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Company Registration No. 11797601 (England and Wales)
Lanterne Ltd Unaudited accounts for the year ended 31 December 2023
Lanterne Ltd Unaudited accounts Contents
Page
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Lanterne Ltd Company Information for the year ended 31 December 2023
Directors
S Muller A Barnes
Company Number
11797601 (England and Wales)
Registered Office
85 GREAT PORTLAND STREET FIRST FLOOR LONDON W1W 7LT ENGLAND
Accountants
Momentum 360 Limited 124 City Road London EC1V 2NX
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Lanterne Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,153 
956 
Current assets
Debtors
46,761 
58,841 
Cash at bank and in hand
82,373 
349,785 
129,134 
408,626 
Creditors: amounts falling due within one year
(5,941)
(19,319)
Net current assets
123,193 
389,307 
Total assets less current liabilities
124,346 
390,263 
Provisions for liabilities
Deferred tax
(151)
(185)
Net assets
124,195 
390,078 
Capital and reserves
Called up share capital
144 
144 
Share premium
646,487 
646,487 
Profit and loss account
(522,436)
(256,553)
Shareholders' funds
124,195 
390,078 
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by
A Barnes Director Company Registration No. 11797601
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Lanterne Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Lanterne Ltd is a private company, limited by shares, registered in England and Wales, registration number 11797601. The registered office is 85 GREAT PORTLAND STREET, FIRST FLOOR, LONDON, W1W 7LT, ENGLAND.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Presentation currency
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 £.
Basis of preparation
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% Straight Line
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Lanterne Ltd Notes to the Accounts for the year ended 31 December 2023
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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Lanterne Ltd Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
1,600 
Additions
1,004 
At 31 December 2023
2,604 
Depreciation
At 1 January 2023
644 
Charge for the year
807 
At 31 December 2023
1,451 
Net book value
At 31 December 2023
1,153 
At 31 December 2022
956 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
8,913 
4,632 
Trade debtors
35,050 
13,763 
Other debtors
2,798 
40,446 
46,761 
58,841 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
1,739 
7,113 
Taxes and social security
835 
2,009 
Other creditors
412 
- 
Loans from directors
616 
1,028 
Accruals
2,339 
9,169 
5,941 
19,319 
7
Average number of employees
During the year the average number of employees was 4 (2022: 6).
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