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REGISTERED NUMBER: 10750630 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Serendipity AI Limited

Serendipity AI Limited (Registered number: 10750630)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Serendipity AI Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: J E Marshall
S Johansen





SECRETARY: CC Secretaries Limited





REGISTERED OFFICE: 4 Oval Road
London
NW1 7EB





REGISTERED NUMBER: 10750630 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

Serendipity AI Limited (Registered number: 10750630)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,437 10,275
Tangible assets 5 21,712 18,631
30,149 28,906

CURRENT ASSETS
Debtors 6 217,858 203,896
Cash at bank 986,055 878,613
1,203,913 1,082,509
CREDITORS
Amounts falling due within one year 7 257,894 263,396
NET CURRENT ASSETS 946,019 819,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

976,168

848,019

CAPITAL AND RESERVES
Called up share capital 8 1 1
Share based payments 9 32,007 30,840
Retained earnings 9 944,160 817,178
SHAREHOLDERS' FUNDS 976,168 848,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

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

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 23 October 2024 and were signed on its behalf by:





J E Marshall - Director


Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Serendipity AI 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The company does not make significant estimates and assumptions concerning the future.

Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Website costs are being amortised evenly over their estimated useful life of five 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 etc - 25% on cost and 20% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.


Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share based payments
The company is recognising the fair value of options vested during the year in review.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


4. INTANGIBLE FIXED ASSETS
Patents
and Website
licences costs Totals
£    £    £   
COST
At 1 June 2023 5,056 6,675 11,731
Additions 540 - 540
At 31 May 2024 5,596 6,675 12,271
AMORTISATION
At 1 June 2023 1,011 445 1,456
Amortisation for year 1,043 1,335 2,378
At 31 May 2024 2,054 1,780 3,834
NET BOOK VALUE
At 31 May 2024 3,542 4,895 8,437
At 31 May 2023 4,045 6,230 10,275

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2023 2,224 56,672 58,896
Additions - 13,268 13,268
Disposals - (1,999 ) (1,999 )
At 31 May 2024 2,224 67,941 70,165
DEPRECIATION
At 1 June 2023 2,075 38,190 40,265
Charge for year 149 10,038 10,187
Eliminated on disposal - (1,999 ) (1,999 )
At 31 May 2024 2,224 46,229 48,453
NET BOOK VALUE
At 31 May 2024 - 21,712 21,712
At 31 May 2023 149 18,482 18,631

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 150,657 128,962
Other debtors 67,201 74,934
217,858 203,896

Serendipity AI Limited (Registered number: 10750630)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,256 14,090
Taxation and social security 37,574 60,765
Other creditors 204,064 188,541
257,894 263,396

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary Shares 0.000001 1 1

9. RESERVES
Share
Retained based
earnings payments Totals
£    £    £   

At 1 June 2023 817,178 30,840 848,018
Profit for the year 126,982 126,982
Fair value valuation - 1,167 1,167
At 31 May 2024 944,160 32,007 976,167

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J E Marshall.