Bullet Train Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 12353266

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,828		10,607

			7,828		10,607
CURRENT ASSETS
Debtors	5	130,739		68,114
Cash at bank and in hand		469,401		458,435

		600,140		526,549
Creditors: Amounts Falling Due Within One Year	6	(744,255 )		(625,274 )

NET CURRENT ASSETS (LIABILITIES)			(144,115 )		(98,725 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(136,287 )		(88,118 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,487 )		(2,016 )

NET LIABILITIES			(137,774 )		(90,134 )

CAPITAL AND RESERVES
Called up share capital	7		200		200
Share premium account			167,794		167,794
Profit and Loss Account			(305,768 )		(258,128 )

SHAREHOLDERS' FUNDS			(137,774)		(90,134)

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Bullet Train Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 Alexander Reynolds-Boswell

Director

03/10/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Bullet Train Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12353266 . The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.

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. There were no material departures from that standard.

2.2. Going Concern Disclosure

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3. Turnover

The company's primary source of revenue is from fees for services, which are billed in advance. Revenue is recognised rateably over each monthly period and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Deferred income consists of fees billed that have not yet been recognised.

2.4. 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	20% straight line
Computer Equipment	33% reducing balance

2.5. Financial Instruments

The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities, including trade and other payables, and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

2.6. Foreign Currencies

The company's functional and presentation currency is the pound sterling.

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.

2.7. 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.

...CONTINUED

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Bullet Train Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation - continued

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.

2.8. Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2023: 3)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	468	13,739	14,207
Additions	-	1,821	1,821
Disposals	-	(1,335 )	(1,335 )

As at 31 December 2024	468	14,225	14,693

Depreciation
As at 1 January 2024	136	3,464	3,600
Provided during the period	94	3,977	4,071
Disposals	-	(806 )	(806 )

As at 31 December 2024	230	6,635	6,865

Net Book Value
As at 31 December 2024	238	7,590	7,828

As at 1 January 2024	332	10,275	10,607

5. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	130,739	68,114

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	49,307	60,949
Bank loans and overdrafts	20,396	21,758
Other creditors	665,578	542,567
Taxation and social security	8,974	-

	744,255	625,274

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Bullet Train Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	200	200

8. Related Party Transactions

Solid State Group provides key development personnel services to the entity. The company purchased services to the value of £126,721 from Solid State Group during the year (2023: £118,028). The balance outstanding at 31 December 2024 was £8,082 (2023: £4,713), which was subsequently settled in cash.

The company is an associate of Polychrome Strategic Fund I LP and, as a result, is related to Polychrome Management LLC. The company purchased services to the value of £36,877 from Polychrome Management LLC during the year (2023: £28,886). The balance outstanding at 31 December 2024 was £6,474 (2023: £4,713), which was subsequently settled in cash.

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