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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
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TOKEN TRAXX MUSIC LTD Company Information for the year ended 30 November 2023
Director
T Gentry
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
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TOKEN TRAXX MUSIC LTD Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
3,959,202 
3,347,941 
Tangible assets
3,394 
4,525 
3,962,596 
3,352,466 
Current assets
Inventories
1,372,758 
9,395,445 
Debtors
241,355 
1,064,886 
Cash at bank and in hand
35 
10,715 
1,614,148 
10,471,046 
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 
Capital and reserves
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
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TOKEN TRAXX MUSIC LTD Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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)
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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'
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TOKEN TRAXX MUSIC LTD Notes to the Accounts for the year ended 30 November 2023
Turnover
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 fixed assets
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.
Going concern
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.
Inventory
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.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs.
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TOKEN TRAXX MUSIC LTD Notes to the Accounts for the year ended 30 November 2023
Deferred taxation
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 
£ 
Cost
At 1 December 2022
3,347,941 
Additions
611,261 
At 30 November 2023
3,959,202 
Amortisation
At 1 December 2022
- 
At 30 November 2023
- 
Net book value
At 30 November 2023
3,959,202 
At 30 November 2022
3,347,941 
5
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 December 2022
6,034 
At 30 November 2023
6,034 
Depreciation
At 1 December 2022
1,509 
Charge for the year
1,131 
At 30 November 2023
2,640 
Net book value
At 30 November 2023
3,394 
At 30 November 2022
4,525 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
12,911 
420,726 
Trade debtors
28,990 
- 
Amounts due from group undertakings etc.
10 
10 
Accrued income and prepayments
- 
12,000 
Other debtors
199,444 
632,150 
241,355 
1,064,886 
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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 
Accruals
5,000 
12,000 
Deferred income
- 
3,421,462 
195,511 
3,793,235 
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 
1,580,952 
6,182,176 
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).
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