Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-06-19true5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14942848 2023-06-18 14942848 2023-06-19 2024-06-30 14942848 2022-06-19 2023-06-18 14942848 2024-06-30 14942848 c:Director5 2023-06-19 2024-06-30 14942848 d:FurnitureFittings 2023-06-19 2024-06-30 14942848 d:FurnitureFittings 2024-06-30 14942848 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-19 2024-06-30 14942848 d:ComputerEquipment 2023-06-19 2024-06-30 14942848 d:ComputerEquipment 2024-06-30 14942848 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-19 2024-06-30 14942848 d:OwnedOrFreeholdAssets 2023-06-19 2024-06-30 14942848 d:CurrentFinancialInstruments 2024-06-30 14942848 d:Non-currentFinancialInstruments 2024-06-30 14942848 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 14942848 d:RetainedEarningsAccumulatedLosses 2024-06-30 14942848 c:FRS102 2023-06-19 2024-06-30 14942848 c:AuditExempt-NoAccountantsReport 2023-06-19 2024-06-30 14942848 c:FullAccounts 2023-06-19 2024-06-30 14942848 c:CompanyLimitedByGuarantee 2023-06-19 2024-06-30 14942848 d:WithinOneYear 2024-06-30 14942848 d:BetweenOneFiveYears 2024-06-30 14942848 2 2023-06-19 2024-06-30 14942848 e:PoundSterling 2023-06-19 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 14942848









SAFE AI LONDON LTD
(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
SAFE AI LONDON LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 14942848

BALANCE SHEET
AS AT 30 JUNE 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
36,568

Current assets
  

Debtors: amounts falling due after more than one year
 5 
129,226

Debtors: amounts falling due within one year
 5 
325,460

Cash at bank and in hand
  
25,767

  
480,453

Creditors: amounts falling due within one year
 6 
(213,986)

Net current assets
  
 
 
266,467

Total assets less current liabilities
  
303,035

  

Net assets
  
303,035


Capital and reserves
  

Profit and loss account
  
303,035

  
303,035


Page 1

 
SAFE AI LONDON LTD
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 14942848

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A K Sutton
Director

Date: 19 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Safe AI London Ltd is a private company limited by guarantee and incorporated in England and Wales. Its registration number is 14942848 and its registered office is 24 Old Bond Street, London, United Kingdom, W1S 4AP.
The financial statements are presented in sterling, which is the functional currency of the company and are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from grants is included when there is entitlement, probability of receipt and the amount can be measured with sufficient reliability.
Memberships are recognised in the period in which they relate to. 
Events and hosting, and catering are recognised to the extent that it's probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives:

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are
Page 5

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 5.

Page 6

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


Additions
24,911
15,737
40,648



At 30 June 2024

24,911
15,737
40,648



Depreciation


Charge for the period on owned assets
2,497
1,583
4,080



At 30 June 2024

2,497
1,583
4,080



Net book value



At 30 June 2024
22,414
14,154
36,568


5.


Debtors

2024
£

Due after more than one year

Other debtors
129,226


2024
£

Due within one year

Trade debtors
122,155

Other debtors
43,383

Prepayments and accrued income
159,922

325,460


Page 7

 
SAFE AI LONDON LTD

(A Company Limited by Guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
17,417

Corporation tax
91,148

Other taxation and social security
3,470

Other creditors
1,293

Accruals and deferred income
100,658

213,986




7.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,163. Contributions totalling £1,204 were payable to the fund at the balance sheet date.


9.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
£


Not later than 1 year
435,762

Later than 1 year and not later than 5 years
110,193

545,955


10.


Post balance sheet events

On 14 January 2025, the company obtained charitable status. 


Page 8