entitiy and the cost or value of the asset can be measured reliably. 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
25%
Leased computer equipment
-
25%

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for
absolete and slow-moving stocks.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans from related parties.
Trade debtors and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors and other debtors.
Cash at bank and in hand comprise cash balances and call deposits.

 
2.12

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive 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 Statement of Financial Position date.
Deferred tax balances are recognised in respect of all the timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determines using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position.

 
2.13

Foreign currency translation

The company's functional and presentational currency is £ Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated on foreign currencies are recognised in the Statement of Comprehensive Income.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 5

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Intangible assets




Other

£



Cost


At 1 May 2022
151



At 30 April 2023

151



Amortisation


At 1 May 2022
151



At 30 April 2023

151



Net book value



At 30 April 2023
-



At 30 April 2022
-



Page 6

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Tangible fixed assets





Fixtures, fittings and equipment
Leased computer equipment
Total

£
£
£



Cost


At 1 May 2022
63,457
107,396
170,853


Additions
4,099
17,695
21,794



At 30 April 2023

67,556
125,091
192,647



Depreciation


At 1 May 2022
46,259
55,778
102,037


Charge for the year on owned assets
4,843
15,557
20,400



At 30 April 2023

51,102
71,335
122,437



Net book value



At 30 April 2023
16,454
53,756
70,210



At 30 April 2022
17,198
51,618
68,816


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
25,170
25,000


2023
2022
£
£

Due within one year

Trade debtors
168,899
191,735

Other debtors
35,903
108,796

Prepayments and accrued income
13,998
31,811

218,800
332,342


Page 7

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,000
14,134

Trade creditors
169,163
135,711

Other taxation and social security
222,739
196,523

Other creditors
80,923
141,647

Accruals and deferred income
158,650
209,978

640,475
697,993



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loans
29,157
31,023

Accruals and deferred income
-
723

29,157
31,746



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,000
14,134

Amounts falling due 1-2 years

Bank loans
9,000
10,000

Amounts falling due 2-5 years

Bank loans
20,157
21,023


38,157
45,157


Page 8

 
PROJECT LAMBDA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,300 Ordinary shares of £0.10 each
930
930



11.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,877 (2022 - £3,892). Contributions totaling £23,601 (2022 - £14,877) were payable to the fund at the reporting date and are included in creditors.


12.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
31,272
65,600

Later than 1 year and not later than 5 years
-
31,272

31,272
96,872

 
Page 9