Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Unaudited Financial Statements
For the year ended 31 December 2023
For Filing with Registrar
Company Registration No. 12679389 (England and Wales)
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Company Information
Director
J Coetzee
Company number
12679389
Registered office
90 High Holborn
London
WC1V 6LJ
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
179,589
Current assets
Debtors
5
12,755
156,994
Cash at bank and in hand
2,289
46,797
15,044
203,791
Creditors: amounts falling due within one year
6
(14,461)
(337,273)
Net current assets/(liabilities)
583
(133,482)
Net assets
583
46,107
Capital and reserves
Called up share capital
7
1,293,434
1,293,434
Other reserves
636,582
50,169
Profit and loss reserves
(1,929,433)
(1,297,496)
Total equity
583
46,107
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
J Coetzee
Director
Company Registration No. 12679389
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Betterrides Labs Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 90 High Holborn High Holborn, London, England, WC1V 6LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements are depreciated over the life of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
Other than the directors, the company does not have any employees.
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023
179,589
Disposals
(179,589)
At 31 December 2023
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
179,589
The assets disposed of relate to the Cambridge office furniture which was part of the Joint Venture between BetterRides Labs Ltd and Ascendal Group Limited.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,755
64,725
Prepayments and accrued income
92,269
12,755
156,994
Prepayments relate to the timing difference between work performed for the Joint Venture and the actual invoice.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,960
6,158
Accruals and deferred income
7,501
331,115
14,461
337,273
Accruals and deferred income is the net accruals from GoAfrica Ltd. In the 2023 financial year, more assets in lieu of share capital were accrued compared to expenses.
Betterrides Labs Ltd
(formerly known as GoAscendal Labs Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
200
200
200
200
Ordinary B of £1 each
1,293,234
1,293,234
1,293,234
1,293,234
1,293,434
1,293,434
1,293,434
1,293,434
Class A shares have one vote per share and are entitled to receive dividends according to the company's dividend policy.
Class B shares do not have any voting rights and are entitled to receive dividends according to the company's dividend policy.
8
Shares to be issued
2023
2022
£
£
At the beginning of the year
50,169
-
Additions
586,413
50,169
At the end of the year
636,582
50,169
Shares to be issued are shares which the company has committed to issue in the future once certain criteria have been met.
9
Related party transactions
At the balance sheet date £11,596 (2022: £nil) was owed from Betterrides.Ai Limited, a company under the same common control as one of the shareholders of this company, GoAfrica Limited.