Carter Labs Ltd 14227823 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is software development and the creation of artificial intelligence (AI) apps. Digita Accounts Production Advanced 6.30.9574.0 true true 14227823 2024-01-01 2024-12-31 14227823 2024-12-31 14227823 bus:OrdinaryShareClass1 2024-12-31 14227823 bus:OrdinaryShareClass2 2024-12-31 14227823 core:CurrentFinancialInstruments 2024-12-31 14227823 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 14227823 core:FurnitureFittingsToolsEquipment 2024-12-31 14227823 bus:SmallEntities 2024-01-01 2024-12-31 14227823 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 14227823 bus:FilletedAccounts 2024-01-01 2024-12-31 14227823 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14227823 bus:RegisteredOffice 2024-01-01 2024-12-31 14227823 bus:Director1 2024-01-01 2024-12-31 14227823 bus:Director2 2024-01-01 2024-12-31 14227823 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 14227823 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 14227823 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14227823 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 14227823 countries:England 2024-01-01 2024-12-31 14227823 2023-12-31 14227823 core:FurnitureFittingsToolsEquipment 2023-12-31 14227823 2022-07-12 2023-12-31 14227823 2023-12-31 14227823 bus:OrdinaryShareClass1 2023-12-31 14227823 bus:OrdinaryShareClass2 2023-12-31 14227823 core:CurrentFinancialInstruments 2023-12-31 14227823 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14227823 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14227823

Carter Labs Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Carter Labs Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Carter Labs Ltd

Company Information

Directors

Mr H W Prosser

Mr D H S Ali

Registered office

20-22 Wenlock Road
London
N1 7GU

 

Carter Labs Ltd

(Registration number: 14227823)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,771

43,439

Current assets

 

Debtors

5

239,813

23,739

Cash at bank and in hand

 

149,899

1,157,285

 

389,712

1,181,024

Creditors: Amounts falling due within one year

6

(36,787)

(18,544)

Net current assets

 

352,925

1,162,480

Net assets

 

382,696

1,205,919

Capital and reserves

 

Called up share capital

14

14

Share premium reserve

1,675,842

1,675,842

Retained earnings

(1,293,160)

(469,937)

Shareholders' funds

 

382,696

1,205,919

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

.........................................
Mr D H S Ali
Director

 

Carter Labs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. At 31 December 2024, the Company was loss making but had net assets. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Carter Labs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.


Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Carter Labs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 5).

 

Carter Labs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

55,132

55,132

Additions

7,427

7,427

Disposals

(1,147)

(1,147)

At 31 December 2024

61,412

61,412

Depreciation

At 1 January 2024

11,693

11,693

Charge for the year

20,517

20,517

Eliminated on disposal

(569)

(569)

At 31 December 2024

31,641

31,641

Carrying amount

At 31 December 2024

29,771

29,771

At 31 December 2023

43,439

43,439

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,281

-

Prepayments

12,407

6,853

Other debtors

223,125

16,886

 

239,813

23,739

 

Carter Labs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

290

290

Trade creditors

 

17,378

116

Taxation and social security

 

-

9,943

Accruals and deferred income

 

17,783

1,433

Other creditors

 

1,336

6,762

 

36,787

18,544

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

290

290

Other borrowings consist of short tem loans provided to the Company by the directors.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.00001 each

1,031,513

10.32

1,031,513.00

10.32

Series pre-seed of £0.00001 each

325,652

3.26

325,652.00

3.26

 

1,357,165

13.57

1,357,165

13.57

9

Control

There is no controlling party.