ACCOUNTS - Final Accounts preparation

QUANT AI LAB LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-01-01trueNo description of principal activity11true 13202111 2022-01-01 2022-12-31 13202111 2021-02-15 2021-12-31 13202111 2022-12-31 13202111 2021-12-31 13202111 c:Director1 2022-01-01 2022-12-31 13202111 d:CurrentFinancialInstruments 2022-12-31 13202111 d:CurrentFinancialInstruments 2021-12-31 13202111 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13202111 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13202111 d:ShareCapital 2022-12-31 13202111 d:ShareCapital 2021-12-31 13202111 d:RetainedEarningsAccumulatedLosses 2022-12-31 13202111 d:RetainedEarningsAccumulatedLosses 2021-12-31 13202111 c:FRS102 2022-01-01 2022-12-31 13202111 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13202111 c:FullAccounts 2022-01-01 2022-12-31 13202111 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13202111

QUANT AI LAB LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

QUANT AI LAB LIMITED

REGISTERED NUMBER: 13202111

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	119,223		70
Cash at bank and in hand	5	54,201		8,571
		173,424		8,641
Creditors: amounts falling due within one year	6	(177,678)		(14,090)

Net liabilities			(4,254)		(5,449)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(4,255)	(5,450)
	(4,254)	(5,449)

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QUANT AI LAB LIMITED

REGISTERED NUMBER: 13202111

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M C Revuelta Lucera

Director

Date: 19 June 2023

The notes on pages 3 to 6 form part of these financial statements.

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QUANT AI LAB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Quant AI Lab Limited is a private company, limited by shares, incorporated in England and Wales, registration number 13202111. The registered office is Royds Withy King, 69 Carter Lane, London, England, EC4V 5EQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

The company has net liabilities of £4,254 (2021: £5,449) at the balance sheet date. The parent company has indicated its ability and intention to support the company for at least 12 months from the date of approval of the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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QUANT AI LAB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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QUANT AI LAB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

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QUANT AI LAB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£


Trade debtors	99,469	-
Other debtors	14,705	70
Prepayments and accrued income	5,049	-
	119,223	70

5.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	54,201	8,571

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	75,375	840
Amounts owed to group undertakings	99,053	10,000
Accruals and deferred income	3,250	3,250
	177,678	14,090

7.	Related party transactions
	Quant AI Lab Limited is a subsidary company. It has taken advantage of the exemption of FRS 102 1AC.35 and it has not disclosed transactions and balances with the parent company.

8.	Controlling party

The ultimate parent company is Quant Decisions, S.L., a company registered in Spain with a registered office of 122 Arturo Soria Street, Madrid, Spain, 28043.

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