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REGISTERED NUMBER: 12606940 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Lares Digital Ltd

Lares Digital Ltd (Registered number: 12606940)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Lares Digital Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R E Mortreuil
A J A Allen
A R Manley
N Smith
Delenwel Limited





REGISTERED OFFICE: 42 Tamworth Road
Croydon
CR0 1XU





REGISTERED NUMBER: 12606940 (England and Wales)





ACCOUNTANTS: Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lares Digital Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lares Digital Ltd for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lares Digital Ltd, as a body, in accordance with the terms of our engagement letter dated 20 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Lares Digital Ltd and state those matters that we have agreed to state to the Board of Directors of Lares Digital Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lares Digital Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lares Digital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lares Digital Ltd. You consider that Lares Digital Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lares Digital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ


23 September 2024

Lares Digital Ltd (Registered number: 12606940)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20,634 40,205
Tangible assets 5 16,108 3,065
36,742 43,270

CURRENT ASSETS
Debtors 6 32,526 29,975
Cash at bank 7,186 35,152
39,712 65,127
CREDITORS
Amounts falling due within one year 7 59,265 63,646
NET CURRENT (LIABILITIES)/ASSETS (19,553 ) 1,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,189

44,751

CAPITAL AND RESERVES
Called up share capital 1,981 1,902
Share premium 197,114 157,197
Retained earnings (181,906 ) (114,348 )
SHAREHOLDERS' FUNDS 17,189 44,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lares Digital Ltd (Registered number: 12606940)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





R E Mortreuil - Director


Lares Digital Ltd (Registered number: 12606940)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lares Digital Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors consider it appropriate to prepare the financial statements on a going concern basis as the company has been given the continued financial support of one of its directors.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Platform development costs are being amortised evenly over their estimated useful life of three years from commencement of trading.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 25% per annum on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Lares Digital Ltd (Registered number: 12606940)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Platform
development
costs
£   
COST
At 1 January 2023 64,844
Additions 2,300
At 31 December 2023 67,144
AMORTISATION
At 1 January 2023 24,639
Amortisation for year 21,871
At 31 December 2023 46,510
NET BOOK VALUE
At 31 December 2023 20,634
At 31 December 2022 40,205

5. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 January 2023 4,020
Additions 14,902
At 31 December 2023 18,922
DEPRECIATION
At 1 January 2023 955
Charge for year 1,859
At 31 December 2023 2,814
NET BOOK VALUE
At 31 December 2023 16,108
At 31 December 2022 3,065

Lares Digital Ltd (Registered number: 12606940)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 59 6
Corporation tax - 8,905
Social security and other taxes 1,751 960
Deferred tax asset 30,716 20,104
32,526 29,975

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,896 2,669
Amounts owed to related parties 11,462 4,725
Social security and other taxes 351 -
Other creditors 202 39,313
Director's loan account 29,854 15,439
Accruals and deferred income 1,500 1,500
59,265 63,646

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 893 2,516
Between one and five years - 1,048
893 3,564

9. RELATED PARTY DISCLOSURES

Two of the directors of the company are also directors of Office Anyplace Limited. During the year Office Anyplace Limited recharged costs of £7,119 (2022: £4,531) to Lares Digital Ltd and Lares Digital Ltd charged costs to Office Anyplace Limited of £255 (2022: Nil).

At the balance sheet date, the amounts outstanding were as follows:


2023 2022
Due from Due to Due from Due to
£ £ £ £
Office Anyplace Limited - 11,462 - 4,725

10. POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has negotiated additional equity financing from existing investors to sustain and expand its operations: this is due to complete in November 2024.

Lares Digital Ltd (Registered number: 12606940)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The controlling party is R E Mortreuil.