Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3162023-01-01true6falsesale of educational programming kitstrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09007359 2023-01-01 2023-12-31 09007359 2022-01-01 2022-12-31 09007359 2023-12-31 09007359 2022-12-31 09007359 2022-01-01 09007359 c:Director1 2023-01-01 2023-12-31 09007359 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 09007359 d:Buildings d:LongLeaseholdAssets 2023-12-31 09007359 d:Buildings d:LongLeaseholdAssets 2022-12-31 09007359 d:PlantMachinery 2023-01-01 2023-12-31 09007359 d:PlantMachinery 2023-12-31 09007359 d:PlantMachinery 2022-12-31 09007359 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09007359 d:OfficeEquipment 2023-01-01 2023-12-31 09007359 d:OfficeEquipment 2023-12-31 09007359 d:OfficeEquipment 2022-12-31 09007359 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09007359 d:ComputerEquipment 2023-01-01 2023-12-31 09007359 d:ComputerEquipment 2023-12-31 09007359 d:ComputerEquipment 2022-12-31 09007359 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09007359 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09007359 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09007359 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09007359 d:ComputerSoftware 2023-12-31 09007359 d:ComputerSoftware 2022-12-31 09007359 d:CurrentFinancialInstruments 2023-12-31 09007359 d:CurrentFinancialInstruments 2022-12-31 09007359 d:Non-currentFinancialInstruments 2023-12-31 09007359 d:Non-currentFinancialInstruments 2022-12-31 09007359 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09007359 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09007359 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09007359 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09007359 d:ShareCapital 2023-12-31 09007359 d:ShareCapital 2022-12-31 09007359 d:SharePremium 2023-12-31 09007359 d:SharePremium 2022-12-31 09007359 d:RetainedEarningsAccumulatedLosses 2023-12-31 09007359 d:RetainedEarningsAccumulatedLosses 2022-12-31 09007359 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09007359 c:OrdinaryShareClass1 2023-12-31 09007359 c:OrdinaryShareClass1 2022-12-31 09007359 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09007359 c:OrdinaryShareClass2 2023-12-31 09007359 c:OrdinaryShareClass2 2022-12-31 09007359 c:OrdinaryShareClass3 2023-01-01 2023-12-31 09007359 c:OrdinaryShareClass3 2023-12-31 09007359 c:OrdinaryShareClass3 2022-12-31 09007359 c:FRS102 2023-01-01 2023-12-31 09007359 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09007359 c:FullAccounts 2023-01-01 2023-12-31 09007359 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09007359 2 2023-01-01 2023-12-31 09007359 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09007359









SAM LABS LTD.







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAM LABS LTD.
REGISTERED NUMBER: 09007359

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
8,864
8,983

Investments
 7 
129
40

  
8,993
9,023

Current assets
  

Stocks
 8 
208,526
490,800

Debtors: amounts falling due within one year
 9 
5,976,675
3,630,438

Cash at bank and in hand
  
370,226
2,547,602

  
6,555,427
6,668,840

Creditors: amounts falling due within one year
 10 
(150,325)
(222,807)

Net current assets
  
 
 
6,405,102
 
 
6,446,033

Total assets less current liabilities
  
6,414,095
6,455,056

Creditors: amounts falling due after more than one year
 11 
(19,062)
(28,271)

  

Net assets
  
6,395,033
6,426,785


Capital and reserves
  

Called up share capital 
 12 
81,039
76,264

Share premium account
  
19,811,775
19,119,359

Profit and loss account
  
(13,497,781)
(12,768,838)

  
6,395,033
6,426,785


Page 1

 
SAM LABS LTD.
REGISTERED NUMBER: 09007359
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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.

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 by: 




................................................
Joachim Edouard Horn
Director

Date: 30 April 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the Company in the year under review was that of an educational resources
provider.  
The Company is limited by shares, and is incorporated in England and Wales.
The registered office address is Stonecross, Trumpington High Street, Cambridge, CB2 9SU.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Whilst the Company is still loss making the directors have a reasonable expectation that the
company has adequate resources to continue in operating for the next 12 months and has a clear
path to profitability. 
The directors therefore continue to adopt the going concern basis in preparing the accounts.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Revenue

Revenue is generated by sales of educational coding kits and lesson plans. Revenue is recognised 
when the kits are shipped either from the manufacturing facilities or warehouses.

