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Registered number: 07852490
AI VENTURES LTD
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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AI VENTURES LTD
COMPANY INFORMATION
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Mohammed Adnan Imam (appointed 1 January 2012)
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AI VENTURES LTD
CONTENTS
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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AI VENTURES LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024
The director presents his report and the financial statements for the year ended 28 September 2024.
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AI VENTURES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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Interest payable and similar expenses
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Loss for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 7 to 12 form part of these financial statements.
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AI VENTURES LTD
REGISTERED NUMBER: 07852490
BALANCE SHEET
AS AT 28 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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AI VENTURES LTD
REGISTERED NUMBER: 07852490
BALANCE SHEET (CONTINUED)
AS AT 28 SEPTEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mohammed Adnan Imam
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The notes on pages 7 to 12 form part of these financial statements.
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AI VENTURES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 7 to 12 form part of these financial statements.
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AI VENTURES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 7 to 12 form part of these financial statements.
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
The company is a members limited liability company incorporated in the United Kingdom.
The registered address of the company is:
22 Gilbert Street
London
W1K 5HD
The company's principal activity is that of property development.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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The net book value of land and buildings may be further analysed as follows:
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Work in progress (goods to be sold)
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
6.Debtors (continued)
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Cash and cash equivalents
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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The following liabilities were secured:
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Details of security provided:
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Bank loans of £185,431 (2023: £148,820) were secured on the assets of the company.
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1.00
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Related party transactions
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As at the year end the ultimate parent company is NMI Property Holdings Limited. It was before IPE Group (Holdings) Limited the ultimate parent company up until 25/09/2024.The company owes to IPE Group (Holding) Ltd £475,784 (2023:£250,473).
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AI VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
The ultimate controlling party is Nadia Momin Imam by virtue of her shareholding of its parent company NMI Property Holdings Limited. IPE Group (Holdings) Limited was the controlling party as a parent compnay until 25/09/2024.
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