Registration number:
CarbonChain.IO
for the Year Ended 30 September 2023
CarbonChain.IO
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
CarbonChain.IO
Company Information
Directors |
Mr Roheet Shah Mr Adam Hearne |
Registered office |
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Accountants |
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CarbonChain.IO
(Registration number: 10956809)
Balance Sheet as at 30 September 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
24,120 |
24,120 |
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Capital contribution reserve |
2,729,567 |
760,795 |
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Retained earnings |
(2,291,382) |
(679,192) |
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Shareholders' funds |
462,305 |
105,723 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
CarbonChain.IO
(Registration number: 10956809)
Balance Sheet as at 30 September 2023
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CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company.
Summary of disclosure exemptions
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Going concern
The company is supported by its parent company, Carbonchain Inc, which has confirmed its commitment to provide financial support to the company as necessary to ensure its continued operations. The parent company has indicated its willingness and ability to provide additional funding or other support to the company, including but not limited to capital injections, loans, or guarantees, in order to meet any liquidity needs or address any significant uncertainties that may arise.
Based on the above factors and considerations, the company’s management is confident that the company will be able to continue as a going concern for the foreseeable future, and therefore, the financial statements have been prepared on a going concern basis.
CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Prior period errors
During the preparation of the financial statements for the current year ended 30 September 2023, management identified errors in the financial statements for the prior year ended 30 September 2022. These errors primarily relate to misstatements in revenue recognition and classification errors.
As a result of these errors, the financial statements for the prior year have been restated to correct the misstatements. The restatements have been reflected in the comparative financial information presented for the prior year.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred or when any terms and conditions relating to the grant are satisfied. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
Grants received in advance are included within other creditors whilst those for which the conditions have been met and which are virtually certain to be received by the company are included in other debtors.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% Reducing balance |
Office equipment |
Straight line over 3 years |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademark |
Straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Debtors |
Note |
2023 |
(As restated) |
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Trade debtors |
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- |
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Other debtors |
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Prepayments |
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Accrued income |
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Income tax asset |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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CarbonChain.IO
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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24,120 |
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24,120 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
At the year end a total balance of £28,883 (2022: £28,883) was due from the directors. The loans are unsecured and repayable on demand.
Parent and ultimate parent undertaking |
The company's immediate parent is