Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 5 | ||||||
Tangible assets | 6 | ||||||
Investments | 7 | - | |||||
Current assets | |||||||
Stocks | - | ||||||
Debtors | 9 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 10 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Other reserve | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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Mr Patrick Henry Bullman | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
General information | ||||||||
The company is a private company limited by shares and incorporated in England and Wales. The registered office is Argyle House, 3rd Floor, Northside, Joel Street, Northwood Hills, Middlesex, HA6 1NW. | ||||||||
Basis of preparation | ||||||||
The following principal accounting ploicies have been applied: |
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Turnover | ||||||||
The company earns revenues from providing execution-only brokering services to assist client in the buying and selling digital assets through one or more trade providers. That is, the company is an agent in transactions between clients and third parties to nuy, sell or convert digital assets and charge a commission on the trade. The company recognises revenue at the point in time the transcation is procees, when the fee is charged. The transaction price, represented by the trading fee, is calculated based on the volume, the complexity of the trade and the contract with the individual customer, which is collected from the customer at the time the transaction is executed, The company may charge and collect its fee revenue in digital assets, with revenue measured based on the fair vale of the digital asset received. |
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Intangible fixed assets | ||||||||
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
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Tangible fixed assets | ||||||||
Fixtures, fittings, tools and equipment | 20% straight line | |||||||
Investments | ||||||||
Stocks / Inventories | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Foreign currency translation | ||||||||
The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
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Pensions | ||||||||
Going concern | ||||||||
This financial statements have been prepared on a going concern basis, which presumes realisation of assets and discharge of liabilites in the normal course of business for the forseeable future. The comapany and the group of which the company is a member, have made a significant loss for the period ended 31 december 2022 and the comapny has net liabilities of £2,633,112 at 31st December 2022. The directors have recived assurances from the parent undertaking that it will support the company going frowrd, however the directors also recognise that there is uncertainty over whether the parent undertaking can provide such support. On perticular, the parent undertaking's ability to continue as a going concern is depaendent upon the group's ability to achive profitable operations. The parent undertaking may need to obtain additional funding from loans, equtty financing or through other arrangements and there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the group. Consequently, there is a materials uncertainty in relation to the comapny's ability to continue as a going concern. These financial statements do not give effect to adjustments or disclosures that would be necessary should the comapny be unable to continue as a going concern and therefore be required to ralise its assets and liquidate its liablilities and commitments in other then the normal course of business and amounts different from those presented in these financial statements. |
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Reserves | ||||||||
Other reserves | ||||||||
Represents capital contributions by the parent entity. Options in the parent entity wrer issued to the employees of the company in exchange for services rendered to the company. During the last year 2021 an expenses of £311,970 was recognised in relation to this. | ||||||||
Profit and loss accounts | ||||||||
Represents the accumulated profits and losses of the company, less distributions paid to shareholders. | ||||||||
Pensions | ||||||||
Contributions to defined contribution plans are expensed in the period to which they relate. | ||||||||
Post balance sheet events | ||||||||
Major restructuring was took place due to which the UK company would no longer generate revenue, it will become a management company and GlobalBlock Limited will charge all costs and expenses plus a markup under a transfer pricing agreement. | ||||||||
2 | Operating profit | 2022 | 2021 | |||||
£ | £ | |||||||
Depreciation of owned fixed assets | 21,075 | 6,191 | ||||||
3 | Staff costs | 2022 | 2021 | |||||
£ | £ | |||||||
Wages and salaries | 779,188 | 678,115 | ||||||
Other pension costs | 26 | - | ||||||
779,214 | 678,115 | |||||||
4 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
5 | Intangible fixed assets | £ | ||||||
Computer software: |
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Cost | ||||||||
At 1 January 2022 | ||||||||
Additions | ||||||||
At 31 December 2022 | ||||||||
Amortisation | ||||||||
At 31 December 2022 | - | |||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 31 December 2021 | ||||||||
6 | Tangible fixed assets | |||||||
Fixtures, fittings, tools and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
Additions | ||||||||
At 31 December 2022 | ||||||||
Depreciation | ||||||||
At 1 January 2022 | ||||||||
Charge for the year | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 31 December 2021 | ||||||||
7 | Investments | |||||||
Investments in | ||||||||
subsidiary | Other | |||||||
undertakings | investments | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
Additions | - | 2,101 | ||||||
At 31 December 2022 | - | |||||||
8 | Stocks | 2022 | 2021 | |||||
£ | £ | |||||||
Crypto assets held for clients | - | 15,123,668 | ||||||
Commissions earned held in crypto assets | - | 404,520 | ||||||
- | 15,528,188 | |||||||
9 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Other debtors | - | |||||||
Prepayments and accrued inc. | ||||||||
10 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Amounts due to clients | - | |||||||
Trade creditors | ||||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
Taxation and social security costs | ||||||||
Accruals and deferred income | - | 53,667 | ||||||
Other creditors | ||||||||
11 | Presentation currency | |||||||
The financial statements are presented in Sterling. | ||||||||
12 | Legal form of entity and country of incorporation | |||||||
GLOBALBLOCK LTD is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Argyle House | ||||||||
3rd Floor, Northside | ||||||||
Joel Street, Northwood Hills | ||||||||
Middlesex | ||||||||
HA6 1NW |