Acorah Software Products - Accounts Production 15.0.500 false true 31 March 2023 19 March 2022 false 1 April 2023 31 March 2024 31 March 2024 13988976 Mr Ilyes Benmansour Mr James Cochrane-Dyet Dr Samandip Dhesi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13988976 2023-03-31 13988976 2024-03-31 13988976 2023-04-01 2024-03-31 13988976 frs-core:CurrentFinancialInstruments 2024-03-31 13988976 frs-core:Non-currentFinancialInstruments 2024-03-31 13988976 frs-core:ComputerEquipment 2024-03-31 13988976 frs-core:ComputerEquipment 2023-04-01 2024-03-31 13988976 frs-core:ComputerEquipment 2023-03-31 13988976 frs-core:SharePremium 2024-03-31 13988976 frs-core:ShareCapital 2024-03-31 13988976 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 13988976 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13988976 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 13988976 frs-bus:SmallEntities 2023-04-01 2024-03-31 13988976 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13988976 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13988976 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13988976 frs-bus:OrdinaryShareClass1 2024-03-31 13988976 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 13988976 frs-bus:OrdinaryShareClass2 2024-03-31 13988976 frs-bus:Director1 2023-04-01 2024-03-31 13988976 frs-bus:Director2 2023-04-01 2024-03-31 13988976 frs-bus:Director3 2023-04-01 2024-03-31 13988976 frs-countries:EnglandWales 2023-04-01 2024-03-31 13988976 2022-03-18 13988976 2023-03-31 13988976 2022-03-19 2023-03-31 13988976 frs-core:CurrentFinancialInstruments 2023-03-31 13988976 frs-core:Non-currentFinancialInstruments 2023-03-31 13988976 frs-core:SharePremium 2023-03-31 13988976 frs-core:ShareCapital 2023-03-31 13988976 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 13988976 frs-bus:OrdinaryShareClass1 2022-03-19 2023-03-31 13988976 frs-bus:OrdinaryShareClass2 2022-03-19 2023-03-31
Registered number: 13988976
Atlas Labs Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
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: 13988976
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,021 1,600
6,021 1,600
CURRENT ASSETS
Debtors 5 77,161 10,952
Cash at bank and in hand 936,530 117,061
1,013,691 128,013
Creditors: Amounts Falling Due Within One Year 6 (51,647 ) (65,892 )
NET CURRENT ASSETS (LIABILITIES) 962,044 62,121
TOTAL ASSETS LESS CURRENT LIABILITIES 968,065 63,721
Creditors: Amounts Falling Due After More Than One Year 7 - (83,701 )
NET ASSETS/(LIABILITIES) 968,065 (19,980 )
CAPITAL AND RESERVES
Called up share capital 8 150 100
Share premium account 1,296,042 -
Profit and Loss Account (328,127 ) (20,080 )
SHAREHOLDERS' FUNDS 968,065 (19,980)
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For the year ending 31 March 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
Mr James Cochrane-Dyet
Director
1 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Atlas Labs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13988976 . The registered office is 19a Westbere Road, West Hampstead, NW2 3SP.
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. 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.
2.3. 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 Straight line - 3 Years
2.4. 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.
2.5. 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.
2.6. 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.
2.7. 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.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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 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.
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: 3 (2023: 3)
3 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 1,658
Additions 5,327
As at 31 March 2024 6,985
Depreciation
As at 1 April 2023 58
Provided during the period 906
As at 31 March 2024 964
Net Book Value
As at 31 March 2024 6,021
As at 1 April 2023 1,600
5. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Prepayments and accrued income 8,067 -
Other debtors - 100
Corporation tax recoverable assets 54,813 10,659
VAT 14,281 193
77,161 10,952
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6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 34,399 1
Other taxes and social security - 4,167
Net wages - 2,241
Other creditors 1,030 57,983
Accruals and deferred income 16,218 1,500
51,647 65,892
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Other loans - 83,701
8. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
108,072 Ordinary Shares of £ 0.001 each 108 100
41,658 Preferred shares of £ 0.001 each 42 -
150 100
Shares issued during the period: £
8,070 Ordinary Shares of £ 0.001 each 8
41,658 Preferred shares of £ 0.001 each 42
50
On 27th November 2023, 7.729 Preferred shares of £0.001 each were allotted and fully paid at a price of £32.3435 per share.
On 11th December 2023 the following allottments occured:
- 29,292 Preferred shares of £0.001 each were allotted and fully paid at a price of £32.3435 per share.
- 4,637 Preferred shares of £0.001 each were allotted and fully paid at a price of £17.84 per share.
- 8,070 Ordinary shares of £0.001 each were allotted and fully paid at a price of £1.98 per share.
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