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REGISTERED NUMBER: 08506088 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

BRAINTREE LIMITED

BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BRAINTREE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: N Gurianov
J Bryant Pearson





SECRETARY: J Giwa-Majekodunmi





REGISTERED OFFICE: Unit 6 North Downs Business Park
Lime Pit Lane
Kent
TN13 2TL





REGISTERED NUMBER: 08506088 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 491,147 60,088
Tangible assets 5 47,894 27,779
Investments 6 1,364,289 824,190
1,903,330 912,057

CURRENT ASSETS
Debtors 7 67,674 1,177,747
Cash at bank and in hand 835,978 356,341
903,652 1,534,088
CREDITORS
Amounts falling due within one year 8 3,860,432 2,177,663
NET CURRENT LIABILITIES (2,956,780 ) (643,575 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,053,450

)

268,482

CAPITAL AND RESERVES
Called up share capital 100,002 100,002
Share premium 6,279,959 6,279,959
Retained earnings (7,433,411 ) (6,111,479 )
(1,053,450 ) 268,482

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 31 December 2024 and were signed on its behalf by:





N Gurianov - Director


BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Braintree 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have prepared the accounts on the basis that adequate financial support will be provided by the directors for the next twelve months. The directors consider that the financial statements which are prepared on a going concern basis show a true and fair view.

The financial statements contain no adjustments that would have resulted had the accounts been prepared on any other basis.

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.

Trademarks, patents & licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 25% on cost
Plant and machinery - 25% on cost
Computer equipment - 25% on cost

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.

Research and Development tax credits are recognised when received.

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.

BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

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.

Software development costs
Software development costs are expensed as they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023 82,554
Additions 463,046
At 31 October 2024 545,600
AMORTISATION
At 1 November 2023 22,466
Charge for year 31,987
At 31 October 2024 54,453
NET BOOK VALUE
At 31 October 2024 491,147
At 31 October 2023 60,088

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2023 1,747 29,766 71,314 102,827
Additions - - 43,582 43,582
At 31 October 2024 1,747 29,766 114,896 146,409
DEPRECIATION
At 1 November 2023 1,730 23,170 50,148 75,048
Charge for year 17 6,016 17,434 23,467
At 31 October 2024 1,747 29,186 67,582 98,515
NET BOOK VALUE
At 31 October 2024 - 580 47,314 47,894
At 31 October 2023 17 6,596 21,166 27,779

BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023 824,190
Additions 601,939
Exchange differences (61,840 )
At 31 October 2024 1,364,289
NET BOOK VALUE
At 31 October 2024 1,364,289
At 31 October 2023 824,190

The above investments relate to a Simple Agreement for Future Equity (SAFE) with Prophecta Corp valued at £777,828 (2023: £824,190) and shares held in TheAIWorks Inc valued at £586,461 (acquired in year).

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 765 60,156
VAT 14,029 10,458
Prepayments and accrued income 52,880 50,554
67,674 121,168

Amounts falling due after more than one year:
Other debtors - 1,056,579

Aggregate amounts 67,674 1,177,747

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 3,558,233 1,871,725
Social security and other taxes (2,805 ) -
Other creditors 589 294
Directors' current accounts 206,998 215,694
Accrued expenses 97,417 89,950
3,860,432 2,177,663

The above balance for amounts owed to group undertakings includes interest payable accrued at 3-12% per annum.

The above Directors' current accounts balance includes interest payable accrued at 3-10% per annum and interest receivable accrued at 2.25-5% per annum.

See note 16 for further details on the above.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 100,000 100,000
Between one and five years 250,000 350,000
350,000 450,000

BRAINTREE LIMITED (REGISTERED NUMBER: 08506088)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. RELATED PARTY DISCLOSURES

Comprised within other debtors are loans to companies under common control of directors.

At the year end, Lion & Fox Ltd owed Braintree Ltd £765 (2023: £765) for expenses paid by Braintree Ltd on Lion & Fox Ltd's behalf.

At the year end, TheAIWorksR&D Ltd owed Braintree Ltd £nil (2023: £48,904).

At the year end, TheAIWorks Inc owed Braintree Ltd £nil (2023: £1,061,066).

Comprised within creditors are loans issued to Braintree Ltd by their parent company Stylized Enterprises Ltd totalling £3,558,233 including interest accrued at 3-7% per annum (2023: £1,871,725 including interest).

Nikolay Gurianov, a director, has loan arrangements with the Company whereby he has both invested funds in the company and been loaned funds by them. In addition to this, both he and the Company have paid expenses on the other's behalf. The transactions undertaken by Nikolay Gurianov are summarised as
follows:





Funds
invested/
drawn as a
directors
loan/(repaid)
Expenses paid
on the
company/
director's
behalf
Total
balance
owed to
Nikolay
Gurianov
£ £ £

Balance at 31 October 2023 214,982 712 215,694

Transactions during the year to October 2024

Expenses paid on director's behalf - (2,659) (2,659 )

Funds invested - - -

Loaned to director (60,000) - (60,000 )

Loan interest payable 17,572 - 17,572

Loan interest receivable (3,609) - (3,609 )
Repayment 40,000 - 40,000


Balance at 31 October 2024 208,945 (1,946 ) 206,998

11. ULTIMATE CONTROLLING PARTY

The controlling party is N Gurianov.