Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-162024-06-16true2023-06-17falseSoftware development and engineering related scientific and technical consulting activities78trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12365456 2023-06-17 2024-06-16 12365456 2022-06-17 2023-06-16 12365456 2024-06-16 12365456 2023-06-16 12365456 c:Director1 2023-06-17 2024-06-16 12365456 d:ComputerEquipment 2023-06-17 2024-06-16 12365456 d:ComputerEquipment 2024-06-16 12365456 d:ComputerEquipment 2023-06-16 12365456 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-17 2024-06-16 12365456 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-16 12365456 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-16 12365456 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-16 12365456 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-16 12365456 d:CurrentFinancialInstruments 2024-06-16 12365456 d:CurrentFinancialInstruments 2023-06-16 12365456 d:Non-currentFinancialInstruments 2024-06-16 12365456 d:Non-currentFinancialInstruments 2023-06-16 12365456 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-16 12365456 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-16 12365456 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-16 12365456 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-16 12365456 d:ShareCapital 2024-06-16 12365456 d:ShareCapital 2023-06-16 12365456 d:SharePremium 2024-06-16 12365456 d:SharePremium 2023-06-16 12365456 d:RetainedEarningsAccumulatedLosses 2024-06-16 12365456 d:RetainedEarningsAccumulatedLosses 2023-06-16 12365456 d:AcceleratedTaxDepreciationDeferredTax 2024-06-16 12365456 d:AcceleratedTaxDepreciationDeferredTax 2023-06-16 12365456 d:TaxLossesCarry-forwardsDeferredTax 2024-06-16 12365456 d:TaxLossesCarry-forwardsDeferredTax 2023-06-16 12365456 c:OrdinaryShareClass1 2023-06-17 2024-06-16 12365456 c:OrdinaryShareClass1 2024-06-16 12365456 c:OrdinaryShareClass1 2023-06-16 12365456 c:FRS102 2023-06-17 2024-06-16 12365456 c:AuditExempt-NoAccountantsReport 2023-06-17 2024-06-16 12365456 c:FullAccounts 2023-06-17 2024-06-16 12365456 c:PrivateLimitedCompanyLtd 2023-06-17 2024-06-16 12365456 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-06-17 2024-06-16 12365456 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-06-17 2024-06-16 12365456 d:ExternallyAcquiredIntangibleAssets 2023-06-17 2024-06-16 12365456 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-06-17 2024-06-16 12365456 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-06-17 2024-06-16 12365456 e:PoundSterling 2023-06-17 2024-06-16 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12365456









LAB 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 16 JUNE 2024

 
LAB 1 LIMITED
REGISTERED NUMBER: 12365456

BALANCE SHEET
AS AT 16 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
1,486,354
779,214

Tangible assets
 5 
6,532
4,927

  
1,492,886
784,141

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
234,983
38,038

Cash at bank and in hand
  
675,147
367,215

  
910,130
405,253

Creditors: amounts falling due within one year
 7 
(180,693)
(284,762)

NET CURRENT ASSETS
  
 
 
729,437
 
 
120,491

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,222,323
904,632

Creditors: amounts falling due after more than one year
 8 
(33,356)
(39,881)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(11,273)
-

  
 
 
(11,273)
 
 
-

NET ASSETS
  
2,177,694
864,751


CAPITAL AND RESERVES
  

Called up share capital 
 10 
16
14

Share premium account
  
2,884,661
1,266,670

Profit and loss account
  
(706,983)
(401,933)

  
2,177,694
864,751


Page 1

 
LAB 1 LIMITED
REGISTERED NUMBER: 12365456
    
BALANCE SHEET (CONTINUED)
AS AT 16 JUNE 2024

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: 




R T Brattel
Director

Date: 25 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

1.


GENERAL INFORMATION

Lab 1 Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Cawley House, 149-155 Canal Street, Nottingham, NG1 7HR.
The Company's functional and presentational currency is GBP.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
straight line

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.

 
2.3

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life of 15 years and have been amortised over this useful life.

 
2.4

REVENUE

Revenue is representative of the provision of scientific and technical consulting services. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Page 3

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is 15 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 7 (2023 - 8).

Page 5

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

4.


INTANGIBLE ASSETS




Development expenditure
Trademarks
Total

£
£
£



COST


At 17 June 2023
847,366
2,775
850,141


Additions
833,643
-
833,643



At 16 June 2024

1,681,009
2,775
1,683,784



AMORTISATION


At 17 June 2023
70,742
185
70,927


Charge for the year on owned assets
126,318
185
126,503



At 16 June 2024

197,060
370
197,430



NET BOOK VALUE



At 16 June 2024
1,483,949
2,405
1,486,354



At 16 June 2023
776,624
2,590
779,214



Page 6

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

5.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST 


At 17 June 2023
8,811


Additions
5,023



At 16 June 2024

13,834



DEPRECIATION


At 17 June 2023
3,884


Charge for the year on owned assets
3,418



At 16 June 2024

7,302



NET BOOK VALUE



At 16 June 2024
6,532



At 16 June 2023
4,927


6.


DEBTORS

2024
2023
£
£


Trade debtors
22,466
-

Other debtors
210,664
33,120

Prepayments and accrued income
1,853
4,918

234,983
38,038


Page 7

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
4,226
-

Bank loans
6,779
6,473

Trade creditors
79,062
7,549

Other taxation and social security
18,892
24,606

Other creditors
-
213,141

Accruals and deferred income
71,734
32,993

180,693
284,762


Included in other creditors is £NIL (2023 - £764) relating to pensions payable. 
Bank loans includes a Government backed 'bounce back' loan, which was drawn down in June 2020. This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
33,356
39,881

33,356
39,881


Bank loans includes a Government backed 'bounce back' loan, which was drawn down in June 2020. This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum.

Page 8

 
LAB 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 16 JUNE 2024

9.


DEFERRED TAXATION




2024


£






Charged to profit or loss
(11,273)



AT END OF YEAR
(11,273)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(192,700)
-

Tax losses carried forward
181,427
-

(11,273)
-


10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



15,571,083 (2023 - 13,548,482) Ordinary shares of £0.000001 each
16
14



During the year 2,022,601 Ordinary £0.000001 shares were issued for total consideration of £1,617,993.


.



 
Page 9