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
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
Monolith AI Limited
Statement of financial position
as at 31 December 2024
Tangible assets
38,833
38,223
Cash at bank and in hand
1,314,213
3,903,367
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
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
Monolith AI Limited
Notes to the Accounts
for the year ended 31 December 2024
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.
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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.
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.
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.
The accounts are presented in £ sterling.
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:
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.
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.
Monolith AI Limited
Notes to the Accounts
for the year ended 31 December 2024
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.
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.
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.
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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
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
At 31 December 2024
547
38,286
38,833
At 31 December 2023
-
38,223
38,223
Amounts falling due within one year
Trade debtors
679,741
242,845
Accrued income and prepayments
97,711
33,656
Other debtors
22,350
40,001
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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
Deferred income
920,018
612,466
Monolith AI Limited
Notes to the Accounts
for the year ended 31 December 2024
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
Shares issued during the period:
38,540 B Ordinary shares of £0.00001 each
0
511,185 A Preferred shares of £0.00001 each
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Average number of employees
During the year the average number of employees was 37 (2023: 38).