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Company registration number: 14793984
Rialto Labs Ltd
Unaudited filleted financial statements
30 April 2025
Rialto Labs Ltd
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
Rialto Labs Ltd
Balance sheet
30 April 2025
30/04/25 30/04/24
Note £ £ £ £
Fixed assets
Intangible assets 5 149,692 115,714
Tangible assets 6 4,379 814
_______ _______
154,071 116,528
Current assets
Debtors 7 3,918 2,027
Cash at bank and in hand 62,550 11,648
_______ _______
66,468 13,675
Creditors: amounts falling due
within one year 8 ( 14,098) ( 7,109)
_______ _______
Net current assets 52,370 6,566
_______ _______
Total assets less current liabilities 206,441 123,094
_______ _______
Net assets 206,441 123,094
_______ _______
Capital and reserves
Called up share capital 9 1 1
Share premium account 482,500 187,500
Other Equity 10 166,428 -
Profit and loss account ( 442,488) ( 64,407)
_______ _______
Shareholders funds 206,441 123,094
_______ _______
For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr Per Polland
Director
Company registration number: 14793984
Rialto Labs Ltd
Statement of changes in equity
Year ended 30 April 2025
Called up share capital Share premium account Other Equity Profit and loss account Total
£ £ £ £ £
At 1 May 2023 - - - - -
Loss for the year ( 64,407) ( 64,407)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 64,407) ( 64,407)
Issue of shares 1 187,500 187,501
_______ _______ _______ _______ _______
Total investments by and distributions to owners 1 187,500 - - 187,501
_______ _______ _______ _______ _______
At 30 April 2024 and 1 May 2024 1 187,500 - ( 64,407) 123,094
Loss for the year ( 378,081) ( 378,081)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 378,081) ( 378,081)
Issue of shares - 295,000 295,000
Other Equity 166,428 - 166,428
_______ _______ _______ _______ _______
Total investments by and distributions to owners - 295,000 166,428 - 461,428
_______ _______ _______ _______ _______
At 30 April 2025 1 482,500 166,428 ( 442,488) 206,441
_______ _______ _______ _______ _______
Rialto Labs Ltd
Notes to the financial statements
Year ended 30 April 2025
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Rialto Labs Ltd, Bowley Barn, Bowley Farm, Iping, Midhurst, GU29 0PW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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. All of the financial instruments applying to the company are basic as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 1 ).
5. Intangible assets
Development Expenditure Total
£ £
Cost
At 1 May 2024 115,714 115,714
Additions 33,978 33,978
_______ _______
At 30 April 2025 149,692 149,692
_______ _______
Amortisation
At 1 May 2024 and 30 April 2025 - -
_______ _______
Carrying amount
At 30 April 2025 149,692 149,692
_______ _______
At 30 April 2024 115,714 115,714
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2024 1,031 1,031
Additions 4,230 4,230
_______ _______
At 30 April 2025 5,261 5,261
_______ _______
Depreciation
At 1 May 2024 217 217
Charge for the year 665 665
_______ _______
At 30 April 2025 882 882
_______ _______
Carrying amount
At 30 April 2025 4,379 4,379
_______ _______
At 30 April 2024 814 814
_______ _______
7. Debtors
30/04/25 30/04/24
£ £
Prepayments and accrued income 540 -
Other Taxation and Social Security 3,378 2,027
_______ _______
3,918 2,027
_______ _______
8. Creditors: amounts falling due within one year
30/04/25 30/04/24
£ £
Trade creditors - 60
Accruals and deferred income 3,000 4,600
Director loan accounts 9,914 2,449
_______ _______
14,098 7,109
_______ _______
9. Called up share capital
Issued and called up
30/04/25 30/04/24
No £ No £
Ordinary shares of £ 0.00001 each 120,862 1.10 110,410 110,410
_______ _______ _______ _______
The company issued one ordinary share at incorporation with a nominal value of £1.00.
On 31 May 2023 that share was divided into 10,000 shares with a nominal value of 0.01p
and on 5 December 2023 those shares were further subdivided into 100,000 ordinary shares
with a nominal value of 0.001p each. A further 10,410 ordinary shares were issued on
5 December 2023. During the year ended 30 April 2025 a further 10,452 ordinary shares
were issued.
Share movements
No £
Ordinary :
At 1 May 2024 110,410 1.10
Issue of shares 10,452 0.11
_______ _______
At 30 April 2025 120,862 1.21
_______ _______
10. Other Equity
During the year, the company received a total of £166,428 under two separate agreements, both of which provide for conversion into ordinary shares either on certain future events or at a future date. At the year-end shares had not been issued and the amounts are combined and presented as Other Equity in the balance sheet. The Simple Agreement for Future Equity (SAFE) provides for conversion with a longstop date of 24 months and raised £126,428 between July and December 2024. The Advance Subscription Agreement (ASA) provides for conversion with a longstop date of 6 months and raised £40,000 between January and April 2025.