Peerbyte Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Peerbyte Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13166566 . The registered office is Basepoint Business Centre, C/O Time Accounts, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The company’s immediate parent, W-Technology AG (incorporated in Switzerland, formerly Emobyus Global AG), ceased trading for commercial reasons after the reporting date and is no longer providing working capital to Peerbyte Ltd. The directors therefore expect Peerbyte Ltd to be wound up and these financial statements have been prepared on a break-up basis.

Under this basis, assets are measured at their estimated realisable values (using post-year-end disposal evidence where available). Liabilities include redundancy and closure costs and other obligations expected to be settled as part of the wind-up, even where cash settlement occurs after the reporting date.

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.

2.3. Tangible Fixed Assets and Depreciation

Fixed assets have been remeasured to reflect their estimated realisable value on an individual basis.

Where asset sales occurred post year-end (e.g. auction proceeds), those values have been used to determine recoverable amount at the reporting date.

Remaining unsold assets have been valued based on directors’ best estimates of expected realisation net of disposal costs.

Leasehold	No depreciation
Plant & Machinery	Straight line over 7 years
Motor Vehicles	Straight line over 2 years
Fixtures & Fittings	Straight line over 10 years
Computer Equipment	Straight line over 3 years

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Peerbyte Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. 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.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2023: 18)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	4,500	156,839	79,995	16,627
Additions	-	253	-	-
Disposals	-	(7,000 )	-	-

As at 31 December 2024	4,500	150,092	79,995	16,627

Depreciation
As at 1 January 2024	-	60,541	79,995	4,394
Provided during the period	-	22,447	-	1,663
Impairment losses	3,950	26,779	-	10,570

As at 31 December 2024	3,950	109,767	79,995	16,627

Net Book Value
As at 31 December 2024	550	40,325	-	-

As at 1 January 2024	4,500	96,298	-	12,233

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Peerbyte Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	27,704	285,665
Additions	672	925
Disposals	-	(7,000 )

As at 31 December 2024	28,376	279,590

Depreciation
As at 1 January 2024	22,087	167,017
Provided during the period	3,071	27,181
Impairment losses	3,218	44,517

As at 31 December 2024	28,376	238,715

Net Book Value
As at 31 December 2024	-	40,875

As at 1 January 2024	5,617	118,648

5. Stocks

	31 December 2024	31 December 2023
	£	£
Finished goods	-	334,825

6. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	7,901	16,229
Prepayments and accrued income	27,789	21,823
Other debtors	63,504	63,504
VAT	11,734	9,916

	110,928	111,472

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Other taxes and social security	28,712	-
Other creditors	6,831,938	3,694
Accruals and deferred income	51,123	2,322

	6,911,773	6,016

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Peerbyte Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 December 2023
	£	£
Other creditors	-	5,442,649

9. Share Capital

	31 December 2024	31 December 2023
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

10. Post Balance Sheet Events

In February 2025, the company’s parent undertaking, W-Technology AG, ceased trading for commercial reasons. As a consequence, the directors now intend to wind up Peerbyte Ltd. The event is non-adjusting, but it is the primary reason the directors have adopted the break-up basis for these financial statements.

11. Related Party Transactions

At 31 December 2024, amounts due to companies under common control totalled £6,828,617 (2023: £5,442,649), comprising:

Peerbyte AG – loan £6,342,303 (2023: £4,965,871); interest charged in the year £105,835 (2023: £81,787). The balance represents initial and ongoing working capital advances from the group. The loan is unsecured and repayable on demand; there is no fixed repayment schedule.

WOW Logistics SA – loan £486,314 (2023: £476,778); interest charged in the year £9,536 (2023: £8,377). This liability forms part of a facility originally advanced by Wallenborn Events SA to Magellan Smart Ltd and novated on 10 March 2021, releasing Magellan Smart Ltd and substituting Peerbyte AG and Peerbyte Ltd as joint borrowers. The lender’s rights were subsequently assigned with effect from 1 January 2024 to WOW Logistics SA. The loan is unsecured and repayable on demand; there is no fixed repayment schedule.

12. Ultimate Controlling Party

The company’s immediate parent and controlling party is W-Technology AG (formerly Emobyus Global AG), a company incorporated in Switzerland, by virtue of holding 100% of the shares and voting rights in Peerbyte Ltd.

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		40,875		118,648

			40,875		118,648
CURRENT ASSETS
Stocks	5	-		334,825
Debtors	6	110,928		111,472
Cash at bank and in hand		147,846		91,283

		258,774		537,580
Creditors: Amounts Falling Due Within One Year	7	(6,911,773 )		(6,016 )

NET CURRENT ASSETS (LIABILITIES)			(6,652,999 )		531,564

TOTAL ASSETS LESS CURRENT LIABILITIES			(6,612,124 )		650,212

Creditors: Amounts Falling Due After More Than One Year	8		-		(5,442,649 )

NET LIABILITIES			(6,612,124 )		(4,792,437 )

CAPITAL AND RESERVES
Called up share capital	9		1		1
Profit and Loss Account			(6,612,125 )		(4,792,438 )

SHAREHOLDERS' FUNDS			(6,612,124)		(4,792,437)