REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SIGNAL VENTURES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SIGNAL VENTURES LTD |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4 |
SIGNAL VENTURES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
$ | $ | $ | $ | $ |
Balance at 1st January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2023 | ( |
) |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Signal Ventures Ltd is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company has net current liabilities of ($626,928). In the event that additional funds are needed, the company is able to obtain funding from it's sole shareholder in the form of either an equity contribution or a loan. The shareholder gives assurances that they will be able to support the liquidity needs of the company for the foreseeable future and, at a minimum for the next twelve months. |
Significant judgements and estimates |
Critical accounting judgements concerning the future or key sources of estimation uncertainty at the balance sheet date that may have a significant risk of causing a material adjustment to the financial statements are as follows: |
Listed investments |
Listed investments are carried at market value. |
Carrying value of unlisted investments |
Management assesses on an ongoing basis whether there is any indication of impairment in relation to unlisted investments. If an indicator or condition is found to exist at the balance sheet date, management will assess the investment for impairment, by calculating its recoverable amount and comparing to its carrying value. |
Patents and licences |
Patents and licences are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences are being amortised evenly over their estimated useful life of five years. |
Cryptocurrency asset |
Cryptocurrency assets are carried at fair value. Revaluation gains are recognised in other comprehensive income and revaluation losses are recognised in the profit and loss Account. Deferred tax is provided on these gains/(losses) at the rate expected to apply when the assets are sold. |
Tangible fixed assets |
Tangible fixed assets are held at cost less accumulated depreciation and impairment charges. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Fixtures and fittings - 33.33% straight line |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company enters into financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares, convertible loans, futures and options. |
Financial assets that are measured at cost and amortised cost in accordance with Section 11 of FRS 102 are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
Listed fixed asset investments are carried at fair value. Revaluation gains/losses are recognised in the profit and loss account. Deferred tax is provided on these gains/losses at the rate expected to apply when the investments are sold. |
Unlisted fixed asset investments are stated at historical cost less any provision for impairment. Realised and unrealised gains/losses are recognised in the profit and loss account. |
Financial assets that are measured in accordance with Section 12 of FRS 102 are initially measured at fair value on the date the contract is entered in to and are subsequently measured at fair value through the profit and loss account. Futures and options are carried as assets when the fair value is positive and as liabilities when the fair value is negative. |
Financial liabilities that meet the conditions in Section 11 of FRS 102 are measured at amortised cost using the effective interest rate method. Financial liabilities that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangement constitutes a financing transaction the company measures the financial liability at the present value of the future payment discounted at a market rate of interest for a similar financial liability. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The accounts are prepared using the United States Dollars ($USD) as the base currency and a Sterling (£GBP) exchange rate of £1:$1.27303 (2022: £1:$1.20582) as at 31 December 2023. |
Assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Commissions receivable |
Commissions receivable are recognised in the profit and loss account in the period the related contract is performed. |
Other reserves |
Other reserves relate to the discounting applied to the value of shareholder loans over the term of the loans. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Cryptocurrency |
licences | asset | Totals |
$ | $ | $ |
COST OR VALUATION |
At 1st January 2023 |
Revaluations |
At 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
Amortisation for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Patents |
and | Cryptocurrency |
licences | asset | Totals |
$ | $ | $ |
Valuation in 2021 | - | 743,677 | 743,677 |
Valuation in 2022 | - | (3,375,801 | ) | (3,375,801 | ) |
Valuation in 2023 | - | 114,258 | 114,258 |
Cost | 72,413 | 3,000,000 | 3,072,413 |
72,413 | 482,134 | 554,547 |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
$ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The fixtures and fittings above are fully depreciated. |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
$ |
COST OR VALUATION |
At 1st January 2023 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The market value of listed investments as at 31 December 2023 was $1,583,201 (2022: $1,531,524). |
At 31 December 2023 there were unlisted investments held at cost less impairment to the value of $10,950,111 (2022: $11,750,121). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Other debtors |
Deferred tax | 786,681 | 826,648 |
Prepayments and accrued income |
SIGNAL VENTURES LTD (REGISTERED NUMBER: 09297297) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade creditors |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
$ | $ |
Other creditors - 2-5 years | 2,931,182 | 2,902,161 |
Other creditors > 5 years | 6,153,355 | 4,955,303 |
9,084,537 | 7,857,464 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other creditors > 5 years |
Further details of the balances falling due after more than one year are provided in Note 11. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Amounts due in more than one year (see Note 10) relate to loans totalling $12,100,000 (2022: $10,600,000) from I Martinos, the ultimate controlling party. The loans are interest free and repayable between 2025 and 2033. In accordance with the company's accounting policies, the loans are recognised at their amortised cost of $9,084,537 (2022: $7,857,464). |
The $100,000 loan which was due from Mr F Thaler, a connected party was fully repaid in February 2023. The loan was initially secured against certain assets of the borrower in the event of default. |