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Registered number: 13535752
Dosei Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Dosei Ltd for the year ended 31 July 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dosei Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Dosei Ltd , as a body, in accordance with the terms of our engagement letter dated 16 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Dosei Ltd and state those matters that we have agreed to state to the directors of Dosei Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dosei Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Dosei Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Dosei Ltd . You consider that Dosei Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Dosei Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
17th April 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 1
Page 2
Balance Sheet
Registered number: 13535752
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,810 -
Tangible Assets 5 866 1,019
4,676 1,019
CURRENT ASSETS
Debtors 6 57,542 128,350
Cash at bank and in hand 5,659 38,953
63,201 167,303
Creditors: Amounts Falling Due Within One Year 7 (1,463,775 ) (1,258,427 )
NET CURRENT ASSETS (LIABILITIES) (1,400,574 ) (1,091,124 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,395,898 ) (1,090,105 )
NET LIABILITIES (1,395,898 ) (1,090,105 )
CAPITAL AND RESERVES
Called up share capital 8 316 70
Share premium account 69,754 -
Profit and Loss Account (1,465,968 ) (1,090,175 )
SHAREHOLDERS' FUNDS (1,395,898) (1,090,105)
Page 2
Page 3
For the year ending 31 July 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adam Greenwood
Director
17th April 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Dosei Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13535752 . The registered office is Piccadilly Business Centre, Unit C Aldow Enterprise Park, Manchester, M12 6AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company had net liabilities of £1,394,398 (2022: £1,090,105). The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate as the company's trade creditors as well as associated companies carry on with their continued support during the development phase of the company's products.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
The company's website is included within other intangible assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
The company's cryptocurrency assets are included within other intangible assets. These are initally recognised at cost at the time of acquisition and then carried at fair value derived from their relevant going market rate where an active market exists. If no active market exists, they are stated at cost less amortisation (over their usefulk economic life of 5 years) with impairment charges made where necessary.
For those stated at fair value, revaluations are carried out on an annual basis at the year end date. Increases in the fair value of crypto assets are recognised in a revaluation reserve via the profit and loss account except where they reverse a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation losses are also recognised in a revaluation reserve via the profit and loss account to the extent of any previously recognised revaluation gains in respect of that asset, but any excess is recognised in the profit or loss account.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing balance
Computer Equipment 15% Reducing balance
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 4
Page 5
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Website Crypto assets Total
£ £ £
Cost or Valuation
As at 1 August 2022 - - -
Additions 3,082 69,175 72,257
Revaluations - 255 255
Disposals - (68,427) (68,427 )
As at 31 July 2023 3,082 1,003 4,085
Amortisation
As at 1 August 2022 - - -
Provided during the period 275 - 275
As at 31 July 2023 275 - 275
Net Book Value
As at 31 July 2023 2,807 1,003 3,810
As at 1 August 2022 - - -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 August 2022 - 1,199 1,199
As at 31 July 2023 - 1,199 1,199
Depreciation
As at 1 August 2022 - 180 180
Provided during the period - 153 153
As at 31 July 2023 - 333 333
Net Book Value
As at 31 July 2023 - 866 866
As at 1 August 2022 - 1,019 1,019
Page 5
Page 6
6. Debtors
2023 2022
as restated
£ £
Due within one year
Other debtors 57,542 128,350
57,542 128,350
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 556,536 553,794
Amounts owed to group undertakings 888,230 699,561
Other creditors 2,425 1,050
Taxation and social security 16,584 4,022
1,463,775 1,258,427
8. Share Capital
2023 2022
as restated
Allotted, called up and fully paid £ £
3,162,969 Ordinary Shares of £ 0.0001 each 316 70
Shares issued during the period: £
2,462,969 Ordinary Shares of £ 0.0001 each 246
Page 6