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Registration number: 10470706

Spherical Defence Labs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Spherical Defence Labs Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Spherical Defence Labs Limited

Company Information

Director

D N Shah

Registered office

118 Pall Mall
London
United Kingdom
SW1Y 5ED

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Spherical Defence Labs Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spherical Defence Labs Limited for the year ended 30 April 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Spherical Defence Labs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Spherical Defence Labs Limited and state those matters that we have agreed to state to the Board of Directors of Spherical Defence Labs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spherical Defence Labs Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Spherical Defence Labs Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Spherical Defence Labs Limited. You consider that Spherical Defence Labs Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Spherical Defence Labs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

16 April 2024

 

Spherical Defence Labs Limited

(Registration number: 10470706)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,253

1,603

Tangible assets

6

18

1,668

 

1,271

3,271

Current assets

 

Debtors

7

46,638

38,901

Cash at bank and in hand

 

45,237

54,629

 

91,875

93,530

Creditors: Amounts falling due within one year

8

(1,522,270)

(1,541,552)

Net current liabilities

 

(1,430,395)

(1,448,022)

Net liabilities

 

(1,429,124)

(1,444,751)

Capital and reserves

 

Called up share capital

41

41

Retained earnings

(1,429,165)

(1,444,792)

Shareholders' deficit

 

(1,429,124)

(1,444,751)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 16 April 2024
 

 

Spherical Defence Labs Limited

(Registration number: 10470706)
Statement of Financial Position as at 30 April 2023 (continued)

D N Shah
Director

   
     
 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
118 Pall Mall
London
United Kingdom
SW1Y 5ED

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,650

5,051

Amortisation expense

350

350

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

3,500

3,500

At 30 April 2023

3,500

3,500

Amortisation

At 1 May 2022

1,897

1,897

Amortisation charge

350

350

At 30 April 2023

2,247

2,247

Carrying amount

At 30 April 2023

1,253

1,253

At 30 April 2022

1,603

1,603

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

22,478

22,478

At 30 April 2023

22,478

22,478

Depreciation

At 1 May 2022

20,810

20,810

Charge for the year

1,650

1,650

At 30 April 2023

22,460

22,460

Carrying amount

At 30 April 2023

18

18

At 30 April 2022

1,668

1,668

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

668

Other debtors

46,638

38,233

 

46,638

38,901

 

Spherical Defence Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,020

3,739

Taxation and social security

-

29,289

Accruals and deferred income

1,050

980

Other creditors

1,518,200

1,507,544

1,522,270

1,541,552

9 Ultimate Controlling Party

The company is controlled by Spherical Defence Al Inc, a company registered in the United States, who hold 100% of the shares.