REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CRYPTOGRAPHY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CRYPTOGRAPHY LTD |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CRYPTOGRAPHY LTD |
COMPANY INFORMATION |
for the year ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Listed investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
BALANCE SHEET - continued |
30 June 2023 |
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 |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Cryptography Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in relation to information technology consultancy activities and investment in blockchain technology. |
INTANGIBLE FIXED ASSETS |
Intangible fixed assets represent holdings of cryptocurrency at initial cost. The useful economic life of the cryptocurrency is considered by the directors to be indefinite and, accordingly, they are not amortised. The carrying values of intangible fixed assets are reviewed for impairment on an annual basis. |
LISTED INVESTMENTS |
Listed investments are shown at market value at the date of the financial statements. Any surplus or deficit |
arising from the changes in market value are recognised separately in the profit or loss account. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
Computer equipment | - |
IMPAIRMENT OF ASSETS |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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. |
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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into the entity's functional currency at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result and all differences are taken to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
4. | INTANGIBLE FIXED ASSETS |
Cryptocurrency |
£ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Impairments | (205,966 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Intangible fixed assets had a market value of £4.4m (2022 - £6.5m) at the balance sheet date. If the intangible assets were to be carried at market value, a deferred tax liability of £0.7m (2022 - £1.0m) would be recognised. Intangible fixed assets had a market value of £10.1m at the date of approval of the financial statements. |
In line with the accounting policy, neither market value nor deferred tax has been recognised due to the volatility within the market. |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Revaluations |
Reversal of impairments |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 9,704 |
Cost | 145,533 |
155,237 |
If listed investments had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 145,533 | 145,527 |
Listed investments were valued on a market value basis on 30 June 2023 by Saxo Capital Markets UK Ltd . |
Market value of listed investments at 30 June 2023 - £ 155,237 . |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Impairments | (20,030 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2023 |
7. | INVESTMENT PROPERTY - continued |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2023 | (20,030 | ) |
Cost | 700,030 |
680,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 700,030 | 700,030 |
Investment property was valued on an open market basis on 30 June 2023 by the directors . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 2,909 | 542 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Charge to Statement of Income and Retained Earnings during year |
Balance at 30 June 2023 |
11. | RELATED PARTY DISCLOSURES |
Included within "Other creditors" are amounts totalling £12,291 (2022 - £40,841) due to the directors. The loan is interest free and repayable on demand. |