Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-3002022-11-03falseThe principal activity of the Company was that of software development2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14460752 2022-11-02 14460752 2022-11-03 2023-11-30 14460752 2021-01-01 2022-11-02 14460752 2023-11-30 14460752 c:Director1 2022-11-03 2023-11-30 14460752 d:CurrentFinancialInstruments 2023-11-30 14460752 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 14460752 d:ShareCapital 2023-11-30 14460752 d:SharePremium 2023-11-30 14460752 d:RetainedEarningsAccumulatedLosses 2023-11-30 14460752 c:OrdinaryShareClass1 2022-11-03 2023-11-30 14460752 c:OrdinaryShareClass1 2023-11-30 14460752 c:FRS102 2022-11-03 2023-11-30 14460752 c:AuditExempt-NoAccountantsReport 2022-11-03 2023-11-30 14460752 c:FullAccounts 2022-11-03 2023-11-30 14460752 c:PrivateLimitedCompanyLtd 2022-11-03 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14460752









WEXLER AI LTD
(FORMERLY GLO AI LTD)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2023

 
WEXLER AI LTD
REGISTERED NUMBER: 14460752

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
Note
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 4 
68,269

Cash at bank and in hand
  
259,707

  
327,976

Creditors: amounts falling due within one year
 5 
(316,954)

NET CURRENT LIABILITIES
  
 
 
11,022

TOTAL ASSETS LESS CURRENT LIABILITIES
  
11,022

  

NET LIABILITIES
  
11,022


CAPITAL AND RESERVES
  

Called up share capital 
 6 
96

Share premium account
  
246,646

Profit and loss account
  
(235,720)

  
11,022


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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WEXLER AI LTD
REGISTERED NUMBER: 14460752
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G T Mostyn
Director

Date: 4 March 2024

The notes on pages 3 to 6 form part of these financial statements.

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WEXLER AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Wexler AI Ltd (formerly Glo AI Ltd until 1 February 2023) is a private company limited by shares and incorporated in England and Wales. Its registered office address is 63/66 Hatton Garden, Fifth Floor Suite 23, London, EC1N 8LE.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the financial period and had net assets of £11,022 as at 30 November 2023.
The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the development progress achieved, the director has a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continues to adopt the going concern basis.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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WEXLER AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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WEXLER AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 2.


4.


DEBTORS

2023
£


Other debtors
65,662

Prepayments and accrued income
2,607

68,269


Other debtors include loan balances due to directors of £80. These loans are interest free and are repayable on demand.


5.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
£

Bank overdrafts
10

Other loans
157,990

Trade creditors
3,373

Other creditors
147,607

Accruals and deferred income
7,974

316,954


Other creditors include contributions of £514 payable to the Company's defined contribution pension scheme at the balance sheet date.

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WEXLER AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

6.


SHARE CAPITAL

2023
£
ALLOTTED, CALLED UP AND FULLY PAID


957,199 Ordinary shares of £0.0001 each
96


On incorporation, 800,000 Ordinary £0.0001 shares were issued at par.
On 15 December 2022, 100,000 Ordinary £0.0001 shares were issued at par.
On 30 November 2023, 57,199 Ordinary £0.0001 shares were issued for a total consideration of £250,000

 
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