Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr S Marlow 05/04/2012 Mr N Stavrinou 24/02/2012 05 August 2025 The principal activity of the company is the creation of new innovative digital compression technology to revolutionise data storage and transmission. 07963249 2024-12-31 07963249 bus:Director1 2024-12-31 07963249 bus:Director2 2024-12-31 07963249 2023-12-31 07963249 core:CurrentFinancialInstruments 2024-12-31 07963249 core:CurrentFinancialInstruments 2023-12-31 07963249 core:Non-currentFinancialInstruments 2024-12-31 07963249 core:Non-currentFinancialInstruments 2023-12-31 07963249 core:ShareCapital 2024-12-31 07963249 core:ShareCapital 2023-12-31 07963249 core:RetainedEarningsAccumulatedLosses 2024-12-31 07963249 core:RetainedEarningsAccumulatedLosses 2023-12-31 07963249 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 07963249 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 07963249 core:ComputerEquipment 2023-12-31 07963249 core:ComputerEquipment 2024-12-31 07963249 bus:OrdinaryShareClass1 2024-12-31 07963249 bus:PreferenceShareClass1 2024-12-31 07963249 2024-01-01 2024-12-31 07963249 bus:FilletedAccounts 2024-01-01 2024-12-31 07963249 bus:SmallEntities 2024-01-01 2024-12-31 07963249 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07963249 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07963249 bus:Director1 2024-01-01 2024-12-31 07963249 bus:Director2 2024-01-01 2024-12-31 07963249 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2024-01-01 2024-12-31 07963249 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 07963249 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 07963249 2023-01-01 2023-12-31 07963249 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 07963249 core:ComputerEquipment 2024-01-01 2024-12-31 07963249 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 07963249 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07963249 bus:PreferenceShareClass1 2024-01-01 2024-12-31 07963249 bus:PreferenceShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07963249 (England and Wales)

SISP TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SISP TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SISP TECHNOLOGIES LIMITED

BALANCE SHEET

As at 31 December 2024
SISP TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 27,852 38,446
Tangible assets 4 7,047 1,339
34,899 39,785
Current assets
Debtors 5 81,516 30,030
Cash at bank and in hand 8,805 3,077
90,321 33,107
Creditors: amounts falling due within one year 6 ( 225,092) ( 161,763)
Net current liabilities (134,771) (128,656)
Total assets less current liabilities (99,872) (88,871)
Creditors: amounts falling due after more than one year 7 ( 2,338,551) ( 1,928,876)
Net liabilities ( 2,438,423) ( 2,017,747)
Capital and reserves
Called-up share capital 8 809,646 809,646
Profit and loss account ( 3,248,069 ) ( 2,827,393 )
Total shareholders' deficit ( 2,438,423) ( 2,017,747)

For the financial year ending 31 December 2024 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 SISP Technologies Limited (registered number: 07963249) were approved and authorised for issue by the Board of Directors on 05 August 2025. They were signed on its behalf by:

Mr N Stavrinou
Director
SISP TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SISP TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
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

SISP Technologies 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 5th Floor 167-169 Great Portland Street, London, W1W 5PF, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
The tax currently payable/(recoverable) is based on taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability/(asset) for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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:

Trademarks, patents and licences 5 years straight line
Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

Computer equipment 5 years straight line
Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2024 244,199 244,199
Additions 4,897 4,897
At 31 December 2024 249,096 249,096
Accumulated amortisation
At 01 January 2024 205,753 205,753
Charge for the financial year 15,491 15,491
At 31 December 2024 221,244 221,244
Net book value
At 31 December 2024 27,852 27,852
At 31 December 2023 38,446 38,446

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2024 21,949 21,949
Additions 6,498 6,498
At 31 December 2024 28,447 28,447
Accumulated depreciation
At 01 January 2024 20,610 20,610
Charge for the financial year 790 790
At 31 December 2024 21,400 21,400
Net book value
At 31 December 2024 7,047 7,047
At 31 December 2023 1,339 1,339

5. Debtors

2024 2023
£ £
Prepayments 1,730 0
VAT recoverable 27,305 6,469
Other debtors 52,481 23,561
81,516 30,030

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 68,198 0
Other taxation and social security 2,631 7,522
Other creditors 154,263 154,241
225,092 161,763

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

2024 2023
£ £
Other creditors 2,338,551 1,928,876

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary share shares of £ 1.00 each 100 100
809,546 Preference share shares of £ 1.00 each 809,546 809,546
809,646 809,646

9. Related party transactions

Included within other creditors is a related party loan of £2,338,551 (2023 £1,928,876). There is no interest charged on this loan.