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Registration number: 10637289

Bit Chute Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 31 December 2023

 

Bit Chute Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Bit Chute Limited

(Registration number: 10637289)
Balance Sheet as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Intangible assets

5

2,780

3,847

Tangible assets

6

79

236

 

2,859

4,083

Current assets

 

Debtors

7

8,649

10,729

Cash at bank and in hand

 

-

510

 

8,649

11,239

Creditors: Amounts falling due within one year

8

(231,307)

(98,797)

Net current liabilities

 

(222,658)

(87,558)

Net liabilities

 

(219,799)

(83,475)

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

30

30

Retained earnings

(219,929)

(83,605)

Shareholders' deficit

 

(219,799)

(83,475)

 

Bit Chute Limited

(Registration number: 10637289)
Balance Sheet as at 31 December 2023

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

.........................................
R A Jones
Director

 

Bit Chute Limited

Notes to the Financial Statements for the Period from 1 March 2023 to 31 December 2023

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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

At the balance sheet date the company's current liabilities exceed its current assets. The company is undergoing a restructuring plan involving external investors and its is envisaged that this will enable the company to meet its debts and provide funds for further investment and growth. The directors are confident about the company's future prospects and on that basis these financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of web hosting 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.

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.

 

Bit Chute Limited

Notes to the Financial Statements for the Period from 1 March 2023 to 31 December 2023

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

Office Equipment

straight line over three years

Intangible assets

The company accepts payments from customers in the form of cryptocurrency. Intangible assets represent the cost value of crypto assets at the year end. Realised gains and losses are taken to the profit and loss account. Impairment losses are taken to the profit and loss account.

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.

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Bit Chute Limited

Notes to the Financial Statements for the Period from 1 March 2023 to 31 December 2023

3

Taxation

2023

2023

£

£

Corporation tax

-

(12,869)

Deferred tax

-

-

-

(12,869)

4

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2023 - 3).

5

Intangible assets

Cryptocurrency
 £

Total
£

Cost or valuation

At 1 March 2023

3,847

3,847

Revaluations

890

890

Additions acquired separately

6,041

6,041

Disposals

(7,805)

(7,805)

Foreign exchange movements

(193)

(193)

At 31 December 2023

2,780

2,780

Amortisation

Carrying amount

At 31 December 2023

2,780

2,780

At 28 February 2023

3,847

3,847

 

Bit Chute Limited

Notes to the Financial Statements for the Period from 1 March 2023 to 31 December 2023

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

566

566

At 31 December 2023

566

566

Depreciation

At 1 March 2023

330

330

Charge for the period

157

157

At 31 December 2023

487

487

Carrying amount

At 31 December 2023

79

79

At 28 February 2023

236

236

7

Debtors

Current

2023
£

2023
£

Other debtors

8,649

10,729

 

8,649

10,729

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

127,917

41,643

Trade creditors

 

5,582

50,737

Amounts owed to related parties

9

88,279

-

Taxation and social security

 

-

2,475

Other creditors

 

9,529

3,942

 

231,307

98,797

 

Bit Chute Limited

Notes to the Financial Statements for the Period from 1 March 2023 to 31 December 2023

9

Related party transactions

Other transactions with directors

R A Jones (director) and R N Vahey (director) had a loan account with the company. At the balance sheet date the amount due to R A Jones was £2,327 (2023 - £685), and R N Vahey was £4,202 (2023 - £Nil).

Expenditure with and payables to related parties

2023

Parent
£

Amounts payable to related party

88,279

10

Parent and ultimate parent undertaking

The company's immediate parent is Deep State Protocol LLC, incorporated in the United States of America.