Company Registration No. 13753129 (England and Wales)
TOKEN TRAXX MUSIC LTD
Unaudited accounts
for the year ended 30 November 2023
TOKEN TRAXX MUSIC LTD
Unaudited accounts
Contents
TOKEN TRAXX MUSIC LTD
Company Information
for the year ended 30 November 2023
Company Number
13753129 (England and Wales)
Registered Office
Suite 6, Floor 2, Congress House
14 Lyon Road
Harrow
HA1 2EN
England
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
TOKEN TRAXX MUSIC LTD
Statement of financial position
as at 30 November 2023
Intangible assets
3,959,202
3,347,941
Tangible assets
3,394
4,525
Inventories
1,372,758
9,395,445
Cash at bank and in hand
35
10,715
Creditors: amounts falling due within one year
(195,511)
(3,793,235)
Net current assets
1,418,637
6,677,811
Total assets less current liabilities
5,381,233
10,030,277
Creditors: amounts falling due after more than one year
(1,580,952)
(6,182,176)
Net assets
3,800,281
3,848,101
Called up share capital
10
10
Profit and loss account
3,800,271
3,848,091
Shareholders' funds
3,800,281
3,848,101
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 September 2024 and were signed on its behalf by
T Gentry
Director
Company Registration No. 13753129
TOKEN TRAXX MUSIC LTD
Notes to the Accounts
for the year ended 30 November 2023
TOKEN TRAXX MUSIC LTD is a private company, limited by shares, registered in England and Wales, registration number 13753129. The registered office is Suite 6, Floor 2, Congress House, 14 Lyon Road, Harrow, HA1 2EN, England.
2
Compliance with accounting standards
The Financial Statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the company to exercise judgement in applying the company's accounting policies ( see note 3)
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Foreign currency translation
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 the Income Statement.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement of within 'Administrative expenses'.
All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'
TOKEN TRAXX MUSIC LTD
Notes to the Accounts
for the year ended 30 November 2023
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
For the current year turnover comprises revenue derived from the provision of the company's platform and software to third parties. In the prior year turnover comprised revenue derived from sale of self generated cryptographic assets and digital assets.
The profit and losses from sales of digital assets include realised profits and losses at the period end, as assets held are included at market value. The directors consider this to be necessary to show a true and fair view as the company is operating in highly active markets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives
Fixtures & fittings
25% Reducing Balance Method
Intangible Assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At the Balance Sheet date, intangible assets includes platform costs. 'Platform' refers to software that provides a utility or services to users of the software. To facilitate the use of the software, users must own or use a particular coin or token. Platform costs are amortised over their useful economic life. The directors feel that no amortisation is required in this period as the platform is still being developed.
In determining the appropriate basis of preparation of the accounts, the directors are required to consider whether the company has adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of the accounts.
The directors have prepared forecasts and have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the going concern assumption has been adopted when preparing the financial statements.
At the Balance Sheet date the inventory held by the company consists of self generated utility tokens. Inventory is measured at fair value less provision for impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs.
TOKEN TRAXX MUSIC LTD
Notes to the Accounts
for the year ended 30 November 2023
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 accounts. 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.
4
Intangible fixed assets
Other
At 1 December 2022
3,347,941
At 30 November 2023
3,959,202
At 30 November 2023
3,959,202
At 30 November 2022
3,347,941
5
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Amounts due from group undertakings etc.
10
10
Accrued income and prepayments
-
12,000
Other debtors
199,444
632,150
TOKEN TRAXX MUSIC LTD
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
162,426
226,231
Taxes and social security
2,501
115,833
Other creditors
12,268
5,066
Loans from directors
13,316
12,643
Deferred income
-
3,421,462
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
208,194
208,194
Deferred income
1,372,758
5,973,982
At the Balance Sheet date other creditors include £208,194 owed to Token Traxx Hold Co Ltd, the parent company.
9
Average number of employees
During the year the average number of employees was 5 (2022: 5).