REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
FOR |
ISTEIN NEURAL NETWORKS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
FOR |
ISTEIN NEURAL NETWORKS LIMITED |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ISTEIN NEURAL NETWORKS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
BALANCE SHEET |
31 OCTOBER 2018 |
31.10.18 | 31.10.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
BALANCE SHEET - continued |
31 OCTOBER 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
1. | STATUTORY INFORMATION |
Istein Neural Networks Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number and registered office address can be found on the Company Information page. |
The principal activity for the period was that of neural networking and artificial intelligence development. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Computer equipment | - |
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. |
Research and development |
Research and development costs are capitalised under intangible assets. |
Only costs relating to specific projects of research and development are capitalised and only to the extent that the |
directors believe the costs are relevant to future revenues that will be generated as a result. |
Amortisation policy is to write off the costs over the length of the project. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Going concern |
The directors consider that the company is a going concern and relies on the continued support of the |
shareholders and other creditors.. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 November 2017 |
Additions |
At 31 October 2018 |
NET BOOK VALUE |
At 31 October 2018 |
At 31 October 2017 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 November 2017 |
Additions |
At 31 October 2018 |
DEPRECIATION |
At 1 November 2017 |
Charge for year |
At 31 October 2018 |
NET BOOK VALUE |
At 31 October 2018 |
At 31 October 2017 |
6. | DEBTORS |
31.10.18 | 31.10.17 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
ISTEIN NEURAL NETWORKS LIMITED (REGISTERED NUMBER: 10408966) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
An interest free loan with no fixed repayment date of £224,377 (2017 - £158,392) has been advanced by the |
company to iStein Neural Networks S.L. to cover ongoing expenses of that company.This amount is outstanding |
at the 31 October 2018. Subsequent to the year end iStein Neural Networks S.L. became a wholly owned |
subsidiary of iStein Neural Networks Limited. |
An interest free loan with no fixed repayment date of £50,600 (2017 - £1,100) has been advanced by Waazon |
(Holdings) Limited and this amount is outstanding at the year end. |
An amount of £12,500 (2017 - £Nil) is owed by Mr P Griffin a shareholder in the company. |
An amount of £3,750 (2017 - £Nil) is owed by Mr P Val Baker a shareholder of the company. |
An amount of £18,000 (2017 - £Nil) is owed to Mr D Fitzpatrick |
An amount of £17,700 (2017 - £Nil) is owed to Mr S Nield a director of the company. |