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Registration number: 13963107

Mayden Ventures Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Mayden Ventures Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16 to 17

Notes to the Financial Statements

18 to 44

Auditors' remuneration values

28

 

Mayden Ventures Limited

Company Information

Director

C May

Registered office

1 Widcombe Crescent
Bath
BA2 6AH

Auditors

Bishop Fleming LLP
Chartered Accountants & Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

 

Mayden Ventures Limited

Strategic Report for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the group is providing SaaS patient management functionality and support, primarily to psychological therapy services in England.

Fair review of the business

The results for the year and financial position of the group are as shown in the annexed financial statements.

The group has continued to grow in both in revenue and profit, and during the year announced an investment by G Square, a leading Healthcare investor, to support the ambitious plans for growth. G Square is a leading healthcare investor in Europe, founded 15 years ago. The firm specialises in partnering with care and healthcare providers and those that supply products, services and technology to the healthcare sector.

During the year, top line revenue grew 24% on the previous year and gross profits increased by 21%. Profits before tax were impacted by one-off transactions related to the investment by G Square, including tax, financial and commercial due diligence. On the back of this, the group has also consolidated moves into Children and Young People’s mental health market and continues to develop the Neuro Diversity product offering.

Consequently, the directors can confirm that the group is expected to continue to grow in revenue and profit over the subsequent years.

The group's financial KPls are turnover growth and net profit margin as reflected in the financial statements, with ARR (annual recurring revenue) being a key controlling measure, and these will continue to be the focus in the coming year.

 

Mayden Ventures Limited

Strategic Report for the Year Ended 31 March 2024 (continued)

Principal risks and uncertainties

The NHS is going through continued levels of heightened political and well documented funding concerns. The independent investigation of the NHS in England issued in September 2024 by Lord Darzi has documented the current performance of the NHS and the challenges facing the healthcare system. The impacts of this report continue to evolve, and the UK government has aimed to publish a 10-year major reform plan in Spring 2025.
The plan will focus on driving significant structural change in the health and social care sector, ranging from moving care from hospitals into the community and increasing funding for these services, transitioning to a digital NHS, and focusing heavily on prevention as opposed to simply “treating” illness.

The group is continuing to invest in new digital technologies, particularly in Children and Young People and Neurodiversity areas, to support improved levels of efficiency and effectiveness within our client's clinical services, with the primary goal of achieving better outcomes for an ever-increasing number of patients. In addition, the group are exploring the potential of its services across a range of clinical areas and pursuing increased levels of overseas trading as it expands into new geographical territories, both through organic and inorganic growth.

As the group evolves with its new investors, several executive appointments post year end have been made, including a Chairman (April 2024), CEO (August 2024) and CFO (June 2024) to help strategically direct and grow the business with its new investors.

The business also continues to align to new government guidelines regarding Data Security and Protection Toolkit (DSPT). The NHS DSPT requires organisations handling sensitive patient information to ensure their operational systems are still supported; this includes enabling automatic updates where possible and continuously taking stock of all the devices, systems and platforms used across the company. The deadline is 30th June 2025 and Mayden continues to make good progress in meeting the requirements.

In understanding its environmental, governance and social responsibilities, the group aims to hit the NHS’ mandated net zero target, to retain its ISO 27001 accreditation albeit in a new regime for 2024, achieve Cyber Essentials Plus, and expand its diversity and inclusivity credentials.

Approved and authorised by the director on 28 March 2025
 

.........................................
C May
Director

 

Mayden Ventures Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the for the year ended 31 March 2024.

Director of the group

The director who held office during the year was as follows:

C May

Objectives and policies

The group strives to ensure that it meets the needs and requirements of an ever changing industry through a range of methods including continual investment in new technologies together with the development and welfare of staff as key contributors to the business.

Price risk, credit risk, liquidity risk and cash flow risk

The group's financial instruments comprise of cash at bank and debt funding including bank loans on the two offices of the subsidiary trading company.

The main purpose of these financial instruments is to provide adequate finance for the group's operations.

