Artificial Intelligence Research Group Ltd

ARTIFICIAL INTELLIGENCE RESEARCH GROUP LTD. - Company Information

2020-05-012021-04-302021-04-30false10175887Artificial Intelligence Research Group 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Registered Number
10175887
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 April 2021

Artificial Intelligence Research Group Ltd

Company Information
for the year from 1 May 2020 to 30 April 2021


Directors	Bill Aronson
	John Andrews


Registered Address	483 Green Lanes
	London
	N13 4BS


Registered Number	10175887 (England and Wales)

Artificial Intelligence Research Group Ltd

Statement of Financial Position
30 April 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	5		2,493		2,388
			2,493		2,388
Current assets
Debtors	6	(3,679)		26,575
Cash at bank and on hand		2,272		7,947
		(1,407)		34,522
Creditors amounts falling due within one year	7	(34,720)		(17,809)
Net current assets (liabilities)			(36,127)		16,713
Total assets less current liabilities			(33,634)		19,101
Creditors amounts falling due after one year	8		(1,160,682)		(1,102,417)
Net assets			(1,194,316)		(1,083,316)
Capital and reserves
Called up share capital			97		97
Profit and loss account			(1,194,413)		(1,083,413)
Shareholders' funds			(1,194,316)		(1,083,316)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 7 July 2021, and are signed on its behalf by:

Bill Aronson
Director
Registered Company No. 10175887

Artificial Intelligence Research Group Ltd

Notes to the Financial Statements
for the year ended 30 April 2021

1.	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.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	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.

3.	ACCOUNTING POLICIES

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	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.

Foreign currency translation and operations policy

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.

4.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	2		2

5.	PROPERTY, PLANT AND EQUIPMENT

	Office Equipment £	Total £
Cost or valuation
At 01 May 20	5,248	5,248
Additions	887	887
At 30 April 21	6,135	6,135
Depreciation and impairment
At 01 May 20	2,860	2,860
Charge for year	782	782
At 30 April 21	3,642	3,642
Net book value
At 30 April 21	2,493	2,493
At 30 April 20	2,388	2,388

6.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2021 £	2020 £
Other debtors	(3,679)	20,548
Other debtors (Non-current)	-	6,027
Total	(3,679)	26,575

7.	CREDITORS WITHIN ONE YEAR
	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.

	2021 £	2020 £
Taxation and social security	425	12,668
Other creditors	7,680	3,140
Accrued liabilities and deferred income	26,615	2,001
Total	34,720	17,809

8.	CREDITORS AFTER ONE YEAR

		2021 £		2020 £
	Bank borrowings and overdrafts	1,160,682		1,102,417
	Total	1,160,682		1,102,417