Bit Chute Limited 10637289 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the supply of web hosting portals. Digita Accounts Production Advanced 6.30.9574.0 true true 10637289 2022-03-01 2023-02-28 10637289 2023-02-28 10637289 core:CurrentFinancialInstruments 2023-02-28 10637289 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10637289 core:OtherResidualIntangibleAssets 2023-02-28 10637289 core:OfficeEquipment 2023-02-28 10637289 bus:SmallEntities 2022-03-01 2023-02-28 10637289 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10637289 bus:FullAccounts 2022-03-01 2023-02-28 10637289 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10637289 bus:RegisteredOffice 2022-03-01 2023-02-28 10637289 bus:Director2 2022-03-01 2023-02-28 10637289 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10637289 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 10637289 core:OfficeEquipment 2022-03-01 2023-02-28 10637289 countries:EnglandWales 2022-03-01 2023-02-28 10637289 2022-02-28 10637289 core:OtherResidualIntangibleAssets 2022-02-28 10637289 core:OfficeEquipment 2022-02-28 10637289 2021-03-01 2022-02-28 10637289 2022-02-28 10637289 core:CurrentFinancialInstruments 2022-02-28 10637289 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 10637289 core:OtherResidualIntangibleAssets 2022-02-28 10637289 core:OfficeEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 10637289

Bit Chute Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Bit Chute Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Bit Chute Limited

(Registration number: 10637289)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

3,847

8,240

Tangible assets

6

236

425

 

4,083

8,665

Current assets

 

Debtors

7

10,729

9,659

Cash at bank and in hand

 

510

95,317

 

11,239

104,976

Creditors: Amounts falling due within one year

8

(98,797)

(53,972)

Net current (liabilities)/assets

 

(87,558)

51,004

Net (liabilities)/assets

 

(83,475)

59,669

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

30

30

Retained earnings

(83,605)

59,539

Shareholders' (deficit)/funds

 

(83,475)

59,669

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

 

Bit Chute Limited

(Registration number: 10637289)
Balance Sheet as at 28 February 2023

.........................................
R A Jones
Director

 

Bit Chute Limited

Notes to the Financial Statements for the Year Ended 28 February 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:
Box 813
Andover House
George Yard
Andover
Hampshire
SP10 1PB

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

At the balance sheet date the company's current liabilities exceed its current assets. The company is undergoing a restructuring plan involving external investors and its is envisaged that this will enable the company to meet its debts and provide funds for further investment and growth. The directors are confident about the company's future prospects and on that basis these financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of web hosting 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.

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.

 

Bit Chute Limited

Notes to the Financial Statements for the Year Ended 28 February 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

Office Equipment

straight line over three years

Intangible assets

The company accepts payments from customers in the form of cryptocurrency. Intangible assets represent the cost value of crypto assets at the year end. Realised gains and losses are taken to the profit and loss account. Impairment losses are taken to the profit and loss account.

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.

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Bit Chute Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

3

Taxation

2023

2022

£

£

Corporation tax

(12,869)

12,869

Deferred tax

-

-

(12,869)

12,869

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

5

Intangible assets

Cryptocurrency
 £

Total
£

Cost or valuation

At 1 March 2022

8,240

8,240

Revaluations

(1,499)

(1,499)

Additions acquired separately

110,671

110,671

Disposals

(114,558)

(114,558)

Foreign exchange movements

993

993

At 28 February 2023

3,847

3,847

Amortisation

Carrying amount

At 28 February 2023

3,847

3,847

At 28 February 2022

8,240

8,240

 

Bit Chute Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

566

566

At 28 February 2023

566

566

Depreciation

At 1 March 2022

141

141

Charge for the year

189

189

At 28 February 2023

330

330

Carrying amount

At 28 February 2023

236

236

At 28 February 2022

425

425

7

Debtors

Current

2023
£

2022
£

Other debtors

10,729

9,659

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

41,643

-

Trade creditors

50,737

16,805

Taxation and social security

2,475

15,491

Other creditors

3,942

21,676

98,797

53,972

 

Bit Chute Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

9

Related party transactions

Other transactions with directors

R A Jones (director) had a loan account with the company. At the balance sheet date the amount due to R A Jones was £685 (2022 - nil).