REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 AUGUST 2022 |
FOR |
COIN MINING CENTRAL LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 AUGUST 2022 |
FOR |
COIN MINING CENTRAL LTD |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 AUGUST 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
COIN MINING CENTRAL LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 26 AUGUST 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
BALANCE SHEET |
26 AUGUST 2022 |
2022 | 2021 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 AUGUST 2022 |
1. | STATUTORY INFORMATION |
Coin Mining Central Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been compiled on a basis which enables profits to be calculated in accordance with generally accepted accounting practice and which provides sufficient and relevant information to enable the completion of a tax return. |
The income statement and director's report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small regime. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make the judgements, estimates and assumptions about the carrying amount 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 underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Key Sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
Valuation of Intangible assets |
Intangible assets consist of cryptocurrency as noted in the accounting policy which are measured at cost less any impairment losses. The disposal of these assets are measured at weighted average costs which may vary from actual disposal value on the date of transaction which is deemed to be relatively accurate but there is an inevitable degree of judgement involved in that each cryptocurrency asset is unique and value can only ultimately be reliably tested in the market itself. |
Turnover |
Turnover is measured at fair value of the consideration received upon the signing of the sales agreement. The obligations are considered fulfilled when the products are shipped directly from the manufacturer at which point the ownership risks and rewards are transferred to the buyer. No additional warranties to the buyer are extended beyond those provided by the manufacturer itself, and any additional issues are covered by insurance included in the delivery costs. Furthermore, no support services are provided to customers, except for administrative support related to post-shipment issues. |
Full payment is required from the buyer before shipping the products. Amounts received before the year-end but shipped after the year-end undergo review and are restated as deferred income. |
Intangible assets- cryptocurrency |
Intangible assets comprise cryptocurrency assets that are initially measured at cost less any accumulated impairment loss. The disposals are calculated using weighted average cost and reviewed at year end for any impairment i.e. comparing weighted average cost to fair value. |
Tangible fixed assets |
Computer equipment | - |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 AUGUST 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling using average rates of exchange, including Cryptocurrencies which the company uses as a medium of exchange when buying and selling goods. |
Exchange differences are taken into account in arriving at the operating result. Other financial instruments are measured at fair value as at the balance sheet date with changes in their fair value recognised in the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The company has a net current liability position of £86,409 at the year end. The balance sheet includes an intangible asset comprising of cryptocurrency assets of £5.95m held in various wallets and exchanges. Although these assets are classed as intangible, they are relatively readily liquid and can be exchanged for cash funds. The directors' have assessed the company's requirements for the foreseeable future and its ability to meet its liabilities from liquid assets when they fall due. The directors are confident that sufficient funds will be available to enable administrative operations to continue at a sustainable level for a period of at least 12 months from the date of approval of these financial statements. |
The company therefore continues to adopt the going concern basis in preparing these financial statements. |
The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 AUGUST 2022 |
4. | INTANGIBLE FIXED ASSETS |
Intangible |
asset |
£ |
COST |
At 27 August 2021 |
Additions |
At 26 August 2022 |
AMORTISATION |
Impairments |
At 26 August 2022 |
NET BOOK VALUE |
At 26 August 2022 |
At 26 August 2021 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 27 August 2021 |
Additions |
At 26 August 2022 |
DEPRECIATION |
At 27 August 2021 |
Charge for year |
At 26 August 2022 |
NET BOOK VALUE |
At 26 August 2022 |
At 26 August 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
(Unaudited) |
£ | £ |
Prepayments |
COIN MINING CENTRAL LTD (REGISTERED NUMBER: 11800885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 26 AUGUST 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation Tax payable |
Social security and other taxes |
VAT | 23,921 | 73,536 |
Other creditors |
Wages payable | 1,909 | 11,406 |
Director's current account | 3,296 | 25,616 |
Deferred income |
Accrued expenses |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
Included within creditors is an amount of £3,296 (2021: £25,616) due to the director of the company. The loan is interest free and is repayable on demand. |
10. | AUDITOR LIABILITY LIMITATION |
The company was not required to undertake a statutory audit for the period to 26 August 2021 and as such the comparatives have not been audited. |
11. | ULTIMATE CONTROLLING PARTY |
The company's is ultimately controlled by its directors who are also the shareholders of the company. |