Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 25 September 2024 1 January 2023 31 December 2023 31 December 2023 11596638 Mr N Bunbich Kinetik Foundation true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11596638 2022-12-31 11596638 2023-12-31 11596638 2023-01-01 2023-12-31 11596638 frs-core:CurrentFinancialInstruments 2023-12-31 11596638 frs-core:ComputerEquipment 2023-12-31 11596638 frs-core:ComputerEquipment 2023-01-01 2023-12-31 11596638 frs-core:ComputerEquipment 2022-12-31 11596638 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11596638 frs-core:FurnitureFittings 2023-12-31 11596638 frs-core:FurnitureFittings 2023-01-01 2023-12-31 11596638 frs-core:FurnitureFittings 2022-12-31 11596638 frs-core:OtherResidualIntangibleAssets 2023-12-31 11596638 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11596638 frs-core:OtherResidualIntangibleAssets 2022-12-31 11596638 frs-core:PlantMachinery 2023-12-31 11596638 frs-core:PlantMachinery 2023-01-01 2023-12-31 11596638 frs-core:PlantMachinery 2022-12-31 11596638 frs-core:SharePremium 2023-12-31 11596638 frs-core:ShareCapital 2023-12-31 11596638 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11596638 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11596638 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11596638 frs-bus:SmallEntities 2023-01-01 2023-12-31 11596638 frs-bus:Audited 2023-01-01 2023-12-31 11596638 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11596638 1 2023-01-01 2023-12-31 11596638 frs-bus:Director1 2023-01-01 2023-12-31 11596638 frs-countries:EnglandWales 2023-01-01 2023-12-31 11596638 2021-12-31 11596638 2022-12-31 11596638 2022-01-01 2022-12-31 11596638 frs-core:CurrentFinancialInstruments 2022-12-31 11596638 frs-core:SharePremium 2022-12-31 11596638 frs-core:ShareCapital 2022-12-31 11596638 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11596638
Shift Lab Ltd
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11596638
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,689 -
Tangible Assets 5 44,838 98,263
50,527 98,263
CURRENT ASSETS
Debtors 6 48,135 421,751
Cash at bank and in hand 129,612 11,563
177,747 433,314
Creditors: Amounts Falling Due Within One Year 7 (106,930 ) (369,797 )
NET CURRENT ASSETS (LIABILITIES) 70,817 63,517
TOTAL ASSETS LESS CURRENT LIABILITIES 121,344 161,780
NET ASSETS 121,344 161,780
CAPITAL AND RESERVES
Called up share capital 8 1,931,344 1,411,420
Share premium account 6,396,309 4,638,056
Profit and Loss Account (8,206,309 ) (5,887,696 )
SHAREHOLDERS' FUNDS 121,344 161,780
Page 1
Page 2
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 N Bunbich
Director
25 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shift Lab Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11596638 . The registered office is 32 Telford Way, London, W3 7XS.
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
At 31 December 2023 the company's balance sheet shows net assets of £121,344 (2022 £161,780). However, the company made a loss of £2,318,613 (2022 £4,780,714) in the year.
The company has received confirmation from its ultimate parent undertaking, Kinetik S.a.r.l, a company registered in the Grand Duchy of Luxembourg, that it will continue to support the company in all its working capital requirements for at least twelve months from the date of signing of these financial statements.
Kinetik S.a.r.l. has continued to provide equity funding via the immediate parent undertaking Shift Laboratory S.a.r.l., throughout the year ending 31 December 2023, as and when required by the company.  
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software licenses. It is amortised to profit and loss account over its estimated economic life of three years.
Page 3
Page 4
2.5. 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 20% on costs
Fixtures & Fittings 20% on costs
Computer Equipment 20% on costs
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 operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 14)
10 14
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 -
Additions 6,273
As at 31 December 2023 6,273
Amortisation
As at 1 January 2023 -
Provided during the period 584
As at 31 December 2023 584
Net Book Value
As at 31 December 2023 5,689
As at 1 January 2023 -
Page 4
Page 5
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 34,143 3,180 83,347 120,670
Additions 43,975 1,850 1,150 46,975
Disposals (34,143 ) (3,180 ) (76,635 ) (113,958 )
As at 31 December 2023 43,975 1,850 7,862 53,687
Depreciation
As at 1 January 2023 - 177 22,230 22,407
Provided during the period 2,380 1,002 15,114 18,496
Disposals - (1,148 ) (30,906 ) (32,054 )
As at 31 December 2023 2,380 31 6,438 8,849
Net Book Value
As at 31 December 2023 41,595 1,819 1,424 44,838
As at 1 January 2023 34,143 3,003 61,117 98,263
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 28,110 12,638
Prepayments and accrued income 6,574 323,203
Other debtors - 35,167
Corporation tax recoverable assets - 40,147
VAT 4,004 -
Amounts owed by group undertakings 9,447 10,596
48,135 421,751
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 45,875 50,615
Bank loans and overdrafts 26 16,882
Other taxes and social security 24,100 219,809
Other creditors - 23,079
Accruals and deferred income 36,896 17,250
Amounts owed to group undertakings 33 42,162
106,930 369,797
Page 5
Page 6
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,931,344 1,411,420
9. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our accountants to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10. Ultimate Controlling Party
The company's ultimate controlling party is Kinetik Foundation by virtue of it's ownership of 100% of the issued share capital in the ultimate parent company Kinetik S.a.r.l., a company incorporated in the Grand Duchy of Luxembourg, the registered office is 60A, rue des Bruyères. L-1274 Howald
11. Audit Information
The auditors report on the account of Shift Lab Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Hemal Doshi (Senior Statutory Auditor) for and on behalf of RDH Accountants Limited , Statutory Auditor
RDH Accountants Limited
21 High Street
Harrow on the Hill
Middlesex
HA1 3HT
Page 6