Registered number
09450626
GLOBALBLOCK LTD
Filleted Accounts
31 December 2022
GLOBALBLOCK LTD
Registered number: 09450626
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 5 200,795 112,770
Tangible assets 6 47,328 35,421
Investments 7 2,101 -
250,224 148,191
Current assets
Stocks - 15,528,188
Debtors 9 23,319 240,393
Cash at bank and in hand 44,372 4,871,056
67,691 20,639,637
Creditors: amounts falling due within one year 10 (2,951,027) (21,513,181)
Net current liabilities (2,883,336) (873,544)
Net liabilities (2,633,112) (725,353)
Capital and reserves
Called up share capital 100 100
Other reserve 302,759 311,970
Profit and loss account (2,935,971) (1,037,423)
Shareholders' funds (2,633,112) (725,353)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Patrick Henry Bullman
Director
Approved by the board on 30 September 2023
GLOBALBLOCK LTD
Notes to the Accounts
for the year ended 31 December 2022
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 financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and and in accordance with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The following principal accounting ploicies have been applied:
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

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.
Intangible fixed assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks / Inventories
Stocks represent digital assets (cryptocurrencies). As the Company acts as a broker-trader who buys and sells digital assets principally for the purpose of execution of customer trades, the Company measures digital assets inventory at fair values less cost to sell. Fair values is determined by reference to quoted prices published by www.coinmarketcap.com.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Functional and presentation currency

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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
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
£ £
This is stated after charging:
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 13 15
5 Intangible fixed assets £
Computer
software:
Cost
At 1 January 2022 112,770
Additions 88,025
At 31 December 2022 200,795
Amortisation
At 31 December 2022 -
Net book value
At 31 December 2022 200,795
At 31 December 2021 112,770
6 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 January 2022 41,612
Additions 32,982
At 31 December 2022 74,594
Depreciation
At 1 January 2022 6,191
Charge for the year 21,075
At 31 December 2022 27,266
Net book value
At 31 December 2022 47,328
At 31 December 2021 35,421
7 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
Additions 2,101 - 2,101
At 31 December 2022 2,101 - 2,101
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 8,902 -
Prepayments and accrued inc. 14,417 240,393
23,319 240,393
10 Creditors: amounts falling due within one year 2022 2021
£ £
Amounts due to clients - 17,732,371
Trade creditors 67,255 67,761
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,851,088 3,428,138
Taxation and social security costs 25,233 128,739
Accruals and deferred income - 53,667
Other creditors 7,451 102,505
2,951,027 21,513,181
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
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