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REGISTERED NUMBER: 09302265 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

VESTD LTD

VESTD LTD (REGISTERED NUMBER: 09302265)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


VESTD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: I A Nasir
N Akram
S Telling
A Adams



REGISTERED OFFICE: Suite LU.231
The Light Bulb
1 Filament Walk
Wandsworth
London
SW18 4GQ



REGISTERED NUMBER: 09302265 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Jackie Wilding



AUDITORS: Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA

VESTD LTD (REGISTERED NUMBER: 09302265)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,826 5,328
Tangible assets 5 20,383 19,997
24,209 25,325

CURRENT ASSETS
Debtors 6 472,724 188,218
Cash at bank 7 2,191,443 2,587,109
2,664,167 2,775,327
CREDITORS
Amounts falling due within one year 8 1,513,718 1,061,398
NET CURRENT ASSETS 1,150,449 1,713,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,174,658

1,739,254

CAPITAL AND RESERVES
Called up share capital 9 7,652 7,648
Share premium 3,689,756 3,689,537
Share schemes equity 188 188
Retained earnings (2,522,938 ) (1,958,119 )
SHAREHOLDERS' FUNDS 1,174,658 1,739,254

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 24 July 2023 and were signed on its behalf by:





I A Nasir - Director


VESTD LTD (REGISTERED NUMBER: 09302265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Vestd Ltd 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

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 £.

TURNOVER
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT, discount and rebates.

Turnover from provision of automatic information gathering and document preparation systems is recognised by reference to contractual commitments with customers.

Accrued income is recognised when work has been fully completed by the period end but has yet to be invoiced. Provision is made for any foreseeable losses where appropriate.

INTANGIBLE ASSETS
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks and licenses: Over 10 years

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost and 33% on cost

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.

VESTD LTD (REGISTERED NUMBER: 09302265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

RESEARCH AND DEVELOPMENT
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors 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.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2022 - 39 ) .

VESTD LTD (REGISTERED NUMBER: 09302265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 15,028
AMORTISATION
At 1 April 2022 9,700
Charge for year 1,502
At 31 March 2023 11,202
NET BOOK VALUE
At 31 March 2023 3,826
At 31 March 2022 5,328

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 32,678
Additions 19,995
Disposals (7,103 )
At 31 March 2023 45,570
DEPRECIATION
At 1 April 2022 12,681
Charge for year 18,389
Eliminated on disposal (5,883 )
At 31 March 2023 25,187
NET BOOK VALUE
At 31 March 2023 20,383
At 31 March 2022 19,997

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 56,839 45,485
Other debtors 415,885 142,733
472,724 188,218

VESTD LTD (REGISTERED NUMBER: 09302265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CASH AT BANK
31.3.23 31.3.22
£    £   
Bank account no. 1 2,163,779 2,549,341
Bank account no. 2 27,564 37,668
Bank account no. 3 100 100
2,191,443 2,587,109

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 7,899 7,205
Taxation and social security 281,476 204,841
Other creditors 1,224,343 849,352
1,513,718 1,061,398

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
Value £ £
7,644,489 Ordinary A 0.001 7,644 7,640
7,606 Ordinary VN 0.000001 8 8
400 Ordinary B 0.001 - -
7,652 7,648

4,500 Ordinary A shares of £0.001 each were allotted as fully paid at par during the year.

400 Ordinary B shares of £0.001 each were allotted as fully paid at a premium of £0.5488 during the year.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Jackie Wilding (Senior Statutory Auditor)
for and on behalf of Bryden Johnson Limited

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end included in creditors: amounts falling due within one year is an amount of £nil (2022: £1,035) due to Mr I Nasir the company's Managing Director. This is interest free and repayable on demand.

VESTD LTD (REGISTERED NUMBER: 09302265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. SHARE-BASED PAYMENT TRANSACTIONS

The company has a share option scheme for stakeholders. The options are settled in equity once exercised. The scheme allows for the exercise of options subject to certain criteria, being an 'event' and subject to certain lengths of time.



Number of share options

Weighted average
exercise price
31.3.23 31.3.22 31.3.23 31.3.22
Number Number £ £
Outstanding at 1 April 2022 1,075,420 878,620 0.1014 0.001
Granted (New EMI Scheme) 79,033 196,800 0.6500 0.5498
Less: Exercised in the Year (4,900 ) - (0.0458 ) -
Outstanding at 31 March 2023 1,149,553 1,075,420 0.1500 0.1014

Exercisable at 31 March 2023 1,149,553 1,075,420 0.1500 0.1014

On the 21st March 2023, 79,033 options were granted under the Enterprise Management Incentive Scheme at an exercise price of £0.65 per share.

The options are deemed to be fully vested and can be exercised at the end of the option period in 2027.

For all the three cases, the company has valued the share options at fair value based on a Black- Scholes model with key assumptions detailed below:

Option Type EMI
Grant Date 21/03/2023
Share Price at Grant Date £0.65
Exercise Price £0.65
Number of Employees 5
Shares Under Option 79,033
Vesting Period 5 Years
Expected Volatility 50%
Option Life 7 Years
Expected Life 6 Years
Risk Free Interest Rate 1.75%
Attrition Rate 50%

No charge to the profit or loss account has been recorded, as it has no material effect to the financial statements.