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LIMITEAR LTD

Registered Number
06849403
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

LIMITEAR LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

AMBRIDGE, Shane Lee
CAHILL, Frederick John, Mr.
GLOVER, Richard Peter
WHEATLEY, Stephen Edward

Company Secretary

WHEATLEY, Stephen Edward

Registered Address

Boundary House
Boston Road
London
W7 2QE

Registered Number

06849403 (England and Wales)
LIMITEAR LTD
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4248331
248331
Current assets
Stocks51,6801,680
Debtors611,70239,266
Cash at bank and on hand5,7187,329
19,10048,275
Creditors amounts falling due within one year7(12,387)(46,714)
Net current assets (liabilities)6,7131,561
Total assets less current liabilities6,9611,892
Creditors amounts falling due after one year8(667,684)(578,861)
Net assets(660,723)(576,969)
Capital and reserves
Called up share capital5,6595,451
Share premium1,305,4031,242,611
Profit and loss account(1,971,785)(1,825,031)
Shareholders' funds(660,723)(576,969)
The financial statements were approved and authorised for issue by the Board of Directors on 14 May 2025, and are signed on its behalf by:
WHEATLEY, Stephen Edward
Director
Registered Company No. 06849403
LIMITEAR LTD
Notes to the Financial Statements
for the year ended 30 September 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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation 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 of accounting in preparing its financial statements.
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. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Office Equipment4
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
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 at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised. The company has tax losses of £1,582,362 (Prev. Yr. £1,454,646) available to carry forward and offset against future trading profits. The company has a potential deferred tax asset of approximately £300,698 (Prev. Yr. £276,149), representing trade losses and other items available to be offset against future trading profits, which has not been recognised due to the uncertainty as to the timescale of its recovery. It is anticipated that the deferred tax asset will be recovered when the company makes sufficient taxable profits.
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 October 237,6006,74214,342
At 30 September 247,6006,74214,342
Depreciation and impairment
At 01 October 237,6006,41114,011
Charge for year-8383
At 30 September 247,6006,49414,094
Net book value
At 30 September 24-248248
At 30 September 23-331331
5.Stocks

2024

2023

££
Other stocks1,6801,680
Total1,6801,680
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables25114,390
Other debtors10,09823,945
Prepayments and accrued income1,353931
Total11,70239,266
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,77140,573
Bank borrowings and overdrafts2,6162,676
Accrued liabilities and deferred income1,0003,465
Total12,38746,714
8.Creditors: amounts due after one year

2024

2023

££
Trade creditors / trade payables289,203272,650
Bank borrowings and overdrafts1,8454,461
Other creditors376,636301,750
Total667,684578,861
As at 30th September 2024, the company reported trade creditor balances owing to directors and other key personnel of £289,203 (Prior Yr. £272,650), together with £376,636 (Prior Yr. £301,750) of accrued fees. These balances represent invoices from directors and consultants for services rendered in the normal course of business. The balances are covered by Simple Agreements for Future Equity (SAFEs). The individuals concerned have agreed not to seek payment before 30 September 2025.
9.Share capital
During the year, the company issued 20,860 (Prior Yr. 13,908) fully paid up Ordinary H Shares at a premium of £3.01 over and above the par value of £0.01 each. As at 30th September 2024, the company had granted 39,686 (Prior Yr. 36,921) unapproved share options exercisable at £0.01 each. The options are all vested and are exercisable at any date up until 30th October 2029.
10.Related party transactions
All transactions took place at arms length and during the normal During the year the company purchased consultancy with associated fees from Practical Business Development Consultancy Ltd to the value of £51,183. PBDC Ltd is 50% owned by Mr Stephen Wheatley. The company loaned £300 to Make Listening Safe Campaign Ltd a company limited by guarantee of which Mr Stephen Wheatley is the sole director. Administrative support was purchased from Virtual Assistant Services to the value of £683, a business owned by Mrs Barbara Wheatley, the wife of Mr Stephen Wheatley. The company purchased consultancy and rented office space from RGC Technical to the value of £55,200. RGC Technical is owned by Mr Richard Glover. The company purchased management services from Mr Fred Cahill to the value of £9,000.
11.Further information regarding the company's financial position
As at 30 September 2024, the company reported net liabilities of £660,723 (2023: £576,969). Included within long-term liabilities are balances of £665,839 owed to directors and other key personnel, relating to accrued fees and consultancy services. These amounts are covered by Simple Agreements for Future Equity (SAFEs), under which the individuals concerned have formally agreed not to seek repayment before 30 September 2025. The directors consider that these arrangements provide assurance regarding the company’s solvency and financial stability in the short to medium term. They also note that, had these liabilities been converted to equity during the reporting period, the company’s balance sheet would have reflected a net asset position. Based on this, together with the company’s ongoing support from stakeholders, access to future equity funding, and continued operational progress, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.