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REGISTERED NUMBER: 10750630 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Serendipity AI Limited

Serendipity AI Limited (Registered number: 10750630)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Serendipity AI Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J E Marshall
S Johansen





SECRETARY: CC Secretaries Limited





REGISTERED OFFICE: 4 Oval Road
London
NW1 7EB





REGISTERED NUMBER: 10750630 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

Serendipity AI Limited (Registered number: 10750630)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,275 -
Tangible assets 5 18,632 16,532
28,907 16,532

CURRENT ASSETS
Debtors 6 177,509 261,154
Prepayments and accrued income 26,387 46,644
Cash at bank 878,613 630,726
1,082,509 938,524
CREDITORS
Amounts falling due within one year 7 263,397 274,238
NET CURRENT ASSETS 819,112 664,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,019

680,818

CAPITAL AND RESERVES
Called up share capital 1 1
Share based payments 8 30,840 24,886
Retained earnings 8 817,178 655,931
848,019 680,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





J E Marshall - Director


Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

Serendipity AI Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Website costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
The company is recognising the fair value of options vested during the year in review.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 11,731
At 31 May 2023 11,731
AMORTISATION
Charge for year 1,456
At 31 May 2023 1,456
NET BOOK VALUE
At 31 May 2023 10,275

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 56,070
Additions 11,298
Disposals (1,707 )
At 31 May 2023 65,661
DEPRECIATION
At 1 June 2022 39,538
Charge for year 8,530
Eliminated on disposal (1,039 )
At 31 May 2023 47,029
NET BOOK VALUE
At 31 May 2023 18,632
At 31 May 2022 16,532

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 128,962 199,664
Other debtors 48,547 61,490
177,509 261,154

Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 14,090 15,921
Taxation and social security 60,765 29,382
Other creditors 188,542 228,935
263,397 274,238

8. RESERVES
Share
Retained based
earnings payments Totals
£    £    £   

At 1 June 2022 655,931 24,886 680,817
Profit for the year 161,247 161,247
Fair value valuation - 5,954 5,954
At 31 May 2023 817,178 30,840 848,018