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REGISTERED NUMBER: 10798916 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2023

FOR

FARADAY PREDICTIVE LIMITED

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 18,415 17,725
Tangible assets 6 1,000 -
19,415 17,725

CURRENT ASSETS
Debtors 7 134,331 109,106
Cash at bank and in hand 5,079 2,886
139,410 111,992
CREDITORS
Amounts falling due within one year 8 130,576 82,969
NET CURRENT ASSETS 8,834 29,023
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,249

46,748

CAPITAL AND RESERVES
Called up share capital 10 85 85
Retained earnings 28,164 46,663
SHAREHOLDERS' FUNDS 28,249 46,748

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

BALANCE SHEET - continued
30 NOVEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr G N Walker - Director


FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Faraday Predictive Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10798916

Registered office: St Johns Innovation Centre
Cowley Road
Cambridge
CB4 0WS

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 December 2022 59,063
Additions 11,031
At 30 November 2023 70,094
AMORTISATION
At 1 December 2022 41,338
Amortisation for year 10,341
At 30 November 2023 51,679
NET BOOK VALUE
At 30 November 2023 18,415
At 30 November 2022 17,725

6. TANGIBLE FIXED ASSETS
Equipment
£   
COST
Additions 1,333
At 30 November 2023 1,333
DEPRECIATION
Charge for year 333
At 30 November 2023 333
NET BOOK VALUE
At 30 November 2023 1,000

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 74,134 48,836
Other debtors 1,602 2,717
Directors' current accounts 1,376 -
Tax - 10,085
VAT 46,040 42,019
Deferred tax asset 6,166 -
Prepayments and accrued income 5,013 5,449
134,331 109,106

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 68,376 50,304
PAYE and social security 5,928 4,359
Other creditors 16,085 256
Wages control account 12,349 -
Directors' current accounts 23,838 16,000
Accruals and deferred income 4,000 12,050
130,576 82,969

9. DEFERRED TAX
£   
Provided during year (6,166 )
Balance at 30 November 2023 (6,166 )

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
850 Ordinary 10p 85 85

FARADAY PREDICTIVE LIMITED (REGISTERED NUMBER: 10798916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
Mr A J Bates
Balance outstanding at start of year - -
Amounts advanced 1,376 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,376 -

12. RELATED PARTY DISCLOSURES

Included in trade creditors is a balance of £58,227 (2022: £46,492) due to a partnership in which the directors are partners. The account is interest free and repayable on demand.