Company registration number: 15425285
Unaudited financial statements
for the period ended 31 December 2024
for
Zenrock Laboratories Ltd
Pages for filing with the Registrar
Company registration number: 15425285
Zenrock Laboratories Ltd
Balance sheet
as at 31 December 2024
Note £ £
Fixed assets
Intangible assets 4 2,115,756
Tangible assets 5 5,326
Investments 6 1
2,121,083
Current assets
Stocks 5,799
Debtors 1,373,222
Cash at bank and in hand 287,463
1,666,484
Creditors: amounts falling due within one
year
(433,011)
Net current assets 1,233,473
Total assets less current liabilities 3,354,556
Creditors: Amounts falling due after more
than one year
(239,708)
NET ASSETS 3,114,848
Capital and reserves
Called up share capital 1,971,994
Share premium account 4,084,004
Revaluation reserve 1,438,152
Profit and loss account (4,379,302)
TOTAL EQUITY 3,114,848
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 31 December 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
1
Company registration number: 15425285
Zenrock Laboratories Ltd
Balance sheet - continued
as at 31 December 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 18 March 2025 and signed on its behalf by:
Mr D Payne-Shelley, Director
18 March 2025
2
Zenrock Laboratories Ltd
Notes to the financial statements
for the period ended 31 December 2024
1 Company information
Zenrock Laboratories Ltd is a private company registered in England and Wales. Its registered number is 15425285. The company is limited by shares. Its registered office is Martin & Co, 25 St. Thomas Street, Winchester, Hampshire, SO23 9HJ.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Presentation currency
The company's financial statements are presented in sterling.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Crypto Assets - Crypto assets are held at fair value, by reference to an
actively traded market, and all movements in fair value
are charged to profit and loss. No amortisation is
charged on crypto assets.
Intellectual Property - Intellectual property is held at fair value at the date of
acquisition. Amortisation is charged to profit and loss
over a useful life of 10 years on a straight-line basis.
3
Zenrock Laboratories Ltd
Notes to the financial statements - continued
for the period ended 31 December 2024
2 Accounting policies - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Office equipment - Second-hand: 50% Straight-Line.
Computer equipment - New: 33% Straight-Line.
Investments in subsidiaries
Investments in subsidiaries are recognised at cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first -in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Research and development
Expenditure on research and development is written off in the period in which it is incurred.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the period the average number of employees was 9.
4 Intangible assets
Other
intangible
assets
£
Cost
Additions 3,416,163
Disposals (2,546,014)
Revaluations 1,424,963
At 31 December 2024 2,295,112
4
Zenrock Laboratories Ltd
Notes to the financial statements - continued
for the period ended 31 December 2024
4 Intangible assets - continued
Amortisation
Charge for period 179,356
At 31 December 2024 179,356
Net book value
At 31 December 2024 2,115,756
Revalued assets
Of the crypto assets held during the year, the additions and disposals were valued at £1.46m and £2.546m respectively. There was a revaluation gain of £1.425m valued by reference to an actively traded market. The net book value of crypto assets held at 31 December 2024 was £338k.
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
Additions 34,265
Disposals (25,743)
At 31 December 2024 8,522
Depreciation
Charge for period 7,685
Eliminated on disposal (4,489)
At 31 December 2024 3,196
Net book value
At 31 December 2024 5,326
5
Zenrock Laboratories Ltd
Notes to the financial statements - continued
for the period ended 31 December 2024
6 Fixed asset investments
Investments other than loans
Shares in
group
undertakings
and
participating
interests
£
Cost
Additions 1
At 31 December 2024 1
Net book value
At 31 December 2024 1
7 Related party transactions
At 31 December 2024, the Company had an outstanding loan of £243.8k due to its majority shareholders, 10T and 1RT. The loan is interest-bearing at 15% and due to mature in 2025.
8 Revaluation Reserve
A revaluation gain of £1.438m on crypto assets held at 31 December 2024 is recognised in other comprehensive income and equity (by way of a revaluation reserve). In relation to the £1.425m revaluation gain disclosed in the intangibles schedule (Note 4), there is a £13k variance due to a reversal of a currency gain. The impact of this is a decrease in profit and loss and an increase in equity.
6