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Company Registration No. SC698811 (Scotland)
Lupovis Limited Unaudited accounts for the year ended 31 May 2024
Lupovis Limited Unaudited accounts Contents
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Lupovis Limited Company Information for the year ended 31 May 2024
Directors
Ivan Andonovic Xavier Bellekens Frederick James Koen De Waele Frank Staut
Company Number
SC698811 (Scotland)
Registered Office
Cornerstone 107 West Regent Street Glasgow G2 2BA
Accountants
FinFlare Limited Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD
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Lupovis Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,146 
4,401 
Current assets
Debtors
537,578 
5,931 
Cash at bank and in hand
549,832 
561,770 
1,087,410 
567,701 
Creditors: amounts falling due within one year
(91,203)
29,641 
Net current assets
996,207 
597,342 
Total assets less current liabilities
1,001,353 
601,743 
Creditors: amounts falling due after more than one year
- 
(500,000)
Net assets
1,001,353 
101,743 
Capital and reserves
Called up share capital
181 
130 
Share premium
2,014,918 
598,154 
Profit and loss account
(1,013,746)
(496,541)
Shareholders' funds
1,001,353 
101,743 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by
Xavier Bellekens Director Company Registration No. SC698811
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Lupovis Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Lupovis Limited is a private company, limited by shares, registered in Scotland, registration number SC698811. The registered office is Cornerstone, 107 West Regent Street, Glasgow, G2 2BA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The accounts have been prepared on a going concern basis. The Directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The company is in its growth phase and accordingly, losses may be expected as the product is developed and sales and marketing activities are expanded.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25%
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Lupovis Limited Notes to the Accounts for the year ended 31 May 2024
Deferred taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity respectively.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Lupovis Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 June 2023
6,650 
Additions
2,611 
At 31 May 2024
9,261 
Depreciation
At 1 June 2023
2,249 
Charge for the year
1,866 
At 31 May 2024
4,115 
Net book value
At 31 May 2024
5,146 
At 31 May 2023
4,401 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
6,603 
3,799 
Trade debtors
19,111 
- 
Accrued income and prepayments
9,094 
1,022 
Other debtors
502,770 
1,110 
537,578 
5,931 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
72,802 
10,440 
Taxes and social security
(18,209)
(54,025)
Other creditors
28,285 
7,741 
Accruals
8,325 
6,203 
91,203 
(29,641)
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
- 
500,000 
Creditors due after one year are convertible loan notes. The loans are not secured and attract no interest. Upon closing of a financing round the loan notes shall immediately and automatically convert into fully paid Shares of the type or types, with identical rights and preferences and with the same obligations as the shares issued.
8
Average number of employees
During the year the average number of employees was 8 (2023: 8).
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