IRIS Accounts Production v24.3.2.46 13340699 director 1.4.23 31.3.24 31.3.24 research into digital assets, crypto assets and the technologies with a view to understanding the impact they have on the financial services sectors. false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh133406992023-03-31133406992024-03-31133406992023-04-012024-03-31133406992022-03-31133406992022-04-012023-03-31133406992023-03-3113340699ns15:EnglandWales2023-04-012024-03-3113340699ns14:PoundSterling2023-04-012024-03-3113340699ns10:Director12023-04-012024-03-3113340699ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3113340699ns10:MediumEntities2023-04-012024-03-3113340699ns10:Audited2023-04-012024-03-3113340699ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3113340699ns10:FullAccounts2023-04-012024-03-3113340699ns10:OrdinaryShareClass12023-04-012024-03-3113340699ns10:RegisteredOffice2023-04-012024-03-3113340699ns10:Director22023-04-012024-03-3113340699ns10:Director32023-04-012024-03-3113340699ns5:ShareCapital2024-03-3113340699ns5:ShareCapital2023-03-3113340699ns5:RetainedEarningsAccumulatedLosses2024-03-3113340699ns5:RetainedEarningsAccumulatedLosses2023-03-3113340699ns5:ShareCapital2022-03-3113340699ns5:RetainedEarningsAccumulatedLosses2022-03-3113340699ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113340699ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-311334069912023-04-012024-03-311334069912022-04-012023-03-3113340699ns10:OrdinaryShareClass12022-04-012023-03-3113340699ns5:CurrentFinancialInstruments2024-03-3113340699ns5:CurrentFinancialInstruments2023-03-3113340699ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3113340699ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3113340699ns10:OrdinaryShareClass12024-03-3113340699ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 13340699 (England and Wales)










Chapter Energy Ltd

Report of the Director and

Financial Statements

for the Year Ended 31 March 2024






Chapter Energy Ltd (Registered number: 13340699)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Chapter Energy Ltd

Company Information
for the year ended 31 March 2024







DIRECTOR: Mr A Ben-Gacem





REGISTERED OFFICE: Yeat Coach House
Wotton Underwood
Aylesbury
HP18 0RL





REGISTERED NUMBER: 13340699 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Chapter Energy Ltd (Registered number: 13340699)

Report of the Director
for the year ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
An interim dividend of £2,176,416 per share was paid on 23 February 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 2,176,416 .

DIRECTORS
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows:

Mr A Ben-Gacem - appointed 23 February 2024
Mr S P Cullen - resigned 23 February 2024
Ms R J Venis - resigned 23 February 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A Ben-Gacem - Director


20 March 2025

Report of the Independent Auditors to the Members of
Chapter Energy Ltd

Opinion
We have audited the financial statements of Chapter Energy Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Report of the Independent Auditors to the Members of
Chapter Energy Ltd


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts, which would be contrary to applicable laws and regulations, including fraud. We considered the significant laws and regulations to be the Companies Act 2006, UK tax legislation and applicable accounting standards and in addition other laws and regulations that may have a material effect on the financial statements.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates

Our tests included, but were not limited to:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management and those charged with governance regarding their knowledge of any actual or suspected fraud or allegations of fraudulent financial reporting affecting the Company;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- addressing the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- considering the effectiveness of the control environment in monitoring compliance with laws and regulations.


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Chapter Energy Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aled Roberts (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

24 March 2025

Chapter Energy Ltd (Registered number: 13340699)

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER - -

Administrative expenses (129,049 ) (6,683 )
(129,049 ) (6,683 )

Other operating income 385,944 -
OPERATING PROFIT/(LOSS) 4 256,895 (6,683 )

Gain/loss on revaluation of investments 108,524 (187,731 )
PROFIT/(LOSS) BEFORE TAXATION 365,419 (194,414 )

Tax on profit/(loss) 5 - 1,270
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 365,419 (193,144 )

Chapter Energy Ltd (Registered number: 13340699)

Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 365,419 (193,144 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

365,419

(193,144

)

Chapter Energy Ltd (Registered number: 13340699)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 7 - 1,002,050

CURRENT ASSETS
Debtors 8 - 795,034
Cash at bank and in hand 1 13,914
1 808,948
NET CURRENT ASSETS 1 808,948
TOTAL ASSETS LESS CURRENT
LIABILITIES

1

1,810,998

CAPITAL AND RESERVES
Called up share capital 9 1 2,000,000
Retained earnings 10 - (189,002 )
SHAREHOLDERS' FUNDS 1 1,810,998

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:





Mr A Ben-Gacem - Director


Chapter Energy Ltd (Registered number: 13340699)

Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 2,000,000 4,142 2,004,142

Changes in equity
Total comprehensive income - (193,144 ) (193,144 )
Balance at 31 March 2023 2,000,000 (189,002 ) 1,810,998

Changes in equity
Reduction in share capital (1,999,999 ) 1,999,999 -
Dividends - (2,176,416 ) (2,176,416 )
Total comprehensive income - 365,419 365,419
Balance at 31 March 2024 1 - 1

Chapter Energy Ltd (Registered number: 13340699)

Cash Flow Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,050,659 874,756
Tax paid 1,270 -
Net cash from operating activities 1,051,929 874,756

Cash flows from investing activities
Purchase of Investments (1,065,842 ) (863,437 )
Disposal of Investments 2,176,416 -
Net cash from investing activities 1,110,574 (863,437 )

Cash flows from financing activities
Equity dividends in specie (2,176,416 ) -
Net cash from financing activities (2,176,416 ) -

(Decrease)/increase in cash and cash equivalents (13,913 ) 11,319
Cash and cash equivalents at beginning
of year

2

13,914

2,595

Cash and cash equivalents at end of year 2 1 13,914

Chapter Energy Ltd (Registered number: 13340699)

Notes to the Cash Flow Statement
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 365,419 (194,414 )
(Gain)/loss on revaluation of fixed assets (108,524 ) 187,731
(Increase)/Decrease in Debtors 793,764 881,439
Cash generated from operations 1,050,659 874,756

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 1 13,914
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 13,914 2,595


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 13,914 (13,913 ) 1
13,914 (13,913 ) 1
Total 13,914 (13,913 ) 1

Chapter Energy Ltd (Registered number: 13340699)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Chapter Energy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 52,528 -
Social security costs 6,148 -
Other pension costs 4,492 -
63,168 -

The average number of employees during the year was as follows:
2024 2023

Employees 1 -

2024 2023
£    £   
Directors' remuneration - -

Chapter Energy Ltd (Registered number: 13340699)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. OPERATING PROFIT/(LOSS)

The operating profit comprised of administrative expenses and losses on translation of US dollar denominated assets into sterling.

Fees payable to the Company's auditor were paid by its parent Company, SoleCrypt Ltd.

5. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (1,270 )
Tax on profit/(loss) - (1,270 )

6. DIVIDENDS
2024 2023
£    £   
Interim 2,176,416 -

7. FIXED ASSET INVESTMENTS

The Company's Investments were disposed of at carrying value to its former parent Company in February 2024, via a dividend in specie.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 793,764
Tax - 1,270
- 795,034

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 2,000,000

The Company's share capital at 31st March 2023 was made up of 2,000,000 ordinary shares with a nominal value of £1 each.

The Company reduced its share capital during the year. The share capital at 31st March 2024 was made up of 1 ordinary share with a nominal value of £1.

10. RESERVES
Retained
earnings
£   

At 1 April 2023 (189,002 )
Profit for the year 365,419
Dividends (2,176,416 )
Cancellation of shares 1,999,999
At 31 March 2024 -