Company registration number: 15110302
Unaudited financial statements
for the period ended 30 September 2024
for
Medly AI Limited
Pages for filing with the Registrar
Company registration number: 15110302
Medly AI Limited
Balance sheet
as at 30 September 2024
Note £ £
Fixed assets
Intangible assets 4 131
Tangible assets 5 4,717
4,848
Current assets
Debtors 360
Cash at bank and in hand 916,822
917,182
Creditors: amounts falling due within
one year
(9,974)
Net current assets 907,208
Total assets less current liabilities 912,056
NET ASSETS 912,056
Capital and reserves
Called up share capital 127
Share premium account 995,212
Profit and loss account (83,283)
TOTAL EQUITY 912,056
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 30 September 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 15110302
Medly AI Limited
Balance sheet - continued
as at 30 September 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 9 January 2025 and signed on its behalf by:
Dr K Samra, Director
9 January 2025
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Medly AI Limited
Notes to the financial statements
for the period ended 30 September 2024
1 Company information
Medly AI Limited is a private company registered in England and Wales. Its registered number is 15110302. The company is limited by shares. Its registered office is 85 Great Portland Street, London, W1W 7LT.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Trademarks - 25% reducing balance
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixed Assets:
Computer equipment - 25% reducing balance
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
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Medly AI Limited
Notes to the financial statements - continued
for the period ended 30 September 2024
3 Average number of employees
During the period the average number of employees was 2.
4 Intangible assets
Other
intangible
assets
£
Cost
Additions 170
At 30 September 2024 170
Amortisation
Charge for period 39
At 30 September 2024 39
Net book value
At 30 September 2024 131
5 Tangible fixed assets
Fixed Assets
£
Cost
Additions 4,976
At 30 September 2024 4,976
Depreciation
Charge for period 259
At 30 September 2024 259
Net book value
At 30 September 2024 4,717
6 Related party transactions
At 30 September 2024, amounts of £5,456 (2023 - £0) were owed by the company to the directors.
7 Guarantees and other financial commitments
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Medly AI Limited
Notes to the financial statements - continued
for the period ended 30 September 2024
7 Guarantees and other financial commitments - continued
There were no financial guarantees or commitments, either ongoing or entered into during the period,
8 Off-balance sheet arrangements
The company had no off-balance sheet arrangements at year-end or at any stage during the period.
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