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Registered number: 14211780













          Blockdaemon UK Limited
          Financial statements
          For the Period Ended 31 December 2023















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Blockdaemon UK Limited
 
 
Company Information


Director
Konstantin Richter 




Registered number
14211780



Registered office
C/O Philip Lee
30th Floor Leadenhall Building

122 Leadenhall Street

London

EC3V 4AB




Independent auditor
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Blockdaemon UK Limited
 

Contents



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
Blockdaemon UK Limited
Registered number:14211780

Balance Sheet
As at 31 December 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
100

Cash at bank and in hand
 5 
115,502

  
115,602

Creditors: amounts falling due within one year
 6 
(1,705,610)

  

Net liabilities
  
(1,590,008)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(1,590,108)

  
(1,590,008)


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 income and retained earnings 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 9 September 2024.




___________________________
Konstantin Richter
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Blockdaemon UK Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

1.


General information

Blockdaemon UK Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the Company's registered office is given on the Company Information page. The company was incorporated on 4 July 2022 and its principal activity for the period has been that of research and development of blockchain applications.

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

The Company has made a loss for the period and has net current liabilities at the balance sheet date. After making enquiries and obtaining a letter of financial support from the parent undertaking, Blockdaemon Inc, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continued to adopt the going concern basis in preparing the financial statements.

Page 2

 
Blockdaemon UK Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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.

 
2.5

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.

Page 3

 
Blockdaemon UK Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.
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.


3.


Employees

The average monthly number of employees, including directors, during the period was 7.


4.


Debtors

2023
£


Called up share capital not paid
100



5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
115,502


Page 4

 
Blockdaemon UK Limited
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
1,639,860

Accruals and deferred income
65,750

1,705,610


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £47,413. Contributions totalling £15,545  were payable to the fund at the balance sheet date and are included in creditors.


8.
Controlling Party

At 31 December 2023, the immediate parent undertaking is Blockdaemon Limited, a company incorporated in the Republic of Ireland. Copies of the financial statements for Blockdaemon Limited can be obtained from its registered office, Fifth Floor Rear, Connaught House, 1 Burlington Road, Dublin 4, Republic of Ireland.
At 31 December 2023, the ultimate parent undertaking is Blockdaemon Inc., a company incorporated in the United Stated of America.
The parent undertaking of the largest group to consolidate their financial statements is Blockdaemon Inc., a company incorporated in the the United States of America. Copies of these financial statements can be obtained from 11400 West Olympic Blvd., Suite 200, PMB 215, Los Angeles, CA 90064, United States of America.
At 31 December 2023, the Directors considered there to be no ultimate controlling party.



9.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 9 September 2024 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
Page 5