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COMPANY REGISTRATION NUMBER: 13409714
Lutra Health Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Lutra Health Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Lutra Health Limited
Officers and Professional Advisers
The board of directors
S Evans
A Knapp (Resigned 17 November 2023)
C Ramsden
J Pincock (Served from 17 November 2023 to 22 March 2024)
C Solanki (Appointed 17 November 2023)
Registered office
2 Oldfield Road
Bocam Park
Bridgend
Wales
CF35 5LJ
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Lutra Health Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lutra Health Limited
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
14 February 2025
Lutra Health Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
101,454
51,540
Tangible assets
6
4,252
---------
--------
105,706
51,540
Current assets
Debtors
7
11,761
1,805
Cash at bank and in hand
308,788
41,055
---------
--------
320,549
42,860
Creditors: amounts falling due within one year
8
83,507
125,049
---------
---------
Net current assets/(liabilities)
237,042
( 82,189)
---------
--------
Total assets less current liabilities
342,748
( 30,649)
---------
--------
Net assets/(liabilities)
342,748
( 30,649)
---------
--------
Capital and reserves
Called up share capital
9
2,396
300
Share premium account
372,603
Profit and loss account
( 32,251)
( 30,949)
---------
--------
Shareholders funds/(deficit)
342,748
( 30,649)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lutra Health Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
S Evans
Director
Company registration number: 13409714
Lutra Health Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, CF35 5LJ, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future, and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
When determining whether development expenditure should be capitalised as an intangible asset, the company applies several significant judgments to ensure compliance with FRS 102. These judgments focus on evaluating whether the expenditure meets the criteria for recognition as disclosed under the research and development accounting policy.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Intangible assets
Developing costs
£
Cost
At 1 June 2023
51,540
Additions
49,914
---------
At 31 May 2024
101,454
---------
Amortisation
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
101,454
---------
At 31 May 2023
51,540
---------
6. Tangible assets
Equipment
£
Cost
At 1 June 2023
Additions
4,638
-------
At 31 May 2024
4,638
-------
Depreciation
At 1 June 2023
Charge for the year
386
-------
At 31 May 2024
386
-------
Carrying amount
At 31 May 2024
4,252
-------
At 31 May 2023
-------
7. Debtors
2024
2023
£
£
Other debtors
11,761
1,805
--------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,238
14,305
Social security and other taxes
2,072
Other creditors
75,197
110,744
--------
---------
83,507
125,049
--------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.001 (2023 - £ 1) each
2,396,428
2,396
300
300
------------
-------
----
----
On 17 November 2023 the company issued 1700 Ordinary shares of £1 each taking the total share capital to 2,000 Ordinary shares of £1 each. On 27 November 2023 the company subdivided its 2,000 Ordinary £1 shares in to 1,000,000 Ordinary £0.002 shares. On 18 March 2024 the company subdivided its 1,000,000 Ordinary £0.002 shares in to 2,000,000 Ordinary £0.001 shares. Throughout March and April 2024 the company issued a further 396,428 Ordinary £0.001 shares under (S)EIS schemes taking the total share capital to be 2,396,428 Ordinary Shares of £0.001 each. The total price paid per share on the new shares issued was £1 each resulting in a gross share premium of £396,032. The company incurred transaction costs of £23,429 resulting in a net share premium reported on the statement of financial position of £372,603.
10. Related party transactions
At the end of the reporting period the company owed Sam Evans Limited £45,584 (2023: £45,980) by way of financial support provided. The loan is repayable on demand and has no interest charged. The company has taken exemption from disclosing other related party transactions which are considered immaterial or conducted under normal market conditions.