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Company Registration No. 10200820 (England and Wales)
Monolith AI Limited Unaudited accounts for the year ended 31 December 2024
Monolith AI Limited Unaudited accounts Contents
Page
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Monolith AI Limited Company Information for the year ended 31 December 2024
Directors
Richard Ahlfeld Rani Saad Eddie Anderson Joshua Fredberg Luke Oubridge
Company Number
10200820 (England and Wales)
Registered Office
71-75 Shelton Street Covent Garden London WC2H 9JQ United Kingdom
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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Monolith AI Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
38,833 
38,223 
Current assets
Debtors
877,791 
345,320 
Cash at bank and in hand
1,314,213 
3,903,367 
2,192,004 
4,248,687 
Creditors: amounts falling due within one year
(1,409,911)
(972,632)
Net current assets
782,093 
3,276,055 
Net assets
820,926 
3,314,278 
Capital and reserves
Called up share capital
67 
61 
Share premium
16,865,749 
13,864,453 
Profit and loss account
(16,044,890)
(10,550,236)
Shareholders' funds
820,926 
3,314,278 
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by
Luke Oubridge Director Company Registration No. 10200820
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Monolith AI Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Monolith AI Limited is a private company, limited by shares, registered in England and Wales, registration number 10200820. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33%
Computer equipment
25%
Turnover
Turnover from software licensing and the hosting of the Monolith platform is recognised rateably over the term of the license agreement. Turnover from the rendering of services is recognised as the services are performed.
Research and Development Tax Credit
Monolith AI Limited received tax credits for qualifying research and development expenditure under the Research and Development tax relief scheme. These are presented as tax repayments in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Research and Development Costs
Expenditure on research and development is written off in the year in which it is incurred.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Monolith AI Limited Notes to the Accounts for the year ended 31 December 2024
Government grants
Government grants are credited to the profit and loss on receipt. The corresponding expense is also included within the profit and loss for the same period.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2024
- 
90,182 
90,182 
Additions
757 
20,934 
21,691 
At 31 December 2024
757 
111,116 
111,873 
Depreciation
At 1 January 2024
- 
51,959 
51,959 
Charge for the year
210 
20,871 
21,081 
At 31 December 2024
210 
72,830 
73,040 
Net book value
At 31 December 2024
547 
38,286 
38,833 
At 31 December 2023
- 
38,223 
38,223 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
77,989 
28,818 
Trade debtors
679,741 
242,845 
Accrued income and prepayments
97,711 
33,656 
Other debtors
22,350 
40,001 
877,791 
345,320 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
123,520 
104,407 
Taxes and social security
127,321 
95,032 
Other creditors
20,054 
14,119 
Accruals
218,998 
146,608 
Deferred income
920,018 
612,466 
1,409,911 
972,632 
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Monolith AI Limited Notes to the Accounts for the year ended 31 December 2024
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,907,705 Ordinary shares of £0.00001 each
19.07 
19.07 
128,084 B Ordinary shares of £0.00001 each
1.28 
0.89 
2,552,101 A Preferred shares of £0.00001 each
25.52 
20.40 
735,294 Seed Preferred shares of £0.00001 each
7.35 
7.35 
1,392,359 Growth shares of £0.00001 each
13.92 
13.92 
67.14 
61.63 
Shares issued during the period:
38,540 B Ordinary shares of £0.00001 each
0 
511,185 A Preferred shares of £0.00001 each
5 
5 
8
Average number of employees
During the year the average number of employees was 37 (2023: 38).
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