PRIME STREAM LTD

Company Registration Number:
12030346 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

PRIME STREAM LTD

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

PRIME STREAM LTD

Balance sheet

As at 30 June 2023


Notes

2023

2022


£

£
Fixed assets
Investments: 3 333,333 333,333
Total fixed assets: 333,333 333,333
Current assets
Total assets less current liabilities: 333,333 333,333
Total net assets (liabilities): 333,333 333,333
Capital and reserves
Called up share capital: 100,000 100,000
Share premium account: 233,333 233,333
Shareholders funds: 333,333 333,333

The notes form part of these financial statements

PRIME STREAM LTD

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 February 2024
and signed on behalf of the board by:

Name: Conectid Limited
Status: Director

The notes form part of these financial statements

PRIME STREAM LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

PRIME STREAM LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 1 1

PRIME STREAM LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Fixed investments

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.