Seldon Technologies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09188032 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

SELDON TECHNOLOGIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A M Housley

A R Van Someren

REGISTERED OFFICE:

Stapleton House - 2nd Floor

110 Clifton Street

London

EC2A 4HT

REGISTERED NUMBER:

09188032 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Ltd

Stapleton House Second Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Tangible assets

5

24,317

9,951

Investments

6

428,462

428,462

452,779

438,413

CURRENT ASSETS

Debtors

7

1,676,923

1,358,952

Cash at bank

745,683

1,994,082

2,422,606

3,353,034

CREDITORS

Amounts falling due within one year

8

193,400

78,793

NET CURRENT ASSETS

2,229,206

3,274,241

TOTAL ASSETS LESS CURRENT LIABILITIES

2,681,985

3,712,654

CAPITAL AND RESERVES

Called up share capital

9

17

17

Share premium

3,212,196

3,212,196

Equity liability

926

926

Share option reserve

164,132

128,058

Retained earnings

(695,286

)

371,457

SHAREHOLDERS' FUNDS

2,681,985

3,712,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 17 July 2020 and were signed on its behalf by:

A M Housley - Director

1.	STATUTORY INFORMATION

Seldon Technologies 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Seldon Technologies Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

Share based payments as set out in note 11 to the accounts have been made to employees of the company. As

disclosed in the Share Based Payments accounting policy note, the fair value of any vested share options is

recognised in the income statement and for the accounting period ending 31 March 2020, the fair value has been

estimated as £3.1126 per share. This is based on the value of Ordinary shares issued.

There have been no other significant judgements or estimates applied to the numbers contained within these financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost,

less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment - 3 years

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial

paper, are initially recognised at transaction price, 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. Such

assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of

impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present

value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in the Income Statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying

amount would have been had the impairment not previously been recognised. The impairment reversal is recognised

in the Income Statement.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income

Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be

measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or

(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control

of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an

unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group companies 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.

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. Creditors are classified as current liabilities if payment is due within one year. 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 liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Taxation

Taxation for the year comprises current 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 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 statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement

of financial position 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.

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 have a reasonable expectation that the company will continue to trade profitably. The current cash

balances on hand means the directors are confident that the company has sufficient resources to meet its future

liabilities, as and when they become due. On this basis, they are therefore of the opinion that they should continue to

adopt the going concern basis in preparing the annual financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes

in value.

Share based payments

The company operates an equity-settled compensation plan. The fair value of the employee services received in

exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting

period is determined by reference to the fair value of the options granted, excluding the impact of any non-market

vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included

in assumptions about the number of options that are expected to vest. At each statement of financial position date, the

entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision

to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options

are equity-settled.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2019

11,656

Additions

21,471

At 31 March 2020

33,127

DEPRECIATION

At 1 April 2019

1,705

Charge for year

7,105

At 31 March 2020

8,810

NET BOOK VALUE

At 31 March 2020

24,317

At 31 March 2019

9,951

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2019

and 31 March 2020

428,462

NET BOOK VALUE

At 31 March 2020

428,462

At 31 March 2019

428,462

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

155,840

41,813

Amounts owed by group undertakings

1,265,396

1,271,693

Other debtors

255,687

45,446

1,676,923

1,358,952

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

58,105

40,103

Taxation and social security

45,991

18,272

Other creditors

89,304

20,418

193,400

78,793

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

1,088,039

A Ordinary shares

£0.00001

11

11

136,942

Ordinary shares

£0.00001

1

1

511,814

Series Seed

£0.00001

5

5

17

17

Ordinary shares have full dividend rights but no right to either vote or attend meetings.

A Ordinary shares and Series Seed shares have full rights in the company with respect to voting, dividends and on

capital distribution the Series Seed shares are given priority over all the other classes of shares.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial Position,

the company had granted 299,813 EMI share options to 22 employees of the company. During the period, 14,434

share options vested, none were exercised and none had lapsed. Share options vest over a period of 4 years from the

date of grant with a 12 month cliff.

The company operates an unapproved share option scheme. As at the date of the Statement of Financial Position, the

company had granted 17,000 EMI share options to 6 employees of the company. Up to the year end, 12,700 share

options have vested, none were exercised and none had lapsed. Share options vest over a period of 4 years from the

date of grant with a 12 month cliff.