Company Registration No. 12030346 (England and Wales)
Prime Stream Ltd
Unaudited accounts
for the year ended 30 June 2024
Prime Stream Ltd
Unaudited accounts
Contents
Prime Stream Ltd
Company Information
for the year ended 30 June 2024
Directors
Michalakis Christofi
Conectid Limited
Secretary
Conectid Limited
Company Number
12030346 (England and Wales)
Registered Office
Conectid Group
20 - 22 Wenlock Road
London
N1 7GU
England
Prime Stream Ltd
Statement of financial position
as at 30 June 2024
Investments
333,333
333,333
Net assets
333,333
333,333
Called up share capital
100,000
100,000
Share premium
233,333
233,333
Shareholders' funds
333,333
333,333
For the year ending 30 June 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 28 March 2025 and were signed on its behalf by
Conectid Limited
Director
Company Registration No. 12030346
Prime Stream Ltd
Notes to the Accounts
for the year ended 30 June 2024
Prime Stream Ltd is a private company, limited by shares, registered in England and Wales, registration number 12030346. The registered office is Conectid Group, 20 - 22 Wenlock Road, London, N1 7GU, England.
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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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Prime Stream Ltd
Notes to the Accounts
for the year ended 30 June 2024
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Investments
Subsidiary undertakings
Valuation at 1 July 2023
333,333
Valuation at 30 June 2024
333,333
Investment in Bit Reserve Ltd.:
In the fixed assets section of the financial statements, the directors report a fixed investment of £333,333, representing the acquisition of 3,333 shares in Bit Reserve Ltd. at a nominal value of £100.01 per share. This investment comprises the entire issued share capital of Bit Reserve Ltd., a wholly owned subsidiary, granting Prime Stream Limited full ownership and control.
Investment Rationale:
The acquisition reflects a strategic commitment to Bit Reserve Ltd.’s growth and operational direction, aligning with Prime Stream Limited’s long-term objectives and demonstrating the directors’ confidence in its potential.
Accounting Treatment:
The investment is recorded at its purchase cost of £333,333 within the fixed assets section of the parent company’s financial statements, consistent with IAS 27 (Separate Financial Statements) as adopted in the UK. This long-term investment is carried at cost and subject to annual impairment reviews.
Impairment Review:
The directors perform an annual review to identify any indicators of impairment, assessing Bit Reserve Ltd.’s financial performance, market conditions, and relevant external factors in accordance with IAS 36 (Impairment of Assets). If impairment is indicated, a detailed test determines the recoverable amount—defined as the higher fair value less costs to sell and value in use—with any resulting impairment losses recognised. Previously recognised impairment losses are evaluated for potential reversal in subsequent periods, ensuring the carrying amount does not exceed the recoverable amount.
Amortisation:
As an equity investment, amortisation is not applicable. Should any components of the investment become subject to amortisation under relevant standards, appropriate adjustments and disclosures will be applied.
Disclosure:
The financial statements disclose the nature and amount of the investment, including any movements such as impairment losses or reversals, providing stakeholders with clear insight into the company’s strategic investment and its valuation.
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Average number of employees
During the year the average number of employees was 1 (2023: 1).