for the Period Ended 30 June 2023
Balance sheet | |
Notes |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Investments: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Shareholders funds: | | |
The notes form part of these financial statements
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 30 June 2023
for the Period Ended 30 June 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 30 June 2023
In the fixed assets section of the financial statements, the directors report a fixed investment of £333,333. This figure represents the purchase of 3,333 shares in Bit Reserve Ltd., each with a nominal value of £100.01, constituting the entire issued share capital of Bitreserve Ltd. and granting the company full ownership and control. Investment Rationale: The investment in Bitreserve Ltd. reflects a strategic commitment to the growth and operational direction of Bitreserve Ltd., underscoring the directors' confidence in its potential and strategic alignment with the company's long-term objectives. Accounting for Investment: This long-term investment is accounted for at cost in the fixed assets section, representing the purchase price of the shares. It is subject to an annual review for impairment or adjustment in alignment with financial reporting standards. Annual Review for Impairment: The directors undertake an annual review to determine if there are any indicators of impairment of the fixed investment in Bitreserve Ltd. This involves assessing Bitreserve Ltd.'s financial performance, market conditions, and other external factors. If evidence suggests that the investment may be impaired, a detailed impairment test is conducted to ascertain the recoverable amount, and any necessary impairment losses are recognised. Reversals of Impairment Losses: The directors also assess any previously recognised impairment losses for potential reversal in subsequent periods, ensuring the investment’s carrying amount does not exceed its recoverable amount. The recoverable amount is considered the higher of its fair value, less selling costs, and its use value. Amortisation Considerations: Amortisation is not typically applicable given the nature of the investment as an equity instrument in BIT RESERVE LTD. However, if aspects of the investment become subject to amortisation under relevant standards, appropriate treatment and disclosures will be made. Disclosure: The financial statements disclose the nature and amount of the investment, including any movements such as impairment losses or reversals, providing stakeholders with comprehensive insight into the company's strategic investment and valuation. This note offers transparency regarding the fixed investment in Bit Reserve Ltd. and the directors' approach to annual reviews, impairment testing, and, where applicable, amortisation, aligning with best practices and regulatory compliance in financial reporting.