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REGISTERED NUMBER: 12256780 (England and Wales)












LAPSE LTD

Unaudited Financial Statements

for the Year Ended 31 October 2024






LAPSE LTD (REGISTERED NUMBER: 12256780)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LAPSE LTD

Company Information
for the Year Ended 31 October 2024







Directors: D J Silvertown
B A Silvertown
J Andreou
J J H M Arts





Registered office: NP 105 Icentre
Howard Way
Newport Pagnell
Milton Keynes
MK16 9PY





Registered number: 12256780 (England and Wales)





Accountants: Michael Price Associates Ltd
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

LAPSE LTD (REGISTERED NUMBER: 12256780)

Balance Sheet
31 October 2024

31/10/24 31/10/23
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2,328,808 475,684
Tangible assets 5 141,739 72,492
2,470,547 548,176

Current assets
Debtors 6 335,622 -
Cash at bank 20,712,657 3,522,072
21,048,279 3,522,072
Creditors
Amounts falling due within one year 7 203,120 151,186
Net current assets 20,845,159 3,370,886
Total assets less current liabilities 23,315,706 3,919,062

Capital and reserves
Called up share capital 2 2
Share premium 33,563,840 8,999,996
Retained earnings (10,248,136 ) (5,080,936 )
23,315,706 3,919,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





D J Silvertown - Director


LAPSE LTD (REGISTERED NUMBER: 12256780)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. Statutory information

Lapse Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 25% Straightline
Plant & Machinery - 25% Straightline
Fixture & Fittings - 25% Staightline

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors and management are not aware of any material uncertainties, which may cast doubt on the company's ability to continue as a going concern. The shareholders have expressed their continuing support for the company as at the balance sheet date and for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 17 (2023 - 11 ) .

LAPSE LTD (REGISTERED NUMBER: 12256780)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. Intangible fixed assets
Patents
and Development
licences costs Totals
£    £    £   
Cost
At 1 November 2023 3,800 836,086 839,886
Additions - 1,492,326 1,492,326
At 31 October 2024 3,800 2,328,412 2,332,212
Amortisation
At 1 November 2023 2,454 361,748 364,202
Amortisation for year 950 (361,748 ) (360,798 )
At 31 October 2024 3,404 - 3,404
Net book value
At 31 October 2024 396 2,328,412 2,328,808
At 31 October 2023 1,346 474,338 475,684

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 November 2023 3,163 28,327 82,065 113,555
Additions - 28,693 85,270 113,963
At 31 October 2024 3,163 57,020 167,335 227,518
Depreciation
At 1 November 2023 1,713 8,697 30,653 41,063
Charge for year 791 10,730 33,195 44,716
At 31 October 2024 2,504 19,427 63,848 85,779
Net book value
At 31 October 2024 659 37,593 103,487 141,739
At 31 October 2023 1,450 19,630 51,412 72,492

6. Debtors
31/10/24 31/10/23
£    £   
Amounts falling due within one year:
VAT 151,843 -
Prepayments 115,379 -
267,222 -

Amounts falling due after more than one year:
Other debtors 68,400 -

Aggregate amounts 335,622 -

LAPSE LTD (REGISTERED NUMBER: 12256780)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. Creditors: amounts falling due within one year
31/10/24 31/10/23
£    £   
Trade creditors 21,584 -
Social security and other taxes 97,331 1,623
VAT - 13,327
Other creditors 84,205 113,921
Directors' current accounts - 315
Accrued expenses - 22,000
203,120 151,186