Acorah Software Products - Accounts Production 16.0.110 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06176270 Mr Richard Allen Mr Gordon Ashworth Mr Adrian Eaglestone Mr Veejay Lingiah Mr Simon Wheatley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06176270 2023-03-31 06176270 2024-03-31 06176270 2023-04-01 2024-03-31 06176270 frs-core:CurrentFinancialInstruments 2024-03-31 06176270 frs-core:Non-currentFinancialInstruments 2024-03-31 06176270 frs-core:ComputerEquipment 2024-03-31 06176270 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06176270 frs-core:ComputerEquipment 2023-03-31 06176270 frs-core:PlantMachinery 2023-04-01 2024-03-31 06176270 frs-core:SharePremium 2024-03-31 06176270 frs-core:ShareCapital 2024-03-31 06176270 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06176270 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06176270 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06176270 frs-bus:SmallEntities 2023-04-01 2024-03-31 06176270 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06176270 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06176270 frs-bus:Director1 2023-04-01 2024-03-31 06176270 frs-bus:Director2 2023-04-01 2024-03-31 06176270 frs-bus:Director3 2023-04-01 2024-03-31 06176270 frs-bus:Director4 2023-04-01 2024-03-31 06176270 frs-bus:Director5 2023-04-01 2024-03-31 06176270 frs-core:CurrentFinancialInstruments 1 2024-03-31 06176270 frs-countries:EnglandWales 2023-04-01 2024-03-31 06176270 2022-03-31 06176270 2023-03-31 06176270 2022-04-01 2023-03-31 06176270 frs-core:CurrentFinancialInstruments 2023-03-31 06176270 frs-core:Non-currentFinancialInstruments 2023-03-31 06176270 frs-core:SharePremium 2023-03-31 06176270 frs-core:ShareCapital 2023-03-31 06176270 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 06176270 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 06176270
Learning Labs Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06176270
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,545 22,629
22,545 22,629
CURRENT ASSETS
Debtors 5 798,370 782,045
Cash at bank and in hand 274,453 505,938
1,072,823 1,287,983
Creditors: Amounts Falling Due Within One Year 6 (1,782,444 ) (1,484,206 )
NET CURRENT ASSETS (LIABILITIES) (709,621 ) (196,223 )
TOTAL ASSETS LESS CURRENT LIABILITIES (687,076 ) (173,594 )
Creditors: Amounts Falling Due After More Than One Year 7 (282,902 ) (398,248 )
NET LIABILITIES (969,978 ) (571,842 )
CAPITAL AND RESERVES
Called up share capital 8 359 359
Share premium account 2,379,989 2,379,989
Profit and Loss Account (3,350,326 ) (2,952,190 )
SHAREHOLDERS' FUNDS (969,978) (571,842)
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For the year ending 31 March 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
Mr Richard Allen
Director
Mr Veejay Lingiah
Director
Mr Simon Wheatley
Director
11/11/2024
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
Learning Labs Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06176270 . The registered office is Regus, Edmund House, 12-22 Newhall Street, Birmingham, B3 3AS.
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
These financial statements have been prepared on a going concern basis, which assumes that the entity will be able to realise its assets and discharge its liabilities in the normal course of business. However, as of March 31, 2024, the entity had negative net assets of £969,978 for the year then ended. 
This is due predominantly to our increasing liability related to deferred income as the business continues to grow and is common amongst early stage growing Saas Business models.  
The entity's ability to continue as a going concern is dependent on its ability to obtain additional financing, generate sufficient cash flows from operations, and achieve profitable operations. 
The Directors of the business and the Board have concluded that these risks are well mitigated and that we are indeed satisfied we are in a position to continue to trade on a going concern basis.
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:
Plant & Machinery 25% straight line
Computer Equipment 25%/33% straight line
2.5. 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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2.6. 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 year 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 asset reflects 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.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 37)
39 37
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 87,449
Additions 11,201
Disposals (51,249 )
As at 31 March 2024 47,401
Depreciation
As at 1 April 2023 64,820
Provided during the period 11,285
Disposals (51,249 )
As at 31 March 2024 24,856
Net Book Value
As at 31 March 2024 22,545
As at 1 April 2023 22,629
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 253,939 286,868
Other debtors 544,431 495,177
798,370 782,045
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 75,022 62,240
Bank loans and overdrafts 10,140 9,644
Other loans 55,556 -
Other taxes and social security 191,595 152,033
Other creditors 1,140,622 974,500
Convertible loan notes 309,509 285,789
1,782,444 1,484,206
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,806 25,193
Other loans 134,259 250,000
Other creditors 133,837 123,055
282,902 398,248
Within Other Creditors falling due after one year is a Quasi-Equity loan arrangement. Interest accrues daily at a rate of 10% per annum 18 months after drawdown.
The bank loan is a bounce back loan advanced in August 2020, with repayments commencing in September 2021.
Within Creditors falling due within one year are convertible loan notes. The material terms of the Convertible Loan Notes are as follows. 
  • on a Relevant Fund Raising, a price per Share being a 20% discount to the price per Share paid for Senior Shares by the investors on a Relevant Fund Raising; or 
  • on a Change of Control, a price per Share being a 20% discount to the price per Share paid for Shares by the purchaser on the Change of Control; or 
  • on the Longstop Date, £135 per Share.
The Longstop Date: 31 December 2024, provided always that if the Board is engaged in exclusive negotiations with a third party on that date for the potential sale of the Company then the Board may extend the Longstop Date to no later than 31 March 2025.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 359 359
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