REGISTERED NUMBER: 12606940 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Lares Digital Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

R E Mortreuil

A J A Allen

A R Manley

N Smith

Delenwel Limited

REGISTERED OFFICE:

42 Tamworth Road

Croydon

CR0 1XU

REGISTERED NUMBER:

12606940 (England and Wales)

ACCOUNTANTS:

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lares Digital Ltd for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lares Digital Ltd, as a body, in accordance with the terms of our engagement letter dated 20 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Lares Digital Ltd and state those matters that we have agreed to state to the Board of Directors of Lares Digital Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lares Digital Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lares Digital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lares Digital Ltd. You consider that Lares Digital Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lares Digital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

9 July 2025

FIXED ASSETS

Intangible assets

4

1,433

20,634

Tangible assets

5

11,765

16,108

13,198

36,742

CURRENT ASSETS

Debtors

6

30,722

32,526

Cash at bank

4,086

7,186

34,808

39,712

CREDITORS

Amounts falling due within one year

7

91,788

59,265

NET CURRENT LIABILITIES

(56,980

)

(19,553

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(43,782

)

17,189

CAPITAL AND RESERVES

Called up share capital

2,044

1,981

Share premium

206,047

197,114

Retained earnings

(251,873

)

(181,906

)

SHAREHOLDERS' FUNDS

(43,782

)

17,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:

R E Mortreuil - Director

1.	STATUTORY INFORMATION

Lares Digital Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors consider it appropriate to prepare the financial statements on a going concern basis as the company has continued to receive financial support from a director.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Platform development costs are being amortised evenly over their estimated useful life of three years from commencement of trading.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

25% per annum on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Platform

development

costs

£

COST

At 1 January 2024

and 31 December 2024

67,144

AMORTISATION

At 1 January 2024

46,510

Amortisation for year

19,201

At 31 December 2024

65,711

NET BOOK VALUE

At 31 December 2024

1,433

At 31 December 2023

20,634

5.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 January 2024

18,922

Additions

504

At 31 December 2024

19,426

DEPRECIATION

At 1 January 2024

2,814

Charge for year

4,847

At 31 December 2024

7,661

NET BOOK VALUE

At 31 December 2024

11,765

At 31 December 2023

16,108

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

6

59

Social security and other taxes

-

1,751

Deferred tax asset

30,716

30,716

30,722

32,526

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,947

15,896

Amounts owed to related parties

17,788

11,462

Social security and other taxes

1,467

351

Other creditors

1,344

202

Director's loan account

65,742

29,854

Accruals and deferred income

1,500

1,500

91,788

59,265

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

-

893

9.	RELATED PARTY DISCLOSURES

Two of the directors of the company are also directors of Office Anyplace Limited. During the year Office Anyplace Limited recharged costs of £7,307 (2023: £7,119) to Lares Digital Ltd and Lares Digital Ltd charged costs to Office Anyplace Limited of £1,667 (2023: £255).

At the balance sheet date, the amounts outstanding were as follows:

2024

2023

Due from

Due to

Due from

Due to

£

£

£

£

Office Anyplace Limited

-

17,788

-

11,462

10.	ULTIMATE CONTROLLING PARTY

The controlling party is R E Mortreuil.