The main risks arising from the group's financial instruments are interest rate fluctuations and inflation. It is the group's policy to finance its operations through a mixture of retained cash and occasional borrowings and to review periodically the mix of these instruments with regard to the projected cashflow requirements of the group and an acceptable level of risk exposure.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 28 March 2025
 

.........................................
C May
Director

 

Mayden Ventures Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Mayden Ventures Limited

Independent Auditor's Report to the Members of Mayden Ventures Limited

Opinion

We have audited the financial statements of Mayden Ventures Limited (the 'parent Company') and its subsidiaries (the ‘Group’) for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Mayden Ventures Limited

Independent Auditor's Report to the Members of Mayden Ventures Limited (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Mayden Ventures Limited

Independent Auditor's Report to the Members of Mayden Ventures Limited (continued)

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
 

the nature of the industry and sector, control environment and business performance;

the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of its policies and procedures relating to:

o identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non compliance;
o detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and
o the internal controls established to mitigate the risks of fraud or non compliance with laws and regulations.

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, UK tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, environmental legislations and employment legislation.

 

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

enquiring of management and the directors concerning actual and potential litigation claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;

 

Mayden Ventures Limited

Independent Auditor's Report to the Members of Mayden Ventures Limited (continued)

reading minutes of meetings of management and directors and reviewing correspondence with external parties;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ria Burridge FCCA (Senior Statutory Auditor)
For and on behalf of
Bishop Fleming LLP,
Chartered Accountants,
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

28 March 2025

 

Mayden Ventures Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

11,531,205

9,277,487

Cost of sales

 

(6,326,166)

(4,986,973)

Gross profit

 

5,205,039

4,290,514

Administrative expenses

 

(5,043,216)

(2,306,765)

Other operating income

4

127,550

17,586

Operating profit

6

289,373

2,001,335

Other interest receivable and similar income

8

29,880

5,967

Amounts written off investments

 

(60,000)

-

Interest payable and similar expenses

9

(206,575)

(184,882)

   

(236,695)

(178,915)

Profit before tax

 

52,678

1,822,420

Tax on profit

12

350,304

(191,697)

Profit for the financial year

 

402,982

1,630,723

Profit/(loss) attributable to:

 

Owners of the company

 

402,982

1,630,723

The group has no recognised gains or losses for the year other than the results above.

 

Mayden Ventures Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

402,982

1,630,723

Total comprehensive income for the year

402,982

1,630,723

Total comprehensive income attributable to:

Owners of the company

402,982

1,630,723

 

Mayden Ventures Limited

(Registration number: 13963107)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

(Restated)

2023
£

Fixed assets

 

Intangible assets

13

9,136,408

9,584,899

Tangible assets

14

4,573,818

4,707,952

Investments

15

569,386

60

Other financial assets

16

-

79,356

 

14,279,612

14,372,267

Current assets

 

Debtors

17

3,514,720

4,376,775

Cash at bank and in hand

18

1,906,137

2,624,067

 

5,420,857

7,000,842

Creditors: Amounts falling due within one year

19

(4,896,707)

(7,770,512)

Net current assets/(liabilities)

 

524,150

(769,670)

Total assets less current liabilities

 

14,803,762

13,602,597

Creditors: Amounts falling due after more than one year

19

(2,454,802)

(2,404,967)

Provisions for liabilities

20

115,897

(234,407)

Net assets

 

12,464,857

10,963,223

Capital and reserves

 

Called up share capital

22

5,031

5,031

Share premium reserve

9,407,469

9,407,469

Other reserves

569,326

-

Retained earnings

2,483,031

1,550,723

Equity attributable to owners of the company

 

12,464,857

10,963,223

Shareholders' funds

 

12,464,857

10,963,223

Approved and authorised by the director on 28 March 2025
 

.........................................
C May
Director

 

Mayden Ventures Limited

(Registration number: 13963107)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

17,328,769

16,759,443

Current assets

 

Cash at bank and in hand

18

2,997

157,428

Creditors: Amounts falling due within one year

19

(2,703,283)

(7,489,632)

Net current liabilities

 

(2,700,286)

(7,332,204)

Total assets less current liabilities

 

14,628,483

9,427,239

Provisions for liabilities

20

250,000

-

Net assets

 

14,878,483

9,427,239

Capital and reserves

 

Called up share capital

22

5,031

5,031

Share premium reserve

9,407,469

9,407,469

Other reserves

569,326

-

Retained earnings

4,896,657

14,739

Shareholders' funds

 

14,878,483

9,427,239

The company made a profit after tax for the financial year of £4,921,918 (2023 - profit of £94,739).

