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Registered number: 8545345
Learnerlab Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Craker Business Solutions LTD
Certified Chartered Accountants
4 Spur Road
Cosham
Portsmouth
PO6 3EB
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Learnerlab Limited for the year ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Learnerlab Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Learnerlab Limited , as a body, in accordance with the terms of our engagement letter dated 05 November 2020. Our work has been undertaken solely to prepare for your approval the accounts of Learnerlab Limited and state those matters that we have agreed to state to the directors of Learnerlab Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Learnerlab Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Learnerlab 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 or loss of Learnerlab Limited . You consider that Learnerlab 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 Learnerlab 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 financial statements.
Signed
Craker Business Solutions LTD
5 August 2024
Craker Business Solutions LTD
Certified Chartered Accountants
4 Spur Road
Cosham
Portsmouth
PO6 3EB
Page 1
Page 2
Balance Sheet
Registered number: 8545345
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,286 4,382
3,286 4,382
CURRENT ASSETS
Debtors 5 25,012 30,657
Cash at bank and in hand 6,112 7,691
31,124 38,348
Creditors: Amounts Falling Due Within One Year 6 (46,778 ) (65,428 )
NET CURRENT ASSETS (LIABILITIES) (15,654 ) (27,080 )
TOTAL ASSETS LESS CURRENT LIABILITIES (12,368 ) (22,698 )
Creditors: Amounts Falling Due After More Than One Year 7 (21,141 ) (24,643 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (625 ) (833 )
NET LIABILITIES (34,134 ) (48,174 )
CAPITAL AND RESERVES
Called up share capital 8 20 20
Share premium account 169,982 169,982
Profit and Loss Account (204,136 ) (218,176 )
SHAREHOLDERS' FUNDS (34,134) (48,174)
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Page 3
For the year ending 31 May 2024 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
Cheryl Clemons
Director
5 August 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Learnerlab Limited is a private company, limited by shares, incorporated in England & Wales, registered number 8545345 . The registered office is 136-140 Old Shoreham Road, Hove , East Sussex , BN3 7BD.
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.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. In making this assessment the Directors reviewed the company's position and expected performance for the coming 12 months.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Equity-settled share-based payment
On 28.02.2021 10 ordinary shares were issued to Digital Krikits Limited in exchange for sub contractor software development services received of £37,500. 
The services received and the corresponding increase in equity were measured at fair value. In the absence of an observable market price for the shares or a recent share transaction, fair value was measured based on the hourly rate charged by Digital Krikits Limited and the number of hours they had agreed to provide for software development services. That being the value of an arm's length transaction between knowledgeable, willing parties. 
In the year end 31 May 2021 £22,500 (2020: £15,000) is recognised in the profit and loss under sub contractor costs. No monies in relation to the shares issued are outstanding at year end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 10,625 9,841 20,466
As at 31 May 2024 10,625 9,841 20,466
Depreciation
As at 1 June 2023 9,307 6,777 16,084
Provided during the period 330 766 1,096
As at 31 May 2024 9,637 7,543 17,180
Net Book Value
As at 31 May 2024 988 2,298 3,286
As at 1 June 2023 1,318 3,064 4,382
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,981 12,553
Prepayments and accrued income 2,042 2,089
Other debtors 328 328
Corporation tax recoverable assets - 14,354
Directors' loan accounts 3,661 1,333
25,012 30,657
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,324 11,311
Bank loans and overdrafts - 6,875
Other taxes and social security 853 2,602
VAT 7,570 6,350
Other creditors 529 421
Accruals and deferred income 34,502 37,869
46,778 65,428
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,141 24,643
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
200 Ordinary Shares of £ 0.100 each 20 20
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Carl Hodler 1,031 2,183 (1,394 ) - 1,820
Miss Cheryl Clemons 302 3,000 (1,461 ) - 1,841
The above loan is unsecured, interest free and repayable on demand.
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