Caseware UK (AP4) 2025.0.111 2025.0.111 2024-04-30 2024-04-30 2026-05-01 false 6 false 2023-05-01 The company's principal activity is that of the creation of encrypted content delivery systems for use in the aviation industry.4 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06212950 2023-05-01 2024-04-30 06212950 2022-05-01 2023-04-30 06212950 2024-04-30 06212950 2023-04-30 06212950 c:Director1 2023-05-01 2024-04-30 06212950 d:FurnitureFittings 2023-05-01 2024-04-30 06212950 d:FurnitureFittings 2024-04-30 06212950 d:FurnitureFittings 2023-04-30 06212950 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06212950 d:ComputerEquipment 2023-05-01 2024-04-30 06212950 d:ComputerEquipment 2024-04-30 06212950 d:ComputerEquipment 2023-04-30 06212950 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06212950 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06212950 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 06212950 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 06212950 d:CurrentFinancialInstruments 2024-04-30 06212950 d:CurrentFinancialInstruments 2023-04-30 06212950 d:Non-currentFinancialInstruments 2024-04-30 06212950 d:Non-currentFinancialInstruments 2023-04-30 06212950 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 06212950 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06212950 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 06212950 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 06212950 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 06212950 d:ShareCapital 2024-04-30 06212950 d:ShareCapital 2023-04-30 06212950 d:RetainedEarningsAccumulatedLosses 2024-04-30 06212950 d:RetainedEarningsAccumulatedLosses 2023-04-30 06212950 c:OrdinaryShareClass1 2023-05-01 2024-04-30 06212950 c:OrdinaryShareClass1 2024-04-30 06212950 c:FRS102 2023-05-01 2024-04-30 06212950 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 06212950 c:FullAccounts 2023-05-01 2024-04-30 06212950 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06212950 d:WithinOneYear 2024-04-30 06212950 d:WithinOneYear 2023-04-30 06212950 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06212950 PROJECT LAMBDA LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
PROJECT LAMBDA LIMITED
CONTENTS
| Page
Statement of financial position | 1 - 2
Notes to the financial statements | 3 - 9
PROJECT LAMBDA LIMITED REGISTERED NUMBER:06212950
STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 69,709 |  | 70,210
Current assets |  |  |  |  |
Stocks |  | - |  | 11,502 |
Debtors: amounts falling due after more than one year | 6 | 25,670 |  | 25,170 |
Debtors: amounts falling due within one year | 6 | 105,966 |  | 218,800 |
Cash at bank and in hand |  | 46,857 |  | 156,897 |
|  | 178,493 |  | 412,369 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 7 | (548,026) |  | (640,475) |
Net current liabilities |  |  | (369,533) |  | (228,106)
Total assets less current liabilities |  |  | (299,824) |  | (157,896)
Creditors: amounts falling due after more than one year | 8 |  | (20,155) |  | (29,157)
Net liabilities |  |  | (319,979) |  | (187,053)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 930 |  | 930
Profit and loss account |  |  | (320,909) |  | (187,983)
|  |  | (319,979) |  | (187,053)
Page 1
PROJECT LAMBDA LIMITED REGISTERED NUMBER:06212950
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
M A Pleydell-Bouverie
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
1. | General information
Project Lambda Limited is a private limited liability company registered in England and Wales. Its registered office and business address is Tower Court, Adhurst St Mary, Petersfield, GU31 5AD. The company's principal activity is that of the creation of encrypted content delivery systems for use in the aviation industry. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company made a loss during the year and at the reporting date has net current liabilities and net liabilities. The controlling party has confirmed that he has the ability and will continue to provide financial support to the company so that it will be able to meet its financial obligations as and when they fall due. Therefore the accounts have been prepared under the going concern basis.
| 2.3 | Turnover
Turnover is measured at the fair value of amounts receivable in respect of goods and services provided in the year, net of trade discounts and excluding value added tax. Turnover is recognised from services and goods when all contractual obligations have been met.
| 2.4 | Intangible assets
Intangible assets acquired seperately 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 seperately 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 entitiy and the cost or value of the asset can be measured reliably.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 3
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures, fittings & equipment | - | 25% |
|  |  |  | Leased computer equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 4
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 2.Accounting policies (continued)
| 2.10 | Basic financial instruments
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans from related parties. Trade debtors and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors and other debtors. Cash at bank and in hand comprise cash balances and call deposits.
| 2.11 | Taxation
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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Foreign currency translation
The company's functional and presentational currency is £ Sterling. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated on foreign currencies are recognised in the Statement of Comprehensive Income. Page 5
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2023 - 6).
4. | Intangible assets
|  | Other
|  | £
| Cost |
| At 1 May 2023 | 151
| At 30 April 2024 | 151
| Amortisation |
| At 1 May 2023 | 151
| At 30 April 2024 | 151
| Net book value |
| At 30 April 2024 | -
| At 30 April 2023 | -
Page 6
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
5. | Tangible fixed assets
|  | Fixtures, fittings and equipment | Leased computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 May 2023 | 67,556 | 125,091 | 192,647
| Additions | 13,332 | 4,985 | 18,317
| At 30 April 2024 | 80,888 | 130,076 | 210,964
| Depreciation |  |  |
| At 1 May 2023 | 51,102 | 71,335 | 122,437
| Charge for the year on owned assets | 4,546 | 14,272 | 18,818
| At 30 April 2024 | 55,648 | 85,607 | 141,255
| Net book value |  |  |
| At 30 April 2024 | 25,240 | 44,469 | 69,709
| At 30 April 2023 | 16,454 | 53,756 | 70,210
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 25,670 | 25,170
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 72,536 | 168,899
| Other debtors | 26,040 | 35,903
| Prepayments and accrued income | 7,390 | 13,998
|  | 105,966 | 218,800
Page 7
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 9,000 | 9,000
| Trade creditors | 109,157 | 169,163
| Other taxation and social security | 156,594 | 222,739
| Other creditors | 100,235 | 80,923
| Accruals and deferred income | 173,040 | 158,650
|  | 548,026 | 640,475
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loans | 20,155 | 29,157
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 9,000 | 9,000
| Amounts falling due 1-2 years |  |
| Bank loans | 9,000 | 9,000
| Amounts falling due 2-5 years |  |
| Bank loans | 11,157 | 20,157
|  | 29,157 | 38,157
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9,300 Ordinary shares of £0.10 each | 930 | 930
Page 8
PROJECT LAMBDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
11. | Pension commitments
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,913 (2023 - £2,877). Contributions totaling £19,052 (2023 - £23,601) were payable to the fund at the reporting date and are included in creditors.
12. | Commitments under operating leases
| At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 31,272
Page 9