Page 3

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website development
-
20%
Straight Line Basis
Software implementation
-
33%
Straight Line Basis

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight Line Basis
Office equipment
-
33%
Straight Line Basis
Computer equipment
-
33%
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.

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

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates 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 in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

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 criteria 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, which range from 3 to 6 years.
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.

 
2.14

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Page 6

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and 
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet 
date and the amounts reported for revenues and expenses during the year. However, the nature of 
estimation means that actual outcomes could differ from those estimates. The following judgements 
(apart from those involving estimates) have had the most significant effect on amounts recognised 
in the financial statements.
(i) Intangible Assets
Management make judgment and estimates as to the stage of completion, longevity, and ability to 
generate future value of capitalised software, which in turn affects the valuation of Intangible 
Assets at the year end date. See note 6 for the carrying amount of Intangible Assets, and note 2.5 
for the useful economic lives for each class of assets.
(ii) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful 
economic lives and residual values of the assets. The useful economic lives and residual values are 
reassessed annually. They are amended when necessary to reflect current estimates, based on 
technological advancement, future investments, economic utilisation and the physical condition of 
the assets. See note 7 for the carrying amount of the property plant and equipment, and note 2.6 
for the useful economic lives for each class of assets.
(iii) Stock
Management make an estimate regarding the net realisable value of this stock and as such recognise 
a stock provision in the accounts in respect of the difference between net realisable value and 
cost. See note 9 for the carrying value of stock.


4.


Employees

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

Page 7

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Website
Computer software
Total

£
£
£



Cost


At 1 January 2023
22,763
43,436
66,199



At 31 December 2023

22,763
43,436
66,199



Amortisation


At 1 January 2023
22,763
43,436
66,199



At 31 December 2023

22,763
43,436
66,199



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-



Page 8

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
14,321
90,914
8,976
88,785
202,996


Additions
-
-
-
6,145
6,145



At 31 December 2023

14,321
90,914
8,976
94,930
209,141



Depreciation


At 1 January 2023
14,321
90,914
8,976
79,802
194,013


Charge for the year on owned assets
-
-
-
6,264
6,264



At 31 December 2023

14,321
90,914
8,976
86,066
200,277



Net book value



At 31 December 2023
-
-
-
8,864
8,864



At 31 December 2022
-
-
-
8,983
8,983


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
40


Additions
89



At 31 December 2023
129




Page 9

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Stocks

2023
2022
£
£

Finished goods and goods for resale
208,526
490,800

208,526
490,800



9.


Debtors

2023
2022
£
£


Trade debtors
195,845
15,032

Amounts owed by group undertakings
5,746,055
3,583,029

Other debtors
8,855
9,625

Called up share capital not paid
727
749

Prepayments and accrued income
25,193
22,003

5,976,675
3,630,438



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,035
10,615

Trade creditors
36,898
20,900

Other taxation and social security
14,305
10,313

Other creditors
39,260
38,244

Accruals and deferred income
49,827
142,735

150,325
222,807



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,062
28,271

19,062
28,271


Page 10

 
SAM LABS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,025,493 (2022 - 5,025,493) Ordinary shares of £0.01 each
50,255
50,255
3,036,149 (2022 - 2,558,621) A Ordinary shares of £0.01 each
30,361
25,586
42,311 (2022 - 42,311) B Ordinary shares of £0.01 each
423
423

81,039

76,264


During the year, the company issued a further 477,528 A Ordinary shares with an aggregate nominal value of £4,775. An aggregate premium of £692,416 was paid on the issue of these shares.


13.


Share-based payments

The company offers share options to its employees via an Enterprise Management Incentive scheme ("EMI") granting options over the Ordinary shares of the company. The options have an exercise price of £0.52 per share and have vesting dates from 2015 onwards. The company also offers a non-EMI option with vesting dates from 2017 onwards.
During the year, no share options were granted to employees.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

52

293,552

52
 
293,552
 
Outstanding at the end of the year
52

293,552

52
 
293,552
 




 
Page 11