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Company Registration No. 12465185 (England and Wales)
DIMPLX LIMITED Unaudited accounts for the year ended 28 February 2023
DIMPLX LIMITED Unaudited accounts Contents
Page
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DIMPLX LIMITED Company Information for the year ended 28 February 2023
Directors
Simon Dingle Joshin Raghubar
Company Number
12465185 (England and Wales)
Registered Office
HUB 26 HUNSWORTH LANE CLECKHEATON BD19 4LN UNITED KINGDOM
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DIMPLX LIMITED Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investments
1 
1 
Creditors: amounts falling due within one year
(2,174)
(22,964)
Net current liabilities
(2,174)
(22,964)
Total assets less current liabilities
(2,173)
(22,963)
Creditors: amounts falling due after more than one year
(22,964)
- 
Net liabilities
(25,137)
(22,963)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(25,138)
(22,964)
Shareholders' funds
(25,137)
(22,963)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by
Simon Dingle Director Company Registration No. 12465185
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DIMPLX LIMITED Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
DIMPLX LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12465185. The registered office is HUB 26 HUNSWORTH LANE, CLECKHEATON, BD19 4LN, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 28 February 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2021. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
4
Investments
Other investments 
£ 
Valuation at 1 March 2022
1 
Valuation at 28 February 2023
1 
The main asset of Dimplx Limited (“the Company”) is its 20% shareholding in Binance Digital Limited. In preparing the balance sheet to the Company financial statements, the directors of the Company have accordingly had regard for the latest financial statements filed on behalf of Binance Digital Limited for the financial period that ended on 31 December 2022. In the opinion of the directors of the Company, the Binance Digital Limited financial statements for the period that ended on 31 December 2022 do not remedy the defectiveness of prior financial statements filed by Binance Digital, as previously noted by the Company in its own financial statements. Reasons for the directors’ opinion include, but are not limited to, the following: (i) the Binance Digital Limited balance sheet for the period ended 31 December 2020 disclosed cash assets of £97 600 358 and third party liabilities of £97 600 358, which amounts the directors of the Company are of the opinion represented funds held by the Company on behalf of third-party customers of the business operated by the Company in the United Kingdom, however in the subsequent financial statements of Binance Digital Limited, neither the cash asset of £97 600 358 nor any amount owed to customers is reported; (ii) Binance Digital Limited filed amended accounts in April 2022 for the 31 December 2020 period, which amended accounts continued to claim an FRS102 exemption against reporting on wholly owned related party transfers, as was previously claimed in the initial accounts filed by Binance Digital for the same period. The Company remains of the view that the exemption is not applicable to Binance Digital Limited given that it is only 80% held by Mr Changpeng Zhao and not wholly owned by Mr Zhao;
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DIMPLX LIMITED Notes to the Accounts for the year ended 28 February 2023
(iii) the Company directors have received no information regarding where the cash balance of £97 600 358 was transferred to; (iv) the Company directors do not believe there is any basis for any non-disclosure of any related party transfers as has been claimed in the Binance Digital financial statements; and (v) the chartered accountants responsible for the preparation of the Binance Digital financial statements for 31 December 2022 have recorded that they were instructed not to audit the financial statements, did not verify the accuracy or completeness of the accounting records or information or explanations given to them and do not express any opinion on the accounts. The directors of Dimplx Limited are therefore of the continuing opinion that they cannot place reliance on the Binance Digital Limited directors' report and financial statements. The directors of Dimplx Limited are therefore of the further opinion that they are not able to perform an accurate and reliable assessment at this time of the fair value of Dimplx Limited's shareholding in Binance Digital Limited based on the Binance Digital Limited financial statements. The directors have considered raising a contingent asset value of £15 000 000 (Fifteen Million British Pounds) which they believe may be representative of the estimated financial effect of certain legal claims made by Dimplx Limited and related entities against Zhao, Binance Holdings, a company registered in the Cayman Islands with company registration number 326889, Binance Digital and related entities, however the directors have determined to continue to reflect the asset value of Dimplx Limited's shareholding in Binance Digital at rounded historical cost in these financial statements and in accordance with FRS102 reporting standards.
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Other creditors
- 
22,964 
Loans from directors
2,174 
- 
2,174 
22,964 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
22,964 
- 
7
Contingent liabilities
As at 26 April 2022 Dimplx Limited estimates a contingent liability to its solicitors of circa £49,410.58 in terms of a conditional fee agreement entered into between the company and its solicitors. Further contingent liabilities of this nature are anticipated to be raised in the current financial year.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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