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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
Page
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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
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Weaver Labs Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
36,581 
- 
Tangible assets
7,254 
1,251 
43,835 
1,251 
Current assets
Debtors
113,510 
8,796 
Cash at bank and in hand
177,691 
116,004 
291,201 
124,800 
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)
Capital and reserves
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
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Intangible fixed assets includes cryptocurrency which are included at cost less impairment.
Going concern
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.
Research and development
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
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.
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2023
Pension costs
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.
Financial instruments
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.
Foreign exchange
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 
£ 
Cost
At 1 November 2022
- 
Additions
61,361 
Disposals
(27,072)
Revaluations
2,292 
At 31 October 2023
36,581 
Amortisation
At 1 November 2022
- 
At 31 October 2023
- 
Net book value
At 31 October 2023
36,581 
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2022
- 
2,726 
2,726 
Additions
5,770 
733 
6,503 
At 31 October 2023
5,770 
3,459 
9,229 
Depreciation
At 1 November 2022
- 
1,475 
1,475 
Charge for the year
94 
406 
500 
At 31 October 2023
94 
1,881 
1,975 
Net book value
At 31 October 2023
5,676 
1,578 
7,254 
At 31 October 2022
- 
1,251 
1,251 
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
8,326 
8,796 
Trade debtors
43,876 
- 
Accrued income and prepayments
60,755 
- 
Other debtors
553 
- 
113,510 
8,796 
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 
682,891 
474,770 
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 
£ 
£ 
Bank loans
16,667 
26,667 
Other creditors
606,521 
433,891 
623,188 
460,558 
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.
9
Share capital
2023 
2022 
£ 
£ 
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.
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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).
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