Company registration number 11953581 (England and Wales)
BLUESKEYE AI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BLUESKEYE AI LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLUESKEYE AI LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
31,968
36,049
Tangible assets
4
34,373
54,406
66,341
90,455
Current assets
Debtors
5
847,499
656,940
Cash at bank and in hand
76,000
729,681
923,499
1,386,621
Creditors: amounts falling due within one year
6
(1,425,667)
(261,475)
Net current (liabilities)/assets
(502,168)
1,125,146
Total assets less current liabilities
(435,827)
1,215,601
Creditors: amounts falling due after more than one year
7
(3,883)
(10,964)
Net (liabilities)/assets
(439,710)
1,204,637
Capital and reserves
Called up share capital
7
6
Share premium account
4,023,038
3,871,081
Profit and loss reserves
(4,462,755)
(2,666,450)
Total equity
(439,710)
1,204,637
BLUESKEYE AI LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Professor M F Valstar
Director
Company registration number 11953581 (England and Wales)
BLUESKEYE AI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Blueskeye AI Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Ingenuity Centre, Triumph Road, Nottingham, NG7 2TU. The company registration number is 11953581.
1.1
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
1.2
Going concern
The directors have prepared the accounts on a going concern basis. The directors consider this basis to be appropriate, as they have prepared cash flow forecasts for the period to include at least 12 months from the date of approval of the financial statements. These forecasts indicate that, although further funding will be required in the next 12 months, the existing investors have indicated a desire to invest further capital into the business.true
The directors are therefore confident at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for subscriptions and project income, stated net of discounts and Value Added Tax.
Turnover relating to subscriptions is recognised over the period of the subscription. Turnover relating to project work is recognised over the period of the project.
In both cases, any amounts relating to the period after the year end is carried forward as deferred income in creditors
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
10 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BLUESKEYE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 years straight line
Computers
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.
1.7
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.
1.8
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.9
Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BLUESKEYE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 year was:
2024
2023
Number
Number
Total
33
28
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 31 December 2024
40,810
Amortisation and impairment
At 1 January 2024
4,761
Amortisation charged for the year
4,081
At 31 December 2024
8,842
Carrying amount
At 31 December 2024
31,968
At 31 December 2023
36,049
BLUESKEYE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
6,904
87,734
94,638
Additions
7,915
7,915
At 31 December 2024
6,904
95,649
102,553
Depreciation and impairment
At 1 January 2024
2,892
37,340
40,232
Depreciation charged in the year
2,301
25,647
27,948
At 31 December 2024
5,193
62,987
68,180
Carrying amount
At 31 December 2024
1,711
32,662
34,373
At 31 December 2023
4,012
50,394
54,406
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,798
197,639
Corporation tax recoverable
413,135
351,793
Other debtors
27,876
923
Prepayments and accrued income
374,690
106,585
847,499
656,940
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Convertible loans
827,204
Bank loans
7,082
7,084
Other borrowings
155,000
Trade creditors
143,623
57,145
Taxation and social security
196,596
55,500
Other creditors
53,562
6,314
Accruals and deferred income
42,600
135,432
1,425,667
261,475
BLUESKEYE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
3,883
10,964
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
102,696
8,520
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A