545Labs Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Registration number:
545Labs Limited
for the Year Ended 31 December 2024
545Labs Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
545Labs Limited
Company Information
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Director |
K J P Lundholm |
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Company secretary |
Goodwille Limited |
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Registered office |
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Accountants |
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545Labs Limited
(Registration number: 05626042)
Statement of Financial Position as at 31 December 2024
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2023 |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Total equity |
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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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The financial statements of 545Labs Limited were approved and authorised for issue by the
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Director
545Labs Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
545Labs Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Judgements and key sources of estimation uncertainties
There were no critical judgements made by the director in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
545Labs Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Taxation
The tax expense for the period comprises current tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusions of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Cash and cash equivalents
Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of change in value.
Receivables
Other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
545Labs Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Receivables |
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2024 |
2023 |
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Prepayments |
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Cash and cash equivalents |
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2023 |
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Cash at bank |
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545Labs Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Payables |
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2024 |
2023 |
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Due within one year |
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Director's loan account |
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Accrued expenses |
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Share capital and reserves |
Allotted, called up and fully paid shares
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2023 |
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1 |
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1 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
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Related party transactions |
During the year K J P Lundholm, paid various expenses on behalf of the company amounting to £4,431 (2023: £3,817) and the company repaid K J P Lundholm the sum of £2,400 (2023: £2,800). At 31 December 2024, the company owed K J P Lundholm £16,376 (2023: £14,345). No interest is charged in respect of this balance.
There were no other related party transactions to disclose.
545Labs Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Control |
The company is controlled by the director who owns 100% of the called up share capital.