Caseware UK (AP4) 2022.0.179 2022.0.179 trading crypto-currency2021-10-25false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13703107 2021-10-24 13703107 2021-10-25 2022-12-31 13703107 2020-10-25 2021-10-24 13703107 2022-12-31 13703107 c:Director1 2021-10-25 2022-12-31 13703107 c:Director1 2022-12-31 13703107 c:Director2 2021-10-25 2022-12-31 13703107 c:Director2 2022-12-31 13703107 c:RegisteredOffice 2021-10-25 2022-12-31 13703107 d:CurrentFinancialInstruments 2022-12-31 13703107 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13703107 d:ShareCapital 2022-12-31 13703107 d:RetainedEarningsAccumulatedLosses 2022-12-31 13703107 c:FRS102 2021-10-25 2022-12-31 13703107 c:AuditExempt-NoAccountantsReport 2021-10-25 2022-12-31 13703107 c:FullAccounts 2021-10-25 2022-12-31 13703107 c:PrivateLimitedCompanyLtd 2021-10-25 2022-12-31 iso4217:GBP xbrli:pure


















First Order Capital Limited























Unaudited

Director's Report and Financial Statements



For the period ended 31 December 2022



Registered number: 13703107

 
First Order Capital Limited


Company Information


Directors
William Robertson (appointed 25 October 2021)
Wessel Pieters (appointed 25 October 2021, resigned 1 January 2023)




Registered number
13703107



Registered office
C/O Buzzacott LLP
130 Wood Street

London

United Kingdom

EC2V 6DL




Accountants
Buzzacott LLP

London

United Kingdom

EC2V 6DL





 
First Order Capital Limited


Contents



Page
Director's Report
 
1
Statement of Income and Retained Earnings
 
2
Statement of Financial Position
 
3
Notes to the Financial Statements
 
4 - 8


 
First Order Capital Limited

 
Director's report
For the period ended 31 December 2022

The director presents his report and the financial statements for the period ended 31 December 2022.

Directors

The directors who served during the period were:

William Robertson (appointed 25 October 2021)
Wessel Pieters (appointed 25 October 2021, resigned 1 January 2023)

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





William Robertson
Director

Date: 26 October 2023

Page 1

 
First Order Capital Limited


Statement of income and retained earnings
For the period ended 31 December 2022

Period ended
31 December
2022
Note
£

  

Turnover
  
499,403

Gross profit
  
499,403

Administrative expenses
  
(149,827)

Operating profit
  
349,576

Interest payable and similar expenses
  
(3,861)

Profit before tax
  
345,715

Tax on profit
  
(65,823)

Profit after tax
  
279,892

  

  

Profit/(loss) for the period
  
279,892

Retained earnings at the end of the period
  
279,892
The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
First Order Capital Limited - Registered number: 13703107

Statement of financial position
As at 31 December 2022

2022
Note
£

  

Current assets
  

Inventory: Cryptocurrencies
 5 
421,852

Debtors: amounts falling due within one year
 6 
22

Cash at bank and in hand
 7 
4,065

  
425,939

Creditors: amounts falling due within one year
 8 
(146,046)

Net current assets
  
 
 
279,893

Total assets less current liabilities
  
279,893

  

Net assets
  
279,893


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
279,892

  
279,893


The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



William Robertson
Director

Date: 26 October 2023

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
First Order Capital Limited

 
Notes to the financial statements
For the period ended 31 December 2022

1.


General information

First Order Capital Limited is a private company limited by shares and was incorporated in England and Wales, registration number 13703107. Its registered office is C/O Buzzacott LLP, 130 Wood street, London, United Kingdom, EC2V 6DL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
First Order Capital Limited

Notes to the financial statements
For the period ended 31 December 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Fair value adjustments through profit and loss
The revaluation of inventory held by the Company at the reporting date with the purpose of selling them in the near future is recorded through the profit and loss account with gains being recorded as revenue in the financial statements during the period of change.

 
2.4

Finance costs

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.7

Debtors

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.

Page 5

 
First Order Capital Limited

Notes to the financial statements
For the period ended 31 December 2022

2.Accounting policies (continued)

  
2.8

Inventory: Cryptocurrencies

Cryptocurrencies are recorded as inventory for the purposes of these financial statements as they are held for sale in the ordinary course of business. In line with Section 13.3 of FRS 102, the cryptocurrencies are held at fair value less costs to sell as the entity operates in an active market where sale can be achieved at published prices, and inventory is a store of readily realisable value

 
2.9

Cash and cash equivalents

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.

 
2.10

Creditors

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.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 6

 
First Order Capital Limited

 
Notes to the financial statements
For the period ended 31 December 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
The Directors considered areas involving estimation uncertainty to be in relation to:
Cryptocurrency valuation
The Company establishes a reliable valuation of the cryptocurrencies held in inventory at the reporting date using
The latest published prices from an actively traded market.
The fair value of the cryptocurrencies are measured per the principal (or most advantageous) market in which an
orderly transaction would take place in the purchase or sale of the crytocurrency. They are measured using quoted prices for identical assets in active markets.


4.


Employees

The average monthly number of employees, including directors, during the period was 2.


5.


Inventory: Cryptocurrencies

2022
£


Fair value of cryptocurrencies at incorporation
79,649

Fair value gain in the period
342,203

Fair value of cryptocurrencies at 31 December 2022
421,852


Revenue also reflects the gain on the sale of cryptocurrencies in the period that were sold for fiat currencies totalling £157,200.

Page 7

 
First Order Capital Limited

 
Notes to the financial statements
For the period ended 31 December 2022

6.


Debtors

2022
£


Other debtors
22

22



7.


Cash and cash equivalents

2022
£

Cash at bank and in hand
4,065

4,065



8.


Creditors: Amounts falling due within one year

2022
£

Director loans
73,027

Trade creditors
2,196

Corporation tax
65,823

Accruals and deferred income
5,000

146,046



9.


Transactions with directors

During the period ended 31 December 2022, the Company received loan payments on behalf of the directors totalling £79,649 which was provided in the form of cryptocurrencies (340 BNB). At 31 December 2022 the Company owed the directors £73,027 after interest was accrued totalling £3,861 and the loan was revalued at the reporting date resulting in a reduction in the loan liability by £10,483. The loan is repayable on demand.

Page 8