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Company No: 11658954 (England and Wales)

ELEADCONSULTING LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ELEADCONSULTING LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ELEADCONSULTING LIMITED

BALANCE SHEET

As at 30 November 2023
ELEADCONSULTING LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 72,568 39,786
Tangible assets 5 554 1,683
73,122 41,469
Current assets
Debtors 6 0 835
Cash at bank and in hand 3,255 19,647
3,255 20,482
Creditors: amounts falling due within one year 7 ( 69,327) ( 57,179)
Net current liabilities (66,072) (36,697)
Total assets less current liabilities 7,050 4,772
Provision for liabilities ( 105) ( 320)
Net assets 6,945 4,452
Capital and reserves
Called-up share capital 8 1 1
Fair value reserve ( 62,834 ) ( 95,615 )
Profit and loss account 69,778 100,066
Total shareholder's funds 6,945 4,452

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of EleadConsulting Limited (registered number: 11658954) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Mr L Drif
Director
ELEADCONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ELEADCONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

EleadConsulting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kemp House 160 City Road London, London, EC1V 2NX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

Adjustment for Fair value on Cryptocurrencies held by the company.

Re-statement of Crypto currencies from investments to intangible assets and further adjustments for the fair value adjustments through the retained earnings and Fair value reserves.

These are shown in note 2.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

The company holds cryptocurrency as a long-term investment. FRS 102 does not specify how this should be recognised, but over the last few years the emerging practice has been to recognise this either as inventory (if regularly traded) or intangibles (if held for the long-term). Accordingly it is recognised in these accounts as intangible assets.

The cryptocurrency is measured at a revalued amount, which in practice means it is measured at market value each year end. Changes in value are recognised in Other Comprehensive Income and accumulate in a Fair value Reserve.

Changes in value will eventually be taxed if/when the cryptocurrency is sold, and therefore a deferred tax liability arises on them. Changes in this liability are also recognised in Other Comprehensive Income and also accumulate in the Fair value Reserve.

This treatment is a change from previous years to reflect the emerging consensus in accounting, and as a result, the prior year comparatives have also been restated.

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Retained earnings 4,451 95,615 100,066
Fair Value reserve 0 (95,615) (95,615)
Investments 39,768 (39,768) 0
Intangible assets 0 39,768 39,768

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Intangible assets

Other intangible assets Total
£ £
Cost/Valuation
At 01 December 2022 39,786 39,786
Fair value adjustment 32,781 32,781
At 30 November 2023 72,568 72,568
Accumulated amortisation
At 01 December 2022 0 0
At 30 November 2023 0 0
Net book value
At 30 November 2023 72,568 72,568
At 30 November 2022 39,786 39,786

5. Tangible assets

Office equipment Total
£ £
Cost
At 01 December 2022 8,152 8,152
At 30 November 2023 8,152 8,152
Accumulated depreciation
At 01 December 2022 6,469 6,469
Charge for the financial year 1,129 1,129
At 30 November 2023 7,598 7,598
Net book value
At 30 November 2023 554 554
At 30 November 2022 1,683 1,683

6. Debtors

2023 2022
£ £
Other debtors 0 835

7. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 13,680 13,028
Other creditors 55,647 44,151
69,327 57,179

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1