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Company Registration No. 11607998 (England and Wales)
Weaver Labs Limited Unaudited accounts for the year ended 31 October 2024
Weaver Labs Limited Unaudited accounts Contents
Page
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Weaver Labs Limited Company Information for the year ended 31 October 2024
Directors
Maria Angel Lema Rosas Anthony Tsiopoulos Alexandros Livanios Roditis
Secretary
The Accountancy Cloud
Company Number
11607998 (England and Wales)
Registered Office
9th Floor 107 Cheapside London EC2V 6DN United Kingdom
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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Weaver Labs Limited Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
15,157 
36,581 
Tangible assets
14,371 
7,254 
29,528 
43,835 
Current assets
Debtors
1,068,921 
81,125 
Cash at bank and in hand
36,088 
177,691 
1,105,009 
258,816 
Creditors: amounts falling due within one year
(1,048,365)
(246,021)
Net current assets
56,644 
12,795 
Total assets less current liabilities
86,172 
56,630 
Creditors: amounts falling due after more than one year
(627,879)
(623,188)
Net liabilities
(541,707)
(566,558)
Capital and reserves
Called up share capital
14 
14 
Share premium
49,999 
49,999 
Capital contribution reserve
103,044 
103,044 
Profit and loss account
(694,764)
(719,615)
Shareholders' funds
(541,707)
(566,558)
For the year ending 31 October 2024 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 directors acknowledge their 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 of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by
Maria Angel Lema Rosas Director Company Registration No. 11607998
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
Weaver Labs Limited is a private company, limited by shares, registered in England and Wales, registration number 11607998. The registered office is 9th Floor , 107 Cheapside, London, EC2V 6DN , United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
Turnover
Turnover from the sale of tokens is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
Straight line over 3 years
Computer equipment
Straight line over 3 years
Intangible fixed assets
Intangible fixed assets includes cryptocurrency which are included at cost less impairment.
Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Weaver Labs Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Prior period restatement
During the year, it was noted that deferred income and prepayments were incorrect due to a timing issue, requiring the following adjustments in the prior year: - Profit and loss increased by £404,485 to a profit of £176,351. - Accrued income and prepayments decreased by £32,385 to £28,370. - Deferred income decreased by £436,870 to £26,566. - Retained loss decreased by £404,485 to £719,615.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 November 2023
36,581 
Additions
26,501 
Disposals
(47,925)
At 31 October 2024
15,157 
Amortisation
At 1 November 2023
- 
At 31 October 2024
- 
Net book value
At 31 October 2024
15,157 
At 31 October 2023
36,581 
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2024
5
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2023
5,770 
3,459 
9,229 
Additions
- 
8,795 
8,795 
At 31 October 2024
5,770 
12,254 
18,024 
Depreciation
At 1 November 2023
94 
1,881 
1,975 
Charge for the year
385 
1,293 
1,678 
At 31 October 2024
479 
3,174 
3,653 
Net book value
At 31 October 2024
5,291 
9,080 
14,371 
At 31 October 2023
5,676 
1,578 
7,254 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
8,326 
Trade debtors
951,862 
43,876 
Accrued income and prepayments
87,781 
28,370 
Other debtors
29,278 
553 
1,068,921 
81,125 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
145,860 
- 
Trade creditors
265,365 
10,448 
Amounts owed to group undertakings and other participating interests
62,884 
32,385 
Taxes and social security
27,612 
23,321 
Other creditors
67,454 
143,301 
Accruals
327,809 
- 
Deferred income
141,381 
26,566 
1,048,365 
246,021 
Bank loans consists of £10,000 (2023: £10,000) payable to Metro bank. Interest accrues at a rate of 2.5%.
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Weaver Labs Limited Notes to the Accounts for the year ended 31 October 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
6,667 
16,667 
Other creditors
621,212 
606,521 
627,879 
623,188 
Creditors due after one year includes the following: - A bank loan of £16,667 (2022: £26,667) payable to Metro bank. The loan is repayable over a term of 60 months and accrues interest at a rate of 2.5%. - Convertible loan notes of £606,521 (2022: £433,891), which mature in March 2024 and March 2026, with the option to convert to shares. Interest is accrued at a rate of 3% and payable when the notes are either redeemed or converted.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
14,361 Ordinary shares of £0.001 each
14.36 
14.36 
10
Transactions with related parties
At 31 October 2024, the following amounts are due to related parties: - £41,613 (2023: £21,430) due to Stratum Foundation Ltd, a subsidiary based in Singapore. - £21,271 (2023: £10,955) due to Sedimentary Pte Ltd, a subsidiary based in Singapore.
11
Average number of employees
During the year the average number of employees was 9 (2023: 8).
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