REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
VESTD LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
VESTD LTD |
VESTD LTD (REGISTERED NUMBER: 09302265) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
VESTD LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Kings Parade |
Lower Coombe Street |
Croydon |
CR0 1AA |
VESTD LTD (REGISTERED NUMBER: 09302265) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Share schemes equity |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
VESTD LTD (REGISTERED NUMBER: 09302265) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Vestd Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Plant and machinery etc | - |
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 2024 |
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 |
VESTD LTD (REGISTERED NUMBER: 09302265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
VESTD LTD (REGISTERED NUMBER: 09302265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CASH AT BANK |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Bank account no. 1 | 579,367 | 2,163,779 |
Bank account no. 2 | 32,707 | 27,564 |
Bank account no. 3 | 100 | 100 |
Bank account no. 4 | 1,846,453 | - |
Bank account no. 5 | 204,197 | - |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
Value | £ | £ |
7,644,489 | Ordinary A | 0.001 | 7,644 | 7,644 |
107,606 | Ordinary VN | 0.001 | 108 | 8 |
400 | Ordinary B | 0.001 | - | - |
7,752 | 7,652 |
100,000 Ordinary VN shares of £0.001 each were allotted as fully paid at par during the year. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
VESTD LTD (REGISTERED NUMBER: 09302265) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | 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 |
31.03.24 | 31.03.23 | 31.03.24 | 31.03.23 |
Number | Number | £ | £ |
Outstanding at 1 April 2023 | 1,149,553 | 1,075,420 | 0.1500 | 0.1500 |
Granted (New EMI Scheme) | 29,000 | 79,033 | 0.8700 | 0.6500 |
Less: Exercised in the Year | - | (4,900 | ) | - | (0.0458 | ) |
Less: Cancelled in the Year | (37,600 | ) | - | 0.6604 | - |
Outstanding at 31 March 2024 | 1,140,953 | 1,149,553 | 0.1572 | 0.1500 |
Exercisable at 31 March 2024 | 1,140,953 | 1,149,553 | 0.1572 | 0.1500 |
On the 11th December 2023, 2000 options were granted under the Enterprise Management Incentive Scheme at an exercise price of £0.87 per share. |
On the 8th January 2024, 27,000 options were granted under the Enterprise Management Incentive Scheme at an exercise price of £0.87 per share. |
The options are deemed to be fully vested and can be exercised at the end of the option period in 2028. |
For both 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 | EMI |
Grant Date | 11/12/2023 | 08/01/2024 |
Share Price at Grant Date | £0.87 | £0.87 |
Exercise Price | £0.87 | £0.87 |
Number of Employees | 1 | 10 |
Shares Under Option | 2,000 | 27,000 |
Vesting Period | 5 Years | 5 Years |
Expected Volatility | 50% | 50% |
Option Life | 7 Years | 7 Years |
Expected Life | 6 Years | 6 Years |
Risk Free Interest Rate | 1.75% | 1.75% |
Attrition Rate | 50% | 50% |
No charge to the profit or loss account has been recorded, as it has no material effect to the financial statements. |