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Registration number: 12152960

Engine AI Limited

Filleted Financial Statements

for the Period from 1 December 2022 to 31 March 2023

 

Engine AI Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Engine AI Limited

Company Information

Directors

F Mehregani

P Rodrigues

M Massoud

J Cowles

H Leathers

P Florenza

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Auditors

Thomas Alexander & Company Limited
590 Green Lanes
London
N13 5RY

 

Engine AI Limited

(Registration number: 12152960)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,983

38,644

Current assets

 

Debtors

5

966,795

612,837

Cash at bank and in hand

 

141,283

176,617

 

1,108,078

789,454

Creditors: Amounts falling due within one year

6

(885,061)

(877,869)

Net current assets/(liabilities)

 

223,017

(88,415)

Total assets less current liabilities

 

252,000

(49,771)

Creditors: Amounts falling due after more than one year

6

-

(1,620,447)

Net assets/(liabilities)

 

252,000

(1,670,218)

Capital and reserves

 

Called up share capital

7

2

2

Share premium reserve

6,612,395

3,981,029

Retained earnings

(6,360,397)

(5,651,249)

Shareholders' funds/(deficit)

 

252,000

(1,670,218)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
F Mehregani
Director

 

Engine AI Limited

Notes to the Financial Statements for the Period from 1 December 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
22a St James's Square
1st Floor
London
SW1Y 4JH

These financial statements were authorised for issue by the Board on 8 March 2024.

2

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 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 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 notwithstanding that the company has reported a loss before tax for the period of £883,385 (2022: £2,960,689) and a net current asset surplus at the period end of only £223,017. In spite of this, the directors have concluded that the company is a going concern due to the fact that the company has secured additional equity funding post year end which has provided the business with sufficient cash to sustain the current operating cycle and cash burn for a minimum period of 12 months from the date of approval of the financial statements.

 

Engine AI Limited

Notes to the Financial Statements for the Period from 1 December 2022 to 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 March 2024 was V Chrysostomou, who signed for and on behalf of Thomas Alexander & Company Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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

Fixtures, fittings & office equipment

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Engine AI Limited

Notes to the Financial Statements for the Period from 1 December 2022 to 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 22 (2022 - 25).

 

Engine AI Limited

Notes to the Financial Statements for the Period from 1 December 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

78,489

78,489

At 31 March 2023

78,489

78,489

Depreciation

At 1 December 2022

39,845

39,845

Charge for the period

9,661

9,661

At 31 March 2023

49,506

49,506

Carrying amount

At 31 March 2023

28,983

28,983

At 30 November 2022

38,644

38,644

5

Debtors

2023
£

2022
£

Trade debtors

202,585

-

Prepayments

72,575

53,506

Other debtors

15,059

56,992

Corporation tax receivable

676,576

502,339

966,795

612,837

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

282,163

251,106

Taxation and social security

32,055

60,299

Accruals and deferred income

158,056

43,730

Other creditors

412,787

522,734

885,061

877,869

Creditors: amounts falling due after more than one year

 

Engine AI Limited

Notes to the Financial Statements for the Period from 1 December 2022 to 31 March 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

1,620,447

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.000001 each

1,210,769

1.21

1,210,769

1.21

Deferred Shares of £0.000001 each

7,437

0.01

7,437

0.01

Series Seed shares of £0.000001 each

694,163

0.69

509,166

0.51

 

1,912,369

1.91

1,727,372

1.73

The Series Seed shares carry certain preference rights on a liquidation as outlined in the Company's Articles of Association.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Convertible debt

-

1,620,447

The convertible debt was converted to equity on 8th February 2023 which resulted in the issue of 129,669 Series Seed shares.

9

Related party transactions

Included in other creditors is an amount of £2,840 (2022: £2,840) owed to F Mehregani, the director of the company.

10

APB Ethical Standards relevant circumstances

In common with many businesses of our size and nature we use our auditors to prepare and submit tax returns to the tax authorities and to assist with the preparation of the financial statements.