IRIS Accounts Production v23.3.1.45 13452265 Board of Directors 1.7.22 30.6.23 30.6.23 false true false false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh134522652022-06-30134522652023-06-30134522652022-07-012023-06-30134522652021-06-10134522652021-06-112022-06-30134522652022-06-3013452265ns10:Originalns15:EnglandWales2022-07-012023-06-3013452265ns14:PoundSterlingns10:Original2022-07-012023-06-3013452265ns10:Originalns10:Director12022-07-012023-06-3013452265ns10:Original2022-07-012023-06-3013452265ns10:Original2023-06-3013452265ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3013452265ns10:Originalns10:SmallEntities2022-07-012023-06-3013452265ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3013452265ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3013452265ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3013452265ns10:Originalns10:FullAccounts2022-07-012023-06-3013452265ns10:Original12022-07-012023-06-3013452265ns10:Originalns10:OrdinaryShareClass12022-07-012023-06-3013452265ns10:Original2022-06-3013452265ns10:Originalns5:CurrentFinancialInstruments2023-06-3013452265ns10:Originalns5:CurrentFinancialInstruments2022-06-3013452265ns10:Originalns5:Non-currentFinancialInstruments2023-06-3013452265ns10:Originalns5:Non-currentFinancialInstruments2022-06-3013452265ns5:ShareCapitalns10:Original2023-06-3013452265ns5:ShareCapitalns10:Original2022-06-3013452265ns10:Originalns5:SharePremium2023-06-3013452265ns10:Originalns5:SharePremium2022-06-3013452265ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3013452265ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3013452265ns10:Originalns10:RegisteredOffice2022-07-012023-06-3013452265ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-07-012023-06-3013452265ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3013452265ns10:Originalns5:ComputerEquipment2022-07-012023-06-3013452265ns10:Original2021-06-112022-06-3013452265ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-06-3013452265ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3013452265ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-06-3013452265ns10:Originalns5:ComputerEquipment2022-06-3013452265ns10:Originalns5:ComputerEquipment2023-06-3013452265ns10:Originalns5:ComputerEquipment2022-06-3013452265ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3013452265ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-06-3013452265ns10:Originalns10:OrdinaryShareClass12023-06-30
REGISTERED NUMBER: 13452265 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

VALIDIENT LTD

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,750 14,250
Tangible assets 5 1,128 1,792
13,878 16,042

CURRENT ASSETS
Debtors 6 386 904
Cash at bank 49,029 170,888
49,415 171,792
CREDITORS
Amounts falling due within one year 7 4,970 7,050
NET CURRENT ASSETS 44,445 164,742
TOTAL ASSETS LESS CURRENT LIABILITIES 58,323 180,784

CREDITORS
Amounts falling due after more than one year 8 44,201 -
NET ASSETS 14,122 180,784

CAPITAL AND RESERVES
Called up share capital 10 400 400
Share premium 264,760 264,760
Retained earnings (251,038 ) (84,376 )
SHAREHOLDERS' FUNDS 14,122 180,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Balance Sheet - continued
30 June 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





Mr I M Leigh - Director


VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Validient Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13452265

Registered office: Wesley Clover Innovation Center
Coldra Woods
Chepstow Road
Newport
NP18 2YB

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.

Going concern
The company incurred a loss of £166,662 (2022: £84,376) for the financial period ended 30 June 2023, but as at that date, the company had net assets of of £14,122 (2022: £180,784).

The company has appropriate cash reserves and continues to meet its debts as they fall due, and is currently exploring funding options, and therefore it is considered appropriate to prepare the accounts on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% Straight line


VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial Instruments

Classification

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Compound financial instruments
Compound financial instruments issued by the group comprise convertible loan notes that can be converted to share capital at the option of the holder, and the number of shares to be issued dependent on the price per share paid in the latest investment round prior to the conversion date.

As there is no pre determined number of shares that will be converted, the loan note will be recognised as a liability, with no equity component recognised. Any directly attributable transaction costs are allocated to the income statement.

Subsequent to initial recognition, the loan note is measured at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 July 2022
and 30 June 2023 15,000
AMORTISATION
At 1 July 2022 750
Amortisation for year 1,500
At 30 June 2023 2,250
NET BOOK VALUE
At 30 June 2023 12,750
At 30 June 2022 14,250

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2022
and 30 June 2023 2,014
DEPRECIATION
At 1 July 2022 222
Charge for year 664
At 30 June 2023 886
NET BOOK VALUE
At 30 June 2023 1,128
At 30 June 2022 1,792

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 386 904

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 1,360 686
PAYE Control 2,001 4,469
Accruals and deferred income 1,609 1,895
4,970 7,050

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 44,201 -

VALIDIENT LTD (REGISTERED NUMBER: 13452265)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 44,201 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,000 Ordinary 1p 400 400