Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31No description of principal activityfalse2023-01-01false1413truefalse 11625148 2023-01-01 2023-12-31 11625148 2022-01-01 2022-12-31 11625148 2023-12-31 11625148 2022-12-31 11625148 1 2023-01-01 2023-12-31 11625148 d:CompanySecretary1 2023-01-01 2023-12-31 11625148 d:Director1 2023-01-01 2023-12-31 11625148 d:Director1 2023-12-31 11625148 d:Director2 2023-01-01 2023-12-31 11625148 d:Director2 2023-12-31 11625148 d:Director3 2023-01-01 2023-12-31 11625148 d:RegisteredOffice 2023-01-01 2023-12-31 11625148 c:ComputerEquipment 2023-01-01 2023-12-31 11625148 c:ComputerEquipment 2023-12-31 11625148 c:ComputerEquipment 2022-12-31 11625148 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11625148 c:ComputerSoftware 2023-01-01 2023-12-31 11625148 c:ComputerSoftware 2023-12-31 11625148 c:ComputerSoftware 2022-12-31 11625148 c:CurrentFinancialInstruments 2023-12-31 11625148 c:CurrentFinancialInstruments 2022-12-31 11625148 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 11625148 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 11625148 c:ShareCapital 2023-12-31 11625148 c:ShareCapital 2022-12-31 11625148 c:SharePremium 2023-12-31 11625148 c:SharePremium 2022-12-31 11625148 c:OtherMiscellaneousReserve 2023-12-31 11625148 c:OtherMiscellaneousReserve 2022-12-31 11625148 c:RetainedEarningsAccumulatedLosses 2023-12-31 11625148 c:RetainedEarningsAccumulatedLosses 2022-12-31 11625148 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11625148 d:OrdinaryShareClass1 2023-12-31 11625148 d:OrdinaryShareClass1 2022-12-31 11625148 d:FRS102 2023-01-01 2023-12-31 11625148 d:Audited 2023-01-01 2023-12-31 11625148 d:FullAccounts 2023-01-01 2023-12-31 11625148 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11625148 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11625148 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11625148 2 2023-01-01 2023-12-31 11625148 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11625148










BITPANDA CUSTODY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023



















img2482.png

 
BITPANDA CUSTODY LIMITED
 
 
Company Information


Directors
M G Suliman (resigned 17 October 2023)
D A Murphy (appointed 17 October 2023)
A Batlin 




Company secretary
Sisec Limited



Registered number
11625148



Registered office
Atlantic House
Holborn Viaduct

London

EC1A 2FG




Independent auditor
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditors

3rd Floor

12 Gough Square

London

EC4A 3DW





 
BITPANDA CUSTODY LIMITED
Registered number: 11625148

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 4 
256,444
54,247

Tangible fixed assets
 5 
48,338
16,834

  
304,782
71,081

Current assets
  

Debtors: amounts falling due within one year
 6 
197,493
434,119

Cash at bank and in hand
  
522,838
858,520

  
720,331
1,292,639

Creditors: amounts falling due within one year
 7 
(464,102)
(80,792)

Net current assets
  
 
 
256,229
 
 
1,211,847

Total assets less current liabilities
  
561,011
1,282,928

  

Net assets
  
561,011
1,282,928


Capital and reserves
  

Called up share capital 
 8 
1,330
1,292

Share premium account
  
8,935,410
7,805,024

Other reserves
  
-
61

Profit and loss account
  
(8,375,729)
(6,523,449)

  
561,011
1,282,928


Page 1

 
BITPANDA CUSTODY LIMITED
Registered number: 11625148
    
Balance sheet (continued)
As at 31 December 2023

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 29 August 2024.




A Batlin
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Bitpanda Custody Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office is Atlantic House, Holborn Viaduct, London, EC1A 2FG.

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

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

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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.

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
-
33%

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

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. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

Page 5

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.13

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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).


4.


Intangible assets




Crypto currency

£



Cost


At 1 January 2023
54,247


Additions
214,796


Disposals
(1)


Revaluation surplus
1,286


Foreign exchange movement
(13,884)



At 31 December 2023

256,444






Net book value



At 31 December 2023
256,444



At 31 December 2022
54,247



Page 6

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
41,814


Additions
49,777



At 31 December 2023

91,591



Depreciation


At 1 January 2023
24,980


Charge for the year on owned assets
18,273



At 31 December 2023

43,253



Net book value



At 31 December 2023
48,338



At 31 December 2022
16,834


6.


Debtors

2023
2022
£
£


Trade debtors
22,046
39,998

Other debtors
84,615
225,605

Prepayments and accrued income
31,857
82,417

Tax recoverable
58,975
86,099

197,493
434,119


Page 7

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
49,151
52,722

Other creditors
353,961
-

Accruals and deferred income
60,990
28,070

464,102
80,792



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



13,298,453 (2022 - 12,917,475) Ordinary Shares shares of £0.0001 each
1,330
1,292


During the period the company issued 380,978 ordinary shares of £0.0001 each for consideration of £1,130,362.


9.


Related party transactions

The Company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.


10.


Post balance sheet events

After the year end the company issued 527,508 ordinary shares of £0.0001 each for consideration of £1,533,781.


11.


Controlling party

The immediate parent undertaking is SASR Beta Neunundzwanzigste Beteiligungsverwaltung GmbH, a company registered in Austria.
The ultimate parent undertaking is Bitpanda Group AG, a company registered in Switzerland.
The parent undertaking of the smallest group of which the company is a member and consolidated financial statements are prepared is Bitpanda Group AG. Copies of consolidated financial statements can be obtained from Hardstrasse 201, 8005 Zürich, Switzerland.

Page 8

 
BITPANDA CUSTODY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

12.


Auditor's information

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

The audit report was signed on 29 August 2024 by Andrew Burch (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 9