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Registration number: 11634033

Custodiex Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Custodiex Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Custodiex Ltd

Company Information

Directors

Symvan Capital Limited

Mr M J Sumner

Mr M Heukshorst

Registered office

Windmill Green
24 Mount Street
Manchester
M2 3NX

 

Custodiex Ltd

(Registration number: 11634033)
Balance Sheet as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

12,544

-

Tangible assets

5

61,713

59,588

 

74,257

59,588

Current assets

 

Debtors

6

47,451

59,765

Cash at bank and in hand

 

122,093

166,593

 

169,544

226,358

Creditors: Amounts falling due within one year

7

(64,894)

(61,906)

Net current assets

 

104,650

164,452

Total assets less current liabilities

 

178,907

224,040

Creditors: Amounts falling due after more than one year

7

(40,000)

(40,000)

Net assets

 

138,907

184,040

Capital and reserves

 

Called up share capital

9

2

2

Share premium reserve

2,832,034

2,015,265

Advance subscriptions reserve

10

634,516

385,000

Retained earnings

(3,327,645)

(2,216,227)

Shareholders' funds

 

138,907

184,040

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Custodiex Ltd

(Registration number: 11634033)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr M Heukshorst
Director

   
     
 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Windmill Green
24 Mount Street
Manchester
M2 3NX
England

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. At 31 October 2023, the Company was loss making but had net assets. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% on cost

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.


Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

Additions internally developed

13,281

13,281

At 31 October 2023

13,281

13,281

Amortisation

Amortisation charge

737

737

At 31 October 2023

737

737

Carrying amount

At 31 October 2023

12,544

12,544

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

137,758

137,758

Additions

17,359

17,359

At 31 October 2023

155,117

155,117

Depreciation

At 1 November 2022

78,170

78,170

Charge for the year

15,234

15,234

At 31 October 2023

93,404

93,404

Carrying amount

At 31 October 2023

61,713

61,713

At 31 October 2022

59,588

59,588

6

Debtors

Current

2023
£

2022
£

Prepayments

3,424

-

Other debtors

44,027

59,765

 

47,451

59,765

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,533

16,775

Taxation and social security

47,862

37,260

Accruals and deferred income

2,583

2,062

Other creditors

7,916

5,809

64,894

61,906

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

8

40,000

40,000

8

Loans and borrowings

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Convertible debt

40,000

40,000

Convertible debt consists of a convertible loan note issued in March 2021.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.000001 each

2,252,332

2.25

1,653,529

1.65

         
 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

During the year a further 598,803 Ordinary shares of £0.000001 each were allotted, for a total consideration of £1,000,001.

10

Reserves

Reserves consist of payments received during the year to 31 October 2023 under advanced subscription agreements, for further share allotments which take place after the date of these financial statements.