Company registration number 04315326 (England and Wales)
EIGENLABS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EIGENLABS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EIGENLABS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,056
3,753
Current assets
Stocks
252,214
252,214
Debtors
5
935
1,676
Cash at bank and in hand
283
1,028
253,432
254,918
Creditors: amounts falling due within one year
6
(301,040)
(297,755)
Net current liabilities
(47,608)
(42,837)
Total assets less current liabilities
(44,552)
(39,084)
Creditors: amounts falling due after more than one year
7
(2,287,500)
(2,287,500)
Net liabilities
(2,332,052)
(2,326,584)
Capital and reserves
Called up share capital
5,977,500
5,977,500
Profit and loss reserves
(8,309,552)
(8,304,084)
Total equity
(2,332,052)
(2,326,584)
For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 June 2025
Mr JH Lambert
Director
Company registration number 04315326 (England and Wales)
EIGENLABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Eigenlabs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorgate House, King Street, Newton Abbot, England, TQ12 2LG.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had nettrue current liabilities of £47,608 (2023: £42,837) and made a net loss for the year of £5,468 (2023: £7,988).
The director has concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the director has a reasonable expectation that the company has adequate resources made available from shareholders to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
10 years
1.4
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:
Plant and equipment
20% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost
EIGENLABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
EIGENLABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Intangible fixed assets
Patents and licences
£
Cost
At 1 October 2023 and 30 September 2024
159,175
Amortisation and impairment
At 1 October 2023
155,422
Amortisation charged for the year
697
At 30 September 2024
156,119
Carrying amount
At 30 September 2024
3,056
At 30 September 2023
3,753
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
79,681
61,710
146,922
288,313
Disposals
(2,400)
(2,400)
At 30 September 2024
77,281
61,710
146,922
285,913
Depreciation and impairment
At 1 October 2023
79,681
61,710
146,922
288,313
Eliminated in respect of disposals
(2,400)
(2,400)
At 30 September 2024
77,281
61,710
146,922
285,913
Carrying amount
At 30 September 2024
At 30 September 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
176
Other debtors
759
1,676
935
1,676
EIGENLABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
270,000
270,000
Other creditors
29,690
26,755
Accruals and deferred income
1,350
1,000
301,040
297,755
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
2,287,500
2,287,500
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Shareholder loans
2,557,500
2,557,500
Key management personnel
29,684
26,579