Durer AI Ltd
Unaudited Financial Statements
For the period ended 28 February 2024
Pages for Filing with Registrar
Company Registration No. 14462982 (England and Wales)
Durer AI Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Durer AI Ltd
Balance Sheet
As at 28 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
55,427
-
0
Cash at bank and in hand
1,147,069
1,633
1,202,496
1,633
Creditors: amounts falling due within one year
4
(7,233)
(454,022)
Net current assets/(liabilities)
1,195,263
(452,389)
Capital and reserves
Called up share capital
5
133
100
Share premium account
1,821,842
-
0
Profit and loss reserves
(626,712)
(452,489)
Total equity
1,195,263
(452,389)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
A Samsonova
Director
Company Registration No. 14462982
Durer AI Ltd
Notes to the Financial Statements
For the period ended 28 February 2024
Page 2
1
Accounting policies
Company information

Durer AI Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, United Kingdom, N1 7GU.

1.1
Reporting period

The reporting period was shortened by 9 months to 28th February 2024, from 30th November 2024, therefore in these 3-month financial statements, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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 current liabilities.

Durer AI Ltd
Notes to the Financial Statements (Continued)
For the period ended 28 February 2024
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Durer AI Ltd
Notes to the Financial Statements (Continued)
For the period ended 28 February 2024
1
Accounting policies
(Continued)
Page 4
1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
12,656
-
Prepayments and accrued income
42,771
-
0
55,427
-
Included within other debtors is £656 owed by a director of the company, repaid post year end (2023: £32,678 was owed to the director).
4
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,733
-
0
Other creditors
-
0
364,554
Accruals and deferred income
2,500
89,468
7,233
454,022
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Ordinary shares of 0.1p each
133,093
100,000
133
100
Durer AI Ltd
Notes to the Financial Statements (Continued)
For the period ended 28 February 2024
5
Called up share capital
(Continued)
Page 5
33,093 shares of 0.1p were issued on 27th December 2023: 106,166 ordinary shares, 54,194 Series Seed 1 shares, 228 Series Seed 2 shares, 352 Series Seed 3 shares and 1,984 Series Seed 4 shares were issued.
6
Events after the reporting date

After the reporting date, 30,551 Series Seed 1 shares were issued.

7
Related party transactions

At the period end, £656 was owed by a director of the company (2023: £32,678 owed to the director). This amount was repaid post year end.

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