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COMPANY REGISTRATION NUMBER: 08858281
Deeper Insights AI Ltd (Formerly Skim IT Ltd)
Filleted Unaudited Financial Statements
31 December 2023
Deeper Insights AI Ltd (Formerly Skim IT Ltd)
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Deeper Insights AI Ltd (Formerly Skim IT Ltd)
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
31,540
36,799
Tangible assets
6
28,792
10,480
Investments
7
3
3
--------
--------
60,335
47,282
Current assets
Debtors
8
621,357
444,903
Cash at bank and in hand
471,463
453,579
------------
---------
1,092,820
898,482
Creditors: amounts falling due within one year
9
242,641
1,676,393
------------
------------
Net current assets/(liabilities)
850,179
( 777,911)
---------
---------
Total assets less current liabilities
910,514
( 730,629)
Creditors: amounts falling due after more than one year
10
21,167
31,007
Provisions
7,247
2,006
---------
---------
Net assets/(liabilities)
882,100
( 763,642)
---------
---------
Capital and reserves
Called up share capital
3,379
2,550
Share premium account
4,087,510
2,354,698
Capital redemption reserve
143
143
Profit and loss account
( 3,208,932)
( 3,121,033)
------------
------------
Shareholders funds/(deficit)
882,100
( 763,642)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Deeper Insights AI Ltd (Formerly Skim IT Ltd)
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr J A Hampson
Director
Company registration number: 08858281
Deeper Insights AI Ltd (Formerly Skim IT Ltd)
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the investors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
10% straight line
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 11 ).
5. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
46,471
6,097
52,568
--------
-------
--------
Amortisation
At 1 January 2023
13,941
1,828
15,769
Charge for the year
4,648
611
5,259
--------
-------
--------
At 31 December 2023
18,589
2,439
21,028
--------
-------
--------
Carrying amount
At 31 December 2023
27,882
3,658
31,540
--------
-------
--------
At 31 December 2022
32,530
4,269
36,799
--------
-------
--------
6. Tangible assets
Equipment
£
Cost
At 1 January 2023
24,008
Additions
27,715
Disposals
( 3,250)
--------
At 31 December 2023
48,473
--------
Depreciation
At 1 January 2023
13,528
Charge for the year
9,103
Disposals
( 2,950)
--------
At 31 December 2023
19,681
--------
Carrying amount
At 31 December 2023
28,792
--------
At 31 December 2022
10,480
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
3
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
3
----
At 31 December 2022
3
----
8. Debtors
2023
2022
£
£
Trade debtors
446,183
387,711
Amounts owed by group undertakings and undertakings in which the company has a participating interest
113,246
42,333
Other debtors
61,928
14,859
---------
---------
621,357
444,903
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,178
9,997
Trade creditors
52,611
40,212
Amounts owed to group undertakings and undertakings in which the company has a participating interest
17,671
21,430
Social security and other taxes
116,820
36,929
Pensions
16,683
7,847
Accruals and deferred income
28,678
59,979
Other creditors
1,499,999
---------
------------
242,641
1,676,393
---------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,167
31,007
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
4,365
Later than 1 year and not later than 5 years
4,020
----
-------
8,385
----
-------
12. Related party transactions
At the year end the company owed £17,671 (2022: £21,430) to its subsidiary company. At the year end the company owed £nil (2022: £1,499,999) to its shareholders. On the 19 December 2023, the shareholder loans were converted to equity in line with the subscription agreements. At the year end the company was owed £113,246 (2022: £42,333) by a company associated under common control.