Silverfin false false 31/07/2024 27/07/2023 31/07/2024 Bryan Charles Gartner 22/03/2024 Mr C Gemmell 27/07/2023 Carlos Gemmell 27/07/2023 James Oliver Macfarlane 03/08/2023 Mr I Mackie 27/07/2023 Iain Mackie 27/07/2023 Dr A G M Nairn 05/09/2023 Dr Alasdair Gordon Mackenzie Nairn 05/09/2023 Mr F Rossetto 27/07/2023 Federico Rossetto 27/07/2023 17 December 2024 The principle activity of the Company during the financial period was that of developing AI language models for enterprises. 15033703 2024-07-31 15033703 bus:Director1 2024-07-31 15033703 bus:Director2 2024-07-31 15033703 bus:Director3 2024-07-31 15033703 bus:Director4 2024-07-31 15033703 bus:Director5 2024-07-31 15033703 bus:Director6 2024-07-31 15033703 bus:Director7 2024-07-31 15033703 bus:Director8 2024-07-31 15033703 bus:Director9 2024-07-31 15033703 bus:Director10 2024-07-31 15033703 core:CurrentFinancialInstruments 2024-07-31 15033703 core:ShareCapital 2024-07-31 15033703 core:SharePremium 2024-07-31 15033703 core:RetainedEarningsAccumulatedLosses 2024-07-31 15033703 2023-07-26 15033703 core:OfficeEquipment 2023-07-26 15033703 core:ComputerEquipment 2023-07-26 15033703 core:OfficeEquipment 2024-07-31 15033703 core:ComputerEquipment 2024-07-31 15033703 bus:OrdinaryShareClass1 2024-07-31 15033703 bus:PreferenceShareClass1 2024-07-31 15033703 bus:PreferenceShareClass2 2024-07-31 15033703 2023-07-27 2024-07-31 15033703 bus:FilletedAccounts 2023-07-27 2024-07-31 15033703 bus:SmallEntities 2023-07-27 2024-07-31 15033703 bus:AuditExemptWithAccountantsReport 2023-07-27 2024-07-31 15033703 bus:PrivateLimitedCompanyLtd 2023-07-27 2024-07-31 15033703 bus:Director1 2023-07-27 2024-07-31 15033703 bus:Director2 2023-07-27 2024-07-31 15033703 bus:Director3 2023-07-27 2024-07-31 15033703 bus:Director4 2023-07-27 2024-07-31 15033703 bus:Director5 2023-07-27 2024-07-31 15033703 bus:Director6 2023-07-27 2024-07-31 15033703 bus:Director7 2023-07-27 2024-07-31 15033703 bus:Director8 2023-07-27 2024-07-31 15033703 bus:Director9 2023-07-27 2024-07-31 15033703 bus:Director10 2023-07-27 2024-07-31 15033703 core:OfficeEquipment core:TopRangeValue 2023-07-27 2024-07-31 15033703 core:ComputerEquipment core:TopRangeValue 2023-07-27 2024-07-31 15033703 core:OfficeEquipment 2023-07-27 2024-07-31 15033703 core:ComputerEquipment 2023-07-27 2024-07-31 15033703 bus:OrdinaryShareClass1 2023-07-27 2024-07-31 15033703 bus:PreferenceShareClass1 2023-07-27 2024-07-31 15033703 bus:PreferenceShareClass2 2023-07-27 2024-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 15033703 (England and Wales)

MALTED AI LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 27 JULY 2023 TO 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

MALTED AI LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 27 JULY 2023 TO 31 JULY 2024

Contents

MALTED AI LTD

BALANCE SHEET

AS AT 31 JULY 2024
MALTED AI LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 31.07.2024
£
Fixed assets
Tangible assets 4 20,734
20,734
Current assets
Debtors 5 88,655
Cash at bank and in hand 6,445,635
6,534,290
Creditors: amounts falling due within one year 6 ( 58,191)
Net current assets 6,476,099
Total assets less current liabilities 6,496,833
Net assets 6,496,833
Capital and reserves
Called-up share capital 7 48
Share premium account 6,959,057
Profit and loss account ( 462,272 )
Total shareholders' funds 6,496,833

For the financial period ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Malted AI Ltd (registered number: 15033703) were approved and authorised for issue by the Board of Directors on 17 December 2024. They were signed on its behalf by:

Mr I Mackie
Director
MALTED AI LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 27 JULY 2023 TO 31 JULY 2024
MALTED AI LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 27 JULY 2023 TO 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

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 £.

Reporting period length

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

Turnover is recognised at the fair value of the consideration received or receivable for platform 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.

Employee benefits

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.

Share-based payment

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.

Taxation

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line
Computer equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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.

2. Employees

Period from
27.07.2023 to
31.07.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 8

3. Share-based payments

Equity-settled share-based payment schemes

The Company has issued unapproved share options to a Consultant during the period.
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
Weighted Average
Number of share options Average exercise price (£)
Outstanding at beginning of period 0 0
Granted during the period 1,612 0.001
Outstanding at the end of the period 1,612 0.001
Exercisable at the end of the period 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 27 July 2023 0 0 0
Additions 5,610 18,949 24,559
At 31 July 2024 5,610 18,949 24,559
Accumulated depreciation
At 27 July 2023 0 0 0
Charge for the financial period 267 3,558 3,825
At 31 July 2024 267 3,558 3,825
Net book value
At 31 July 2024 5,343 15,391 20,734

5. Debtors

31.07.2024
£
Corporation tax 24,215
Other debtors 64,440
88,655

6. Creditors: amounts falling due within one year

31.07.2024
£
Trade creditors 10,600
Other creditors 47,591
58,191

7. Called-up share capital

31.07.2024
£
Allotted, called-up and fully-paid
300,000 Ordinary shares of £ 0.0001 each 30
82,917 Seed Preferred 1 preference shares of £ 0.0001 each 8
100,264 Seed Preferred 2 preference shares of £ 0.0001 each 10
18
48