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Registered number: 08695807









VIDAE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
VIDAE LIMITED
REGISTERED NUMBER: 08695807

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 4 
14,880,124
9,449,201

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
191,686
59,264

Cash at bank and in hand
  
5,699,983
1,250,895

  
5,891,669
1,310,159

Creditors: amounts falling due within one year
 6 
(201)
(101)

NET CURRENT ASSETS
  
 
 
5,891,468
 
 
1,310,058

  

NET ASSETS
  
20,771,592
10,759,259


CAPITAL AND RESERVES
  

Called up share capital 
 7 
3,835
2,514

Share premium account
 8 
20,767,952
3,406,850

Other reserves
 8 
-
7,350,000

Profit and loss account
 8 
(195)
(105)

  
20,771,592
10,759,259


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
VIDAE LIMITED
REGISTERED NUMBER: 08695807
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Hudd
Director

Date: 26 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VIDAE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

Vidae Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is The Flight Sergeants Mess, Duxford Business Park, Hurdles Way, Duxford, Cambridge, CB22 4PA.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
VIDAE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CONVERTIBLE DEBT

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


FIXED ASSET INVESTMENTS








Investments in subsidiary companies

£



COST


At 1 March 2023
9,449,201


Additions
5,430,923



At 29 February 2024
14,880,124

Page 4

 
VIDAE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£


Amounts owed by group undertakings
189,686
57,264

Called up share capital not paid
2,000
2,000

191,686
59,264



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£

Amounts owed to group undertakings
201
101



7.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



5,136,257 (2023 - 5,136,257) Series Seed Preferred shares of £0.0001 each
514
514
13,206,899 (2023 - Nil) Series B Preferred shares of £0.0001 each
1,321
-

1,835

514

ALLOTTED, CALLED UP AND UNPAID



18,875,000  (2023 - 15,000,000) Ordinary shares of £0.0001 each
1,888
1,500
Nil (2023 - 5,000,000) Ordinary E shares of £0.0001 each
-
500
1,125,000 (2023 - Nil ) Deferred shares of £0.0001 each
112
-

2,000

2,000


During the year 13,206,899 £0.0001 Series B Preferred shares were issued at a premium. The premium has been allocated to Share Premium.
During the year 5,000,000 £0.0001 Ordinary E shares were redesignated to £0.0001 Ordinary shares.
During the year 1,125,000 £0.0001 Ordinary shares were redesignated to £0.0001 Deferred shares

Page 5

 
VIDAE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

Comprises advance subscription funds received. The advance subscription funds shall convert to fully paid shares at the earlier of the following events:
(a) on the next qualifying equity financing round;
(b) on a sale of the company;
(c) on a mandatory conversion default event;
(d) the longstop date being 3 years from the date of the agreement commencing. 

Profit and loss account

Includes all current and prior year retained profits and losses.

 
Page 6