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Registration number: 10106827

Ontology Labs Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 April 2025

Ontology Labs Limited

Company Information

Directors | R Payne J Payne

Registered office | Manor House 111 High Street Abbotsley St. Neots PE19 6UE

Accountants | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

Ontology Labs Limited

(Registration number: 10106827)
Balance Sheet as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 66,513 | 92,350
Current assets |  |  |
Debtors | 5 | 75,250 | 72,915
Cash at bank and in hand |  | 106,131 | 97,485
|  | 181,381 | 170,400
Creditors: Amounts falling due within one year | 6 | (6,445) | (25,912)
Net current assets |  | 174,936 | 144,488
Net assets |  | 241,449 | 236,838
Capital and reserves |  |  |
Called up share capital |  | 2 | 2
Retained earnings |  | 241,447 | 236,836
Shareholders' funds |  | 241,449 | 236,838

For the financial 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.

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. 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 8 October 2025 and signed on its behalf by:

R Payne Director |  |

Ontology Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is: Manor House, 111 High Street, Abbotsley, St. Neots, PE19 6UE.

2 | Accounting policies

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.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowings

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Tax

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.

Ontology Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Depreciation

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:

Asset class | Depreciation method and rate
Computer Equipment | 25% per annum
Equipment | 25% per annum

Financial instruments

The Company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data at the balance sheet date that the balance may be impaired. The company does not hold collateral against its trade and other debtors so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Ontology Labs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

4 | Tangible assets

| Fixtures and fittings £ | Other equipment £ | Total £
Cost
At 1 May 2024 | 2,155 | 108,928 | 111,083
Additions | 1,763 | - | 1,763
At 30 April 2025 | 3,918 | 108,928 | 112,846
Depreciation
At 1 May 2024 | 676 | 18,057 | 18,733
Charge for the year | 372 | 27,228 | 27,600
At 30 April 2025 | 1,048 | 45,285 | 46,333
Carrying amount
At 30 April 2025 | 2,870 | 63,643 | 66,513
At 30 April 2024 | 1,479 | 90,871 | 92,350

5 | Debtors

Current | 2025 £ | 2024 £
Other debtors | 75,250 | 72,915

Included within other debtors is £9,000 (2024: £3,000) due from Exzession Limited, a company subject to common control. No interest is charged on this balance.

6 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | - | 60
Taxation and social security | 3,445 | 2,339
Accruals and deferred income | 3,000 | 3,165
Other creditors | - | 20,348
| 6,445 | 25,912