Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 January 2023 false 1 April 2023 31 March 2024 31 March 2024 11445207 Mr William Tunstall-Pedoe Mr Barak Berkowitz Ms Amelia Sarah Armour iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11445207 2023-03-31 11445207 2024-03-31 11445207 2023-04-01 2024-03-31 11445207 frs-core:CurrentFinancialInstruments 2024-03-31 11445207 frs-core:ComputerEquipment 2024-03-31 11445207 frs-core:ComputerEquipment 2023-04-01 2024-03-31 11445207 frs-core:ComputerEquipment 2023-03-31 11445207 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 11445207 frs-core:NetGoodwill 2024-03-31 11445207 frs-core:NetGoodwill 2023-04-01 2024-03-31 11445207 frs-core:NetGoodwill 2023-03-31 11445207 frs-core:OtherResidualIntangibleAssets 2024-03-31 11445207 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 11445207 frs-core:OtherResidualIntangibleAssets 2023-03-31 11445207 frs-core:WithinOneYear 2024-03-31 11445207 frs-core:OtherReservesSubtotal 2024-03-31 11445207 frs-core:SharePremium 2024-03-31 11445207 frs-core:ShareCapital 2024-03-31 11445207 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 11445207 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11445207 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 11445207 frs-bus:SmallEntities 2023-04-01 2024-03-31 11445207 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11445207 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11445207 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11445207 frs-bus:OrdinaryShareClass1 2024-03-31 11445207 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 11445207 frs-bus:OrdinaryShareClass2 2024-03-31 11445207 frs-bus:Director1 2023-04-01 2024-03-31 11445207 frs-bus:Director2 2023-04-01 2024-03-31 11445207 frs-bus:Director3 2023-04-01 2024-03-31 11445207 frs-countries:EnglandWales 2023-04-01 2024-03-31 11445207 2022-12-31 11445207 2023-03-31 11445207 2023-01-01 2023-03-31 11445207 frs-core:CurrentFinancialInstruments 2023-03-31 11445207 frs-core:WithinOneYear 2023-03-31 11445207 frs-core:OtherReservesSubtotal 2023-03-31 11445207 frs-core:SharePremium 2023-03-31 11445207 frs-core:ShareCapital 2023-03-31 11445207 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 11445207 frs-bus:OrdinaryShareClass1 2023-01-01 2023-03-31 11445207 frs-bus:OrdinaryShareClass2 2023-01-01 2023-03-31
Registered number: 11445207
Unlikely Artificial Intelligence Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11445207
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 453,848 225,558
Tangible Assets 5 86,700 47,198
540,548 272,756
CURRENT ASSETS
Debtors 6 1,644,733 626,087
Cash at bank and in hand 7,982,847 13,307,517
9,627,580 13,933,604
Creditors: Amounts Falling Due Within One Year 7 (485,553 ) (229,676 )
NET CURRENT ASSETS (LIABILITIES) 9,142,027 13,703,928
TOTAL ASSETS LESS CURRENT LIABILITIES 9,682,575 13,976,684
NET ASSETS 9,682,575 13,976,684
CAPITAL AND RESERVES
Called up share capital 8 158 158
Share premium account 17,164,484 17,164,484
Other reserves 726,099 43,648
Profit and Loss Account (8,208,166 ) (3,231,606 )
SHAREHOLDERS' FUNDS 9,682,575 13,976,684
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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
Mr William Tunstall-Pedoe
Director
18 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Unlikely Artificial Intelligence Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11445207 . The registered office is Victoria Hall, Victoria Street, Cambridge, CB1 1JP.
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.
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 £.
Disclosure of long or short period
The previous financial period was shortened from 31 December 2023 to 31 March 2023 therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
2.6. 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 Straight line over 3 years
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.9. 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 profit / loss before taxation.
2.10. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
2.13. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 24)
48 24
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 50,000 203,845 253,845
Additions - 265,600 265,600
As at 31 March 2024 50,000 469,445 519,445
Amortisation
As at 1 April 2023 20,060 8,227 28,287
Provided during the period 5,000 32,310 37,310
As at 31 March 2024 25,060 40,537 65,597
Net Book Value
As at 31 March 2024 24,940 428,908 453,848
As at 1 April 2023 29,940 195,618 225,558
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 61,486
Additions 71,517
Disposals (283 )
As at 31 March 2024 132,720
Depreciation
As at 1 April 2023 14,288
Provided during the period 31,875
Disposals (143 )
As at 31 March 2024 46,020
Net Book Value
As at 31 March 2024 86,700
As at 1 April 2023 47,198
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 9,107 3,092
Prepayments and accrued income 53,396 11,558
Other debtors 136,556 31,425
Corporation tax recoverable assets 1,378,932 534,518
VAT 66,742 45,494
1,644,733 626,087
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7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 202,202 120,361
Other taxes and social security 183,725 69,633
Other creditors 24,395 5,434
Accruals and deferred income 75,231 34,248
485,553 229,676
8. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
1,220,448 Ordinary Shares of £ 0.0001 each 122 122
359,540 Ordinary A shares of £ 0.0001 each 36 36
158 158
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 March 2024 31 March 2023
£ £
Not later than one year 303,600 -
303,600 -
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