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Company No: 13814340 (England and Wales)

NOVEL LABS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

NOVEL LABS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

NOVEL LABS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
NOVEL LABS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 1,715,483 216,435
Tangible assets 4 1,792 0
1,717,275 216,435
Current assets
Stocks 5 22,168 39,299
Debtors 6 157,225 2,151,964
Cash at bank and in hand 124,774 24,178
304,167 2,215,441
Creditors: amounts falling due within one year 7 ( 236,409) ( 948,979)
Net current assets 67,758 1,266,462
Total assets less current liabilities 1,785,033 1,482,897
Net assets 1,785,033 1,482,897
Capital and reserves
Called-up share capital 9 107 0
Share premium account 484,285 0
Revaluation reserve 312,034 0
Profit and loss account 988,607 1,482,897
Total shareholders' funds 1,785,033 1,482,897

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Novel Labs Ltd (registered number: 13814340) were approved and authorised for issue by the Director. They were signed on its behalf by:

C Morrison
Director

05 February 2025

NOVEL LABS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
NOVEL LABS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Novel Labs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The principal activity of the company during the financial year was the development of NFTs.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are originally recognised at cost stated at cost or valuation. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

2. Employees

Year ended
31.12.2023
Period from
22.12.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 3 1

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 232,247 232,247
Additions 6,943,992 6,943,992
Revaluations 416,046 416,046
Disposals ( 5,676,567) ( 5,676,567)
At 31 December 2023 1,915,718 1,915,718
Accumulated amortisation
At 01 January 2023 15,812 15,812
Charge for the financial year 22,042 22,042
Impairment losses 162,381 162,381
At 31 December 2023 200,235 200,235
Net book value
At 31 December 2023 1,715,483 1,715,483
At 31 December 2022 216,435 216,435

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 0 0
Additions 2,351 2,351
At 31 December 2023 2,351 2,351
Accumulated depreciation
At 01 January 2023 0 0
Charge for the financial year 559 559
At 31 December 2023 559 559
Net book value
At 31 December 2023 1,792 1,792
At 31 December 2022 0 0

5. Stocks

31.12.2023 31.12.2022
£ £
Stocks 22,168 39,299

6. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 0 2,119,905
Other debtors 157,225 32,059
157,225 2,151,964

7. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 21,604 32,420
Amounts owed to connected companies 19,482 3,682
Taxation and social security 79,468 431,447
Other creditors 115,855 481,430
236,409 948,979

8. Deferred tax

31.12.2023 31.12.2022
£ £
At the beginning of financial year/period 0 0
Charged to the Statement of Comprehensive Income ( 104,012) 0
At the end of financial year/period ( 104,012) 0

9. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
85,714,406 Ordinary A shares of £ 0.000001 each (31.12.2022: nil shares) 86 0
5,357,150 Ordinary B shares of £ 0.000001 each (31.12.2022: nil shares) 5 0
16,071,452 Ordinary C shares of £ 0.000001 each (31.12.2022: nil shares) 16 0
Nil Ordinary shares (31.12.2022: 100 shares of £ 1.00 each) 0 100
107 100

10. Related party transactions

Included within other debtors is a balance of £131,966 (2022 : £1,355) owed by to director. This balance is interest free, unsecured and repayable on demand.

Included within other creditors is a balance of £2,002 (2022: £10,926) owed to one of the shareholders. This balance is interest free, unsecured and repayable on demand.

Also included within creditors is a balance owed to a connected company £19,482 (2022: £3,682).