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Twinlabs Ai Ltd

Registered Number
14618546
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

Twinlabs Ai Ltd
Company Information
for the period from 26 January 2023 to 31 March 2024

Directors

P Gray
T Wade
R Webster

Registered Address

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Registered Number

14618546 (England and Wales)
Twinlabs Ai Ltd
Statement of Financial Position
31 March 2024

Notes

2024

£

£

Fixed assets
Tangible assets32,151
2,151
Current assets
Debtors424,546
Cash at bank and on hand418,466
443,012
Creditors amounts falling due within one year5(432,689)
Net current assets (liabilities)10,323
Total assets less current liabilities12,474
Net assets12,474
Capital and reserves
Called up share capital3,000
Profit and loss account9,474
Shareholders' funds12,474
The financial statements were approved and authorised for issue by the Board of Directors on 10 January 2025, and are signed on its behalf by:
P Gray
Director
Registered Company No. 14618546
Twinlabs Ai Ltd
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company was incorporated on 26 January 2023 to develop software and provide services relating to systems integration.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company made a profit during the year and the directors believe that the company has sufficient financial resources to meet its obligations as they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. Consequently, the directors have concluded that it is appropriate to prepare the annual financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover represents revenue derived from software development and provision of services relating to systems integration. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The balance sheet is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the balance sheet date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Revenue from rendering of services
Revenue from the rendering of services from software development and provision of services relating to systems integration is recognised by reference to the stage of completion of the transaction providing that; the amount of revenue associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the stage of completion of the transaction can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Operating leases
If the lessor does not transfer substantially all the risks and rewards of owning the asset to the company, the lease is deemed an operating lease. Rentals payable under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment2
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Average number of employees

2024
Average number of employees during the year4
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions2,5152,515
At 31 March 242,5152,515
Depreciation and impairment
Charge for year364364
At 31 March 24364364
Net book value
At 31 March 242,1512,151
At 25 January 23--
4.Debtors: amounts due within one year

2024

£
Other debtors23,479
Prepayments and accrued income1,067
Total24,546
5.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables351,045
Taxation and social security9,475
Other creditors32,068
Accrued liabilities and deferred income40,101
Total432,689
6.Pension commitments
The pension costs consist of contributions payable by the company to the pension schemes, totalling £16,330 for the financial year. As of the statement of financial position date, total contributions of £2,130 were payable to the pension schemes.
7.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £8,727 Between two to five years: 8,727