0
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
23,088
21,759
967
22,726
362
1,329
5,190
1,395
6,585
3,114
1,317
4,431
2,154
2,076
44,972
44,972
44,972
xbrli:pure
xbrli:shares
iso4217:GBP
10469990
2023-01-01
2023-12-31
10469990
2023-12-31
10469990
2022-12-31
10469990
2022-01-01
2022-12-31
10469990
2022-12-31
10469990
2021-12-31
10469990
core:PatentsTrademarksLicencesConcessionsSimilar
2023-01-01
2023-12-31
10469990
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
10469990
bus:Director5
2023-01-01
2023-12-31
10469990
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
10469990
core:PatentsTrademarksLicencesConcessionsSimilar
2023-12-31
10469990
core:WithinOneYear
2023-12-31
10469990
core:WithinOneYear
2022-12-31
10469990
core:AfterOneYear
2023-12-31
10469990
core:AfterOneYear
2022-12-31
10469990
core:ShareCapital
2023-12-31
10469990
core:ShareCapital
2022-12-31
10469990
core:SharePremium
2023-12-31
10469990
core:SharePremium
2022-12-31
10469990
core:CapitalRedemptionReserve
2023-12-31
10469990
core:CapitalRedemptionReserve
2022-12-31
10469990
core:RetainedEarningsAccumulatedLosses
2023-12-31
10469990
core:RetainedEarningsAccumulatedLosses
2022-12-31
10469990
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
10469990
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
10469990
core:Non-currentFinancialInstruments
2023-12-31
10469990
core:Non-currentFinancialInstruments
2022-12-31
10469990
bus:SmallEntities
2023-01-01
2023-12-31
10469990
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
10469990
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
10469990
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
10469990
bus:FullAccounts
2023-01-01
2023-12-31
10469990
bus:OrdinaryShareClass1
2023-12-31
10469990
bus:OrdinaryShareClass1
2022-12-31
10469990
core:OfficeEquipment
2023-01-01
2023-12-31
10469990
core:OfficeEquipment
2022-12-31
10469990
core:OfficeEquipment
2023-12-31
10469990
1
2023-01-01
2023-12-31
10469990
core:SharePremium
2023-01-01
2023-12-31
10469990
core:CapitalRedemptionReserve
2023-01-01
2023-12-31
10469990
core:RetainedEarningsAccumulatedLosses
2023-01-01
2023-12-31
10469990
core:EntitiesControlledByKeyManagementPersonnel
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
10469990
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
362 |
1,329 |
Tangible assets |
6 |
2,154 |
2,076 |
Investments |
7 |
44,972 |
44,972 |
|
-------- |
-------- |
|
47,488 |
48,377 |
|
|
|
|
Current assets
Stocks |
160,680 |
165,330 |
Debtors |
8 |
553,894 |
475,544 |
Cash at bank and in hand |
11,178 |
6,430 |
|
--------- |
--------- |
|
725,752 |
647,304 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
18,564 |
12,274 |
|
--------- |
--------- |
Net current assets |
707,188 |
635,030 |
|
--------- |
--------- |
Total assets less current liabilities |
754,676 |
683,407 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
780,778 |
781,180 |
|
--------- |
--------- |
Net liabilities |
(
26,102) |
(
97,773) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
11 |
1,132 |
1,115 |
Share premium account |
12 |
935,114 |
825,131 |
Capital redemption reserve |
12 |
120 |
120 |
Profit and loss account |
12 |
(
962,468) |
(
924,139) |
|
--------- |
--------- |
Shareholders deficit |
(
26,102) |
(
97,773) |
|
--------- |
--------- |
|
|
|
|
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Statement of Financial Position (continued) |
|
31 December 2023
These accounts were approved by the
board of directors
and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
C C F Starrsjo-Blach |
Director |
|
Company registration number:
10469990
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Second Home Holland Park, 48-49 Princes Place, London, W11 4QA.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern and the accounts are prepared on that basis. The directors consider the business to be well positioned, with a clear business strategy and funding support sufficient to allow it to meet its day to day trading obligations.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development policy
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office equipment |
- |
20% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022:
1
).
5.
Intangible assets
|
Patents, trademarks and licences |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
23,088 |
|
-------- |
Amortisation |
|
At 1 January 2023 |
21,759 |
Charge for the year |
967 |
|
-------- |
At 31 December 2023 |
22,726 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
362 |
|
-------- |
At 31 December 2022 |
1,329 |
|
-------- |
|
|
6.
Tangible assets
|
Office equipment |
|
£ |
Cost |
|
At 1 January 2023 |
5,190 |
Additions |
1,395 |
|
------- |
At 31 December 2023 |
6,585 |
|
------- |
Depreciation |
|
At 1 January 2023 |
3,114 |
Charge for the year |
1,317 |
|
------- |
At 31 December 2023 |
4,431 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
2,154 |
|
------- |
At 31 December 2022 |
2,076 |
|
------- |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
44,972 |
|
-------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 December 2023 |
44,972 |
|
-------- |
At 31 December 2022 |
44,972 |
|
-------- |
|
|
The company holds the majority of the issued share capital in subsidiary LYS Technologies A/S, a trading company incorporated in Denmark.
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
6,205 |
4,268 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
520,021 |
449,749 |
Other debtors |
27,668 |
21,527 |
|
--------- |
--------- |
|
553,894 |
475,544 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
13,064 |
6,774 |
Other creditors |
5,500 |
5,500 |
|
-------- |
-------- |
|
18,564 |
12,274 |
|
-------- |
-------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
780,778 |
781,180 |
|
--------- |
--------- |
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.001 each |
1,131,839 |
1,132 |
1,114,631 |
1,115 |
|
------------ |
------- |
------------ |
------- |
|
|
|
|
|
In February 2023 the company issued 17,208 Ordinary £0.001 shares for a price of £6.39 per share.
12.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
Profit and loss account - This reserve records retained earnings and accumulated losses.
13.
Related party transactions
The ultimate controlling party is the majority shareholder and director, Christina C F Starrsjo-Blach.
Throughout the year the company remained in receipt of a shareholder loan to provide working capital to support its ongoing R&D activities. At the balance sheet date the loan value equated to £780,777, (2022: £781,180) and is presented within long term Other creditors. The loan is not expected to be repaid within three years, unless cash flow permits an earlier settlement. There is no interest being charged on this loan. Throughout the year the company continued to provide its subsidiary, LYS Technologies A/S, with a cash flow advance amounting to £520,021 (2022: £449,749) at the balance sheet date. The debt incurs a market rate of interest and is considered recoverable on demand.
There are no additional disclosures in respect of related party transactions or balances to report, as required under FRS102 Section 1A.