Demonstrable Labs Ltd - Period Ending 2023-05-31

Demonstrable Labs Ltd - Period Ending 2023-05-31


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Registration number: 08232806

Demonstrable Labs Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 October 2022 to 31 May 2023

image-name
 

Demonstrable Labs Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Demonstrable Labs Ltd

Company Information

Directors

Mr Alastair Moore

Mr Richard Groves

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Demonstrable Labs Ltd
for the Period Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Demonstrable Labs Ltd for the period ended 31 May 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Demonstrable Labs Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Demonstrable Labs Ltd and state those matters that we have agreed to state to the Board of Directors of Demonstrable Labs Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Demonstrable Labs Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Demonstrable Labs Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Demonstrable Labs Ltd. You consider that Demonstrable Labs Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Demonstrable Labs Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

8 June 2023

 

Demonstrable Labs Ltd

(Registration number: 08232806)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

666

Current assets

 

Debtors

1,987

1,506

Cash at bank and in hand

 

208

13,534

 

2,195

15,040

Creditors: Amounts falling due within one year

(18,124)

(30,078)

Net current liabilities

 

(15,929)

(15,038)

Total assets less current liabilities

 

(15,929)

(14,372)

Accruals and deferred income

 

-

(1,000)

Net liabilities

 

(15,929)

(15,372)

Capital and reserves

 

Called up share capital

5

40

40

Retained earnings

(15,969)

(15,412)

Shareholders' deficit

 

(15,929)

(15,372)

For the financial period ending 31 May 2023 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 8 June 2023 and signed on its behalf by:
 

.........................................
Mr Richard Groves
Director

 

Demonstrable Labs Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 May 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

straight line, 3 years

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Demonstrable Labs Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 May 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

3

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

445

667

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

1,999

1,999

Disposals

(1,999)

(1,999)

At 31 May 2023

-

-

Depreciation

At 1 October 2022

1,333

1,333

Charge for the period

444

444

Eliminated on disposal

(1,777)

(1,777)

At 31 May 2023

-

-

Carrying amount

At 31 May 2023

-

-

At 30 September 2022

666

666

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary shares of £1 each

40

40

40

40

         
 

Demonstrable Labs Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 May 2023

6

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Alastair Moore

(30,000)

12,000

(124)

(18,124)

         
       

 

2022

At 1 October 2021
£

Repayments by director
£

At 30 September 2022
£

Mr Alastair Moore

-

(30,000)

(30,000)