Company Registration No. 11075392 (England and Wales)
Springbok AI Ltd
Unaudited accounts
for the year ended 30 November 2024
Springbok AI Ltd
Unaudited accounts
Contents
Springbok AI Ltd
Company Information
for the year ended 30 November 2024
Director
Victoria Albrecht
Company Number
11075392 (England and Wales)
Registered Office
2 London Wall Place
London
EC2Y 5AU
England
Springbok AI Ltd
Statement of financial position
as at 30 November 2024
Cash at bank and in hand
34,328
24,473
Creditors: amounts falling due within one year
(371,402)
(238,338)
Net current liabilities
(224,191)
(60,823)
Net liabilities
(224,074)
(60,590)
Capital contribution reserve
66,040
-
Profit and loss account
(290,114)
(60,590)
Shareholders' funds
(224,074)
(60,590)
For the year ending 30 November 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 director acknowledges her 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 and authorised for issue on 1 August 2025 and were signed on its behalf by
Victoria Albrecht
Director
Company Registration No. 11075392
Springbok AI Ltd
Notes to the Accounts
for the year ended 30 November 2024
Springbok AI Ltd is a private company, limited by shares, registered in England and Wales, registration number 11075392. The registered office is 2 London Wall Place, London, EC2Y 5AU, England.
2
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Computer equipment
25% on a straight line basis
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.
Expenditure on research and development is written off in the year in which it is incurred.
The director has confirmed that she will continue to give financial support to the company and that she will not recall her loan within 12 months. The director considers that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Springbok AI Ltd
Notes to the Accounts
for the year ended 30 November 2024
The company operates both equity-settled and cash-settled share-based payment schemes.
Equity-settled share-based payments are measured at fair value at the grant date and expensed over the vesting period, with a corresponding credit to equity.
Cash-settled share-based payments are remeasured at fair value at each reporting date, with changes recognised in profit or loss and a corresponding liability on the balance sheet.
Fair value is determined using appropriate valuation techniques, including third-party models where applicable.
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Accrued income and prepayments
32,991
87,625
Other debtors
79,892
65,417
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
49,585
102,199
Other creditors
10,812
23,166
Loans from directors
186,087
75,065
Deferred income
120,594
16,792
Allotted, called up and fully paid:
1,000 Ordinary shares (sub-division of shares made 15/09/22 into 1,000,000 Ordinary Shares of £0.00000001) of £0.00001 each
0.01
0.01
Springbok AI Ltd
Notes to the Accounts
for the year ended 30 November 2024
8
Capital contribution reserve
During the year, the company recognised a share-based payment expense of £66,040 in relation to equity-settled share options granted to employees under both EMI and non-tax-advantaged schemes. The options were granted at an exercise price of £0.01 per share, with an estimated fair value of £0.21 per option, based on a third-party valuation.
The fair value of the options vested during the year has been charged to administrative expenses – employee costs (wages and salaries), with a corresponding credit to the capital contribution reserve.
As at the balance sheet date, no share options had been exercised, and all granted options remain outstanding.
9
Average number of employees
During the year the average number of employees was 16 (2023: 16).