SSY.AI SCOTLAND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company registration number SC727874 (Scotland)
PAGES FOR FILING WITH REGISTRAR
SSY.AI SCOTLAND LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SSY.AI SCOTLAND LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,433
3,739
Current assets
Debtors
4
440
Cash at bank and in hand
4,878
9,147
5,318
9,147
Creditors: amounts falling due within one year
5
(70,732)
(59,670)
Net current liabilities
(65,414)
(50,523)
Net liabilities
(62,981)
(46,784)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(63,081)
(46,884)
Total equity
(62,981)
(46,784)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr Thomas Zoehrer
Director
Company registration number SC727874 (Scotland)
SSY.AI SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
sSy.ai Scotland Ltd is a private company limited by shares incorporated in Scotland. The registered office is 84/1 Great King Street, EDINBURGH, Lothian, EH3 6QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet shows net liabilities of £62,981 (2023 £46,784). However, the going concern basis of preparation is appropriate as the parent company and other related parties continue to support the business.true
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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 current liabilities.
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SSY.AI SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
3,957
Depreciation and impairment
At 1 April 2023
218
Depreciation charged in the year
1,306
At 31 March 2024
1,524
Carrying amount
At 31 March 2024
2,433
At 31 March 2023
3,739
SSY.AI SCOTLAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
440
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
103
2,201
Amounts owed to group undertakings
22,341
9,368
Taxation and social security
2,958
Other creditors
48,288
45,143
70,732
59,670
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
7
Related party transactions
smartR.ai Ltd
A company of which O. King-Smith is a director.
During the period, there were no transactions with the company. The total balance owed at 31 March 2024 (2023 £35,744) totalled £35,744, which remained outstanding at the balance sheet date.
TZoe LLC
A company of which T. Zoehrer is a director.
During the period, the company received loans of £4,589 from TZoe LLC, The total balance owed at 31 March 2024 totalled £12,544 (2023 £7,955) which remained outstanding at the balance sheet date.
In addition, TZoe LLC invoiced the company £17,255 for consultancy services, which remained unpaid at the balance sheet date.
These balances are interest free and have no fixed term for repayment.