BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
Block Dojo Limited (the 'Company') is a company limited by shares, incorporated in England and Wales.
The Company's principle activity is investing in, and providing training to, investment companies The Company's registered address is First floor, Radius House, 51 Clarendon Road, Watford, WD17 1HP. The Company's registered number and registered address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due. The directors are satisfied that the company has sufficient funds to continue to trade for the foreseeable future.
The Company has made a loss of £2,803,046 in the year. The Company is dependent on the support of continued funding from its parent entity which has indicated its willingness to provide continuing support for the foreseeable future.
Functional and presentation currency
Transactions and balances
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Commission fee income is recognised when cohorts receive funding from additional funders. This is calculated based on a fixed rate in the share holder agreement.
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument 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 and loans to related parties.
(i) Financial assets Basic financial assets, including trade and other debtors, 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 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.
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, 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. (iii) Offsetting 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.
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
During the period 129,895 shares of £0.10 each were issued for total consideration of £417,436.
Both classes of shares rank equally for all purposes, with the exception of the Ordinary A shares which carry 10 votes for every share held.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £1,777 (2022: £1,570) were payable to the fund at the reporting date and are included in creditors.
The parent undertaking is nChain UK limited.
The registered office and principal place of business is 28-30 Market Place, London, England, W1W 8AP.
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BLOCK DOJO INVESTMENTS LIMITED (FORMERLY BLOCK DOJO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023
The qualification in the audit report was as follows:
Disclaimer of opinion We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. Basis for disclaimer of opinion Due to the outcome of recent court cases involving persons who served for substantial portions of the period under review as directors of the company and its current parent company, we, as auditors, did not consider it appropriate to place reliance on representations made by or on behalf of the board. As a result of this we were unable to satisfy ourselves over the reliability of the financial statements as a whole.
The audit report was signed on
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