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Registered number: 13871320









GRIZZDEV LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2024

 
GRIZZDEV LTD
REGISTERED NUMBER: 13871320

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
  
776
1,056

Investment in associate
  
77,351
57,360

  
78,127
58,416

Current assets
  

Debtors: amounts falling due within one year
  
100
100

Cash at bank and in hand
  
36,000
-

  
36,100
100

Creditors: amounts falling due within one year
  
(6,322)
(4,322)

Net current assets/(liabilities)
  
 
 
29,778
 
 
(4,222)

Total assets less current liabilities
  
107,905
54,194

  

Net assets
  
107,905
54,194


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
107,805
54,094

  
107,905
54,194


Page 1

 
GRIZZDEV LTD
REGISTERED NUMBER: 13871320
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.




T J Hembrough
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GRIZZDEV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

GrizzDev Ltd Ltd is a private company, limited by shares, registered in England and Wales, registration
number-13871320. The registered office is 101 New Cavendish Street, 1st Floor South, London, United
Kingdom, W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
GRIZZDEV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Intangible 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.

Intangible assets comprise primarily of cryptocurrency and other digital assets, which are considered
to have an indefinite useful economic life. These assets are therefore not amortised but reviewed for
impairment on a regular basis.

 
2.5

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Investments in associates

Investments in associates are accounted for using the equity method. Investments in associates are
initially recorded at cost and subsequently adjusted to reflect the investor's share of the net assets of
the associate (investee).

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
GRIZZDEV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 5

 
GRIZZDEV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Intangible assets




Digital Assets

£



Cost


At 1 February 2023
1,056


Additions
11,804


Disposals
(11,804)



At 31 January 2024

1,056



Amortisation


Impairment charge
280



At 31 January 2024

280



Net book value



At 31 January 2024
776



At 31 January 2023
1,056




5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 February 2023
57,360


Share of profit/(loss)
19,991



At 31 January 2024
77,351




Page 6

 
GRIZZDEV LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Other debtors
100
100

100
100



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
36,000
-

36,000
-



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
6,322
4,322

6,322
4,322



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



99 (2023 - 99) Ordinary shares of £1.00 each
99
99
1 (2023 - 1) Ordinary A share of £1.00
1
1

100

100


 
Page 7