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Registered number: 11383015
KINDRED SOUL LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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KINDRED SOUL LTD
REGISTERED NUMBER: 11383015
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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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.
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.
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KINDRED SOUL LTD
REGISTERED NUMBER: 11383015
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 4 to 12 form part of these financial statements.
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KINDRED SOUL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Shares issued during the year
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Shares issued during the year
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The notes on pages 4 to 12 form part of these financial statements.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Kindred Soul Ltd is limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, England, CB1 2LA.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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:
The financial statements have been prepared on the going concern basis which assumes that the
Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have
a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the
foreseeable future and therefore continue to adopt the going concern basis.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
DEFINED CONTRIBUTION PENSION PLANS
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
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CASH AND CASH EQUIVALENTS
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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.
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.
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The average monthly number of employees, including directors, during the year was 12 (2023 - 15).
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included in other loans is the Government backed 'bounce back' loan of £5,956 (2023 - £5,956), which was drawn down in June 2020. This loan is 100% guaranteed by the Government with no fees or interest payable by the Company in the first 12 months. The Company also elected to apply a 6 month repayment holiday therefore the first repayment was paid January 2022. Interest is charged at 2.5% per annum.
Other creditors included contributions of £293 (2023: £528) payable to the Company's defined contribution pension scheme at the balance sheet date.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Other loans comprises the Government backed 'bounce back' loan of £26,803 (2023 - £32,759), which was drawn down in June 2020. This loan is 100% guaranteed by the Government with no fees or interest payable by the Company in the first 12 months. The Company also elected to apply a 6 month repayment holiday therefore the first repayment was paid January 2022. Interest is charged at 2.5% per annum.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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910,000 (2023 - 910,000) Ordinary A shares of £0.0001 each
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844,213 (2023 - 719,225) Ordinary B shares of £0.0001 each
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90,000 (2023 - 90,000) Ordinary C shares of £0.0001 each
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180,703 (2023 - Nil) Ordinary D shares of £0.0001 each
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ALLOTTED, CALLED UP AND PARTLY PAID
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16,428 (2023 - 16,428) Ordinary B shares of £0.0001 each
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On 4 January 2024 the Company issued 71,568 Ordinary B £0.0001 shares at a premium of £43.21 per share.
On 4 January 2024 the Company issued 8,433 Ordinary B £0.0001 shares at a premium of £57.62 per share.
On 27 August 2024 the Company issued 174,532 Ordinary D £0.0001 shares at par.
On 18 October 2024 the Company issued 44,917 Ordinary B £0.0001 shares at a premium of £167.01 per share.
On 18 October 2024 the Company issued 70 Ordinary B £0.0001 shares at a premium of £43.21 per share.
On 18 October 2024 the Company issued 6,171 Ordinary D £0.0001 shares at par.
On 5 December 2024 the Company issued 52 Ordinary B £0.0001 shares at a premium of £167.01 per share.
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KINDRED SOUL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RELATED PARTY TRANSACTIONS
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Alsa Social Media Ltd is a related party by virtue of a Director's ownership stake. Expenditure totalled £959 (2023 - £91,909) and the amount owed by Kindred Soul Ltd at the year end was £Nil (2023 - £Nil).
Blue Relativity Ltd is a related party by virtue of a Director's ownership stake. Expenditure totalled £36,808 (2023 - £128,887) and the amount owed by Kindred Soul Ltd at the year end was £Nil (2023 - £Nil).
Consultancy fees paid to a director during the year totalled £246,187 (2023 - £49,600).
Buildscale Ltd is a related party by virtue of a Director's ownership stake. Expenditure totalled £55,500 (2023 - £Nil) and the amount owed by Kindred Soul Ltd at the year end was £Nil (2023 - £Nil).
Canmore Group Ltd is a related party by virtue of a Director's ownership stake. Expenditure totalled £112,720 (2023 - £59,549) and the amount owed by Kindred Soul Ltd at the year end was £Nil (2023 - £Nil).
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POST BALANCE SHEET EVENTS
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On 12 March 2025 the Company issued 22,453 £0.0001 B Ordinary shares at par.
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