Registered number: 13515477
BITPANDA TECHNOLOGY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BITPANDA TECHNOLOGY UK LIMITED
Company Information
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A Batlin (appointed 19 September 2023)
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Chartered Accountants and Statutory Auditors
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BITPANDA TECHNOLOGY UK LIMITED
Registered number: 13515477
Balance sheet
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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 26 July 2024.
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Bitpanda Technology UK 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.
The comparative information is presented for the period from incorporation 16 July 2021 to 31 December 2022.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Foreign currency translation
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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:
Cost plus fees
Cost plus fees represents fees received for services provided during the year to related party entities. This turnover is recognised when the services are provided and is measured at a mark-up on costs.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
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.
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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.
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The average monthly number of employees, including directors, during the year was 10 (2022 - 37).
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Related party transactions
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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.
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BITPANDA TECHNOLOGY UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
The immediate parent undertaking is Bitpanda 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. The parent's registered office address is Hardstrasse 201, 8005 Zürich, Switzerland.
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 26 July 2024 by Andrew Burch (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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