Company registration number 11404784 (England and Wales)
RKVST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RKVST LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RKVST LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,525
15,734
Current assets
Debtors
4
154,396
366,759
Cash at bank and in hand
11,845
11,651
166,241
378,410
Creditors: amounts falling due within one year
5
(8,255,885)
(6,682,543)
Net current liabilities
(8,089,644)
(6,304,133)
Net liabilities
(8,081,119)
(6,288,399)
Capital and reserves
Called up share capital
7
1
1
Capital contribution reserve
271,593
117,651
Profit and loss reserves
(8,352,713)
(6,406,051)
Total equity
(8,081,119)
(6,288,399)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
M H Long
Director
Company registration number 11404784 (England and Wales)
RKVST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

RKVST Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Central Avenue, Beverley, United Kingdom, HU17 8LH.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company had net liabilities of £8true,081,199 (2023: £6,288,399) at the year end. The company is being supported by its parent DataTrails Inc by way of intercompany loans. The directors have reasonable expectations that the loan will remain in place and additional funds provided to meet its obligations as they fall due. The parent company will be raising additional funds in 2025 to continue to support the next stage of the company's plans.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost and net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
1 year - straight line
Plant and equipment
3 years - straight line
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

RKVST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.8
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 balance sheet 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 debtors 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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

 

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RKVST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At each succeeding financial reporting period end and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
17
RKVST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
2,855
51,750
54,605
Disposals
-
0
(1,874)
(1,874)
At 31 December 2024
2,855
49,876
52,731
Depreciation
At 1 January 2024
2,855
36,016
38,871
Depreciation charged in the year
-
0
6,637
6,637
Eliminated in respect of disposals
-
0
(1,302)
(1,302)
At 31 December 2024
-
0
41,351
44,206
Carrying amount
At 31 December 2024
-
8,525
8,525
At 31 December 2023
-
15,734
15,734
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
144,092
296,363
Other debtors
10,304
70,396
154,396
366,759
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,614
26,911
Amounts owed to parent undertaking
8,104,495
6,570,948
Taxation and social security
39,883
61,435
Other creditors
65,893
23,249
8,255,885
6,682,543

 

RKVST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
812,600
738,100
0.50
0.49
Granted
370,000
156,000
0.55
0.57
Expired
(64,000)
(81,500)
0.54
0.52
Outstanding at 31 December 2024
1,118,600
812,600
0.52
0.50
Exercisable at 31 December 2024
1,108,600
812,600
0.52
0.50

The options outstanding at 31 December 2024 had an exercise price of between £0.0075 to £0.73, and a remaining contractual life of between 1 month to 4 years.

 

All options are over the share capital of the parent company, where the UK receives the benefit of employment of those staff.

 

An option pricing model has been used to estimate the fair value of each share option granted in the year, with the risk-free rates taken from US treasury risk free rates and the valuation translated from US Dollars into Sterling at the spot rate prevailing at the date of grant of the options. The calculation is not sensitive to any inputs other than the share price on the grant date, and the spot rate.

During the year, the company recognised total share-based payment expenses of £153,942 (2023: £117,651) which related to equity settled share based payment transactions.

 

7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
8
Parent company

The parent company of RKVST Limited, is Datatrails Inc and its registered office is Suite 320 5201 Great America Parkway, Santa Clara, CA 95054, United States.

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