Approved and authorised by the director on 28 March 2025
 

.........................................
C May
Director

 

Mayden Ventures Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

At 1 April 2023

5,031

9,407,469

-

1,550,723

Profit for the year

-

-

-

402,982

Dividends

-

-

-

(40,000)

Transfers

-

-

569,326

-

Other movements on reserves

-

-

-

569,326

At 31 March 2024

5,031

9,407,469

569,326

2,483,031

Total
£

Total equity
£

At 1 April 2023

10,963,223

10,963,223

Profit for the year

402,982

402,982

Dividends

(40,000)

(40,000)

Transfers

569,326

569,326

Other movements on reserves

569,326

569,326

At 31 March 2024

12,464,857

12,464,857

 

Mayden Ventures Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

At 1 April 2023

5,031

9,407,469

-

14,739

Profit for the year

-

-

-

4,921,918

Dividends

-

-

-

(40,000)

Transfers

-

-

569,326

-

At 31 March 2024

5,031

9,407,469

569,326

4,896,657

Total
£

At 1 April 2023

9,427,239

Profit for the year

4,921,918

Dividends

(40,000)

Transfers

569,326

At 31 March 2024

14,878,483

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Profit for the year

-

-

94,739

94,739

Dividends

-

-

(80,000)

(80,000)

New share capital subscribed

5,031

9,407,469

-

9,412,500

At 31 March 2023

5,031

9,407,469

14,739

9,427,239

 

Mayden Ventures Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

2024
£

2023
£

Cash flows from operating activities

Profit for the year

402,982

1,630,723

Adjustments to cash flows from non-cash items

Depreciation and amortisation

1,630,037

529,024

Profit on disposal of tangible assets

(6,901)

(503)

Finance income

(29,880)

(5,967)

Finance costs

266,575

184,882

Share based payment transactions

569,326

-

Income tax expense

(350,304)

191,697

2,481,835

2,529,856

Working capital adjustments

Decrease/(increase) in trade debtors

862,055

(4,376,775)

(Decrease)/increase in trade creditors

(2,769,434)

7,564,141

Cash generated from operations

574,456

5,717,222

Income taxes received

-

1,994

Net cash flow from operating activities

574,456

5,719,216

Cash flows from investing activities

Interest received

29,880

5,967

Acquisitions of tangible assets

(76,459)

(89,007)

Proceeds from sale of tangible assets

15,869

572

Acquisition of intangible assets

(979,921)

(602,843)

Proceeds from disposal of investments in joint ventures and associates

(60,000)

-

Proceeds from disposal of financial investments other than trading investments

79,356

-

Net cash flows from investing activities

(991,275)

(685,311)

Cash flows from financing activities

Interest paid

(206,575)

(184,882)

Proceeds from issue of ordinary shares, net of issue costs

-

2,000

Proceeds from bank borrowing draw downs

(54,536)

-

Repayment of other borrowing

-

(2,146,956)

Dividends paid

(40,000)

(80,000)

Net cash flows from financing activities

(301,111)

(2,409,838)

Net (decrease)/increase in cash and cash equivalents

(717,930)

2,624,067

Cash and cash equivalents at 1 April

2,624,067

-

 

Mayden Ventures Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024 (continued)

2024
£

2023
£

Cash and cash equivalents at 31 March

1,906,137

2,624,067

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Widcombe Crescent
Bath
BA2 6AH
England

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Going concern

Having completed their assessment, the Directors have concluded that there are no material uncertainties to cast doubt on the ability of the Group to continue as a going concern.

