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Company No: 12662440 (England and Wales)

SALIENT LABS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SALIENT LABS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SALIENT LABS LIMITED

BALANCE SHEET

As at 30 June 2024
SALIENT LABS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 12,800 316,290
Investments 4 250,000 250,000
262,800 566,290
Current assets
Stocks 188,742 190,486
Debtors 5 278,152 848,096
Cash at bank and in hand 672,296 1,651,856
1,139,190 2,690,438
Creditors: amounts falling due within one year 6 ( 102,801) ( 395,742)
Net current assets 1,036,389 2,294,696
Total assets less current liabilities 1,299,189 2,860,986
Net assets 1,299,189 2,860,986
Capital and reserves
Called-up share capital 7 0 0
Share premium account 1,121,598 1,121,598
Profit and loss account 177,591 1,739,388
Total shareholders' funds 1,299,189 2,860,986

For the financial year ending 30 June 2024 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 Salient Labs Limited (registered number: 12662440) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

M Ciechonska
Director
M Priestman
Director
SALIENT LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SALIENT LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
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

Salient Labs 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 registered address and trading address of the Company is The Biscuit Factory, Drummond Road, London, SE16 4DG.

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 £.

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Turnover

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

Taxation

Current tax
Tax is recognised in the profit or loss account except where a charge is attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis..

Leasehold improvements 25 % reducing balance
Plant and machinery 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Short-term debtors are measured at transaction price, less any 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.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Research and Development

Research and development expenditure is written off in the year in which it is incurred.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 17

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 101,288 1,531,416 35,308 54,488 1,722,500
Additions 0 0 0 1,282 1,282
At 30 June 2024 101,288 1,531,416 35,308 55,770 1,723,782
Accumulated depreciation
At 01 July 2023 90,955 1,249,198 32,591 33,466 1,406,210
Charge for the financial year 10,333 277,390 2,246 14,803 304,772
At 30 June 2024 101,288 1,526,588 34,837 48,269 1,710,982
Net book value
At 30 June 2024 0 4,828 471 7,501 12,800
At 30 June 2023 10,333 282,218 2,717 21,022 316,290

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 250,000 250,000
At 30 June 2024 250,000 250,000
Carrying value at 30 June 2024 250,000 250,000
Carrying value at 30 June 2023 250,000 250,000

5. Debtors

2024 2023
£ £
Trade debtors 53,722 49,214
Other debtors 224,430 798,882
278,152 848,096

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 57,813 65,087
Other taxation and social security 15,322 34,444
Other creditors 29,666 296,211
102,801 395,742

Included within other creditors are amounts due to defined contribution pension schemes of £5,733 (2023 - £2,746).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,798,325 Ordinary shares of £ 0.0000001 each (2023: 4,027,492 shares of £ 0.0000001 each) 0.38 0.40
229,167 Deferred ordinary shares of £ 0.0000001 each (2023: nil shares) 0.02 0
0.40 0.40

During the year, 229,167 Ordinary shares were redesignated as deferred shares of equal value.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 133,623 152,835
between one and five years 286,027 534,923
419,650 687,758