Silverfin false 28/02/2023 22/02/2022 28/02/2023 I B Chocron 22/02/2022 N Y C Levy 22/02/2022 I D Kamlish 22/02/2022 L Messika 10/05/2022 27 November 2023 The Company was incorporated on 22 February 2022.

The principal activity of the Company during the financial year was digital asset creation.
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Company No: 13932039 (England and Wales)

FAIR.XYZ LIMITED

Unaudited Financial Statements
For the financial period from 22 February 2022 to 28 February 2023
Pages for filing with the registrar

FAIR.XYZ LIMITED

Unaudited Financial Statements

For the financial period from 22 February 2022 to 28 February 2023

Contents

FAIR.XYZ LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2023
FAIR.XYZ LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2023
Note 28.02.2023
£
Fixed assets
Tangible assets 3 14,198
14,198
Current assets
Stocks 4 57,973
Debtors 5 35,297
Cash at bank and in hand 2,234,040
2,327,310
Creditors: amounts falling due within one year 6 ( 58,142)
Net current assets 2,269,168
Total assets less current liabilities 2,283,366
Provision for liabilities 7 ( 2,857)
Net assets 2,280,509
Capital and reserves
Called-up share capital 8 14
Share premium account 3,628,789
Profit and loss account ( 1,348,294 )
Total shareholders' funds 2,280,509

For the financial period 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 financial statements of Fair.XYZ Limited (registered number: 13932039) were approved and authorised for issue by the Director. They were signed on its behalf by:

I B Chocron
Director

27 November 2023

FAIR.XYZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 22 February 2022 to 28 February 2023
FAIR.XYZ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 22 February 2022 to 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Fair.XYZ Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom. The principal place of business is Second Floor (Top Flat), 6 Fitzroy Square, Fitzrovia, London, W1T 5DX. The company started trading on 1st March 2022.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks represent digital assets held in the normal course of business. Stock is carried at the lower of cost and net realizable value.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors, trade and other creditors.

Financial assets
Basic financial assets, including other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
22.02.2022 to
28.02.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 11

3. Tangible assets

Computer equipment Total
£ £
Cost
At 22 February 2022 0 0
Additions 18,685 18,685
At 28 February 2023 18,685 18,685
Accumulated depreciation
At 22 February 2022 0 0
Charge for the financial period 4,487 4,487
At 28 February 2023 4,487 4,487
Net book value
At 28 February 2023 14,198 14,198

4. Stocks

28.02.2023
£
Stocks 57,973

Stocks represents digital assets held for the purposes of trading.

5. Debtors

28.02.2023
£
Prepayments 15,891
VAT recoverable 9,474
Other debtors 9,932
35,297

6. Creditors: amounts falling due within one year

28.02.2023
£
Trade creditors 10,549
Accruals 3,303
Other taxation and social security 37,825
Other creditors 6,465
58,142

7. Deferred tax

28.02.2023
£
At the beginning of financial period 0
Charged to the Statement of Income and Retained Earnings ( 2,857)
At the end of financial period ( 2,857)

The deferred taxation balance is made up as follows:

28.02.2023
£
Accelerated capital allowances ( 2,857)

8. Called-up share capital

28.02.2023
£
Allotted, called-up and fully-paid
1,200,000 Ordinary shares of £ 0.00001 each 12
225,001 Seed preference shares of £ 0.00001 each 2
14

On 22 February 2022, the Company issued 1,200,000 £0.00001 Ordinary shares at par for a value of £12.00.

On 25 May 2022, the Company issued 225,001 £0.00001 Seed preferred shares at par for a value of £3,628,789.

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

28.02.2023
£
Unpaid contributions due to the fund (inc. in other creditors) 6,465

10. Ultimate controlling party

There is no ultimate controlling party.