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Registration number: 11634033

Custodiex Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Custodiex Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Custodiex Ltd

Company Information

Directors

Symvan Capital Limited

Mr M J Sumner

Mr L W Wensing

Registered office

53 Princes Street
Stockport
Greater Manchester
SK1 1SL

 

Custodiex Ltd

(Registration number: 11634033)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

41,276

12,544

Tangible assets

6

84,979

61,713

 

126,255

74,257

Current assets

 

Debtors

7

21,947

47,451

Cash at bank and in hand

 

4,708

122,093

 

26,655

169,544

Creditors: Amounts falling due within one year

8

(195,653)

(64,894)

Net current (liabilities)/assets

 

(168,998)

104,650

Total assets less current liabilities

 

(42,743)

178,907

Creditors: Amounts falling due after more than one year

8

-

(40,000)

Net (liabilities)/assets

 

(42,743)

138,907

Capital and reserves

 

Called up share capital

10

3

2

Share premium reserve

4,124,687

2,832,034

Advance subscriptions reserve

11

237,047

634,516

Retained earnings

(4,404,480)

(3,327,645)

Shareholders' (deficit)/funds

 

(42,743)

138,907

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

 

Custodiex Ltd

(Registration number: 11634033)
Balance Sheet as at 31 October 2024

.........................................
Mr M J Sumner
Director

   
     
 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
53 Princes Street
Stockport
Greater Manchester
SK1 1SL

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis. At 31 October 2023, the Company was loss making but had net assets. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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:

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Trademarks

10% on cost

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.

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 company will not be able to collect all amounts due according to the original terms of the receivables.


Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 company 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.


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 company 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Taxation

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2023

13,281

13,281

Additions internally developed

31,300

31,300

At 31 October 2024

44,581

44,581

Amortisation

At 1 November 2023

737

737

Amortisation charge

2,568

2,568

At 31 October 2024

3,305

3,305

Carrying amount

At 31 October 2024

41,276

41,276

At 31 October 2023

12,544

12,544

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

155,117

155,117

Additions

65,992

65,992

At 31 October 2024

221,109

221,109

Depreciation

At 1 November 2023

93,404

93,404

Charge for the year

42,726

42,726

At 31 October 2024

136,130

136,130

Carrying amount

At 31 October 2024

84,979

84,979

At 31 October 2023

61,713

61,713

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Debtors

Current

2024
£

2023
£

Prepayments

1,678

3,424

Other debtors

20,269

44,027

 

21,947

47,451

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,000

-

Trade creditors

 

50,320

6,533

Taxation and social security

 

79,657

47,862

Accruals and deferred income

 

899

2,583

Other creditors

 

24,777

7,916

 

195,653

64,894

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

40,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Convertible debt

-

40,000

Current loans and borrowings

2024
£

2023
£

Convertible debt

40,000

-

Convertible debt consists of convertible loan notes subscribed for in March 2021, issued by the Company pursuant to a £1,000,000 unsecured convertible loan note instrument dated 31 March 2021. The loan was converted in June 2025, and the Company issued 29,940 ordinary shares to the lender.

 

Custodiex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.000001 each

2,252,332

2.25

2,252,332

2.25

         

During the year a further 825,476 Ordinary shares of £0.000001 each were allotted, for a total consideration of £1,378,550.

11

Reserves

Reserves consist of payments received during the year to 31 October 2024 under advanced subscription agreements, for further share allotments which take place after the date of these financial statements.

 

12

Control

There is no controlling party.