Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity77truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12286246 2022-11-01 2023-10-31 12286246 2021-11-01 2022-10-31 12286246 2023-10-31 12286246 2022-10-31 12286246 c:Director2 2022-11-01 2023-10-31 12286246 d:ComputerEquipment 2022-11-01 2023-10-31 12286246 d:ComputerEquipment 2023-10-31 12286246 d:ComputerEquipment 2022-10-31 12286246 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12286246 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 12286246 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 12286246 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 12286246 d:CurrentFinancialInstruments 2023-10-31 12286246 d:CurrentFinancialInstruments 2022-10-31 12286246 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12286246 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12286246 d:ShareCapital 2023-10-31 12286246 d:ShareCapital 2022-10-31 12286246 d:SharePremium 2023-10-31 12286246 d:SharePremium 2022-10-31 12286246 d:RetainedEarningsAccumulatedLosses 2023-10-31 12286246 d:RetainedEarningsAccumulatedLosses 2022-10-31 12286246 c:OrdinaryShareClass1 2022-11-01 2023-10-31 12286246 c:OrdinaryShareClass1 2023-10-31 12286246 c:OrdinaryShareClass1 2022-10-31 12286246 c:OrdinaryShareClass2 2022-11-01 2023-10-31 12286246 c:OrdinaryShareClass2 2023-10-31 12286246 c:OrdinaryShareClass2 2022-10-31 12286246 c:OrdinaryShareClass3 2022-11-01 2023-10-31 12286246 c:OrdinaryShareClass3 2023-10-31 12286246 c:OrdinaryShareClass3 2022-10-31 12286246 c:OrdinaryShareClass4 2022-11-01 2023-10-31 12286246 c:OrdinaryShareClass4 2023-10-31 12286246 c:OrdinaryShareClass4 2022-10-31 12286246 c:OrdinaryShareClass5 2022-11-01 2023-10-31 12286246 c:OrdinaryShareClass5 2023-10-31 12286246 c:OrdinaryShareClass5 2022-10-31 12286246 c:FRS102 2022-11-01 2023-10-31 12286246 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12286246 c:FullAccounts 2022-11-01 2023-10-31 12286246 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12286246 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-11-01 2023-10-31 12286246 2 2022-11-01 2023-10-31 12286246 e:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12286246









DISTRIBUTED CRAFTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
DISTRIBUTED CRAFTS LTD
REGISTERED NUMBER: 12286246

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,020,650
3,185,736

Tangible assets
 5 
9,348
8,833

  
2,029,998
3,194,569

Current assets
  

Debtors: amounts falling due within one year
 6 
507,700
496,315

Cash at bank and in hand
 7 
1,000,641
1,640,880

  
1,508,341
2,137,195

Creditors: amounts falling due within one year
 8 
(77,258)
(117,934)

Net current assets
  
 
 
1,431,083
 
 
2,019,261

Total assets less current liabilities
  
3,461,081
5,213,830

  

Net assets
  
3,461,081
5,213,830


Capital and reserves
  

Called up share capital 
 9 
138
138

Share premium account
  
6,947,988
6,947,988

Profit and loss account
  
(3,487,045)
(1,734,296)

  
3,461,081
5,213,830


Page 1

 
DISTRIBUTED CRAFTS LTD
REGISTERED NUMBER: 12286246
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




Alexei Zamyatin
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Distributed Crafts Ltd is a private company, limited by shares, and incorporated in England and Wales (registration number: 12286246). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The company is loss making, however is in a net asset position. The company therefore has sufficient funds to support future development plans. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Intangible assets

Intangible assets comprise primarily of cryptocurrency and other digital assets. Intangible assets are
initially recognised at cost. After recognition, under the cost model, intangible assets are measured at
cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets consisting of cryptocurencies and other digital assets held for investment are
determined to have an indefinite useful economic life. These assets are therefore not amortised but
reviewed and tested for impairment on a regular basis.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly
Page 6

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets
Page 7

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

2023
£

Wages and salaries
900,762

Social security costs
63,812

Cost of defined contribution scheme
8,502

973,076


The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Intangible assets



Digital assets

£



Cost


At 1 November 2022
3,185,736


Additions
886,792


Disposals
(2,051,880)



At 31 October 2023

2,020,648






Net book value



At 31 October 2023
2,020,648

Page 8

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
           4.Intangible assets (continued)




5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2022
8,833


Additions
8,241



At 31 October 2023

17,074



Depreciation


Charge for the year on owned assets
7,726



At 31 October 2023

7,726



Net book value



At 31 October 2023
9,348

Page 9

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
478,563
294,181

Other debtors
29,137
55,769

Tax recoverable
-
146,365

507,700
496,315



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,000,641
1,640,880

1,000,641
1,640,880



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,506
50,380

Other taxation and social security
53,093
62,896

Other creditors
3,659
4,658

77,258
117,934


Page 10

 
DISTRIBUTED CRAFTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares shares of £0.001 each
100
100
3,889 (2022 - 3,890) Deferred shares shares of £0.001 each
4
4
13,786 (2022 - 13,790) Series Seed shares of £0.001 each
14
14
13,454 (2022 - 13,450) Series Seed 2 shares of £0.001 each
13
13
6,782 (2022 - 6,780) VN shares of £0.001 each
7
7

138

138


Page 11