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Company No: 11170289 (England and Wales)

AGAMON TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

AGAMON TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

AGAMON TECHNOLOGIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
AGAMON TECHNOLOGIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 305 1,098
Investments 4 4,527,778 3,135,641
4,528,083 3,136,739
Current assets
Debtors 5 1,008 227,460
Cash at bank and in hand 140,733 238,096
141,741 465,556
Creditors: amounts falling due within one year 6 ( 6,600) ( 59,292)
Net current assets 135,141 406,264
Total assets less current liabilities 4,663,224 3,543,003
Creditors: amounts falling due after more than one year 7 ( 973,150) ( 150,182)
Net assets 3,690,074 3,392,821
Capital and reserves
Called-up share capital 8 199 189
Share premium account 4,221,719 3,798,377
Other reserves 30,670 15,678
Profit and loss account ( 562,514 ) ( 421,423 )
Total shareholders' funds 3,690,074 3,392,821

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Agamon Technologies Limited (registered number: 11170289) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Meiri
Director

29 August 2024

AGAMON TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
AGAMON TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Agamon Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The principal activity of the company was that of providing patient management systems for healthcare providers.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

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) 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 creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost 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.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Convertible loan notes
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 2,399 2,399
At 31 December 2023 2,399 2,399
Accumulated depreciation
At 01 January 2023 1,301 1,301
Charge for the financial year 793 793
At 31 December 2023 2,094 2,094
Net book value
At 31 December 2023 305 305
At 31 December 2022 1,098 1,098

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 772,588 320,530
Other investments and loans 3,755,190 2,815,111
4,527,778 3,135,641

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 320,530
Disposals 452,058
At 31 December 2023 772,588
Carrying value at 31 December 2023 772,588
Carrying value at 31 December 2022 320,530

Loans Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,815,111 2,815,111
Additions 1,141,046 1,141,046
At 31 December 2023 3,956,157 3,956,157
Provisions for impairment
At 01 January 2023 0 0
Foreign exchange movement 200,967 200,967
At 31 December 2023 200,967 200,967
Carrying value at 31 December 2023 3,755,190 3,755,190
Carrying value at 31 December 2022 2,815,111 2,815,111

5. Debtors

2023 2022
£ £
Trade debtors 924 27,385
Prepayments 84 75
Other debtors 0 200,000
1,008 227,460

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 3,360
Accruals and deferred income 6,600 55,932
6,600 59,292

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 973,150 150,182

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
755,715 Ordinary shares of £ 0.0001 each 76 76
93,259 Deferred ordinary shares of £ 0.0001 each 9 9
1,132,842 Series Seed ordinary shares of £ 0.0001 each (2022: 1,037,357 shares of £ 0.0001 each) 113 104
198 189

On 18 January 2023, 95,485 class Series Seed shares were allotted with an aggregate nominal value of £9.5485 and consideration of £423,352 was received.