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Registration number: 13117008

Blockswap Network Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Blockswap Network Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Blockswap Network Ltd

(Registration number: 13117008)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,269,370

431,940

Tangible assets

5

9,394

7,585

 

1,278,764

439,525

Current assets

 

Debtors

6

718,367

192,414

Cash at bank and in hand

 

69,385

150,973

 

787,752

343,387

Creditors: Amounts falling due within one year

7

(61,837)

(109,320)

Net current assets

 

725,915

234,067

Total assets less current liabilities

 

2,004,679

673,592

Provisions for liabilities

(319,692)

(109,881)

Net assets

 

1,684,987

563,711

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,684,986

563,710

Shareholders' funds

 

1,684,987

563,711

 

Blockswap Network Ltd

(Registration number: 13117008)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2023
 

.........................................
Mr M A Thathathethil
Director

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
86-90 Paul Street
London
EC2A 4NE

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 taxable income.

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:

Asset class

Depreciation method and rate

Fixtures and Fittings

3 years straight line

Office Equipment

3 years straight line

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

Other Intangibles

3 years straight line

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 the director) during the year, was 1 (2022 - 1).

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2022

647,911

647,911

Additions acquired separately

1,580,101

1,580,101

At 31 January 2023

2,228,012

2,228,012

Amortisation

At 1 February 2022

215,971

215,971

Amortisation charge

742,671

742,671

At 31 January 2023

958,642

958,642

Carrying amount

At 31 January 2023

1,269,370

1,269,370

At 31 January 2022

431,940

431,940

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

1,751

7,028

8,779

Additions

-

6,619

6,619

At 31 January 2023

1,751

13,647

15,398

Depreciation

At 1 February 2022

175

1,019

1,194

Charge for the year

584

4,226

4,810

At 31 January 2023

759

5,245

6,004

Carrying amount

At 31 January 2023

992

8,402

9,394

At 31 January 2022

1,576

6,009

7,585

6

Debtors

2023
£

2022
£

Other debtors

543,889

7,681

Prepayments

69,029

-

Accrued income

105,449

184,733

718,367

192,414

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

35,230

53,088

Taxation and social security

16,315

25,895

Other creditors

10,292

30,337

61,837

109,320

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Related party transactions

Other transactions with the director

Mr M A Thathathethil, a director, had a loan with the company. As at 31st January 2023 the company owed Mr M A Thathathethil £1,845 (2022:1,594).