The Group's detailed cash flow forecasts show it will operate with an appropriate level of
headroom for the period of 12 months from approval of these financial statements. The Directors are satisfied that they could manage a reasonable level of unforeseen change of the business' performance.

As a result, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Land

Not depreciated

Freehold buildings

2% straight line

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

Office equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Goodwill amortisation commences in the year following acquisition.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Intangible assets

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Development activities involve the design, construction and testing of new or substantially improved software infrastructures. The expenditure capitalised includes the cost of direct labour and other associated costs.

Expenditure that does not meet the above criteria is expensed as incurred

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

33% straight line

Goodwill on consolidation

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Judgements in applying accounting policies and key sources of estimation uncertainty


Trade debtor provision
The Company recognises a provision against potential bad debts. The Directors consider the ageing profile and known concerns over recoverability when establishing a provision.

Capitalisation of software development costs
There is judgement involved with regards to development costs being capitalised and whether they satisfy the criteria per FRS 102. The Directors consider the probability of future expected economic benefits and the reliability of cost estimates attributable to such assets.
 

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services, UK

11,499,016

9,277,487

Rendering of services, rest of world

32,189

-

11,531,205

9,277,487

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

127,500

254

Miscellaneous other operating income

50

17,332

127,550

17,586

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

6,901

503

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

201,625

214,740

Amortisation expense

1,428,412

314,284

Profit on disposal of property, plant and equipment

(6,901)

(503)

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

7

Government grants

Government grans are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure toward which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss over that period.

Grant towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Grant Provider - West of England Combined Authority (Registration Number ZA277034)
Project Reference - IO Academy - Software Development

The amount of grants recognised in the financial staements was £127,500 (2023 - £268)

2024
£

2023
£

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

29,880

5,967

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

206,575

184,882

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

10

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,396,101

3,509,124

Social security costs

580,693

446,331

Pension costs, defined contribution scheme

599,627

413,157

Share-based payment expenses

569,326

-

Other employee expense

75,266

61,815

6,221,013

4,430,427

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

131

111

Administration and support

3

4

Other departments

4

4

138

119

The Director is not remunerated via any Companies within this Group and therefore Directors’ remuneration is £Nil (2023: £Nil).

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements of the group and company

2,500

1,500

Audit of the financial statements of subsidiaries of the company

12,500

8,000

15,000

9,500


 

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

77,851

UK corporation tax adjustment to prior periods

-

(79,845)

-

(1,994)

Deferred taxation

Arising from origination and reversal of timing differences

(350,304)

193,691

Tax (receipt)/expense in the income statement

(350,304)

191,697

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

52,678

1,822,420

Corporation tax at standard rate

13,170

346,260

Decrease in UK and foreign current tax from adjustment for prior periods

-

(79,845)

Tax increase/(decrease) from effect of capital allowances and depreciation

25,860

(115,772)

Tax increase from other short-term timing differences

883,747

193,691

Effect of expense not deductible in determining taxable profit (tax loss)

(1,273,081)

9,163

Tax decrease from effect of adjustment in research and development tax credit

-

(187,119)

Tax increase from other tax effects

-

25,319

Total tax (credit)/charge

(350,304)

191,697

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

12

Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Timing difference on depreciation and capital allowances

-

134,103

Losses and other deductions

250,000

-

250,000

134,103

2023

Asset
£

Liability
£

Timing difference on depreciation and capital allowances

-

234,407

-

234,407

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Losses and other deductions

250,000

-

250,000

-

2023

Asset
£

Liability
£

Losses and other deductions

-

-

-

-

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

13

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

8,772,413

1,905,802

10,678,215

Additions internally developed

-

979,921

979,921

At 31 March 2024

8,772,413

2,885,723

11,658,136

Amortisation

At 1 April 2023

-

1,093,316

1,093,316

Amortisation charge

877,241

551,171

1,428,412

At 31 March 2024

877,241

1,644,487

2,521,728

Carrying amount

At 31 March 2024

7,895,172

1,241,236

9,136,408

At 31 March 2023

8,772,413

812,486

9,584,899

During the year the group capitalised expenditure in respect of the development of new software systems utilised by the group in its trading operations. The costs were capitalised in accordance with the group's accounting policies in respect of development costs

