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Company Registration No. 12356079 (England and Wales)
DeepAlert Limited Unaudited accounts for the year ended 31 December 2023
DeepAlert Limited Unaudited accounts Contents
Page
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DeepAlert Limited Company Information for the year ended 31 December 2023
Directors
Jasper Horrell Ulf Maske Pieter Waker Lionel Waker
Secretary
Ulf Maske
Company Number
12356079 (England and Wales)
Registered Office
c/o Anumerate, Office 2.05 Clockwise, Old Town Hall, 30 Tweedy Road Bromley Kent BR1 3FE United Kingdom
Accountants
Anumerate Limited Office 2.05, Clockwise Old Town Hall 30 Tweedy Road Bromley BR13FE
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DeepAlert Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,136 
1,071 
Investments
110,000 
110,000 
113,136 
111,071 
Current assets
Debtors
21,662 
5,303 
Cash at bank and in hand
110,957 
66,198 
132,619 
71,501 
Creditors: amounts falling due within one year
(25,538)
(22,136)
Net current assets
107,081 
49,365 
Total assets less current liabilities
220,217 
160,436 
Creditors: amounts falling due after more than one year
(1,234,499)
(537,230)
Net liabilities
(1,014,282)
(376,794)
Capital and reserves
Called up share capital
233 
231 
Share premium
120,265 
98,219 
Fair value reserve
11,258 
- 
Capital contribution reserve
11,082 
11,082 
Profit and loss account
(1,157,120)
(486,326)
Shareholders' funds
(1,014,282)
(376,794)
For the 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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
Ulf Maske Director Company Registration No. 12356079
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DeepAlert Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
DeepAlert Limited is a private company, limited by shares, registered in England and Wales, registration number 12356079. The registered office is c/o Anumerate, Office 2.05, Clockwise, Old Town Hall, 30 Tweedy Road, Bromley, Kent, BR1 3FE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Dividends
Dividends distributed to the company's shareholders are recognised in the financial statements in the reporting period in which the dividends are declared.
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Financial assets: Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost, less any impairment. Financial liabilities and equity: Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost. Equity-settled share based payments The Company operates a share scheme for employees. Share options are measured at entity- specific observable data using the most recent fair value applied to shares issued to external investors and the cost of the share options are recognised evenly over the duration of the vesting period.
Investment in subsidiary
Investments in subsidiaries are measured at cost less accumulated impairment.
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DeepAlert Limited Notes to the Accounts for the year ended 31 December 2023
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Convertible loan notes
The proceeds received on issue of the company’s convertible debt are allocated into their liability and equity components and presented separately in the balance sheet. Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. This is then measured at amortised cost. The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently re-measured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate, with no gain or loss recognised.
Going concern
After considering the overall long-term business plan and future prospects for the company, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors have prepared the financial statements on a going concern basis under the historical cost convention and in accordance with FRS 102 and applicable law.
Exemption from preparing consolidated accounts
The company has availed of the exemption under s399 of the Companies Act 2006 which exempts a parent company from preparing consolidated accounts if the company falls within the small companies regime
Exemption from audit
The company is applying the exemption from audit available under s479 of the Companies Act 2006 given that both it, and the group headed by it, qualify as small entities under the small companies regime.
Exemption from preparing a cash flow statement
In accordance with the requirements of FRS 102, the company is applying the exemption available to small companies to avail of the reduced disclosure framework and has elected not to prepare a cash flow statement.
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DeepAlert Limited Notes to the Accounts for the year ended 31 December 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line method
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
1,925 
Additions
2,968 
At 31 December 2023
4,893 
Depreciation
At 1 January 2023
854 
Charge for the year
903 
At 31 December 2023
1,757 
Net book value
At 31 December 2023
3,136 
At 31 December 2022
1,071 
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2023
110,000 
Valuation at 31 December 2023
110,000 
Investments comprise of a 100% holding in a subsidiary company, DeepAlert (Pty) Ltd, based in South Africa, with registered office address: 12 Blaauwklippen Road, Kirstenhof, Cape Town, 7945.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
19,440 
2,580 
Amounts due from group undertakings etc.
2,182 
2,518 
Other debtors
40 
205 
21,662 
5,303 
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DeepAlert Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
4,241 
1,347 
Trade creditors
162 
1,312 
Taxes and social security
9,264 
6,142 
Loans from directors
11,801 
13,206 
Accruals
70 
129 
25,538 
22,136 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
1,234,499 
537,230 
Long term creditors relate to convertible loan notes issued during 2021 and the shareholders loans issued in the prior year and in the current year plus accrued interest. £342,068 of the creditors due after one year relates to the convertible loan notes. The convertible loan notes carry a 3 year term with an interest rate of 20% compounded quarterly. No capital or interest is repayable until maturity of the loans or conversion events occur. The convertible loan balance comprises loan capital of £200,000 (2022: £200,000), plus accrued interest of £142,068 (2022: £81,420) adjusted for the convertible loan equity element of £ 1,420 (2022: £6,049), which is amortised over the life of the convertible loans. Shareholders loans amounts to £662,501 (2022: £222,501) plus accrued interest of £231,350 (2022: £39,358) All loans were converted to equity after year end, on 15th March 2024.
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
23,304 Ordinary shares of £0.01 each
233.04 
231.38 
Shares issued during the period:
166 Ordinary shares of £0.01 each
1.66 
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DeepAlert Limited Notes to the Accounts for the year ended 31 December 2023
10
Transactions with related parties
On 31 December 2023, the subsidiary DeepAlert (Pty) Ltd owed the company £2,182 (2021: £2,518 payable to the subsidiary) in relation to expenses incurred on its behalf. The loan is unsecured, interest-free and carries no fixed terms of repayment. On 31 December 2023 the company owed the Director, Ulf Maske, £11,801 (2022: £13,206). The loan is unsecured, interest-free and has no fixed terms of repayment. The Company has issued employee share options of 23 367 shares on 31st December 2023. At grant date the Company confers on the employee the right to shares of the Company, once the vesting conditions are met. The charge to profit and loss is not recognised in full on the date of grant, but under FRS 102, is spread over the period from grant date to the date of vesting. Share Options Summary: Non vested at beginning of year 12,446 Granted during the year 10 921 Exercised during the year 0 Forfeited during the year 0 Expired during the year 0 Non vested at end of year 23 367
11
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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