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REGISTERED NUMBER: 12301340 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

UNIFAI TECHNOLOGY LIMITED

UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


UNIFAI TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D A Byles
P J Hughes
Mrs G L Hughes
N M M C Da Silva





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





REGISTERED NUMBER: 12301340 (England and Wales)





ACCOUNTANTS: D & J Randles
Chartered Accountants
4 The Crescent
Adel
Leeds
West Yorkshire
LS16 6AA

UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 612,683 361,538
Tangible assets 5 11,170 12,721
623,853 374,259

CURRENT ASSETS
Debtors 125,477 73,069
Cash at bank and in hand 152,618 306,788
278,095 379,857
CREDITORS
Amounts falling due within one year 48,167 61,376
NET CURRENT ASSETS 229,928 318,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

853,781

692,740

CREDITORS
Amounts falling due after more than one
year

14,167

24,167
NET ASSETS 839,614 668,573

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 839,514 668,473
SHAREHOLDERS' FUNDS 839,614 668,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





P J Hughes - Director


UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

UnifAI Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

Computer software is being amortised evenly over its estimated useful life of ten years.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 376,473
Additions 290,713
At 31 December 2023 667,186
AMORTISATION
At 1 January 2023 14,935
Amortisation for year 39,568
At 31 December 2023 54,503
NET BOOK VALUE

At 31 December 2023 612,683
At 31 December 2022 361,538

During the year, the directors recognized the cost of developing its own software. The directors consider that the expected useful life of the software is 10 years. The costs are amortised over that period, commencing the year after the costs have been incurred.

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 19,922
Additions 2,175
At 31 December 2023 22,097
DEPRECIATION
At 1 January 2023 7,201
Charge for year 3,726
At 31 December 2023 10,927
NET BOOK VALUE
At 31 December 2023 11,170
At 31 December 2022 12,721

6. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bounce Back loan 10,000 10,000

UNIFAI TECHNOLOGY LIMITED (REGISTERED NUMBER: 12301340)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Other loans - 2-5 years 4,167 14,167

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
745,000 Ordinary £0.000134 100 100