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

14

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

5,172,034

424,373

881,812

27,186

Additions

-

12,033

64,426

-

Disposals

-

(684)

(11,759)

(27,186)

At 31 March 2024

5,172,034

435,722

934,479

-

Depreciation

At 1 April 2023

628,564

393,873

762,558

12,458

Charge for the year

103,440

15,867

76,088

6,230

Eliminated on disposal

-

(214)

(11,759)

(18,688)

At 31 March 2024

732,004

409,526

826,887

-

Carrying amount

At 31 March 2024

4,440,030

26,196

107,592

-

At 31 March 2023

4,543,470

30,500

119,254

14,728

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

14

Tangible assets (continued)

Total
£

Cost or valuation

At 1 April 2023

6,505,405

Additions

76,459

Disposals

(39,629)

At 31 March 2024

6,542,235

Depreciation

At 1 April 2023

1,797,453

Charge for the year

201,625

Eliminated on disposal

(30,661)

At 31 March 2024

1,968,417

Carrying amount

At 31 March 2024

4,573,818

At 31 March 2023

4,707,952

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

14

Tangible assets (continued)

Included within the net book value of land and buildings above is £4,440,030 (2023 - £4,543,470) in respect of freehold land and buildings.
 

15

Investments

Company

2024
£

2023
£

Investments in subsidiaries

17,328,769

16,759,443

Subsidiaries

£

Cost or valuation

At 1 April 2023

16,759,443

Additions

569,326

At 31 March 2024

17,328,769

Provision

Carrying amount

At 31 March 2024

17,328,769

At 31 March 2023

16,759,443

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Mayden House Limited

1 Widcombe Crescent
Bath
BA2 6AH

England & Wales

Ordinary

100%

100%

Mayden House PTY Limited

c/o Sheltons (AU) Pty Ltd
Three International Towers
Level 24
Sydney
New South wales
2000

Australia

Ordinary

100%

100%

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15

Investments (continued)

Subsidiary undertakings

Mayden House Limited

The principal activity of Mayden House Limited is the provision of SaaS patient management functionality and support, primarily to psychological therapy services in England.

Mayden House PTY Limited

The principal activity of Mayden House PTY Limited is Software development and distribution services.

Mayden House Limited holds 100% of the issued share capital in Mayden House PTY Limited, a company registered in Australia.

Mayden House Pty Ltd actively traded during the year ended 31 March 2024, reporting turnover equating to £94,740 and a trading profit of £69,724. At the balance sheet date, Mayden House Pty Ltd had a capital and reserves of £136,485 based on prevailing exchange rates at that date.

The director has taken the decision to not include the accounting figures for Mayden House Pty Ltd within the consolidated group accounts, in accordance with Companies Act 2006 s405(2). The exclusion of the subsidiary accounts is based on the fact that the accounts are not considered material for the purpose of giving a true and fair view of the accounts of Mayden House Limited, or Mayden Ventures Limited.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

16

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

79,356

79,356

Disposals

(79,356)

(79,356)

At 31 March 2024

-

-

Impairment

Carrying amount

At 31 March 2024

-

-

At the balance sheet date the group no longer held any other investments. Other investments in 2023 consisted of a holiday property bond with a fair value of £19,356 which was disposed of in 2024, and a minority shareholding in Flourish Zone Limited at a cost of £60,000 which was written off as unrecoverable during 2024. Flourish Zone Limited is a trading company registered in England & Wales.

