NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
OptimalAI Research Ltd is a private company, limited by shares, registered in England and Wales, registration number 14956043. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company is research, experimental development and application of artificial intelligence in natural sciences and engineering.
The company was incorporated on 23 June 2023 and commenced its trading on 27 February 2024.
2.Accounting policies
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Basis of preparation of financial statements
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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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
As at the year end, the balance sheet shows that the company has liabilities in excess of assets as a result of losses made to date. The directors are of the opinion that this is temporary due to it being a newly incorporated company, and therefore the accounts have been prepared on a going concern basis. The directors have confirmed that they will provide support to the company in order for the company to maintain operations and meet liabilites in full for the foreseeable future and meet the excess liabilities if the company is unable to do so.
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 corporate 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.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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