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REGISTERED NUMBER: 13320393 (England and Wales)














FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024

FOR

BETMORE LTD

BETMORE LTD (REGISTERED NUMBER: 13320393)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BETMORE LTD

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024







DIRECTOR: J D Bell





REGISTERED OFFICE: Ground Floor
Finchale House
Belmont Business Park
Durham
DH3 4SJ





REGISTERED NUMBER: 13320393 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

BETMORE LTD (REGISTERED NUMBER: 13320393)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,678

CURRENT ASSETS
Stocks - 3,820
Debtors 5 107,653 295,379
Cash at bank 2,544,843 762,521
2,652,496 1,061,720
CREDITORS
Amounts falling due within one year 6 400,661 3,076
NET CURRENT ASSETS 2,251,835 1,058,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,251,835

1,060,322

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 2,251,735 1,060,222
SHAREHOLDERS' FUNDS 2,251,835 1,060,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





J D Bell - Director


BETMORE LTD (REGISTERED NUMBER: 13320393)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024

1. STATUTORY INFORMATION

Betmore Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of the consideration received or receivable (on legal completion) from the sale of resources in the ordinary course of the Company's activities including cryptoassets as well as, on occasion, trading contracts for differences ("CFDs") in foreign exchange/hedges, commodities, exchange traded funds and stocks.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks represented assets held for sale in the ordinary course of business.

Stocks were stated at the lower of cost and net realisable value. Costs comprise purchase price plus costs of acquisition (translated to the functional currency). Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in selling (translated to the functional currency).

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Interest income
Interest income arises as a result of company lending of monetary assets to a third party borrowing/lending platform and is recognised under the effective interest method.

BETMORE LTD (REGISTERED NUMBER: 13320393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Financial assets and financial liabilities
Financial assets comprise cash and cash equivalents and other receivables. Under FRS 102 (7.2) Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. In respect of the company, cash equivalents thus include cash balances held in third party platforms/digital wallets and which meet that definition. These assets are recognised and carried at fair value and with any changes recognised in the profit and loss account.

Cryptocurrencies and similar resources are not classed as cash equivalents as by their nature they are not readily convertible to known amounts of cash and are subject to significant risks of changes in value.

Financial liabilities represent accounts payable and accruals and are recognised at cost and carried at the amount ultimately payable by the company.

Derivative financial instruments and hedging activities

A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

The company designates each hedge as either: (a) fair value hedge; or (b) cash flow hedge.

Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in profit or loss when the changes arise.

The carrying amount of a derivative designated as a hedge is presented as a noncurrent asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability if the remaining expected life of the hedged item is less than 12 months. The fair value of a trading derivative is presented as a current asset or liability.

(a) Fair value hedge
The company has entered into currency forwards that are fair value hedges for currency risk arising from its firm commitments for purchases and sales denominated in foreign currencies. The fair value changes on the hedged item resulting from currency risk are recognised in profit or loss. The fair value changes on the effective portion of currency forwards designated as fair value hedges are recognised in profit or loss within the same line item as the fair value changes from the hedged item. The fair value changes on the ineffective portion of currency forwards are recognised separately in profit or loss.

(b) Cash flow hedge
Generally the only cash flow hedges entered into by the company represent currency forwards.

In that respect the company has entered into currency forwards that qualify as cash flow hedges against highly probable forecasted transactions in foreign currencies. The fair value changes on the effective portion of the currency forwards designated as cash flow hedges are recognised in the hedging reserve and transferred to either the cost of a hedged non-monetary asset upon acquisition or profit or loss when the hedged forecast transactions are recognised. The fair value changes on the ineffective portion are recognised immediately in profit or loss. When a forecasted transaction is no longer expected to occur, the gains and losses that were previously recognised in the hedging reserve are reclassified to profit or loss immediately.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

BETMORE LTD (REGISTERED NUMBER: 13320393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 1,906
Additions 9,523
Disposals (11,429 )
At 31 July 2024 -
DEPRECIATION
At 1 May 2023 228
Charge for period 3,219
Eliminated on disposal (3,447 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 30 April 2023 1,678

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 107,653 295,379

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 397,781 -
Other creditors 2,880 3,076
400,661 3,076

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1.00 100 100

BETMORE LTD (REGISTERED NUMBER: 13320393)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 JULY 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 July 2024 and the year ended 30 April 2023:

2024 2023
£    £   
J D Bell
Balance outstanding at start of period - -
Amounts advanced 107,593 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 107,593 -