17

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,074,973

3,796,472

-

-

Amounts owed by related parties

26

200,892

-

-

-

Other debtors

 

233,883

82,273

-

-

Prepayments

 

358,266

303,508

-

-

Accrued income

 

646,706

194,522

-

-

   

3,514,720

4,376,775

-

-

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

1,906,137

2,624,067

2,997

157,428

19

Creditors

   

Group

Company

Note

2024
£

(Restated)

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

102,000

206,371

-

-

Trade creditors

 

252,344

168,432

-

-

Amounts due to related parties

26

2,308,690

420

2,703,283

4,568,733

Social security and other taxes

 

385,696

965,390

-

-

Other payables

 

-

2,910,000

-

2,910,000

Accruals

 

1,847,977

3,519,899

-

10,899

 

4,896,707

7,770,512

2,703,283

7,489,632

Due after one year

 

Loans and borrowings

24

2,454,802

2,404,967

-

-

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2023

234,407

234,407

Increase (decrease) in existing provisions

(350,304)

(350,304)

At 31 March 2024

(115,897)

(115,897)

Company

Deferred tax
£

Total
£

Increase (decrease) in existing provisions

(250,000)

(250,000)

At 31 March 2024

(250,000)

(250,000)

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £599,627 (2023 - £413,157).

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £0.0010 each

650,000

650

650,000

650

Ordinary B of £0.0005 each

2,100,000

1,050

2,100,000

1,050

Ordinary C of £0.0005 each

6,662,500

3,331

6,662,500

3,331

9,412,500

5,031

9,412,500

5,031

Rights, preferences and restrictions

Ordinary A have the following rights, preferences and restrictions:
Right to receive notice of, attend and vote at general meetings; one vote per shares; right to participate in a distribution of profits by way of dividend and to fully participate in any distribution of capital on a sale or winding up of the company (including any surplus); shares are not redeemable.

Ordinary B have the following rights, preferences and restrictions:
Right to receive notice of, attend and vote at general meetings; one vote per shares; no right to participate in a distribution of profits by way of dividend; each B share shall rank behind each A share in participating in a distribution of capital arising from a sale or winding up of the company; the shares are not redeemable.

Ordinary C have the following rights, preferences and restrictions:
No right to receive notice of, attend and vote at general meetings; no right to participate in a distribution of profits by way of dividend; each C share shall rank behind each B share in participating in a distribution of capital arising from a sale or winding up of the company; the shares are not redeemable.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

23

Share-based payments

The company operates an Enterprise Management Incentives (EMI) share option scheme for certain employees of the company. Options vest over time and are exercisable on the occurrence of certain future events.

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The fair value of the share options at the grant date was calculated using the Black-Scholes option pricing model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

2024
£

Share-based payment charge

569,326

569,326

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

(Restated)

2023
£

2024
£

2023
£

Bank borrowings

2,454,802

2,404,967

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

102,000

206,371

-

-

Group

Bank borrowings

Bank loans is denominated in £ sterling with a nominal interest rate of base rate plus 2.03%, and the final instalment is due on 13 June 2038. The carrying amount at year end is £2,556,802 (2023 - £2,611,338).

The bank loan is secured against the freehold properties of the group.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

25

Analysis of changes in net debt

Group

At 1 April 2023
£

Financing cash flows
£

At 31 March 2024
£

Cash and cash equivalents

Cash

2,624,067

(717,930)

1,906,137

Borrowings

Long term borrowings

(2,611,338)

54,536

(2,556,802)

Short term borrowings

(420)

280

(140)

(2,611,758)

54,816

(2,556,942)

 

12,309

(663,114)

(650,805)

Prior year adjustment

The Directors have made a prior year adjustment of £2,404,967 to split the loan liability as being due within 1 year and after more than one year.

 

Mayden Ventures Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

26

Related party transactions

Company

Summary of transactions with subsidiaries

The Company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned Group companies.

One related party transaction occurred during the financial year within the subsidiary Mayden House Limited. The asset was sold by the subsidiary to Chris May. The car was sold at £15,250, with a net book value of £8,496, providing a profit on disposal of £6,754.

During the year, within the subsidiary Mayden House Limited, purchases totalling £8,000 were made from The Bath Bridge CIC, which is a related party via common directorship.

27

Parent and ultimate parent undertaking

The company's immediate parent is MHL Bidco Limited, incorporated in England & Wales.

 The ultimate parent is MHL Topco Limited, incorporated in England & Wales.

 The ultimate controlling party is G Square Healthcare Private Equity LLP.