Company No: 11114747 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	4	7,852		18,741
Tangible assets	5	4,147		6,612
		11,999		25,353
Current assets
Debtors	6	18,266		75,006
Cash at bank and in hand		506,218		148,569
		524,484		223,575
Creditors: amounts falling due within one year	7	( 79,807)		( 58,618)
Net current assets		444,677		164,957
Total assets less current liabilities		456,676		190,310
Creditors: amounts falling due after more than one year	8	( 756,607)		( 682,655)
Net liabilities		( 299,931)		( 492,345)
Capital and reserves
Called-up share capital	9	4,954		3,430
Share premium account		2,716,013		1,765,436
Other reserves	11	99,702		99,702
Profit and loss account		( 3,120,600 )		( 2,360,913 )
Total shareholders' deficit		( 299,931)		( 492,345)

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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Life Ledger Limited (registered number: 11114747) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Hector Director

29 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Life Ledger Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Estate Office, Abbotscourt Lane, Antony, PL11 3AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 31 December 2023 to correct balances which were incorrectly stated in the financial statements. Creditors due in less than 1 year have decreased from £796,118 to £58,618, creditors due in more than one year have increased from nil to £682,655, other reserves have increased from nil to £99,702 and profit and loss reserves have decreased from negative £2,316,057 to negative £2,360,913.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment	20 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Creditors: amounts falling due within one year		(796,118)		737,500		(58,618)
Creditors: amounts falling due after more than one year		0		(682,655)		(682,655)
Other reserves		0		(99,702)		(99,702)
Profit and loss reverses		2,316,057		44,856		2,360,913

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 31 December 2023 to correct balances which were incorrectly stated in the financial statements. Creditors due in less than 1 year have decreased from £796,118 to £58,618, creditors due in more than one year have increased from nil to £682,655, other reserves have increased from nil to £99,702 and profit and loss reserves have decreased from negative £2,316,057 to negative £2,360,913.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		13

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2024	54,443		54,443
At 31 December 2024	54,443		54,443
Accumulated amortisation
At 01 January 2024	35,702		35,702
Charge for the financial year	10,889		10,889
At 31 December 2024	46,591		46,591
Net book value
At 31 December 2024	7,852		7,852
At 31 December 2023	18,741		18,741

5. Tangible assets

	Office equipment		Computer equipment		Total
	£		£		£
Cost
At 01 January 2024	6,022		10,647		16,669
At 31 December 2024	6,022		10,647		16,669
Accumulated depreciation
At 01 January 2024	2,942		7,115		10,057
Charge for the financial year	616		1,849		2,465
At 31 December 2024	3,558		8,964		12,522
Net book value
At 31 December 2024	2,464		1,683		4,147
At 31 December 2023	3,080		3,532		6,612

6. Debtors

	2024		2023
	£		£
Trade debtors	14,412		1,054
Corporation tax	0		61,627
Other debtors	3,854		12,325
	18,266		75,006

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	50,292		34,904
Other taxation and social security	10,536		6,980
Other creditors	18,979		16,734
	79,807		58,618

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	756,607		682,655

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
425,413 Ordinary shares of £ 0.01 each (2023: 309,077 shares of £ 0.01 each)	4,254.13		3,090.77
69,967 A Ordinary Preference shares of £ 0.01 each (2023: 33,967 shares of £ 0.01 each)	699.67		339.67
	4,953.80		3,430.44

In the financial year 2024 class Ordinary shares were allotted with an aggregate nominal value of £1,163 and consideration of £727,100 was received.

In the financial year 2024 class A Ordinary Preference shares were allotted with an aggregate nominal value of £360 and consideration of £225,000 was received.

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,023		1,196

11. Reserves

Share premium account

The share premium account represents the amount subscribed for the company's shares in excess of nominal value.

Other reserves

This reserve includes the equity component of convertible debt once terms of any convertible loan note agreement have been satisfied, such that it is recognised as equity.