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METAVERSE COMMUNICATIONS LTD

Registered Number
14059248
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

METAVERSE COMMUNICATIONS LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

HARGREAVES, Carolyn
HARGREAVES, Jonathan

Registered Address

Gf Ro 2nd Floor, 5 High Street
Westbury On Trym
Bristol
BS9 3BY

Registered Number

14059248 (England and Wales)
METAVERSE COMMUNICATIONS LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3101,888-
101,888-
Current assets
Debtors-10
-10
Creditors amounts falling due within one year4(45,256)-
Net current assets (liabilities)(45,256)10
Total assets less current liabilities56,63210
Net assets56,63210
Capital and reserves
Called up share capital1010
Profit and loss account56,622-
Shareholders' funds56,63210
The financial statements were approved and authorised for issue by the Board of Directors on 31 January 2025, and are signed on its behalf by:
HARGREAVES, Jonathan
Director
Registered Company No. 14059248
METAVERSE COMMUNICATIONS LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
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.
Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Current taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Cryptocurrency assets
The crypto assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. Crypto assets accounted for as intangible assets are subject to impairment losses if the fair value of crypto assets decreases below the carrying value at any time during the period. The fair value is measured using the quoted price of the crypto asset at the time its fair value is being measured. Impairment expense is reflected in other operating expense.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets

Other

Total

££
Cost or valuation
Additions410,624410,624
Disposals(308,736)(308,736)
At 30 April 24101,888101,888
Net book value
At 30 April 24101,888101,888
At 30 April 23--
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables32,035-
Taxation and social security13,221-
Total45,256-
5.Share capital
Allotted, called up and fully paid 10 (2023 - 10) Ordinary shares of £1.00 each, 2024 £10, 2023 £10.