| OPTIMISM LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
20% Straight Line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
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| 3 |
Intangible fixed assets |
£ |
|
Cryptocurrencies: |
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|
Cost |
|
Additions |
101,398 |
|
At 31 December 2024 |
101,398 |
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Amortisation |
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At 31 December 2024 |
- |
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Net book value |
|
At 31 December 2024 |
101,398 |
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| 4 |
Tangible fixed assets |
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Furniture, Fittings and Equipment |
| £ |
|
Cost |
|
At 1 January 2024 |
34,358 |
|
At 31 December 2024 |
34,358 |
|
|
|
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|
|
|
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Depreciation |
|
At 1 January 2024 |
26,308 |
|
Charge for the year |
3,351 |
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At 31 December 2024 |
29,659 |
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|
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|
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Net book value |
|
At 31 December 2024 |
4,699 |
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At 31 December 2023 |
8,050 |
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| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
27,812 |
|
21,112 |
|
Other debtors |
3,116 |
|
395 |
|
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|
30,928 |
|
21,507 |
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| 6 |
Investments held as current assets |
2024 |
|
2023 |
| £ |
£ |
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Fair value |
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Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Cryptocurrency |
(31,060) |
|
- |
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| 7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
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Taxation and social security costs |
22,226 |
|
4,503 |
|
Other creditors |
5,923 |
|
7,264 |
|
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|
|
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|
28,149 |
|
11,767 |
|
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| 8 |
Cryptocurrency Holdings |
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The Company's cryptocurrency holdings are initially recognised at cost then subsequently measured at fair value. Gains or losses arising from changes in fair value of cryptocurrency holdings are recognised in the profit and loss statement.
The fair value of cryptocurrency holdings is determined using quoted market prices from reputable cryptocurrency exchanges. |
| 9 |
Risks Associated with Cryptocurrency Holdings |
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The Company acknowledges that its cryptocurrency holdings are subject to various risks, including market volatility, regulatory changes, and cybersecurity risks. These risks could materially impact the fair value of the cryptocurrency holdings and the Company's financial performance. |
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| 10 |
Future Developments |
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The Company is closely monitoring developments in accounting standards related to cryptocurrencies and will adjust its accounting policies and disclosures as necessary to remain compliant with emerging standards. |
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| 11 |
Other information |
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OPTIMISM LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Devonshire House |
|
582 Honeypot Lane |
|
Stanmore |
|
Middlesex |
|
HA7 1JS |