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Registered number: 11106704










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



















img4019.png

 
BITPANDA UK LIMITED
 
 
Company Information


Directors
M G Suliman (resigned 19 September 2023)
R Osborne (resigned 23 January 2023)
D A Murphy (appointed 19 September 2023)
A Batlin (appointed 19 September 2023)




Registered number
11106704



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 UK LIMITED
Registered number: 11106704

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
127,769
471,660

Cash at bank and in hand
  
5,523
10,791

  
133,292
482,451

Creditors: amounts falling due within one year
 6 
(35,778)
(400,233)

Net current assets
  
 
 
97,514
 
 
82,218

Total assets less current liabilities
  
97,514
82,218

  

Net assets
  
97,514
82,218


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
96,514
81,218

  
97,514
82,218


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.




A Batlin
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

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

1.


General information

Bitpanda 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.

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

Since the year end, the company has ceased to trade. The remaining assets and liabilities are currently being realised, following which the directors’ intend to wind up the company. Accordingly, the financial statements have been prepared on a basis other than going concern.

 
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:
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. 

 
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.

Page 2

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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
-
3 years straight-line.

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.

 
2.7

Debtors

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

 
2.8

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. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

Page 3

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

2.Accounting policies (continued)

 
2.10

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 3 (2022 - 2).


4.


Tangible fixed assets





Computer equipment

£





At 1 January 2023
2,848


Disposals
(2,848)



At 31 December 2023

-





At 1 January 2023
2,848


Disposals
(2,848)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 4

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

5.


Debtors

2023
2022
£
£


Trade debtors
103,768
444,924

Amounts owed by group undertakings
324
324

Other debtors
13,024
26,412

Prepayments and accrued income
10,653
-

127,769
471,660



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,500
-

Amounts owed to group undertakings
14,418
380,708

Corporation tax
4,704
3,800

Other creditors
356
1,412

Accruals and deferred income
14,800
14,313

35,778
400,233



7.


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.


8.


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. The parent's registered office address is Hardstrasse 201, 8005 Zürich, Switzerland.

Page 5

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

9.


Auditor's information

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

In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the directors intend to wind up the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2.

The audit report was signed on 26 July 2024 by Andrew Burch (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 6