Registered number |
For the period ended |
Earthena.AI Limited | |
Report and accounts | |
Contents | |
Page | |
Accountants' report | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 |
Earthena.AI Limited | ||||
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Earthena.AI Limited for the period ended 31 May 2024 | ||||
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Earthena.AI Limited for the period ended 31 May 2024 which comprise of the Income Statement, Statement of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us. | ||||
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of Earthena.AI Limited, as a body, in accordance with the terms of our engagement letter dated 14 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of Earthena.AI Limited and state those matters that we have agreed to state to the Board of Directors of Earthena.AI Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earthena.AI Limited and its Board of Directors as a body for our work or for this report. | ||||
It is your duty to ensure that Earthena.AI Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Earthena.AI Limited. You consider that Earthena.AI Limited is exempt from the statutory audit requirement for the period. | ||||
We have not been instructed to carry out an audit or a review of the accounts of Earthena.AI Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. | ||||
MAH, Chartered Accountants | ||||
2nd Floor | ||||
154 Bishopsgate | ||||
London | ||||
EC2M 4LN | ||||
27 August, 2024 | ||||
Earthena.AI Limited | |||||||
Registered number: | 14902919 | ||||||
Statement of Financial Position | |||||||
as at 31 May 2024 | |||||||
Notes | 2024 | ||||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | 1,662 | |||||
1,662 | |||||||
Current assets | |||||||
Debtors | 4 | 1,075 | |||||
Cash at bank and in hand | 85,430 | ||||||
86,505 | |||||||
Creditors: amounts falling due within one year | 5 | (59,760) | |||||
Net current assets | 26,745 | ||||||
Total assets less current liabilities | 28,407 | ||||||
Net current assets | 28,407 | ||||||
Capital and reserves | |||||||
Called up share capital | 6 | 10,373 | |||||
Share premium | 7 | 921,255 | |||||
Profit and loss account | 8 | (903,221) | |||||
Total equity | 28,407 | ||||||
The financial statements were authorised for issue and approved by the board on |
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Iqbal Singh Bassi | |||||||
Director | |||||||
The notes on pages 3 to 6 form part of these financial statements. | |||||||
Earthena.AI Limited | ||||||||
Notes to the Accounts | ||||||||
for the period from 30 May 2023 to 31 May 2024 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Section 1A of FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (revised January 2022) and the Companies Act 2006. | ||||||||
Turnover | ||||||||
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the period over which the services are performed. |
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Tangible fixed assets | ||||||||
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer and office equipment | over 2 years | |||||||
Financial assets | ||||||||
Basic financial assets, including trade and other receivables and cash or bank balances, excluding any financing transactions, are initially recognised at transaction price and are subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. | ||||||||
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. | ||||||||
Financial liabilities | ||||||||
Basic financial liabilities, including trade and other payables, excluding any financing transactions, are initially recognised at transaction price and are subsequently measured at amortised cost determined using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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1 | Summary of significant accounting policies (continued) | |||||||
Taxation | ||||||||
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all material timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions | ||||||||
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. | ||||||||
Foreign currency translation | ||||||||
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets | ||||||||
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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2 | Employees | |||||||
Average number of employees during the period (including the directors) | ||||||||
Number | ||||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Computer and office equipment | ||||||||
£ | ||||||||
Cost or valuation | ||||||||
At 30 May 2023 | - | |||||||
Additions | 2,666 | |||||||
At 31 May 2024 | 2,666 | |||||||
Depreciation | ||||||||
At 30 May 2023 | - | |||||||
Charge for the period | (1,004) | |||||||
At 31 May 2024 | (1,004) | |||||||
Carrying amount | ||||||||
At 31 May 2024 | 1,662 | |||||||
At 29 May 2023 | - | |||||||
4 | Debtors | 2024 | ||||||
£ | ||||||||
Other debtors | 758 | |||||||
Prepayments and accrued income | 317 | |||||||
1,075 | ||||||||
5 | Creditors: amounts falling due within one year | 2024 | ||||||
£ | ||||||||
Trade creditors | 6,223 | |||||||
Other taxes and social security costs | 21,867 | |||||||
Accruals and deferred income | 31,670 | |||||||
59,760 | ||||||||
6 | Share capital | Nominal | 2024 | |||||
value | Number | £ | ||||||
Allotted, called up and fully paid: | ||||||||
Ordinary shares | £0.01 each | 1,037,238 | 10,373 | |||||
10,373 | ||||||||
All the above shares has been issued during this period which is from 30 May 2023 to 10 May 2024. | ||||||||
7 | Share premium | 2024 | ||||||
£ | ||||||||
At 30 May | - | |||||||
Shares issued | 921,255 | |||||||
At 31 May | 921,255 | |||||||
8 | Profit and loss account | 2024 | ||||||
£ | ||||||||
At 30 May | - | |||||||
Loss for the period | (903,221) | |||||||
At 31 May | (903,221) | |||||||
9 | Presentation currency | |||||||
The financial statements are presented in Sterling. | ||||||||
10 | Controlling party | |||||||
Mr Iqbal Singh Bassi and Mr Karan Chopra controls the company by virtue of their majority shareholding. | ||||||||
11 | Legal form of entity and country of incorporation | |||||||
Earthena.AI Limited is a private company limited by shares and incorporated in England. The address of the company's principal place of business and registered office is: 85 Great Portland Street, First Floor, London, England, W1W 7LT |