Caseware UK (AP4) 2023.0.135 2023.0.135 12023-05-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11935298 2023-05-01 2024-04-30 11935298 2022-05-01 2023-04-30 11935298 2024-04-30 11935298 2023-04-30 11935298 c:Director1 2023-05-01 2024-04-30 11935298 d:OfficeEquipment 2023-05-01 2024-04-30 11935298 d:OfficeEquipment 2024-04-30 11935298 d:OfficeEquipment 2023-04-30 11935298 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 11935298 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 11935298 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 11935298 d:CurrentFinancialInstruments 2024-04-30 11935298 d:CurrentFinancialInstruments 2023-04-30 11935298 d:Non-currentFinancialInstruments 2024-04-30 11935298 d:Non-currentFinancialInstruments 2023-04-30 11935298 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 11935298 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11935298 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 11935298 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 11935298 d:ShareCapital 2024-04-30 11935298 d:ShareCapital 2023-04-30 11935298 d:RetainedEarningsAccumulatedLosses 2024-04-30 11935298 d:RetainedEarningsAccumulatedLosses 2023-04-30 11935298 c:FRS102 2023-05-01 2024-04-30 11935298 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 11935298 c:FullAccounts 2023-05-01 2024-04-30 11935298 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11935298 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 11935298 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-05-01 2024-04-30 11935298 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 11935298









NEXTLIFE WEARABLES LTD







Unaudited

Financial statements

For the Year Ended 30 April 2024

 
NEXTLIFE WEARABLES LTD
Registered number: 11935298

Statement of Financial Position
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
214,190
212,862

  
214,190
212,862

Current assets
  

Stocks
  
656
656

Debtors: amounts falling due within one year
 6 
628
6,314

Cash at bank and in hand
  
7,805
6,681

  
9,089
13,651

Creditors: amounts falling due within one year
 7 
(3,997)
(3,927)

Net current assets
  
 
 
5,092
 
 
9,724

Total assets less current liabilities
  
219,282
222,586

Creditors: amounts falling due after more than one year
 8 
(1,568,588)
(1,386,582)

  

Net liabilities
  
(1,349,306)
(1,163,996)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,349,307)
(1,163,997)

  
(1,349,306)
(1,163,996)


Page 1

 
NEXTLIFE WEARABLES LTD
Registered number: 11935298
    
Statement of Financial Position (continued)
As at 30 April 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 statement of comprehensive income 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: 




................................................
Neel Jayesh Bhagodia
Director

Date: 7 January 2025

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

Page 2

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

NEXTLIFE WEARABLES LTD is a private company limited by shares and incorporated in England. Its registered office is The Harley Building, 79 New Cavendish Street, London, England, W1W 6XB. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss for the period and at the reporting date has net liabilities. The company has an on-demand secured debt facility in place with a limit of £2m of which £1.0m (2021: £1.4m) is still available so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared on a going concern basis on this assumption.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.5

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 range from 3 to 6 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.

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.9

Taxation

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 reporting date in the countries where the Company operates and generates income.


 
2.10

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. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
5
years or 10 years

 
2.11

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:

Office equipment
-
25%

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.

Page 5

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Intangible assets




Patents

£



Cost


At 1 May 2023
306,665


Additions
35,381



At 30 April 2024

342,046



Amortisation


At 1 May 2023
93,803


Charge for the year on owned assets
34,053



At 30 April 2024

127,856



Net book value



At 30 April 2024
214,190



At 30 April 2023
212,862



Page 7

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2023
5,480



At 30 April 2024

5,480



Depreciation


At 1 May 2023
5,480



At 30 April 2024

5,480



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 8

 
NEXTLIFE WEARABLES LTD
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

6.


Debtors

2024
2023
£
£


Other debtors
484
6,006

Prepayments and accrued income
144
308

628
6,314



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,972
2,088

Accruals and deferred income
2,025
1,839

3,997
3,927



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Debentures loans
1,568,588
1,386,582

1,568,588
1,386,582


The following liabilities were secured:

2024
2023
£
£



Debentures loans
1,568,588
1,386,582

1,568,588
1,386,582

Details of security provided:

The loans are secured by a floating charge over the company's assets.

 
Page 9