Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falseResearch and experimental development on biotechnology41truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12339676 2022-12-01 2023-11-30 12339676 2021-12-01 2022-11-30 12339676 2023-11-30 12339676 2022-11-30 12339676 c:Director1 2022-12-01 2023-11-30 12339676 d:ComputerEquipment 2022-12-01 2023-11-30 12339676 d:ComputerEquipment 2023-11-30 12339676 d:ComputerEquipment 2022-11-30 12339676 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12339676 d:CurrentFinancialInstruments 2023-11-30 12339676 d:CurrentFinancialInstruments 2022-11-30 12339676 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 12339676 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12339676 d:ShareCapital 2023-11-30 12339676 d:ShareCapital 2022-11-30 12339676 d:SharePremium 2023-11-30 12339676 d:SharePremium 2022-11-30 12339676 d:RetainedEarningsAccumulatedLosses 2023-11-30 12339676 d:RetainedEarningsAccumulatedLosses 2022-11-30 12339676 c:OrdinaryShareClass1 2022-12-01 2023-11-30 12339676 c:OrdinaryShareClass1 2023-11-30 12339676 c:OrdinaryShareClass1 2022-11-30 12339676 c:OrdinaryShareClass2 2022-12-01 2023-11-30 12339676 c:OrdinaryShareClass2 2023-11-30 12339676 c:FRS102 2022-12-01 2023-11-30 12339676 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12339676 c:FullAccounts 2022-12-01 2023-11-30 12339676 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12339676 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12339676









GROUND TRUTH LABS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
GROUND TRUTH LABS LTD
REGISTERED NUMBER: 12339676

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
13,292
3,348

  
13,292
3,348

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
67,163
2,522

Cash at bank and in hand
  
2,802,839
29,914

  
2,870,002
32,436

Creditors: amounts falling due within one year
 6 
(149,264)
(120,207)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
2,720,738
 
 
(87,771)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,734,030
(84,423)

  

NET ASSETS/(LIABILITIES)
  
2,734,030
(84,423)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
1,538
1,000

Share premium account
  
3,474,462
-

Profit and loss account
  
(741,970)
(85,423)

  
2,734,030
(84,423)


Page 1

 
GROUND TRUTH LABS LTD
REGISTERED NUMBER: 12339676
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 profit and loss account 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: 




A Aberdeen
Director

Date: 28 August 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GROUND TRUTH LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Ground Truth Labs Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office address is 125 Wood Street, London, EC2V 7AW.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

The following principal accounting policies have been applied:

 
2.2

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 that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

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. Turnover from studies is recognised in the period in which the studies are performed, typically in installments in accordance with the stage of completion of the study, when the amount of turnover can be measured reliably, it is probable that the Company will receive the consideration due, the stage of completion of the study can be measured reliably and the costs incurred to complete can be measured reliably.

Page 3

 
GROUND TRUTH LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 balance sheet date in the countries where the Company operates and generates income.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%
reducing balance

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

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
GROUND TRUTH LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 4 (2022 - 1).


4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST OR VALUATION


At 1 December 2022
5,893


Additions
14,374



At 30 November 2023

20,267



DEPRECIATION


At 1 December 2022
2,545


Charge for the year on owned assets
4,430



At 30 November 2023

6,975



NET BOOK VALUE



At 30 November 2023
13,292



At 30 November 2022
3,348

Page 5

 
GROUND TRUTH LABS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


DEBTORS

2023
2022
£
£


Trade debtors
-
2,417

Other debtors
66,297
105

Prepayments and accrued income
866
-

67,163
2,522



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
5,277
26

Other taxation and social security
21,293
-

Other creditors
8,418
3,037

Accruals and deferred income
114,276
117,144

149,264
120,207


Included within other creditors are amounts due to the defined contribution pension scheme of £2,318 (2022: £37).


7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100,000 (2022 - 100,000) Ordinary shares of £0.01 each
1,000
1,000
53,846 (2022 - NIL) Seed Preferred shares of £0.01 each
538
-

1,538

1,000


On 9 January 2023 the Company issued 53,846 Seed Preferred £0.01 shares at £65 per share.

 
Page 6