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REGISTERED NUMBER: 12344479 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Rewire Holding Ltd

Rewire Holding Ltd (Registered number: 12344479)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rewire Holding Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J L Merino Gonzales
J L Molina De Carranza
J Ruiz Gonzalez





SECRETARY: J L Molina De Carranza





REGISTERED OFFICE: 128 City Road
London
EC1V 2NX





REGISTERED NUMBER: 12344479 (England and Wales)





ACCOUNTANTS: PPK Accountants Limited
Chartered Certified Accountants
Sandhurst House
297 Yorktown Road
Sandhurst
Berkshire
GU47 0QA

Rewire Holding Ltd (Registered number: 12344479)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 751,555 379,895
Tangible assets 5 6,011 6,447
757,566 386,342

CURRENT ASSETS
Debtors 6 175,346 136,665
Cash at bank 193,812 625,455
369,158 762,120
CREDITORS
Amounts falling due within one year 7 135,188 13,362
NET CURRENT ASSETS 233,970 748,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

991,536

1,135,100

CAPITAL AND RESERVES
Called up share capital 9 1,677 1,677
Share premium 10 4,738,636 4,621,076
Retained earnings 10 (3,748,777 ) (3,487,653 )
SHAREHOLDERS' FUNDS 991,536 1,135,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Rewire Holding Ltd (Registered number: 12344479)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:




J L Merino Gonzales - Director J L Molina De Carranza - Director




J Ruiz Gonzalez - Director


Rewire Holding Ltd (Registered number: 12344479)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Rewire Holding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
In the absence of formal guidance from GAAP regarding the treatment of cryptocurrency and other digital assets, the company has included such items in intangible assets on the assessment that cryptocurrency is not cash, currency, or a financial asset; rather, it should likely be accounted for as an indefinite-lived intangible asset.

Cryptocurrency represents a digital asset, whose main purpose is to be a medium in exchange. Cryptocurrencies have been valued at cost less impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Rewire Holding Ltd (Registered number: 12344479)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group undertakings and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Rewire Holding Ltd (Registered number: 12344479)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 379,895
Additions 371,660
At 31 December 2023 751,555
NET BOOK VALUE
At 31 December 2023 751,555
At 31 December 2022 379,895

Rewire Holding Ltd (Registered number: 12344479)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS - continued

At the year end the company held the following cryptocurrency amounts, which have been included in intangible assets:

- 78,846.93 USDT (2021 - 1,446,414 USDT) at a value of £65,120 (2021 - £1,068,032)
- 22.81 BTC (2021 - nil) at a value of £312,922 (2021 - £0)
- 1.47 ETH (2021 - nil) at a value of £1,853

Cryptocurrencies are a form of digital money and do not have physical substance. Therefore, the most appropriate classification is as an intangible asset. There is an active quoted market for these tokens therefore the intangible assets have been carried at a revalued amount.

An indefinite useful life is where there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. It appears that cryptocurrencies should be considered as having an indefinite life for the purposes of IAS 38. An intangible asset with an indefinite useful life is not amortised but must be tested annually for impairment.

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 7,292
Additions 1,624
At 31 December 2023 8,916
DEPRECIATION
At 1 January 2023 845
Charge for year 2,060
At 31 December 2023 2,905
NET BOOK VALUE
At 31 December 2023 6,011
At 31 December 2022 6,447

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,282 63,343
Other debtors 105,064 73,322
175,346 136,665

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 188 4,201
Taxation and social security - 7,161
Other creditors 135,000 2,000
135,188 13,362

Rewire Holding Ltd (Registered number: 12344479)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 37,940 34,965

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,457,863 Ordinary £0.0001 1,046 1,046
5,023,274 B Ordinary £0.0001 502 502
1,548 1,548

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
1,289,437 G Shares £0.0001 129 129

6,104 B Ordinary shares of £0.0001 each were allotted as fully paid at a premium of 5.04 per share during the year.

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (3,487,653 ) 4,621,076 1,133,423
Deficit for the year (261,124 ) (261,124 )
Cash share issue - 117,560 117,560
At 31 December 2023 (3,748,777 ) 4,738,636 989,859

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J L Merino Gonzales
Balance outstanding at start of year - 32,000
Amounts repaid - (32,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. ULTIMATE CONTROLLING PARTY

The controlling party is J L Merino Gonzales.