Company Registration No. 15646813 (England and Wales)
Passion Labs Ltd
Unaudited accounts
for the period from 1 May 2025 to 31 December 2025
Passion Labs Ltd
Unaudited accounts
Contents
Passion Labs Ltd
Company Information
for the period from 1 May 2025 to 31 December 2025
Director
Thomas Anthony Crosbie Lorimer
Company Number
15646813 (England and Wales)
Registered Office
Venture X
1 Ariel Way
London
W12 7SL
England
Passion Labs Ltd
Statement of financial position
as at 31 December 2025
Intangible assets
8,130
306
Cash at bank and in hand
198,299
107,283
Creditors: amounts falling due within one year
(100,289)
(20,214)
Net current assets
196,409
134,363
Net assets
206,439
135,571
Called up share capital
1
1
Share premium
100,000
100,000
Capital contribution reserve
110,000
-
Profit and loss account
(3,562)
35,570
Shareholders' funds
206,439
135,571
For the period ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 September 2026 and were signed on its behalf by
Thomas Anthony Crosbie Lorimer
Director
Company Registration No. 15646813
Passion Labs Ltd
Notes to the Accounts
for the period from 1 May 2025 to 31 December 2025
Passion Labs Ltd is a private company, limited by shares, registered in England and Wales, registration number 15646813. The registered office is Venture X, 1 Ariel Way, London, W12 7SL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 1 May 2025 to 31 December 2025 are the first financial statements prepared in accordance with FRS 102 Section 1A Small Entities. The date of transition to FRS 102 was 15 April 2024. The effect of the transition and the reclassification of comparative amounts are explained in note 13.
The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided so as to write off the cost of assets, less their estimated residual values, over their estimated useful economic lives as follows:
Fixtures & fittings
3 years
Computer equipment
3 years
Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over their estimated useful economic lives as follows:
Intangible assets – 5 years
At 31 December 2025 the company had net assets of £207,519 and cash at bank and in hand of £198,299. The directors have considered the company's forecasts and expected funding requirements for a period of at least twelve months from the date of approval of these financial statements and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Turnover represents amounts receivable for services provided in the ordinary course of business, net of VAT and trade discounts.
Revenue from monthly recurring contracts is recognised over the period in which the related services are provided.
Revenue from longer-term contracts is recognised over the period of the contract by reference to the work performed and contractual milestones achieved, where the outcome of the contract can be estimated reliably.
Where services have been provided or contractual milestones have been achieved but have not yet been invoiced, the amount due is recognised as accrued income. Amounts invoiced in advance of the related services being provided are recognised as deferred income.
Passion Labs Ltd
Notes to the Accounts
for the period from 1 May 2025 to 31 December 2025
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 accounts. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
4
Intangible fixed assets
Other
Passion Labs Ltd
Notes to the Accounts
for the period from 1 May 2025 to 31 December 2025
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 May 2025
1,127
-
1,127
At 31 December 2025
2,010
583
2,593
Charge for the period
459
9
468
At 31 December 2025
684
9
693
At 31 December 2025
1,326
574
1,900
At 30 April 2025
902
-
902
6
Debtors
31/12/2025
30/04/2025
Amounts falling due within one year
Trade debtors
47,798
28,830
Deferred tax asset
11,637
-
Accrued income and prepayments
500
-
Other debtors
38,464
18,464
7
Creditors: amounts falling due within one year
31/12/2025
30/04/2025
Taxes and social security
13,238
9,454
8
Share capital
31/12/2025
30/04/2025
Allotted, called up and fully paid:
111,000 Ordinary shares of £0.00001 each
1.11
1.11
Passion Labs Ltd
Notes to the Accounts
for the period from 1 May 2025 to 31 December 2025
9
Capital contribution reserve
The capital contribution reserve represents advance subscription funds received under SeedFAST agreements in respect of shares to be issued after the reporting date.
Under the terms of the agreements, the amounts received are non-refundable, do not bear interest and are subject to mandatory conversion into equity shares. Accordingly, the amounts have been recognised within equity as a capital contribution pending the issue of the related shares.
The relevant shares were subsequently issued in May 2026 in accordance with the terms of the agreements.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director loan
18,464
20,000
-
38,464
At 1 May 2025, an amount of £18,464 was due from the director to the company. During the period, further advances of £20,000 were made to the director. No amounts were repaid during the period and at 31 December 2025 the amount due from the director was £38,464.
The balance is unsecured, interest-free and repayable on demand.
11
Average number of employees
During the period the average number of employees was 4 (30/04/2025: 2).
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
15 April 2024
30 April 2025
Capital and reserves (as previously stated)
-
35,571
Reclass of share premium from creditors
-
100,000
Capital and reserves (as restated)
-
135,571
These financial statements for the period from 1 May 2025 to 31 December 2025 are the first financial statements prepared in accordance with FRS 102 Section 1A Small Entities. The date of transition to FRS 102 was 15 April 2024.
In preparing these financial statements, the comparative figures have been reviewed and reclassified where necessary to reflect their appropriate accounting treatment and presentation. In the financial statements for the period ended 30 April 2025, £100,000 relating to shares issued during that period was presented within creditors. The amount represented consideration received in respect of shares issued and has therefore been reclassified from creditors to share premium.
The reclassification increased net assets and shareholders' funds at 30 April 2025 by £100,000 and reduced creditors by the same amount. It had no effect on the profit for the period ended 30 April 2025. There were no other adjustments arising on transition to FRS 102.