Company Registration No. 10605045 (England and Wales)
PREVALENT AI LIMITED
Unaudited accounts
for the year ended 31 March 2024
PREVALENT AI LIMITED
Unaudited accounts
Contents
PREVALENT AI LIMITED
Company Information
for the year ended 31 March 2024
Directors
Paul David Leslie STOKES
Arun Sundar Rajan RAJ
Derek Adrian Travers MOCHAN
Iain Robert LOBBAN
Andrew Timothy FRANCE
Jean-Claude BROIDO
Company Number
10605045 (England and Wales)
Registered Office
D W F LLP
20 Fenchurch Street
London
London
EC3M 3AG
England
Accountants
Addition Financial Limited
Addition at
1 Lyric Square
Hammersmith
London
W6 0NB
PREVALENT AI LIMITED
Statement of financial position
as at 31 March 2024
Tangible assets
3,290
2,209
Cash at bank and in hand
966,990
951,900
Creditors: amounts falling due within one year
(717,555)
(607,763)
Net current assets
409,452
403,884
Total assets less current liabilities
412,742
406,093
Creditors: amounts falling due after more than one year
(980,962)
(576,989)
Provisions for liabilities
Other provisions
-
(71,702)
Net liabilities
(568,220)
(242,598)
Called up share capital
6
5
Share premium
851,683
9,594
Profit and loss account
(1,419,909)
(252,197)
Shareholders' funds
(568,220)
(242,598)
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 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 19 November 2024 and were signed on its behalf by
Paul David Leslie STOKES
Director
Company Registration No. 10605045
PREVALENT AI LIMITED
Notes to the Accounts
for the year ended 31 March 2024
PREVALENT AI LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10605045. The registered office is D W F LLP, 20 Fenchurch Street, London, London, EC3M 3AG, England.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
Straight Line Method - useful life 3 years
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable 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 or loss.
PREVALENT AI LIMITED
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
155,006
50,031
Accrued income and prepayments
5,011
9,716
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
175,660
375,409
Taxes and social security
7,020
729
Deferred income
433,775
208,333
7
Creditors: amounts falling due after more than one year
2024
2023
Amounts owed to group undertakings and other participating interests
980,962
576,989
8
Average number of employees
During the year the average number of employees was 6 (2023: 6).