Company Registration No. 12132516 (England and Wales)
Bit Reserve Ltd
Unaudited accounts
for the year ended 30 June 2024
Bit Reserve Ltd
Unaudited accounts
Contents
Bit Reserve Ltd
Company Information
for the year ended 30 June 2024
Directors
Michalakis Christofi
Prime Stream LTD
Secretary
Prime Stream LTD
Company Number
12132516 (England and Wales)
Registered Office
Conectid Group
20 - 22 Wenlock Road
London,
N1 7GU
United Kingdom
Bit Reserve Ltd
Statement of financial position
as at 30 June 2024
Intangible assets
333,333
333,333
Net assets
333,333
333,333
Called up share capital
333,333
333,333
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
Prime Stream LTD
Director
Company Registration No. 12132516
Bit Reserve Ltd
Notes to the Accounts
for the year ended 30 June 2024
Bit Reserve Ltd is a private company, limited by shares, registered in England and Wales, registration number 12132516. The registered office is Conectid Group, 20 - 22 Wenlock Road, London,, N1 7GU, United Kingdom.
2
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.
Bit Reserve Ltd
Notes to the Accounts
for the year ended 30 June 2024
4
Intangible fixed assets
Other
In accordance with Financial Reporting Standard 102 (FRS 102) and relevant International Financial Reporting Standards (IFRS) as adopted in the UK, the directors of Prime Stream Limited recognise and measure intangible fixed assets as outlined below.
Recognition and Measurement:
Intangible fixed assets, such as patents, trademarks, software, and licenses, are initially recognised at cost when it is probable that future economic benefits will flow to the company and the cost can be reliably measured. Subsequently, these assets are carried at cost less accumulated impairment losses. The directors’ policy is to treat these assets as having an indefinite useful life until a finite life is determined, at which point an appropriate amortisation policy would be applied.
Impairment Review:
The directors perform an annual impairment review for each intangible asset, or more frequently if events or changes in circumstances suggest potential impairment. If an indicator of impairment is identified, the asset’s recoverable amount—defined as the higher of fair value less costs to sell and value in use—is estimated. An impairment loss is recognised if the recoverable amount falls below the carrying amount, per IAS 36 (Impairment of Assets) as adopted in the UK.
Disclosures:
The financial statements disclose the carrying amount of intangible assets, including movements such as additions, disposals, impairments, and reversals of impairments. Key assumptions underpinning the recoverable amount, such as discount rates and growth rates, are also disclosed, ensuring transparency and providing stakeholders with insight into the valuation and management of these assets.
5
Average number of employees
During the year the average number of employees was 1 (2023: 1).