Company registration number 11539646 (England and Wales)
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,206
46,941
Current assets
Stocks
616,020
4,157,077
Debtors
5
7,493,445
2,231,673
Cash at bank and in hand
639,814
479,512
8,749,279
6,868,262
Creditors: amounts falling due within one year
6
(9,441,279)
(6,826,212)
Net current (liabilities)/assets
(692,000)
42,050
Total assets less current liabilities
(653,794)
88,991
Provisions for liabilities
-
0
(8,828)
Net (liabilities)/assets
(653,794)
80,163
Capital and reserves
Called up share capital
7
15,000
15,000
Profit and loss reserves
(668,794)
65,163
Total equity
(653,794)
80,163

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

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 November 2023
Mr S J Start
Director
Company registration number 11539646 (England and Wales)
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Transak Limited (formerly known as Light Technology Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 52 Grosvenor Gardens, London, SW1W OAU.

1.1
Reporting period

The entity's reporting period is greater than 12 months to bring the year end in line with other Companies within the group. As a result, the financial information for the current reporting period will not be directly comparable to the prior period.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and should it be required support is available from the parent company. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rendering of services

Revenue arises from the provision of cryptocurrency platform services.

Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.

1.5
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:

Computer equipment
3 years straight line

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.

TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Cryptocurrency stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the purchase of cryptocurrency and those overheads that have been incurred in bringing the cryptocurrency assets to their present location and condition.

 

Cryptocurrency stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of cryptocurrency stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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
Exceptional item
2022
2021
£
£
Expenditure
Impairment of cryptocurrency
878,020
-
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
7
3
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2022
54,969
Additions
13,302
At 31 December 2022
68,271
Depreciation and impairment
At 1 January 2022
8,028
Depreciation charged in the year
22,037
At 31 December 2022
30,065
Carrying amount
At 31 December 2022
38,206
At 31 December 2021
46,941
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,846,758
954,893
Amounts owed by group undertakings
5,250,905
1,271,252
Other debtors
233,915
5,528
7,331,578
2,231,673
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
161,867
-
0
Total debtors
7,493,445
2,231,673
TRANSAK LIMITED (FORMERLY KNOWN AS LIGHT TECHNOLOGY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
462,880
56,979
Amounts owed to group undertakings
7,086,957
4,478,394
Taxation and social security
35,433
15,558
Other creditors
1,856,009
2,275,281
9,441,279
6,826,212
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,500,000
1,500,000
15,000
15,000
8
Related party transactions

The company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 not to disclose transactions with wholly owned group entities.

 

At the balance sheet date the company owed one of its directors £1,382,743 (2021: £1,423,330 ).

 

 

9
Parent company

The ultimate controlling party is Transak, Inc. who own 100% of the share capital in the company.

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