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Registered number: 11926776
Lava Wash Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11926776
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,522 1,446
1,522 1,446
CURRENT ASSETS
Debtors 5 35,938 7,596
Cash at bank and in hand 158,206 220,174
194,144 227,770
Creditors: Amounts Falling Due Within One Year 6 (54,132 ) (47,225 )
NET CURRENT ASSETS (LIABILITIES) 140,012 180,545
TOTAL ASSETS LESS CURRENT LIABILITIES 141,534 181,991
NET ASSETS 141,534 181,991
CAPITAL AND RESERVES
Called up share capital 7 187 141
Share premium account 414,816 224,834
Share Option Reserve 28,786 -
Profit and Loss Account (302,255 ) (42,984 )
SHAREHOLDERS' FUNDS 141,534 181,991
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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
Theodore Todd
Director
22/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lava Wash Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11926776 . The registered office is 54 Archer House, Vicarage Crescent, London, SW11 3LG.
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
The directors have not identified any material uncertainties related to events or conditions that may cast significant
doubt about the company's ability to continue as a going concern. After reviewing the company's forecasts and
projections the directors have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
2.3. 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 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 33.33% straight line
2.4. 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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.8. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services
from employees as consideration for equity instruments (options) of the company. The fair value of the services received is measured by reference to the estimated fair value at the grant date of equity instruments
granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is
calculated by reference to observable market data, namely recent transactions in the entity's shares or recent
independent fair valuation of the entity. The total amount expensed is recognised to profit and loss, with a
corresponding increase in share option reserve, over the vesting period, which is the period over which all of the
specified vesting conditions are to be satisfied. 
The proceeds received net of any directly attributable transaction costs are credited to share capital and share
premium when the options are exercised. On exercise of the options the related share option expense is transferred from the share option reserve to profit and loss reserve.
2.9. Research and Development
Expenditure on research and development is expensed to profit and loss in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 1,410 297 247 1,954
Additions - 100 616 716
As at 30 April 2024 1,410 397 863 2,670
Depreciation
As at 1 May 2023 352 74 82 508
Provided during the period 353 87 200 640
As at 30 April 2024 705 161 282 1,148
Net Book Value
As at 30 April 2024 705 236 581 1,522
As at 1 May 2023 1,058 223 165 1,446
5. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 35,938 7,596
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 12,164 -
Other creditors 40,513 46,720
Taxation and social security 1,455 505
54,132 47,225
7. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
1,866,666 Ordinary Shares of £ 0.0001 each 187 141
During the year 454,166 shares with an aggregate nominal value of £46 were issued for a total consideration of £200,028.
8. Share based payments
Approved share scheme
Certain employees have been granted options over unissued share capital of the company. The options expire ten years after the grant date.
The movements in the number of share options during the year were as follows:
Outstanding at beginning of year: nil (2023: nil)
Issued during the year: 650,000 (2023: nil)
Lapsed during the year: nil (2023: nil)
Exercised during the year: 270,833 (2023: nil)
Outstanding at end of year: 379,167 (2023: nil)
The weighted average exercise price of share options issued during the year was £0.0001 per share. The weighted average exercise price of all share options at the year end was £0.0001 per share.
9. Transition to FRS 102
This is the first year that the company has prepared its accounts under FRS 102 Section 1A Small Entities. No adjustments to opening assets or liablities have been required on transition to this standard.
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