Silverfin false false 31/12/2022 01/01/2022 31/12/2022 M C Culross 11/12/2019 C Culross 18/01/2008 J L Medico 31/01/2020 W S Pancoast 15/01/2007 20 June 2025 The principal activities of the company are the research, development and creation of a SaaS (software as a service) platform for the perpetual curation, sharing and on-going playback of digital family e-assets (our memories) at meaningful resolution at any time and on any device in the future. To solve the issue of digital data rot forever. 06160660 2022-12-31 06160660 bus:Director1 2022-12-31 06160660 bus:Director2 2022-12-31 06160660 bus:Director3 2022-12-31 06160660 bus:Director4 2022-12-31 06160660 2021-12-31 06160660 core:CurrentFinancialInstruments 2022-12-31 06160660 core:CurrentFinancialInstruments 2021-12-31 06160660 core:Non-currentFinancialInstruments 2022-12-31 06160660 core:Non-currentFinancialInstruments 2021-12-31 06160660 core:ShareCapital 2022-12-31 06160660 core:ShareCapital 2021-12-31 06160660 core:SharePremium 2022-12-31 06160660 core:SharePremium 2021-12-31 06160660 core:OtherCapitalReserve 2022-12-31 06160660 core:OtherCapitalReserve 2021-12-31 06160660 core:RetainedEarningsAccumulatedLosses 2022-12-31 06160660 core:RetainedEarningsAccumulatedLosses 2021-12-31 06160660 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06160660 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06160660 core:FurnitureFittings 2021-12-31 06160660 core:OfficeEquipment 2021-12-31 06160660 core:FurnitureFittings 2022-12-31 06160660 core:OfficeEquipment 2022-12-31 06160660 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 06160660 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-12-31 06160660 bus:OrdinaryShareClass1 2022-12-31 06160660 bus:OrdinaryShareClass2 2022-12-31 06160660 2022-01-01 2022-12-31 06160660 bus:FilletedAccounts 2022-01-01 2022-12-31 06160660 bus:SmallEntities 2022-01-01 2022-12-31 06160660 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06160660 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06160660 bus:Director1 2022-01-01 2022-12-31 06160660 bus:Director2 2022-01-01 2022-12-31 06160660 bus:Director3 2022-01-01 2022-12-31 06160660 bus:Director4 2022-01-01 2022-12-31 06160660 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-01-01 2022-12-31 06160660 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 06160660 core:FurnitureFittings core:TopRangeValue 2022-01-01 2022-12-31 06160660 core:OfficeEquipment core:TopRangeValue 2022-01-01 2022-12-31 06160660 2021-01-01 2021-12-31 06160660 core:FurnitureFittings 2022-01-01 2022-12-31 06160660 core:OfficeEquipment 2022-01-01 2022-12-31 06160660 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 06160660 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06160660 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 06160660 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 06160660 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06160660 (England and Wales)

EMORTAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

EMORTAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

EMORTAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
EMORTAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 1,406,187 1,059,117
Tangible assets 4 11,093 23,203
1,417,280 1,082,320
Current assets
Debtors 5 14,780 499,726
Cash at bank and in hand 20,157 548,797
34,937 1,048,523
Creditors: amounts falling due within one year 6 ( 1,762,840) ( 584,367)
Net current (liabilities)/assets (1,727,903) 464,156
Total assets less current liabilities (310,623) 1,546,476
Creditors: amounts falling due after more than one year 7 ( 2,735,229) ( 2,715,918)
Net liabilities ( 3,045,852) ( 1,169,442)
Capital and reserves
Called-up share capital 8 4,423 4,423
Share premium account 8,971,341 8,971,341
Other reserves 202,502 202,502
Profit and loss account ( 12,224,118 ) ( 10,347,708 )
Total shareholders' deficit ( 3,045,852) ( 1,169,442)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Emortal Limited (registered number: 06160660) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Culross
Director

20 June 2025

EMORTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
EMORTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Emortal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Studio B, New Crane Wharf, New Crane Place, London, England, E1W 3TS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognised as intangible assets when the following criteria are met:

• it is technically feasible to complete the software so that it will be available for use;
• management intends to complete the software and use or sell it;
• it can be demonstrated how the software will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
• the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of Financial Position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2022 4,142,668 4,142,668
Additions 759,075 759,075
At 31 December 2022 4,901,743 4,901,743
Accumulated amortisation
At 01 January 2022 3,083,551 3,083,551
Charge for the financial year 412,005 412,005
At 31 December 2022 3,495,556 3,495,556
Net book value
At 31 December 2022 1,406,187 1,406,187
At 31 December 2021 1,059,117 1,059,117

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2022 838 30,455 31,293
Additions 0 4,039 4,039
At 31 December 2022 838 34,494 35,332
Accumulated depreciation
At 01 January 2022 0 8,090 8,090
Charge for the financial year 279 15,870 16,149
At 31 December 2022 279 23,960 24,239
Net book value
At 31 December 2022 559 10,534 11,093
At 31 December 2021 838 22,365 23,203

5. Debtors

2022 2021
£ £
Corporation tax 0 441,780
Other debtors 14,780 57,946
14,780 499,726

6. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 600,681 301,632
Amounts owed to related parties 600,264 0
Taxation and social security 29,964 15,368
Other creditors 531,931 267,367
1,762,840 584,367

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Other creditors 2,735,229 2,715,918

The convertible loans will convert into Ordinary shares in 2024 or at the time of a conversion event if earlier. Conversion events include a sale of the company or another funding round. Interest is accruing on the loans at a rate of 8% per annum and will be paid on conversion. The convertible loan is valued at the fair value of the loan element as required by FRS102.

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
15,217 Deferred ordinary shares of £ 0.025 each 380 380
161,700 Ordinary shares of £ 0.0250005 each 4,043 4,043
4,423 4,423

9. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
Total remuneration made to key management personnel 283,107 282,000

Other related party transactions

2022 2021
£ £
Included in creditors is amounts due to the directors in respect of loans made to the company (21,083) (4,812)
Included in creditors is amounts due to the shareholders in respect of loans made to the company (599,989) (275)