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REGISTERED NUMBER: 06923287 (England and Wales)












Ethical AI Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024






Ethical AI Ltd (Registered number: 06923287)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Ethical AI Ltd

Company Information
for the Year Ended 30 June 2024







Directors: Mr S J Hill
Ms Z E Corbin





Registered office: Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ





Registered number: 06923287 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Ethical AI Ltd (Registered number: 06923287)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £   
Fixed assets
Tangible assets 4 1,026 1,142

Current assets
Debtors 5 3,000 9,310
Cash at bank 19,912 5,144
22,912 14,454
Creditors
Amounts falling due within one year 6 20,818 9,497
Net current assets 2,094 4,957
Total assets less current liabilities 3,120 6,099

Creditors
Amounts falling due after more than one
year

7

19,837

26,959
Net liabilities (16,717 ) (20,860 )

Capital and reserves
Called up share capital 8 200 200
Retained earnings (16,917 ) (21,060 )
Shareholders' funds (16,717 ) (20,860 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ethical AI Ltd (Registered number: 06923287)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





Mr S J Hill - Director


Ethical AI Ltd (Registered number: 06923287)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. Statutory information

Ethical AI Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis on the grounds that the director will continue to provide sufficient finance to enable the company to continue trading for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. Employees and directors

The average number of employees during the year was 7 (2023 - 1 ) .

Ethical AI Ltd (Registered number: 06923287)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 July 2023 1,374
Additions 304
At 30 June 2024 1,678
Depreciation
At 1 July 2023 232
Charge for year 420
At 30 June 2024 652
Net book value
At 30 June 2024 1,026
At 30 June 2023 1,142

5. Debtors: amounts falling due within one year
30.6.24 30.6.23
£    £   
Other debtors 3,000 -
Directors' current accounts - 9,310
3,000 9,310

6. Creditors: amounts falling due within one year
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 7,072 7,022
Social security and other taxes 1,527 -
VAT 8,262 932
Directors' current accounts 2,270 -
Accruals and deferred income 1,687 1,543
20,818 9,497

7. Creditors: amounts falling due after more than one year
30.6.24 30.6.23
£    £   
Bank loans 19,837 26,959

Ethical AI Ltd (Registered number: 06923287)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
200 Ordinary £1 200 200

9. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
Mr S J Hill
Balance outstanding at start of year 9,310 -
Amounts advanced - 9,310
Amounts repaid (9,310 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,310

The loan was unsecured, interest free and fully repaid during the year.