Radiant AI Ltd 14149290 false 2022-06-05 2023-05-31 2023-05-31 The principal activity of the company is the provision of software as a service to Environmental, Social and Governance ('ESG') consultants and analysts. Digita Accounts Production Advanced 6.30.9574.0 true true 14149290 2022-06-05 2023-05-31 14149290 2023-05-31 14149290 bus:OrdinaryShareClass1 2023-05-31 14149290 core:CurrentFinancialInstruments 2023-05-31 14149290 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 14149290 bus:SmallEntities 2022-06-05 2023-05-31 14149290 bus:AuditExemptWithAccountantsReport 2022-06-05 2023-05-31 14149290 bus:FullAccounts 2022-06-05 2023-05-31 14149290 bus:SmallCompaniesRegimeForAccounts 2022-06-05 2023-05-31 14149290 bus:RegisteredOffice 2022-06-05 2023-05-31 14149290 bus:Director1 2022-06-05 2023-05-31 14149290 bus:Director2 2022-06-05 2023-05-31 14149290 bus:Director3 2022-06-05 2023-05-31 14149290 bus:OrdinaryShareClass1 2022-06-05 2023-05-31 14149290 bus:PrivateLimitedCompanyLtd 2022-06-05 2023-05-31 14149290 core:ComputerEquipment 2022-06-05 2023-05-31 14149290 1 2022-06-05 2023-05-31 14149290 countries:England 2022-06-05 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14149290

Radiant AI Ltd

Annual Report and Unaudited Financial Statements

for the Period from 5 June 2022 to 31 May 2023

 

Radiant AI Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Radiant AI Ltd

Company Information

Directors

J Nwosu

D Dharmadhikary

M Kim

Registered office

86-90 Paul Street
3rd Floor
London
EC2A 4NE

 

Radiant AI Ltd

(Registration number: 14149290)
Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

2,138

Current assets

 

Debtors

5

1,093

Cash at bank and in hand

 

366,377

 

367,470

Creditors: Amounts falling due within one year

6

(14,941)

Net current assets

 

352,529

Net assets

 

354,667

Capital and reserves

 

Called up share capital

3

Share premium reserve

623,620

Retained earnings

(268,956)

Shareholders' funds

 

354,667

For the financial period ending 31 May 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 April 2024 and signed on its behalf by:
 

.........................................
J Nwosu
Director

 

Radiant AI Ltd

Notes to the Unaudited Financial Statements for the Period from 5 June 2022 to 31 May 2023

1

General information

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

The address of its registered office is:
86-90 Paul Street
3rd Floor
London
EC2A 4NE
England

These financial statements were authorised for issue by the Board on 14 April 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.

Disclosure of long or short period

These financial statements have been prepared covering a period of less than twelve months, from the date of incorporation to 31st May 2023.

Going concern

The financial statements have been prepared on a going concern basis. At 31st May 2023 the company was loss making but had net assets. The directors have confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months.)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Radiant AI Ltd

Notes to the Unaudited Financial Statements for the Period from 5 June 2022 to 31 May 2023

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.

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

Office equpment

20% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.


Debtors receivable within one year
Debtors with no stated interest rate and receivable 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.
 

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.

 

Radiant AI Ltd

Notes to the Unaudited Financial Statements for the Period from 5 June 2022 to 31 May 2023


Creditors payable within one year
Creditors with no stated interest rate and 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.
 

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

4

Tangible assets

Total
£

Cost or valuation

Additions

2,848

At 31 May 2023

2,848

Depreciation

Charge for the period

710

At 31 May 2023

710

Carrying amount

At 31 May 2023

2,138

5

Debtors

Current

Note

2023
£

Amounts owed by related parties

1,093

 

Radiant AI Ltd

Notes to the Unaudited Financial Statements for the Period from 5 June 2022 to 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

7,592

Taxation and social security

 

2,897

Accruals and deferred income

 

4,452

 

14,941

7

Loans and borrowings

2023
£

Current loans and borrowings

Other borrowings

7,592

Other borrowings are short term loans provided by the company directors. They are not accruing interest and are repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £0.000001 each

3,016,949

3.02

     

9

Control

There is no controlling party.