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Registered number: 11047987
Keepnet Labs Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11047987
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 76,759 85,425
76,759 85,425
CURRENT ASSETS
Debtors 5 367,103 631,067
Cash at bank and in hand 503,588 1,161,283
870,691 1,792,350
Creditors: Amounts Falling Due Within One Year 6 (1,030,895 ) (1,365,110 )
NET CURRENT ASSETS (LIABILITIES) (160,204 ) 427,240
TOTAL ASSETS LESS CURRENT LIABILITIES (83,445 ) 512,665
Creditors: Amounts Falling Due After More Than One Year 7 (60,289 ) (73,925 )
NET (LIABILITIES)/ASSETS (143,734 ) 438,740
CAPITAL AND RESERVES
Called up share capital 9 1 1
Share premium account 1,249,990 1,249,990
Other reserves (10,000 ) -
Profit and Loss Account (1,383,725 ) (811,251 )
SHAREHOLDERS' FUNDS (143,734) 438,740
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Ozan Ucar
Director
28 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Keepnet Labs Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11047987 . The registered office is 124 City Road, London, EC1V 2NX.
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
Any uncertainties related to events or conditions that may cast doubt about the company’s ability to continue as a going concern have been considered and the Directors believe that 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. 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:
Leasehold Improvements Straight line over 3 years
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 10% Straight line
Computer Equipment Straight line over 3 years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 7)
11 7
4. Tangible Assets
Land & Property
Leasehold Improvements Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 - 99,875 - 61,328 161,203
Additions 13,915 - 1,870 8,026 23,811
As at 30 June 2024 13,915 99,875 1,870 69,354 185,014
Depreciation
As at 1 July 2023 - 24,969 - 50,809 75,778
Provided during the period 4,638 18,726 187 8,926 32,477
As at 30 June 2024 4,638 43,695 187 59,735 108,255
Net Book Value
As at 30 June 2024 9,277 56,180 1,683 9,619 76,759
As at 1 July 2023 - 74,906 - 10,519 85,425
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 261,952 423,545
Prepayments and accrued income 90,848 152,652
Other debtors 5,362 22,943
VAT 4,225 31,927
Amounts owed by group undertakings 4,716 -
367,103 631,067
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,635 12,587
Trade creditors 69,940 244,590
Other taxes and social security 29,703 17,428
Accruals and deferred income 817,789 1,007,752
Director's loan account 99,828 82,753
1,030,895 1,365,110
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 60,289 73,925
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,635 12,587
Later than one year and not later than five years 60,289 73,925
73,924 86,512
73,924 86,512
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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