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Registered number: 12270056 (England and Wales)














BITGO HOLDINGS EMEA, LTD

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
BITGO HOLDINGS EMEA, LTD
 

 
COMPANY INFORMATION


Director
M A Belshe 




Company secretary
M A Belshe



Registered number
12270056



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London
United Kingdom

EC3V 9DU




Independent auditor
ZEDRA Corporate Reporting Services (UK) Limited






 
BITGO HOLDINGS EMEA, LTD
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5



 
BITGO HOLDINGS EMEA, LTD
REGISTERED NUMBER:12270056


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
5,254,818
3,516,784

  
5,254,818
3,516,784

Current assets
  

Debtors: amounts falling due within one year
 6 
1
1

  
1
1

Total assets less current liabilities
  
 
 
5,254,819
 
 
3,516,785

  

Net assets
  
5,254,819
3,516,785


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
5,254,818
3,516,784

  
5,254,819
3,516,785


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 by: 




M A Belshe
Director

Date: 25 September 2024

The notes on pages 2 to 5 form part of these financial statements.
Page 1


 
BITGO HOLDINGS EMEA, LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 functional and presentational currency of the Company is Pounds Sterling (GBP) as that is the primary currency in which the entity operates.

The following principal accounting policies have been applied:

 
1.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
1.3

Going concern

The director has considered the ability of the Company to continue as a going concern for at least 12 months from the date of approval of these financial statements. They intend to operate the Company as a non-trading holding company with any financial support required being provided by the ultimate parent company, BitGo Holdings Inc, who have provided written confirmation that they intend to support the entity for at least 12 months. For this reason the director has adopted the going concern basis in preparing these financial statements.

 
1.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Investments in overseas operations are translated at the exchange rate on the date of investment.

 
1.5

Debtors

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

  
1.6

Capital contributions

Capital contributions are measured at transaction price and held in equity at their historic cost.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The director has considered the valuation of the investment its subsidiaries and the value in use of each subsidiary based on the current and expected trading results of each entity. The director has confirmed there is no impairment based on there being no indicators of impairment evident from the annual review. This is a significant judgement which may cause material misstatement to these financial statements.

Page 2


 
BITGO HOLDINGS EMEA, LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Auditors' information

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

The audit report was signed on 26 September 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees



The average monthly number of employees during the year was 0 (2022 - 0).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,516,784


Additions
1,738,034



At 31 December 2023
5,254,818




Additions to fixed asset investments in the year represent increases in capital contributions to subsidiary companies.
BitGo UK Ltd, which was dormant throughout the current year, was dissolved on 9 April 2024.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

BitGo UK Ltd (dissolved on 9 April 2024)
New Penderel House, 4th Floor, 283-288 High Holborn, London, United Kingdom, WC1V 7HP
Ordinary
100%
BitGo GmbH
Bahnhofstrasse 7
6300 Zug
Switzerland
Ordinary
100%
BitGo Europe GmbH
Frankfurt am Main
Bockenheimer Landstraße 33
Germany
Ordinary
100%
Page 3


 
BITGO HOLDINGS EMEA, LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)


Page 4


 
BITGO HOLDINGS EMEA, LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1
1

1
1



7.


Reserves

Capital contribution reserve

The capital contribution reserve represents amounts contributed by the ultimate parent to be invested in the Company's subsidiaries.


8.


Controlling party

BitGo Holdings Inc, is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 2443 Ash Street, Palo Alto, California, United States, 94306.


9.


Post balance sheet events

BitGo UK Ltd, which was dormant throughout the year, was dissolved on 9 April 2024 this is a non-adjusting event. 
There were no adjusting or other non-adjusting events between the end of the reporting period and the date these financial statements were approved. 

Page 5