Company Registration No. 11607998 (England and Wales)
Weaver Labs Limited
Unaudited accounts
for the year ended 31 October 2023
Weaver Labs Limited
Unaudited accounts
Contents
Weaver Labs Limited
Company Information
for the year ended 31 October 2023
Directors
Maria Angel Lema Rosas
Anthony Tsiopoulos
Alexandros Livanios Roditis
Secretary
The Accountancy Cloud
Company Number
11607998 (England and Wales)
Registered Office
9th Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Weaver Labs Limited
Statement of financial position
as at 31 October 2023
Intangible assets
36,581
-
Tangible assets
7,254
1,251
Cash at bank and in hand
177,691
116,004
Creditors: amounts falling due within one year
(682,891)
(474,770)
Net current liabilities
(391,690)
(349,970)
Total assets less current liabilities
(347,855)
(348,719)
Creditors: amounts falling due after more than one year
(623,188)
(460,558)
Net liabilities
(971,043)
(809,277)
Called up share capital
14
14
Share premium
49,999
49,999
Capital contribution reserve
103,044
36,676
Profit and loss account
(1,124,100)
(895,966)
Shareholders' funds
(971,043)
(809,277)
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by
Maria Angel Lema Rosas
Director
Company Registration No. 11607998
Weaver Labs Limited
Notes to the Accounts
for the year ended 31 October 2023
Weaver Labs Limited is a private company, limited by shares, registered in England and Wales, registration number 11607998. The registered office is 9th Floor , 107 Cheapside, London, EC2V 6DN , United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover from the sale of tokens is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight line over 3 years
Computer equipment
Straight line over 3 years
Intangible fixed assets includes cryptocurrency which are included at cost less impairment.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Weaver Labs Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Weaver Labs Limited
Notes to the Accounts
for the year ended 31 October 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2022
-
2,726
2,726
At 31 October 2023
5,770
3,459
9,229
At 1 November 2022
-
1,475
1,475
Charge for the year
94
406
500
At 31 October 2023
94
1,881
1,975
At 31 October 2023
5,676
1,578
7,254
At 31 October 2022
-
1,251
1,251
Weaver Labs Limited
Notes to the Accounts
for the year ended 31 October 2023
Amounts falling due within one year
Accrued income and prepayments
60,755
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
10,448
7,096
Amounts owed to group undertakings and other participating interests
32,385
-
Taxes and social security
23,321
17,336
Other creditors
143,301
194,953
Deferred income
463,436
245,385
Bank loans consists of £10,000 (2022: £10,000) payable to Metro bank. Interest accrues at a rate of 2.5%.
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
606,521
433,891
Creditors due after one year includes the following:
- A bank loan of £16,667 (2022: £26,667) payable to Metro bank. The loan is repayable over a term of 60 months and accrues interest at a rate of 2.5%.
- Convertible loan notes of £606,521 (2022: £433,891), which mature in March 2024 and March 2026, with the option to convert to shares. Interest is accrued at a rate of 3% and payable when the notes are either redeemed or converted.
Allotted, called up and fully paid:
14,361 Ordinary shares of £0.001 each
14.36
14.36
10
Transactions with related parties
At 31 October 2023, the following amounts are due to related parties:
- £21,430 (2022: £nil) due to Stratum Foundation Ltd, a subsidiary based in Singapore.
- £10,955 (2022: £nil) due to Sedimentary Pte Ltd, a subsidiary based in Singapore.
Weaver Labs Limited
Notes to the Accounts
for the year ended 31 October 2023
11
Average number of employees
During the year the average number of employees was 8 (2022: 8).