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Registered number: 07980832
Value Chain Lab Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 August 2024
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—11
Page 1
Company Information
Directors M Ostroumov
J K Rissanen
Secretary M Ostroumov
Company Number 07980832
Registered Office Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Accountants Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Principal Activity
The company's principal activity continues to be that of the development and supply of procurement software.
Directors
The directors who held office during the year were as follows:
M Ostroumov
J K Rissanen
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
M Ostroumov
Director
30/10/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
30/10/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 681,400 912,733
GROSS PROFIT 681,400 912,733
Administrative expenses (2,665,237 ) (2,779,662 )
Other operating income 211,390 157,280
OPERATING LOSS AND LOSS BEFORE TAXATION (1,772,447 ) (1,709,649 )
Tax on Loss 355,301 432,065
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (1,417,146 ) (1,277,584 )
The notes on pages 8 to 11 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,655,200 3,104,800
Tangible Assets 5 2,218 408
Investments 6 4,120 4,120
2,661,538 3,109,328
CURRENT ASSETS
Debtors 7 1,554,244 1,065,392
Cash at bank and in hand 204,607 154,884
1,758,851 1,220,276
Creditors: Amounts Falling Due Within One Year 8 (4,051,033 ) (3,017,219 )
NET CURRENT ASSETS (LIABILITIES) (2,292,182 ) (1,796,943 )
TOTAL ASSETS LESS CURRENT LIABILITIES 369,356 1,312,385
NET ASSETS 369,356 1,312,385
CAPITAL AND RESERVES
Called up share capital 9 251 222
Share premium account 2,585,754 2,111,666
Revaluation reserve 4,495,999 4,495,999
Profit and Loss Account (6,712,648 ) (5,295,502 )
SHAREHOLDERS' FUNDS 369,356 1,312,385
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Page 6
For the year ending 31 August 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
M Ostroumov
Director
30/10/2024
The notes on pages 8 to 11 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Share Premium Revaluation reserve Profit and Loss Account Total
£ £ £ £ £
As at 1 September 2022 215 2,005,076 4,495,999 (4,017,918 ) 2,483,372
Loss for the year and total comprehensive income - - - (1,277,584 ) (1,277,584)
Arising on shares issued during the period 7 106,590 - - 106,597
As at 31 August 2023 and 1 September 2023 222 2,111,666 4,495,999 (5,295,502 ) 1,312,385
Loss for the year and total comprehensive income - - - (1,417,146 ) (1,417,146)
Arising on shares issued during the period 29 474,088 - - 474,117
As at 31 August 2024 251 2,585,754 4,495,999 (6,712,648 ) 369,356
Page 7
Page 8
Notes to the Financial Statements
1. General Information
Value Chain Lab Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07980832 . The registered office is Ground Floor Marlborough House, 298 Regents Park Road, London, N3 2SZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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.
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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
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. 
Development costs are being amortised evenly over their estimated useful life of ten years. 
2.4. 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 is 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 to ... on a straight line basis over their expected useful economic lives, which range from ... to ... 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.
2.5. 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:
Computer Equipment 33% on cost
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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.
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.
2.8. 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.
2.9. Investments in subsidiaries
Investments in subsidiaries are revalued to fair value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 5)
8 5
4. Intangible Assets
Development Costs
£
Cost
As at 1 September 2023 4,496,000
As at 31 August 2024 4,496,000
Amortisation
As at 1 September 2023 1,391,200
Provided during the period 449,600
As at 31 August 2024 1,840,800
Net Book Value
As at 31 August 2024 2,655,200
As at 1 September 2023 3,104,800
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5. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2023 12,513
Additions 2,852
As at 31 August 2024 15,365
Depreciation
As at 1 September 2023 12,105
Provided during the period 1,042
As at 31 August 2024 13,147
Net Book Value
As at 31 August 2024 2,218
As at 1 September 2023 408
6. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 September 2023 20 4,100 4,120
As at 31 August 2024 20 4,100 4,120
Provision
As at 1 September 2023 - - -
As at 31 August 2024 - - -
Net Book Value
As at 31 August 2024 20 4,100 4,120
As at 1 September 2023 20 4,100 4,120
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,064,183 628,714
Other debtors 489,430 432,377
VAT 631 4,301
1,554,244 1,065,392
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,285,631 2,227,100
Other taxes and social security 20,849 9,671
Other creditors 102,032 278,411
Accruals and deferred income 1,340 1,340
Directors' loan accounts 641,181 500,697
4,051,033 3,017,219
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
251,000 Ordinary Shares of £ 0.001 each 251 222
Shares issued during the period: £
29,800 Ordinary Shares of £ 0.001 each 29
10. Related Party Transactions
At the balance sheet date the company owed M Ostroumov, the company director, £641,181 (2023 - £500,697). The loan is unsecured, interest free and payable on demand.
VCL Trading Europe Ltd
Included under creditors is an amount due to VCL Trading Europe of £101,123 (2023 - £277,585). This company is fully owned by Value Chain Lab Limited. The loan is unsecured, interest free and payable on demand.
Boson Capital Ltd
Included under debtors is an amount due from Boson Capital Ltd of £9,000 (2023 - £nil). M Ostroumov is the company director of Boson Capital Ltd.
11. Ultimate Controlling Party
The company is controlled by the directors.
12. Taxation
The company has carried forward tax losses of £2,081,339 (2023 - £2,081,339) which it can use against future taxable profits. 
Page 11