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Registered number: 11729846
3AI Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11729846
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,786 4,425
Investments 5 - 360,000
1,786 364,425
CURRENT ASSETS
Debtors 6 30,310 8,777
Cash at bank and in hand 410,176 73,490
440,486 82,267
Creditors: Amounts Falling Due Within One Year 7 (310,459 ) (14,553 )
NET CURRENT ASSETS (LIABILITIES) 130,027 67,714
TOTAL ASSETS LESS CURRENT LIABILITIES 131,813 432,139
NET ASSETS 131,813 432,139
CAPITAL AND RESERVES
Called up share capital 8 10,993 10,993
Share premium account 1,108,989 1,108,989
Profit and Loss Account (988,169 ) (687,843 )
SHAREHOLDERS' FUNDS 131,813 432,139
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J Thomson
Director
14th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
3AI Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11729846 . The registered office is 25 Wilton Road, London, SW1V 1LW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
A going concern basis has been used, notwithstanding the deficiency of net liabilities, on the basis that the directors and shareholders have undertaken to continue to provide such financial support as may be required for the continuation of the company's business for at least twelve months from the date of approval of these accounts. The directors have considered the financial position of the company and have concluded that the company is able to meet its liabilities as they fall due for the period of at least twelve months from the date of approval of these accounts.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 3 year straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 9,368
As at 31 March 2024 9,368
Depreciation
As at 1 April 2023 4,943
Provided during the period 2,639
As at 31 March 2024 7,582
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 March 2024 1,786
As at 1 April 2023 4,425
5. Investments
Unlisted
£
Cost
As at 1 April 2023 360,000
Disposals (360,000 )
As at 31 March 2024 -
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 360,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,487 -
Prepayments and accrued income 4,832 -
Rent deposit 9,029 5,040
Cycle to work scheme loan - 3,720
VAT 12,962 -
Directors' loan accounts - 17
30,310 8,777
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,714 -
Bank loans and overdrafts 111 -
Other taxes and social security 13,017 11,610
Other creditors 1,500 1,500
Pensions payable 294 351
Shares overpaid - 72
Advance share subscriptions 287,495 -
Accruals and deferred income 1,250 1,020
Directors' loan accounts 78 -
310,459 14,553
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,993 10,993
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Hassan Salamony 17 49 (144 ) - (78 )
The above loan is unsecured, interest free and repayable on demand.
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