Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-012truefalse2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11425836 2022-07-01 2023-06-30 11425836 2023-06-30 11425836 2021-07-01 2022-06-30 11425836 2022-06-30 11425836 c:Director1 2022-07-01 2023-06-30 11425836 d:ComputerEquipment 2022-07-01 2023-06-30 11425836 d:ComputerEquipment 2023-06-30 11425836 d:ComputerEquipment 2022-06-30 11425836 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11425836 d:CurrentFinancialInstruments 2023-06-30 11425836 d:CurrentFinancialInstruments 2022-06-30 11425836 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11425836 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11425836 d:ShareCapital 2023-06-30 11425836 d:ShareCapital 2022-06-30 11425836 d:RetainedEarningsAccumulatedLosses 2023-06-30 11425836 d:RetainedEarningsAccumulatedLosses 2022-06-30 11425836 c:OrdinaryShareClass1 2022-07-01 2023-06-30 11425836 c:OrdinaryShareClass1 2023-06-30 11425836 c:OrdinaryShareClass1 2022-06-30 11425836 c:FRS102 2022-07-01 2023-06-30 11425836 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 11425836 c:FullAccounts 2022-07-01 2023-06-30 11425836 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11425836


THIRDWAVE AI LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

 
THIRDWAVE AI LTD
REGISTERED NUMBER: 11425836

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,707
27,120

  
18,707
27,120

Current assets
  

Debtors: amounts falling due within one year
 5 
1,815
548

Current asset investments
 6 
371,524
371,579

Cash at bank and in hand
  
3,453
2,453

  
376,792
374,580

Creditors: amounts falling due within one year
 7 
(417,895)
(400,695)

Net current liabilities
  
 
 
(41,103)
 
 
(26,115)

Total assets less current liabilities
  
(22,396)
1,005

  

Net (liabilities)/assets
  
(22,396)
1,005


Capital and reserves
  

Called up share capital 
 8 
200
200

Profit and loss account
  
(22,596)
805

  
(22,396)
1,005


Page 1

 
THIRDWAVE AI LTD
REGISTERED NUMBER: 11425836
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

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.

The Company has opted not to file the statement of income and retained earnings 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 on 8 March 2024.




................................................
F T Chung
Director

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

Page 2

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Thirdwave AI Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 11425836. The registered office is 1 Vincent Square, London, SW1P 2PN.

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 recorded a loss of £23,401 for the period ended 30 June 2023 and had net liabilities
of £22,396 at the balance sheet date.
The company continues to meet its day to day working requirements from loans leveraged by the
directors.  The  company  is  therefore dependent upon the support of these loan facilities in order to continue as a going concern.
The directors are satisfied that they can continue to finance the operations of the business in this
manner  and  accordingly  considers  it  appropriate  to  prepare  these  accounts  on  a  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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
29%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2022
55,017


Additions
4,172



At 30 June 2023

59,189



Depreciation


At 1 July 2022
27,897


Charge for the period on owned assets
12,585



At 30 June 2023

40,482



Net book value



At 30 June 2023
18,707


5.


Debtors

2023
2022
£
£


Other debtors
80
219

Prepayments and accrued income
1,735
329

1,815
548


Page 5

 
THIRDWAVE AI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

6.


Current asset investments

2023
2022
£
£

Unlisted investments
371,524
371,579

371,524
371,579



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
161
-

Other creditors
417,734
400,695

417,895
400,695



8.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200



9.


Related party transactions

At the balance sheet date, the directors were owed a balance of £417,734 (2022: £400,695) which is included within other creditors due within one year. No interest has been paid on this amount and it is repayable on demand.

 
Page 6