Acorah Software Products - Accounts Production 16.3.350 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 06986304 Mrs Sandra Jewell Mr Simon Jewell Mrs Sandra Jewell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06986304 2023-08-31 06986304 2024-08-31 06986304 2023-09-01 2024-08-31 06986304 frs-core:CurrentFinancialInstruments 2024-08-31 06986304 frs-core:ComputerEquipment 2024-08-31 06986304 frs-core:ComputerEquipment 2023-09-01 2024-08-31 06986304 frs-core:ComputerEquipment 2023-08-31 06986304 frs-core:FurnitureFittings 2024-08-31 06986304 frs-core:FurnitureFittings 2023-09-01 2024-08-31 06986304 frs-core:FurnitureFittings 2023-08-31 06986304 frs-core:ShareCapital 2024-08-31 06986304 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 06986304 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06986304 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 06986304 frs-bus:SmallEntities 2023-09-01 2024-08-31 06986304 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 06986304 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 06986304 frs-core:CostValuation 2023-08-31 06986304 frs-core:DisposalsRepaymentsInvestments 2024-08-31 06986304 frs-core:CostValuation 2024-08-31 06986304 frs-core:ProvisionsForImpairmentInvestments 2023-08-31 06986304 frs-core:ImpairmentReversalProvisionsForImpairmentInvestments 2024-08-31 06986304 frs-core:ProvisionsForImpairmentInvestments 2024-08-31 06986304 frs-bus:Director1 2023-09-01 2024-08-31 06986304 frs-bus:Director2 2023-09-01 2024-08-31 06986304 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 06986304 frs-countries:EnglandWales 2023-09-01 2024-08-31 06986304 2022-08-31 06986304 2023-08-31 06986304 2022-09-01 2023-08-31 06986304 frs-core:CurrentFinancialInstruments 2023-08-31 06986304 frs-core:ShareCapital 2023-08-31 06986304 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 06986304
Sygem Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Holden Associates
Qualified Accountants, Taxation & Business Growth Advisors
V12 Merlin Park Ringtail Road
Burscough Industrial Estate
Ormskirk
L40 8JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06986304
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,901 2,618
Intangible Assets - Cryptocurrency 5 - 70,839
1,901 73,457
CURRENT ASSETS
Stocks 6 132,217 -
Debtors 7 - 7,251
Cash at bank and in hand 2,934 4,870
135,151 12,121
Creditors: Amounts Falling Due Within One Year 8 (27,580 ) (28,860 )
NET CURRENT ASSETS (LIABILITIES) 107,571 (16,739 )
TOTAL ASSETS LESS CURRENT LIABILITIES 109,472 56,718
NET ASSETS 109,472 56,718
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 109,470 56,716
SHAREHOLDERS' FUNDS 109,472 56,718
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Page 2
For the year ending 31 August 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Jewell
Director
28th May 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Sygem Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06986304 . The registered office is 5 Lime Grove, Garstang, Lancashire, PR3 1ER.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Cryptocurrency trading
Turnover during the year from the sale of cryptocurrency assets through recognised trading platforms. Revenue is recognised at the point when the significant risks and rewards of ownership are transferred to the buyer, typically at the time of transaction execution. Revenue is stated exclusive of transaction fees and other direct trading costs.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33.33% Straight line
Computer Equipment 33.33% Straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.5. Stocks - Cryptoassets Held for Trading
Cryptoassets are classified as inventory where they are held for resale in the ordinary course of business. In accordance with FRS 102 Section 13, inventory is measured at the lower of cost and net realisable value (NRV). Cost includes all directly attributable purchase costs and is determined using the FIFO method. NRV is the estimated selling price in the ordinary course of business less any costs to complete and sell.
Revenue from the sale of cryptoassets is recognised when the significant risks and rewards of ownership are transferred to the buyer, usually at the point of transaction on the trading platform.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 - 26,126 26,126
Additions 200 1,326 1,526
As at 31 August 2024 200 27,452 27,652
Depreciation
As at 1 September 2023 - 23,508 23,508
Provided during the period 67 2,176 2,243
As at 31 August 2024 67 25,684 25,751
Net Book Value
As at 31 August 2024 133 1,768 1,901
As at 1 September 2023 - 2,618 2,618
5. Intangible Assets - Cryptocurrency
Other
£
Cost
As at 1 September 2023 91,224
Disposals (91,224 )
As at 31 August 2024 -
Provision
As at 1 September 2023 20,385
Reversal of past impairments (20,385 )
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 70,839
Cryptoassets were previously recognised as intangible assets and impaired to fair value at 31 August 2023 prior to reclassification.
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6. Stocks
2024 2023
£ £
Stock (Cryptoassets held for trading) 132,217 -
7. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets - 7,251
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 122 -
Corporation tax 20,128 19,735
Other taxes and social security 1 79
Accruals and deferred income 4,200 3,067
Directors' loan accounts 3,129 5,979
27,580 28,860
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Change in accounting policy
During the year, the company changed its accounting treatment for cryptoasset holdings. Previously, cryptoassets were classified as intangible fixed asset investments under FRS 102 Section 18 and measured using the revaluation model. As of 1 September 2023, these assets have been reclassified as current assets held for trading stock, due to a change in business activity to active crypto trading.
The assets were transferred at their carrying value of £70,839, which reflected their net book value after impairment as at 31 August 2023. This change in policy has been applied prospectively, and prior year figures have not been restated.
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