Company No:
Contents
Note | 31.07.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 4 |
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20,734 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand |
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6,534,290 | ||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 6,476,099 | |
Total assets less current liabilities | 6,496,833 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Malted AI Ltd (registered number:
Mr I Mackie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Malted AI Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 4, Dashwood House, 69 Old Broad Street, London, EC2M 1QS, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The annual accounts are presented for a period longer than one year to capture all activity from the date of incorporation on the 27th July 2023.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Office equipment |
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Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 27.07.2023 to 31.07.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Equity-settled share-based payment schemes
The unapproved options are exercisable at a discount to the estimated fair value of the Company’s shares on the date of grant. The vesting period is 48 months with a cliff period of 12 months before the first options vest. The options lapse if the consultants contract is terminated.
Details of the share options outstanding during the financial year are as follows:
31.07.2024 | ||
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Weighted Average | ||
Number of share options | Average exercise price (£) | |
Outstanding at beginning of period |
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Granted during the period |
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 27 July 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated depreciation | |||||
At 27 July 2023 |
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Charge for the financial period |
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At 31 July 2024 |
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Net book value | |||||
At 31 July 2024 |
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31.07.2024 | |
£ | |
Corporation tax |
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Other debtors |
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31.07.2024 | |
£ | |
Trade creditors |
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Other creditors |
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31.07.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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18 | |
48 |