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REGISTERED NUMBER: 09302265 (England and Wales)















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: 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 2024

31.3.24 31.3.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,323 3,826
Tangible assets 5 18,978 20,383
21,301 24,209

CURRENT ASSETS
Debtors 6 293,956 321,969
Cash at bank 7 2,662,824 2,191,443
2,956,780 2,513,412
CREDITORS
Amounts falling due within one year 8 1,832,212 1,513,718
NET CURRENT ASSETS 1,124,568 999,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,145,869

1,023,903

CAPITAL AND RESERVES
Called up share capital 9 7,752 7,652
Share premium 3,689,756 3,689,756
Share schemes equity 188 188
Retained earnings (2,551,827 ) (2,673,693 )
SHAREHOLDERS' FUNDS 1,145,869 1,023,903

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 2024 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 2024

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 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 66 (2023 - 54 ) .

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 15,028
AMORTISATION
At 1 April 2023 11,202
Charge for year 1,503
At 31 March 2024 12,705
NET BOOK VALUE
At 31 March 2024 2,323
At 31 March 2023 3,826

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 45,570
Additions 18,347
Disposals (5,980 )
At 31 March 2024 57,937
DEPRECIATION
At 1 April 2023 25,187
Charge for year 18,161
Eliminated on disposal (4,389 )
At 31 March 2024 38,959
NET BOOK VALUE
At 31 March 2024 18,978
At 31 March 2023 20,383

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Trade debtors 108,497 56,839
Other debtors 185,459 265,130
293,956 321,969

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 -
2,662,824 2,191,443

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
as restated
£    £   
Trade creditors 24,872 7,899
Taxation and social security 321,395 281,476
Other creditors 1,485,945 1,224,343
1,832,212 1,513,718

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.

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

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.