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Company No: 11830174 (England and Wales)

# MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 326,902 |  | 165,862
|  | 326,902 |  | 165,862
Current assets |  |  |  |
Debtors | 4 | 196,719 |  | 42,096
Cash at bank and in hand |  | 194 |  | 4,965
|  | 196,913 |  | 47,061
Creditors: amounts falling due within one year | 5 | ( 152,194) |  | ( 42,128)
Net current assets |  | 44,719 |  | 4,933
Total assets less current liabilities |  | 371,621 |  | 170,795
Provision for liabilities | 6, 7 | ( 61,333) |  | 0
Net assets |  | 310,288 |  | 170,795
Capital and reserves |  |  |  |
Called-up share capital | 8 | 165 |  | 132
Share premium account |  | 749,955 |  | 206,464
Profit and loss account |  | ( 439,832 ) |  | ( 35,801 )
Total shareholders' funds |  | 310,288 |  | 170,795

For the financial 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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Musqet Limited (formerly WVE Money Limited) (registered number: 11830174) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

David Parkinson Director |

01 October 2025

MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MUSQET LIMITED (FORMERLY WVE MONEY LIMITED)

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Musqet Limited (formerly WVE Money Limited) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Apt 52, 3 Whitehall Court, London, SW1A 2EL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs | 5 years straight line
Other intangible assets | not amortised

###### Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit.

###### Other intangible assets

Other intangible assets comprise cryptocurrencies. Cryptocurrencies are initially measured at transaction price (excluding transaction costs), and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are written off against profits as incurred.
The gain or loss arising on the disposal of an intangible asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is included in profit or loss.
Cryptocurrencies have been disposed in the year.

##### Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 0 |  | 0

#### 3. Intangible assets

| Development costs |  | Other intangible assets |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 125,620 |  | 40,242 |  | 165,862
Additions | 249,054 |  | 0 |  | 249,054
Disposals | 0 |  | ( 40,242) |  | ( 40,242)
At 31 December 2024 | 374,674 |  | 0 |  | 374,674
Accumulated amortisation |  |  |  |  |
At 01 January 2024 | 0 |  | 0 |  | 0
Charge for the financial year | 47,772 |  | 0 |  | 47,772
At 31 December 2024 | 47,772 |  | 0 |  | 47,772
Net book value |  |  |  |  |
At 31 December 2024 | 326,902 |  | 0 |  | 326,902
At 31 December 2023 | 125,620 |  | 40,242 |  | 165,862

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Corporation tax | 43,601 |  | 8,130
Other debtors | 153,118 |  | 33,966
| 196,719 |  | 42,096

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 119,686 |  | 28,898
Taxation and social security | 27,408 |  | 8,130
Other creditors | 5,100 |  | 5,100
| 152,194 |  | 42,128

#### 6. Provision for liabilities

| 2024 |  | 2023
| £ |  | £
Deferred tax | 61,333 |  | 0

#### 7. Deferred tax

| 2024 |  | 2023
| £ |  | £
At the beginning of financial year | 0 |  | 0
Charged to the Income Statement | ( 61,333) |  | 0
At the end of financial year | ( 61,333) |  | 0

#### 8. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1,375,000 Ordinary shares shares of £ 0.00012 each (2023: 1,103,238 shares of £ 0.00012 each) | 165 |  | 132

On 28 February 2024, 15,000 shares were issued at a premium of £1.99988 per share.
On 15 April 2024, 67,500 shares were issued at a premium of £1.99988 per share.
On 01 October 2024, 189,262 shares were issued at a premium of £1.99988 per share.

#### 9. Related party transactions

Transactions with the entity's directors

| 2024 |  | 2023
| £ |  | £
Overdrawn directors' loan account | 105,300 |  | 24,090

Interest is payable on the loan at 2.25%, and the loan is repayable on demand.

#### 10. Events after the Balance Sheet date

On 11 June 2025, 14,104 shares were issued at a premium of £7.08988 per share.
On 27 June 2025, 28,208 shares were issued at a premium of £7.08988 per share.