Registered number
11746560
Decentralised Engineering Ltd
Filleted Accounts
31 March 2023
Decentralised Engineering Ltd
Registered number: 11746560
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 28,060 63,909
Tangible assets 4 27,921 38,374
Investments 5 - 102,338
55,981 204,621
Current assets
Debtors 6 37,739 40,661
Cash at bank and in hand 70,031 9,733
107,770 50,394
Creditors: amounts falling due within one year 7 (60,636) (61,483)
Net current assets/(liabilities) 47,134 (11,089)
Total assets less current liabilities 103,115 193,532
Creditors: amounts falling due after more than one year 8 (19,127) (23,246)
Provisions for liabilities (815) (815)
Net assets 83,173 169,471
Capital and reserves
Called up share capital 2 2
Profit and loss account 83,171 169,469
Shareholders' funds 83,173 169,471
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V De Almeida and Miss N Turner
Director
Approved by the board on 22 December 2023
Decentralised Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.
Intangible fixed assets
Intangible fixed assets comprise crypto assets and ETH validators. These are initially recognised at cost at the time of acquisition and then carried at fair value derived from their relevant market rate where an active market exists. If no active market exists, they are stated at cost with impairment charges made where necessary. Increases in the fair value of crypto assets are recognised in a revaluation reserve except where they reverse a revaluation decrease of the same asset previosuly recognised in the profit and loss account. Revaluation losses are also recognised in a revaluation reserve to the extent of any previously recognised revaluation gains in respect of that asset, but any excess is recognised in the profit and loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Computer equipment 33.33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Crypto assets
Cost
At 1 April 2022 63,909
Additions 337,387
Disposals (378,983)
Revaluation 5,747
At 31 March 2023 28,060
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 28,060
At 31 March 2022 63,909
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 13,619 37,858 51,477
Additions 1,582 - 1,582
At 31 March 2023 15,201 37,858 53,059
Depreciation
At 1 April 2022 3,622 9,481 13,103
Charge for the year 4,941 7,094 12,035
At 31 March 2023 8,563 16,575 25,138
Net book value
At 31 March 2023 6,638 21,283 27,921
At 31 March 2022 9,997 28,377 38,374
5 Investments
Other
investments
£
Cost
At 1 April 2022 102,338
Disposals (102,338)
At 31 March 2023 -
6 Debtors 2023 2022
£ £
Trade debtors 29,685 31,439
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,054 8,054
Other debtors - 1,168
37,739 40,661
7 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,577 3,655
Taxation and social security costs 55,851 57,828
Other creditors 1,208 -
60,636 61,483
8 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 19,127 23,246
9 Other information
Decentralised Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Thursby House 1 Thursby Road
Croft Business Park
Bromborough
Wirral
CH62 3PW
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