Company registration number 00205094 (England and Wales)
CONDUIT MEAD VENTURES LIMITED
Unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
CONDUIT MEAD VENTURES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CONDUIT MEAD VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
4
992,050
995,032
Current assets
Trade and other receivables
5
15,324
1,912
Cash and cash equivalents
270,242
268,222
285,566
270,134
Current liabilities
6
(6,181)
(12,220)
Net current assets
279,385
257,914
Net assets
1,271,435
1,252,946
Equity
Called up share capital
7
179,776
179,776
Share premium account
250,746
250,746
Capital redemption reserve
21,884
21,884
Other reserves
9,357
4,055
Retained earnings
809,672
796,485
Total equity
1,271,435
1,252,946

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on
17 November 2023
17 November 2023
and are signed on its behalf by:
J A Fagandini
Director
Company Registration No. 00205094
CONDUIT MEAD VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2023
- 2 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Retained earnings
Total
£
£
£
£
£
£
Balance at 1 April 2021
179,776
250,746
21,884
58,475
878,831
1,389,712
Year ended 31 March 2022:
Loss and total comprehensive income
-
-
-
-
(136,766)
(136,766)
Other movements
-
-
-
(54,420)
54,420
-
Balance at 31 March 2022
179,776
250,746
21,884
4,055
796,485
1,252,946
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
-
18,489
18,489
Other movements
-
-
-
5,302
(5,302)
-
Balance at 31 March 2023
179,776
250,746
21,884
9,357
809,672
1,271,435
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

Conduit Mead Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2
Non-current investments

Listed investments are initially measured at purchase cost. They are subsequently carried at fair value and the changes in fair value are recognised in the income statement.

 

Unlisted investments are initially measured at purchase cost. They are subsequently carried at fair value and the changes in fair value are recognised in the income statement. The directors are of the opinion that the fair value is equal to cost unless there is evidence to the contrary, such as subsequent issues of shares at a higher or lower price.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Taxation

The tax expense represents deferred tax.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
26,000
27,000
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
992,050
995,032
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in non-current investments
Investments
£
Cost or valuation
At 1 April 2022
995,032
Additions
40,217
Valuation changes
6,801
Disposals
(50,000)
At 31 March 2023
992,050
Carrying amount
At 31 March 2023
992,050
At 31 March 2022
995,032
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
14,910
-
0
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
414
1,912
Total debtors
15,324
1,912
6
Current liabilities
2023
2022
£
£
Trade payables
168
-
0
Taxation and social security
516
6,973
Other payables
5,497
5,247
6,181
12,220
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,797,760,000 Ordinary shares of £0.0001 each
179,776
179,776
8
Other reserves

Included in other reserves is an amount of £9,357 (2022 - £4,055) relating to the fair value reserve. The fair value reserve comprises the unrealised gains relating to the unlisted investments fair value movements less the deferred tax provision on these fair value movements.

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