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Company No: 08949382 (England and Wales)

CHAIN DERIVATIVES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CHAIN DERIVATIVES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CHAIN DERIVATIVES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
CHAIN DERIVATIVES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 87
Investments 4 6,704 6,654
6,704 6,741
Current assets
Debtors 5 4,021 352,504
Investments 6 31,707 82,516
Cash at bank and in hand 247,196 123,529
282,924 558,549
Creditors: amounts falling due within one year 7 ( 3,694) ( 5,422)
Net current assets 279,230 553,127
Total assets less current liabilities 285,934 559,868
Net assets 285,934 559,868
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 707 ( 16,699 )
Profit and loss account 285,127 576,467
Total shareholders' funds 285,934 559,868

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Chain Derivatives Limited (registered number: 08949382) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

I A Ash
Director

24 September 2024

CHAIN DERIVATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CHAIN DERIVATIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chain Derivatives Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 3,343 3,343
At 31 December 2023 3,343 3,343
Accumulated depreciation
At 01 January 2023 3,256 3,256
Charge for the financial year 87 87
Rounding 0 0
At 31 December 2023 3,343 3,343
Net book value
At 31 December 2023 0 0
At 31 December 2022 87 87

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2023 125,001 125,001
Additions 50 50
At 31 December 2023 125,051 125,051
Provisions for impairment
At 01 January 2023 118,347 118,347
At 31 December 2023 118,347 118,347
Carrying value at 31 December 2023 6,704 6,704
Carrying value at 31 December 2022 6,654 6,654

5. Debtors

2023 2022
£ £
Amounts owed by associates 2,200 0
Amounts owed by directors 1,721 352,404
Other debtors 100 100
4,021 352,504

6. Current asset investments

2023 2022
£ £
Listed investments 31,707 82,517

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to associates 1,200 3,500
Accruals 2,042 1,920
Corporation tax 452 2
3,694 5,422

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Included within amounts owed by associates is a balance of £2,200 (2022: £nil) owed from a company with shared directors. This balance is unsecured and interest free, with no fixed repayment terms.

Included within amounts owed to associates is a balance of £1,200 (2022: £3,500) owed to a company with shared directors. This balance is unsecured and interest free, with no fixed repayment terms.

10. Directors' benefits: Advances, credits and guarantees

During the year, there was a loan due from a company director included within debtors due within one year. This comprised an opening balance of £352,404, advances of £7,295, and repayments of £357,978, leaving a year end balance of £1,721. This balance was unsecured, interest charged at HMRC's beneficial loan rate of interest, and there are no fixed repayment terms.