Company No: 13292372 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Prof. Timothy Dodwell
	Mr Paul German
	Mr Dan Hatfield
	Dr. Alan Martin Prior
	Dr. Anhadjeet Sandhu

SECRETARY

Ms Josephine Susanna Muncaster

REGISTERED OFFICE	Generator Hub The Gallery
	Kings Wharf
	Exeter
	EX2 4AN
	England
	United Kingdom

COMPANY NUMBER

13292372 (England and Wales)

ACCOUNTANT	OnTheGo Accountants Limited
	330 Holborn Gate
	High Holborn
	London
	WC1V 7QH

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	87,880		0
		87,880		0
Current assets
Debtors	4	522,040		3,096
Cash at bank and in hand	5	566,783		163,146
		1,088,823		166,242
Creditors: amounts falling due within one year	6	( 217,498)		( 21,454)
Net current assets		871,325		144,788
Total assets less current liabilities		959,205		144,788
Creditors: amounts falling due after more than one year	7	( 83,789)		0
Net assets		875,416		144,788
Capital and reserves
Called-up share capital	9	137		111
Share premium account		1,030,954		149,989
Profit and loss account		( 155,675 )		( 5,312 )
Total shareholders' funds		875,416		144,788

For the financial year ending 31 March 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of DIGILAB SOLUTIONS LTD (registered number: 13292372) were approved and authorised for issue by the Board of Directors on 18 December 2023. They were signed on its behalf by:

Prof. Timothy Dodwell Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DIGILAB SOLUTIONS LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Generator Hub The Gallery, Kings Wharf, Exeter, EX2 4AN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Office equipment	3 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		1

Average number over the 12 months

3. Tangible assets

	Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2022	0		0		0		0
Additions	66,780		3,480		27,031		97,291
At 31 March 2023	66,780		3,480		27,031		97,291
Accumulated depreciation
At 01 April 2022	0		0		0		0
Charge for the financial year	5,565		534		3,312		9,411
At 31 March 2023	5,565		534		3,312		9,411
Net book value
At 31 March 2023	61,215		2,946		23,719		87,880
At 31 March 2022	0		0		0		0

4. Debtors

	2023		2022
	£		£
Trade debtors	508,455		0
Other debtors	13,585		3,096
	522,040		3,096

5. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	566,783		163,146

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	14,256		18,274
Other taxation and social security	118,538		0
Obligations under finance leases and hire purchase contracts	12,552		0
Other creditors	72,152		3,180
	217,498		21,454

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts	41,289		0
Other creditors	42,500		0
	83,789		0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

	2023		2022
	£		£
At the beginning of financial year	0		0
Charged to the Profit and Loss Account	( 16,697)		0
At the end of financial year	( 16,697)		0

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
13,727,434 ORDINARY shares of £ 0.00001 each (2022: 11,100 shares of £ 0.01 each)	137		111

10. Financial commitments

Commitments

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight-line basis.