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REFACEAI LIMITED

Registered Number
13440268
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

REFACEAI LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

VOLOVYK, Anton

Registered Address

C/O Rwk Goodman Llp
69 Carter Lane
London
EC4V 5EQ

Registered Number

13440268 (England and Wales)
REFACEAI LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-19,046
-19,046
Current assets
Debtors2,808,3932,017,327
Cash at bank and on hand1,012,2681,826,008
3,820,6613,843,335
Creditors amounts falling due within one year4(7,984,922)(6,005,566)
Net current assets (liabilities)(4,164,261)(2,162,231)
Total assets less current liabilities(4,164,261)(2,143,185)
Net assets(4,164,261)(2,143,185)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account(4,165,261)(2,144,185)
Shareholders' funds(4,164,261)(2,143,185)
The financial statements were approved and authorised for issue by the Director on 18 August 2025, and are signed on its behalf by:
VOLOVYK, Anton
Director
Registered Company No. 13440268
REFACEAI LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The company has recorded a significant loss in 2024 and does not carry the working capital to support such losses for a long period. The accounts have been prepared on a going concern basis which assumes that the company will be able to continue to meet its financial obligations for a period of at least 12 months from the date of this report. In deciding that this basis was appropriate, the director considered the company's cash flow forecasts and the support of Neocortext Inc.
Turnover policy
Revenue from software licensing is recognised evenly across the period of the licence. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business and net of refund, discounts and sales taxes.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible fixed assets are measured at cost less any accumulative impairment losses. Amortisation is charged on intangible assets in line with the Company's assessment of the period in which economic benefit will flow.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2495,22895,228
Revaluations(95,228)(95,228)
Amortisation and impairment
At 01 January 2476,18276,182
Charge for year19,04619,046
Other movements(95,228)(95,228)
Net book value
At 31 December 24--
At 31 December 2319,04619,046
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables562,455658,054
Taxation and social security3,3709,115
Other creditors2572,472
Accrued liabilities and deferred income7,418,8405,335,925
Total7,984,9226,005,566
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Related party transactions
RefaceAI Limited is a wholly owned subsidiary of Neocortext Inc. During the year to 31 Dec 2024, RefaceAI Limited bought services from the group totaling £2,953,804 (2023 £2,314,089). RefaceAI Limited sold services, during the year, to the group of £17,998 (2023 £35,996). As at 31 Dec 2024, RefaceAI Limited owed the group £318,412 (2023 £578,768), and was owed £34,835 (2023).