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Registration number: 10956809

CarbonChain.IO

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

CarbonChain.IO

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

CarbonChain.IO

Company Information

Directors

Mr Roheet Shah

Mr Adam Hearne

Registered office

124 City Road
London
EC1V 2NX

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

CarbonChain.IO

(Registration number: 10956809)
Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

1,011

1,175

Tangible assets

5

28,448

12,248

 

29,459

13,423

Current assets

 

Debtors

6

1,288,406

432,892

Cash at bank and in hand

 

39,440

43,999

 

1,327,846

476,891

Creditors: Amounts falling due within one year

7

(877,631)

(357,834)

Net current assets

 

450,215

119,057

Total assets less current liabilities

 

479,674

132,480

Creditors: Amounts falling due after more than one year

7

(17,369)

(26,757)

Net assets

 

462,305

105,723

Capital and reserves

 

Called up share capital

8

24,120

24,120

Capital contribution reserve

2,729,567

760,795

Retained earnings

(2,291,382)

(679,192)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 7 February 2024 and signed on its behalf by:
 

 

CarbonChain.IO

(Registration number: 10956809)
Balance Sheet as at 30 September 2023

.........................................
Mr Roheet Shah
Director

 

CarbonChain.IO

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
124 City Road
London
EC1V 2NX

These financial statements were authorised for issue by the Board on 7 February 2024.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 11).

 

CarbonChain.IO

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2022

1,700

1,700

At 30 September 2023

1,700

1,700

Amortisation

At 1 October 2022

525

525

Amortisation charge

164

164

At 30 September 2023

689

689

Carrying amount

At 30 September 2023

1,011

1,011

At 30 September 2022

1,175

1,175

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

21,178

21,178

Additions

23,983

23,983

At 30 September 2023

45,161

45,161

Depreciation

At 1 October 2022

8,930

8,930

Charge for the year

7,783

7,783

At 30 September 2023

16,713

16,713

Carrying amount

At 30 September 2023

28,448

28,448

At 30 September 2022

12,248

12,248

 

CarbonChain.IO

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Note

2023
£

(As restated)

2022
£

Trade debtors

 

109,819

-

Other debtors

 

182,949

44,036

Prepayments

 

72,525

2,957

Accrued income

 

87,527

70,405

Income tax asset

835,586

315,494

 

1,288,406

432,892

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Loans and borrowings

10,078

10,034

Trade creditors

 

57,923

-

Taxation and social security

 

91,608

42,867

Accruals and deferred income

 

711,485

295,814

Other creditors

 

6,537

9,119

 

877,631

357,834

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

17,369

26,757

 

CarbonChain.IO

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

24,120

24,120

24,120

24,120

         

9

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 £546,034 (2022 - £Nil). The balance relates to the minimum future payments due under non-cancellable operating leases, no security has been provided.

10

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.

11

Parent and ultimate parent undertaking

The company's immediate parent is Carbonchain Inc, incorporated in United States of America.