7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 14,806 8,563 1,291 22,078 4,739 6,124 431 10,432 11,646 10,067 xbrli:pure xbrli:shares iso4217:GBP 13298516 2023-04-01 2024-03-31 13298516 2024-03-31 13298516 2023-03-31 13298516 2022-04-01 2023-03-31 13298516 2023-03-31 13298516 2022-03-31 13298516 bus:Director1 2023-04-01 2024-03-31 13298516 core:WithinOneYear 2024-03-31 13298516 core:WithinOneYear 2023-03-31 13298516 core:ShareCapital 2024-03-31 13298516 core:ShareCapital 2023-03-31 13298516 core:SharePremium 2024-03-31 13298516 core:SharePremium 2023-03-31 13298516 core:RetainedEarningsAccumulatedLosses 2024-03-31 13298516 core:RetainedEarningsAccumulatedLosses 2023-03-31 13298516 bus:SmallEntities 2023-04-01 2024-03-31 13298516 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13298516 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13298516 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13298516 bus:FullAccounts 2023-04-01 2024-03-31 13298516 core:PlantMachinery 2023-03-31 13298516 core:PlantMachinery 2023-04-01 2024-03-31 13298516 core:PlantMachinery 2024-03-31
COMPANY REGISTRATION NUMBER: 13298516
Solvo.ai Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Solvo.ai Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
11,646
10,067
Current assets
Debtors
6
180,588
115,245
Cash at bank and in hand
2,400,041
3,457,838
------------
------------
2,580,629
3,573,083
Creditors: amounts falling due within one year
7
88,625
41,669
------------
------------
Net current assets
2,492,004
3,531,414
------------
------------
Total assets less current liabilities
2,503,650
3,541,481
Provisions
Taxation including deferred tax
1,698
------------
------------
Net assets
2,503,650
3,539,783
------------
------------
Capital and reserves
Called up share capital
1
1
Share premium account
3,448,259
3,448,259
Profit and loss account
( 944,610)
91,523
------------
------------
Shareholders funds
2,503,650
3,539,783
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Solvo.ai Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr G Bajaj
Director
Company registration number: 13298516
Solvo.ai Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 120 Moorgate, London, EC2M 6UR, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable in respect of generation and development of software, exclusive of VAT. Turnover is recognised evenly across the length of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% Straight line
Defined contribution plans
The company operates an auto-enrolment scheme for all employees. The assets of pension schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023
14,806
Additions
8,563
Disposals
( 1,291)
--------
At 31 March 2024
22,078
--------
Depreciation
At 1 April 2023
4,739
Charge for the year
6,124
Disposals
( 431)
--------
At 31 March 2024
10,432
--------
Carrying amount
At 31 March 2024
11,646
--------
At 31 March 2023
10,067
--------
6. Debtors
2024
2023
£
£
Other debtors
180,588
115,245
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
49,500
17,683
Social security and other taxes
22,367
13,244
Other creditors
16,758
10,742
--------
--------
88,625
41,669
--------
--------
8. Directors' advances, credits and guarantees
The company operated a directors loan account throughout the current year and prior year, interest was charged at the HMRC official rate of interest on any overdrawn balance in excess of £10,000. There were no specific repayment terms.
2024 2023
£ £
Advances 7,113 50,254
Repayments 46,063 4,191
Owed from Director 7,113 46,063