Company registration number 11065412 (England and Wales)
CUDO VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CUDO VENTURES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
CUDO VENTURES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M Hawkins
Mr L Woodham
Mr D Bell
(Appointed 1 December 2023)
Mr M Denney
(Appointed 1 December 2023)
Company number
11065412
Registered office
128 City Road
London
EC1V 2NX
Accountants
Azets
37 Commercial Road
Poole
Dorset
BH14 0HU
CUDO VENTURES LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
140,367
479,790
Tangible assets
4
94,303
158,179
Investments
5
235,484
235,484
470,154
873,453
Current assets
Debtors
7
513,676
1,955,419
Cash at bank and in hand
551,687
691,026
1,065,363
2,646,445
Creditors: amounts falling due within one year
8
(4,215,079)
(2,064,937)
Net current (liabilities)/assets
(3,149,716)
581,508
Total assets less current liabilities
(2,679,562)
1,454,961
Creditors: amounts falling due after more than one year
9
(487,202)
(274,055)
Net (liabilities)/assets
(3,166,764)
1,180,906
Capital and reserves
Called up share capital
10
1,480
1,480
Share premium account
10,942,953
10,942,953
Revaluation reserve
(26,351)
49,239
Profit and loss reserves
(14,084,846)
(9,812,766)
Total equity
(3,166,764)
1,180,906
CUDO VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr L Woodham
Director
Company Registration No. 11065412
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Cudo Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised as the fair value of the consideration received or receivable for provision of data services. Revenue is recognised at the date at which the services are made available.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years
Cryptocurrency
Nil
Cryptocurrency is revalued at year-end based on the net realisable value at that date. Due to the nature of trade of the company, the gains and losses are recorded in the profit and loss during the year.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% straight line
Computer mining equipment
25% straight line
Office equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Stocks
The company has taken advantage of the true and fair override in respect of the accounting treatment of stock. The result of this override from the accounting standard is that stock is carried at a higher value at the year end and cost of sales are reduced.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
49
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
3
Intangible fixed assets
Software
Cryptocurrency
Total
£
£
£
Cost
At 1 December 2022
166,793
396,394
563,187
Additions
3,224,330
3,224,330
Disposals
(3,489,414)
(3,489,414)
Revaluation
(32,641)
(32,641)
At 30 November 2023
166,793
98,669
265,462
Amortisation and impairment
At 1 December 2022
83,397
83,397
Amortisation charged for the year
41,698
41,698
At 30 November 2023
125,095
125,095
Carrying amount
At 30 November 2023
41,698
98,669
140,367
At 30 November 2022
83,396
396,394
479,790
4
Tangible fixed assets
Computer equipment
Computer mining equipment
Office equipment
Total
£
£
£
£
Cost
At 1 December 2022
211,890
12,611
41,256
265,757
Disposals
(15,486)
(122)
(15,608)
At 30 November 2023
196,404
12,489
41,256
250,149
Depreciation and impairment
At 1 December 2022
83,019
6,339
18,220
107,578
Depreciation charged in the year
40,468
2,502
10,314
53,284
Eliminated in respect of disposals
(4,967)
(49)
(5,016)
At 30 November 2023
118,520
8,792
28,534
155,846
Carrying amount
At 30 November 2023
77,884
3,697
12,722
94,303
At 30 November 2022
128,871
6,272
23,036
158,179
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
235,484
235,484
6
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cudos
Gibraltar
Ordinary shares
100.00
Cudo Starter
United States
Ordinary shares
100.00
Cudo Miner
United States
Ordinary shares
100.00
Cudo Portugal UNIP LDA
Portugal
Ordinary shares
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,120
420,819
Other debtors
442,339
1,481,801
Prepayments and accrued income
35,217
52,799
513,676
1,955,419
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,098
9,849
Trade creditors
407,585
531,887
Taxation and social security
75,043
648,084
Other creditors
3,674,143
869,817
Accruals and deferred income
48,210
5,300
4,215,079
2,064,937
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,735
25,984
Other borrowings
471,467
248,071
487,202
274,055
CUDO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
10,000,000
10,000,000
1,000
1,000
Ordinary shares of 0.01p each
4,720,000
4,720,000
479
479
Ordinary B shares of 0.01p each
9,670
9,670
1
1
14,729,670
14,729,670
1,480
1,480
The shares rank pari passu in all respects except the Ordinary A shares have a right to receive dividends and Ordinary B shares have no voting rights.
11
Related party transactions
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
12
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2021
2022
Notes
£
£
Adjustments to prior year
Amend share capital
1
-
7
Amend share premium
1
-
346,030
Total adjustments
-
346,037
Equity as previously reported
5,048,878
834,869
Equity as adjusted
5,048,878
1,180,906
Analysis of the effect upon equity
Share capital
-
7
Share premium
-
346,030
-
346,037
Notes to reconciliation
Correction of share capital
During the year, it came to light that share capital and share premium that was issued on 26 November 2022 but wasn't reflected in the previous years accounts.
Therefore an additional 71,792 Ordinary shares have now been adjusted for with nominal value of £0.0001 per share and share premium of £346,030. £173,315 of this share premium was previously included in other creditors which has now been removed and the remaining balance has been adjusted into other debtors with a value showing of £172,723.
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