Blockswap Network Ltd 13117008 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is development of software. Digita Accounts Production Advanced 6.30.9574.0 true true 13117008 2023-02-01 2024-01-31 13117008 2024-01-31 13117008 2 2024-01-31 13117008 core:CurrentFinancialInstruments 2024-01-31 13117008 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 13117008 core:OtherResidualIntangibleAssets 2024-01-31 13117008 core:FurnitureFittings 2024-01-31 13117008 core:OfficeEquipment 2024-01-31 13117008 bus:SmallEntities 2023-02-01 2024-01-31 13117008 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13117008 bus:FullAccounts 2023-02-01 2024-01-31 13117008 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13117008 bus:RegisteredOffice 2023-02-01 2024-01-31 13117008 bus:Director1 2023-02-01 2024-01-31 13117008 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13117008 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 13117008 core:ComputerEquipment 2023-02-01 2024-01-31 13117008 core:FurnitureFittings 2023-02-01 2024-01-31 13117008 core:OfficeEquipment 2023-02-01 2024-01-31 13117008 countries:EnglandWales 2023-02-01 2024-01-31 13117008 2023-01-31 13117008 core:OtherResidualIntangibleAssets 2023-01-31 13117008 core:FurnitureFittings 2023-01-31 13117008 core:OfficeEquipment 2023-01-31 13117008 2022-02-01 2023-01-31 13117008 2023-01-31 13117008 2 2023-01-31 13117008 core:CurrentFinancialInstruments 2023-01-31 13117008 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 13117008 core:OtherResidualIntangibleAssets 2023-01-31 13117008 core:FurnitureFittings 2023-01-31 13117008 core:OfficeEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 13117008

Blockswap Network Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Blockswap Network Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Blockswap Network Ltd

(Registration number: 13117008)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,592,016

1,269,370

Tangible assets

5

50,635

9,394

 

1,642,651

1,278,764

Current assets

 

Debtors

6

343,657

718,367

Cash at bank and in hand

 

21,282

69,385

 

364,939

787,752

Creditors: Amounts falling due within one year

7

(145,967)

(61,837)

Net current assets

 

218,972

725,915

Total assets less current liabilities

 

1,861,623

2,004,679

Provisions for liabilities

(288,164)

(319,692)

Net assets

 

1,573,459

1,684,987

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,573,458

1,684,986

Shareholders' funds

 

1,573,459

1,684,987

 

Blockswap Network Ltd

(Registration number: 13117008)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

.........................................
Mr M A Thathathethil
Director

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
86-90 Paul Street
London
EC2A 4NE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

3 years straight line

Office Equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangibles

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

2,228,012

2,228,012

Additions acquired separately

1,605,396

1,605,396

At 31 January 2024

3,833,408

3,833,408

Amortisation

At 1 February 2023

958,642

958,642

Amortisation charge

1,282,750

1,282,750

At 31 January 2024

2,241,392

2,241,392

Carrying amount

At 31 January 2024

1,592,016

1,592,016

At 31 January 2023

1,269,370

1,269,370

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

1,751

13,647

15,398

Additions

-

69,542

69,542

Disposals

-

(1,611)

(1,611)

At 31 January 2024

1,751

81,578

83,329

Depreciation

At 1 February 2023

759

5,245

6,004

Charge for the year

584

27,135

27,719

Eliminated on disposal

-

(1,029)

(1,029)

At 31 January 2024

1,343

31,351

32,694

Carrying amount

At 31 January 2024

408

50,227

50,635

At 31 January 2023

992

8,402

9,394

6

Debtors

Note

2024
£

2023
£

Other debtors

 

4,643

543,889

Prepayments

 

-

69,029

Accrued income

 

335,090

105,449

Income tax asset

3,924

-

 

343,657

718,367

 

Blockswap Network Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

41,514

35,230

Taxation and social security

4,866

16,315

Other creditors

99,587

10,292

145,967

61,837

8

Related party transactions

Other transactions with the director

Mr M A Thathathethil, a director, had a loan with the company. As at 31st January 2024 Mr M A Thathathethil owed the company £17 (2023: (£1,845) ).