Csyndicate Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Csyndicate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13342998 . The registered office is International House, 6 South Molton St, London, W1K 5QF.

The presentation currency of the financial statements is the Pound Sterling (£).

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. Significant judgements and estimations

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

2.3. 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.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

The other intangible assets held by the company relate to cryptocurrency and are recognised under the revaluation model as an active market exists for the cryptocurrency held by the company.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured using the revaluation model.

Revaluation increases are recognised in other comprehensive income and accumulated in equity. Revaluation losses are recognised in the Profit and Loss account. If a revaluation increase reverses a revaluation decrease of the same asset that was previously recognised in the Profit and Loss account, then the increase will also be recognised in the Profit and Loss account up to the value of the original decrease. Any excess increase over and above the intial decrease will be recognised in the other comprehensive income.

2.5. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to profit and loss on a straight line basis over their expected useful economic lives, which is 2 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.6. 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	Straight line over 3 years
Computer Equipment	Straight line over 3 years

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Csyndicate Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.

2.8. 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.

2.9. 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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Csyndicate Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. 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.

2.11. Investments In Associates

Investments are measured at cost and are assessed for impairments annually.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2023: 7)

4. Intangible Assets

	Others	Development Costs	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	68,225	1,060,909	1,129,134
Additions	222,977	401,881	624,858
Revaluations	25,509	-	25,509
Disposals	(220,804 )	-	(220,804 )

As at 31 December 2024	95,907	1,462,790	1,558,697

Amortisation
As at 1 January 2024	-	388,486	388,486
Provided during the period	-	620,058	620,058
Impairment losses	10,175	-	10,175

As at 31 December 2024	10,175	1,008,544	1,018,719

Net Book Value
As at 31 December 2024	85,732	454,246	539,978

As at 1 January 2024	68,225	672,423	740,648

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	3,367	42,714	46,081
Additions	2,923	14,561	17,484

As at 31 December 2024	6,290	57,275	63,565

Depreciation
As at 1 January 2024	163	14,160	14,323
Provided during the period	1,582	16,564	18,146

As at 31 December 2024	1,745	30,724	32,469

Net Book Value
As at 31 December 2024	4,545	26,551	31,096

As at 1 January 2024	3,204	28,554	31,758

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Csyndicate Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Investments

	Associates
	£
Cost
As at 1 January 2024	49,805

As at 31 December 2024	49,805

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	49,805

As at 1 January 2024	49,805

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	48,870	76,776
Other debtors	1,776,955	281,043

	1,825,825	357,819

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	119,546	113,754
Amounts owed to group undertakings	15,804	-
Other creditors	91,241	38,926

	226,591	152,680

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	15	14

10. Reserves

	Revaluation Reserve
	£
As at 1 January 2024	2,247
Surplus on revaluation	23,262

As at 31 December 2024	25,509

11. Related Party Transactions

Included within creditors falling due within one year there is amount owed to group undertaking of £15,804 (2023: £nil).

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Csyndicate Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Ultimate Controlling Party

There is no ultimate controlling party.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		539,978		740,648
Tangible Assets	5		31,096		31,758
Investments	6		49,805		49,805

			620,879		822,211
CURRENT ASSETS
Debtors	7	1,825,825		357,819
Cash at bank and in hand		572,141		2,787,884

		2,397,966		3,145,703
Creditors: Amounts Falling Due Within One Year	8	(226,591 )		(152,680 )

NET CURRENT ASSETS (LIABILITIES)			2,171,375		2,993,023

TOTAL ASSETS LESS CURRENT LIABILITIES			2,792,254		3,815,234

NET ASSETS			2,792,254		3,815,234

CAPITAL AND RESERVES
Called up share capital	9		15		14
Share premium account			9,087,561		7,441,925
Revaluation reserve	10		25,509		2,247
Warrant reserve			5,439		-
Profit and Loss Account			(6,326,270 )		(3,628,952 )

SHAREHOLDERS' FUNDS			2,792,254		3,815,234