Company registration number 10868869 (England and Wales)
BCB PRIME SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BCB PRIME SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
BCB PRIME SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Inventory
10,456
38,794
Debtors
4
1,790,768
8,910,995
Investments
5
199,394
-
0
Cash at bank and in hand
19,029,321
2,312,555
21,029,939
11,262,344
Creditors: amounts falling due within one year
6
(19,003,638)
(10,349,687)
Net current assets
2,026,301
912,657
Capital and reserves
Called up share capital
8
100,100
100,100
Profit and loss reserves
1,926,201
812,557
Total equity
2,026,301
912,657

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

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

The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr O Von Landsberg-Sadie
Director
Company Registration No. 10868869
BCB PRIME SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100,100
418,838
518,938
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
393,719
393,719
Balance at 31 December 2021
100,100
812,557
912,657
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,113,644
1,113,644
Balance at 31 December 2022
100,100
1,926,201
2,026,301
BCB PRIME SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

BCB Prime Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Merchant Square, London, W2 1AS.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue represents the net value of foreign exchange and crypto asset trades. Purchases of related currency and crypto assets are netted off against turnoverRevenue is recognised after receiving the client’s authorisation to undertake a trade.

 

Purchases of foreign currency and crypto assets are recognised when a back-to-back contract is agreed with a counterparty. The company enters into separate matched contracts with its counterparties in the majority of cases. Where trades are open at the end of a financial period, they are stated at fair value. The resulting gain or loss from the fair value movements is recorded in revenue.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

 

Fixtures and fittings    25% reducing balance method

Computers        25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Current asset investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BCB PRIME SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Inventory

Inventory consists of crypto assets held for sale by the company at the balance sheet date on a 'mark-to-market’ basis. Inventories are initially recognised at fair value, normally the transaction price, and subsequently carried at fair value using prices sourced from active exchanges. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Counterparty funds received for trade settlement are included within cash and cash equivalents with a corresponding liability in trade creditors.

 

1.7
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 cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method . 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

BCB PRIME SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Share-based payments

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 using the Black–Scholes model. 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.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.11
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:

2022
2021
Number
Number
Total
-
0
-
0
3
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
199,394
-
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
88,163
7,580,793
Corporation tax recoverable
-
0
3,692
Amounts owed by group undertakings
1,693,070
1,255,474
Other debtors
9,535
71,036
1,790,768
8,910,995
BCB PRIME SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Debtors
(Continued)
- 6 -

In the prior year trade debtors represent currency and crypto assets sales that had not been settled by counterparties at the balance sheet date. Trade debtors net of trade creditors represent the amount of recognised revenue not yet settled.

5
Current asset investments
2022
2021
£
£
Other investments
199,394
-
0
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
15,127,582
7,679,617
Amounts owed to group undertakings
3,823,066
2,616,834
Corporation tax
-
0
3,719
Other creditors
52,990
49,517
19,003,638
10,349,687

Trade creditors represent currency and crypto assets purchases that had not been settled by counterparties at the balance sheet date. In the prior year, trade debtors net of trade creditors represent the amount of recognised revenue not yet settled.

7
Share-based payment transactions

The group operates share-based payment schemes, which were initiated in previous accounting periods, for more senior employees to enable them to share in the future growth in value of the business. The schemes included tax advantaged and unapproved share option plans over ordinary Z shares. All schemes related to equity instruments of the parent company.

 

The options were generally granted with an exercise price matching the prevailing market price of the underlying equity instrument. Options vested over three years from grant subject to continued employment by the group and expire ten years after the date of grant. Generally, options were only exercisable upon exit subject to customary exemptions. Employees are not entitled to dividends until the options are exercised.

 

In prior years, the group policy was to disclose the options issued by the parent and recognise a charge in relation to the share based payment equal to the services provided to the subsidiary. This year the group has not recharged the share based payment to the company following a change in group policy to recognise the share based payment expense where the employees are actually employed.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £- (2021 - £73,696) which related to equity settled share based payment transactions.

BCB PRIME SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,100
100,100
100,100
100,100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Rose
Statutory Auditor:
Gravita Audit II Limited
10
Parent company

The parent company of the company is BCB Group Holdings Limited, incorporated in England and Wales (Company number 11312470). Its registered office address is 5 Merchant Square, London, England, W2 1AS.

2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr O  Von Landsberg-SadieMr O  Tonkin108688692022-01-012022-12-31108688692022-12-31108688692021-12-3110868869core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110868869core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110868869core:CurrentFinancialInstruments2022-12-3110868869core:CurrentFinancialInstruments2021-12-3110868869core:ShareCapital2022-12-3110868869core:ShareCapital2021-12-3110868869core:RetainedEarningsAccumulatedLosses2022-12-3110868869core:RetainedEarningsAccumulatedLosses2021-12-3110868869core:ShareCapital2020-12-3110868869core:RetainedEarningsAccumulatedLosses2020-12-3110868869bus:Director12022-01-012022-12-3110868869core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31108688692021-01-012021-12-3110868869core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110868869core:WithinOneYear2022-12-3110868869core:WithinOneYear2021-12-3110868869bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110868869bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110868869bus:FRS1022022-01-012022-12-3110868869bus:Audited2022-01-012022-12-3110868869bus:Director22022-01-012022-12-3110868869bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP