Seenit Digital Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08838909

Seenit Digital Limited

Filleted Unaudited Financial Statements

31 January 2025

Seenit Digital Limited

Statement of Financial Position

31 January 2025

	2025	2024
Note	£	£

Current assets

Debtors	7	697,882	705,823
Cash at bank and in hand		338,580	483,698
		------------	------------
		1,036,462	1,189,521

Creditors: amounts falling due within one year	8	( 2,072,196)	( 2,207,472)
		------------	------------
Net current liabilities		( 1,035,734)	( 1,017,951)
		------------	------------
Total assets less current liabilities		( 1,035,734)	( 1,017,951)

Creditors: amounts falling due after more than one year	9	( 17,365)	( 26,032)
		------------	------------
Net liabilities		( 1,053,099)	( 1,043,983)
		------------	------------

Capital and reserves

Called up share capital	191	191
Share premium account	2,652,388	2,652,388
Capital redemption reserve	12	12
Other reserves	755,706	752,554
Profit and loss account	( 4,461,396)	( 4,449,128)
	------------	------------
Shareholders deficit	( 1,053,099)	( 1,043,983)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Seenit Digital Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 30 October 2025 , and are signed on behalf of the board by:

E Forbes

Director

Company registration number: 08838909

Seenit Digital Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor 150 Buckingham Palace Road, Belgravia, London, SW1W 9TR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis. The company has incurred losses during the year, however the directors have a reasonable expectation that the company's performance will be reversed when the research and development stage has been completed. The directors believe that the company has sufficient resources available to meet its future liabilities as and when they fall due. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible fixed assets

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment	-	33% straight line
Computer equipment	-	25% straight line

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to profit or loss in the period to which they relate.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2024: 29 ).

5. Share-based payment transaction

The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial Position, the company had granted EMI qualifying share options to its employees. Of the total share options granted 12,332 lapsed during the year and none were exercised. A total of 16,076 share options vested but were not exercised.

No non-EMI qualifying options were granted during the financial year.

6. Tangible assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost
At 1 February 2024 and 31 January 2025	8,631	60,260	68,891
	-------	--------	--------
Depreciation
At 1 February 2024 and 31 January 2025	8,631	60,260	68,891
	-------	--------	--------
Carrying amount
At 31 January 2025	–	–	–
	-------	--------	--------
At 31 January 2024	–	–	–
	-------	--------	--------

7. Debtors

	2025	2024
	£	£
Trade debtors	559,132	519,553
Other debtors	138,750	186,270
	---------	---------
	697,882	705,823
	---------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	101,466	128,852
Social security and other taxes	104,593	96,308
Other creditors	1,866,137	1,982,312
	------------	------------
	2,072,196	2,207,472
	------------	------------

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

	2025	2024
	£	£
Bank loans and overdrafts	17,365	26,032
	--------	--------

10. Related party transactions

During the year the company settled all outstanding amounts owing to the directors. As at the end of the financial year the balance outstanding is £nil (2021 - £nil).