MAYBE SOLUTIONS LTD

Company Registration Number:
09195496 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

MAYBE SOLUTIONS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

MAYBE SOLUTIONS LTD

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 670,304 880,935
Tangible assets: 4 5,117 8,640
Total fixed assets: 675,421 889,575
Current assets
Debtors: 5 1,355,087 544,568
Cash at bank and in hand: 4,848 34,141
Total current assets: 1,359,935 578,709
Creditors: amounts falling due within one year: 6 (1,763,183) (1,470,685)
Net current assets (liabilities): (403,248) (891,976)
Total assets less current liabilities: 272,173 (2,401)
Creditors: amounts falling due after more than one year: 7 (679,836) (377,834)
Total net assets (liabilities): (407,663) (380,235)
Capital and reserves
Called up share capital: 48 47
Share premium account: 2,870,209 2,791,914
Profit and loss account: (3,277,920) (3,172,196)
Shareholders funds: (407,663) (380,235)

The notes form part of these financial statements

MAYBE SOLUTIONS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 December 2024
and signed on behalf of the board by:

Name: Polly Barnfield
Status: Director

The notes form part of these financial statements

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost, or deemed cost, or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Plant and machinery 3 years straight line Fixtures and fittings 3 years straight line Computer equipment 3 years straight line Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life

Intangible fixed assets and amortisation policy

Intangible assets represent proprietary AI technologies developed inhouse, reflecting the Company’s commitment to innovation. These assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided at rates to write off the cost or valuation of each asset over its expected useful life, as below. The technologies developed are rigorously tested and validated through grant-supported projects, positioning the Company as a leader in AI solutions. Other intangible assets 3 years straight line

Other accounting policies

Going concern: The directors have assessed the Company’s financial position and cash flow projections. Despite the negative net assets, the directors are confident in the Company’s ability to continue operations for at least 12 months from the date of approval of these financial statements. This confidence is underpinned by further grant support secured against matched commercial investment and a robust pipeline of AI development projects, which are expected to drive strong revenue growth. Therefore, the going concern basis has been adopted. Taxation: Current tax Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date. Deferred tax Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Leases: The Company as lessee Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. Impairment of assets: Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below. Trade and other debtors: Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. 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: Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. Government grants: Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. These grants have been instrumental in advancing the Company’s AI development projects, enabling the successful testing and validation of innovative solutions. By leveraging these grants, the Company is establishing a strong foundation for commercialisation and future growth in the AI sector. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Ordinary share capital: The ordinary share capital of the Company is presented as equity.

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 14 15

Monthly average number of persons employed by the company during the year, including directors

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible Assets

Total
Cost £
At 01 January 2023 2,864,450
Additions 566,439
At 31 December 2023 3,430,889
Amortisation
At 01 January 2023 1,983,515
Charge for year 777,070
At 31 December 2023 2,760,585
Net book value
At 31 December 2023 670,304
At 31 December 2022 880,935

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible Assets

Total
Cost £
At 01 January 2023 34,431
At 31 December 2023 34,431
Depreciation
At 01 January 2023 25,791
Charge for year 3,523
At 31 December 2023 29,314
Net book value
At 31 December 2023 5,117
At 31 December 2022 8,640

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

Debtors: Trade Debtors - £24,000 Prepayments and accrued income - £1,230,262 Corporation tax - £100,825 Total £1,355,087

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year Trade creditors - £290,920 Amounts owed to directors - £178,680 Other loans (secured) - £247,146 Accruals and deferred income - £478,715 Other taxation and social security - £115,092 Other creditors - £452,630 Total £1,763,183

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

Creditors: amounts falling due after more than one year: Other loans (secured) - £679,836 Total - £679,836

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial commitments

Pensions The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,716 (2022: £16,377). Contributions totaling £665.44 were payable to the fund at the reporting date and are included in creditors.

MAYBE SOLUTIONS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Related party transactions

Name of the related party:
Relationship:
Directors
Description of the Transaction: Amounts owed to the directors
£
Balance at 01 January 2023 45,494
Balance at 31 December 2023 178,680