Company registration number 00205094 (England and Wales)
CONDUIT MEAD VENTURES LIMITED
Unaudited financial statements
For the year ended 31 March 2024
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 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
1,020,113
992,050
Current assets
Trade and other receivables
5
14,910
15,324
Cash and cash equivalents
213,866
270,242
228,776
285,566
Current liabilities
6
(6,488)
(6,181)
Net current assets
222,288
279,385
Total assets less current liabilities
1,242,401
1,271,435
Provisions for liabilities
7
(220)
Net assets
1,242,181
1,271,435
Equity
Called up share capital
8
179,776
179,776
Share premium account
250,746
250,746
Capital redemption reserve
21,884
21,884
Other reserves
9
11,786
9,357
Retained earnings
777,989
809,672
Total equity
1,242,181
1,271,435
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 2024 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
14 October 2024
14 October 2024
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 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Retained earnings
Total
£
£
£
£
£
£
Balance at 1 April 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
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
-
(29,254)
(29,254)
Other movements
-
-
-
2,429
(2,429)
-
Balance at 31 March 2024
179,776
250,746
21,884
11,786
777,989
1,242,181
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 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 and convertible loan notes 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 2024
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 (2023 - 3).
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
26,000
26,000
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,000,113
992,050
Loans
20,000
1,020,113
992,050
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in non-current investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
992,050
-
992,050
Additions
5,000
20,000
25,000
Valuation changes
3,063
-
3,063
At 31 March 2024
1,000,113
20,000
1,020,113
Carrying amount
At 31 March 2024
1,000,113
20,000
1,020,113
At 31 March 2023
992,050
992,050
The company invested in a convertible loan note of £20,000 on 23 February 2024. The convertible loan is unsecured, the interest on the convertible loan is 8% per annum and the loan is repayable or convertible within 36 months.
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
14,910
14,910
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
414
Total debtors
14,910
15,324
6
Current liabilities
2024
2023
£
£
Trade payables
168
168
Taxation and social security
707
516
Other payables
5,613
5,497
6,488
6,181
CONDUIT MEAD VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 6 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
220
-
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,797,760,000 Ordinary shares of £0.0001 each
179,776
179,776
9
Other reserves
Included in other reserves is an amount of £11,786 (2023 - £9,357) 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.
10
Directors' transactions
During the year one of the directors made an interest free and unsecured loan to the company in the amount of £5,000. The company repaid the loan before the end of the accounting period.