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ART TECHNOLOGIES LIMITED

Registered Number
12560270
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2024

ART TECHNOLOGIES LIMITED
Company Information
for the period from 1 May 2024 to 31 December 2024

Directors | GOURLAY, James Patrick
| MALINAUSKAS, Augustinas

Registered Address | Arquen House 4-6 Spicer Street
| Spicer Street
| St. Albans
| AL3 4PQ

Registered Number | 12560270 (England and Wales)

ART TECHNOLOGIES LIMITED
Balance Sheet as at
31 December 2024

| Notes | 31 Dec 2024 |  | 30 Apr 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Intangible assets | 4 |  |  | 162,543 |  |  |  | 274,699
Tangible assets | 5 |  |  | 12,338 |  |  |  | 6,904
|  |  |  | 174,881 |  |  |  | 281,603
Current assets |  |  |  |  |  |  |  |
Stocks | 6 | 101,452 |  |  |  | 29,582 |  |
Debtors | 7 | 294,004 |  |  |  | 479,677 |  |
Cash at bank and on hand |  | 654,670 |  |  |  | 674,870 |  |
|  | 1,050,126 |  |  |  | 1,184,129 |  |
Creditors amounts falling due within one year | 8 | (248,332) |  |  |  | (176,031) |  |
Net current assets (liabilities) |  |  |  | 801,794 |  |  |  | 1,008,098
Total assets less current liabilities |  |  |  | 976,675 |  |  |  | 1,289,701
Net assets |  |  |  | 976,675 |  |  |  | 1,289,701
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 163 |  |  |  | 163
Share premium |  |  |  | 3,096,817 |  |  |  | 3,096,817
Revaluation reserve |  |  |  | 22,165 |  |  |  | -
Profit and loss account |  |  |  | (2,142,470) |  |  |  | (1,807,279)
Shareholders' funds |  |  |  | 976,675 |  |  |  | 1,289,701

- The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 11 November 2025, and are signed on its behalf by:
GOURLAY, James Patrick Director Registered Company No. 12560270

ART TECHNOLOGIES LIMITED
Notes to the Financial Statements
for the period ended 31 December 2024

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Statement of compliance
--- | ---
| The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

| Functional and presentation currency
--- | ---
| The financial statements are presented in sterling and this is the functional currency of the company.

| Judgements and key sources of estimation uncertainty
--- | ---
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Fair value of intangible assets - the year end fair value of the cryptocurrency included within intangible assets of £162,543 is deemed to be a reasonable estimate for the residual value. As the residual value exceeds the original cost of the asset, therefore no amortisation has been charged. The revaluation of cryptocurrency assets, included within intangible assets, is being recognised in Other Comprehensive Income during the year of £22,165.

| Turnover policy
--- | ---
| 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 rendering of services.

| Defined contribution pension plan
--- | ---
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

| Foreign currency translation
--- | ---
| 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.

| Current taxation
--- | ---
| Current tax is recognised in profit or loss. Current tax represents the amount of tax payable or receivable in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid or recovered using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

| Cryptocurrency assets
--- | ---
| Cryptocurrency assets are classified as intangible assets and are initially measured at cost. Subsequently, they are revalued to fair value at each reporting date, with any revaluation gains recognised in a revaluation reserve and revaluation losses recognised in the revaluation reserve to the extent of any previous gains, and thereafter in profit or loss. On disposal of cryptocurrency assets, any resulting gain or loss is recognised in the profit and loss account. Intangible assets are amortised over their estimated useful economic life.The assets are being amortised over ten years on a straight-line basis; however, no amortisation charge has been recognised in the period as the fair value of the assets exceeds their residual value. Fair value is determined using observable market prices on active digital exchanges at the reporting date.

| Tangible fixed assets and depreciation
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

|  | Straight line (years)
| Vehicles | 4
| Office Equipment | 4

| Stocks and work in progress
--- | ---
| Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

2. | Average number of employees
--- | ---

|  | 2024 |  | 2024
| Average number of employees during the year | 8 |  | 6

3. | Further information regarding the company's income
--- | ---
| These financial statements are prepared for the eight-month period ended 31 December 2024, following a change in the company’s accounting reference date from 30 April to 31 December. The comparative figures presented relate to the year ended 30 April 2024.

4. | Intangible assets
--- | ---

|  | Other |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 May 24 | 274,699 |  | 274,699
| Additions | 359,604 |  | 359,604
| Revaluations | 22,165 |  | 22,165
| Disposals | (493,925) |  | (493,925)
| At 31 December 24 | 162,543 |  | 162,543
| Net book value
| At 31 December 24 | 162,543 |  | 162,543
| At 30 April 24 | 274,699 |  | 274,699

5. | Tangible fixed assets
--- | ---

|  | Vehicles |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £
| Cost or valuation
| At 01 May 24 | - |  | 19,690 |  | 19,690
| Additions | 1,700 |  | 6,425 |  | 8,125
| At 31 December 24 | 1,700 |  | 26,115 |  | 27,815
| Depreciation and impairment
| At 01 May 24 | - |  | 12,786 |  | 12,786
| Charge for year | 142 |  | 2,549 |  | 2,691
| At 31 December 24 | 142 |  | 15,335 |  | 15,477
| Net book value
| At 31 December 24 | 1,558 |  | 10,780 |  | 12,338
| At 30 April 24 | - |  | 6,904 |  | 6,904

6. | Stocks
--- | ---

|  | 2024 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Other stocks | 101,452 |  | 29,582
| Total | 101,452 |  | 29,582

7. | Debtors: amounts due within one year
--- | ---

|  | 2024 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 73,614 |  | -
| Other debtors | 215,555 |  | 464,762
| Prepayments and accrued income | 4,835 |  | 14,915
| Total | 294,004 |  | 479,677

| Included in Other Debtors is a loan totalling £54,617 (30 April 2024: £50,043) owed by a connected company, Verse Inc, based in the United States of America. The company is connected by virtue of common control. During the year, the Company received £111,319 of revenue on behalf of Verse Inc. and paid £6,741 of costs on its behalf. These amounts have been included within the intercompany loan balance stated above. In addition, the Company charged a management fee of £102,085 to Verse Inc. in respect of operational and administrative support services provided during the year. The intercompany loan balance due from Verse Inc. is unsecured, interest free and repayable on demand.

8. | Creditors: amounts due within one year
--- | ---

|  | 2024 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 2,064 |  | 102,115
| Taxation and social security | 80,344 |  | 14,213
| Other creditors | 111,007 |  | 20,572
| Accrued liabilities and deferred income | 54,917 |  | 39,131
| Total | 248,332 |  | 176,031

| During the year the Company received a loan of £92,695 from a Director. At the balance sheet date, the Company owed £110,694 (30 April 2024: £17,999) to two Directors and this amount is included within other creditors. The loans are unsecured, interest free and repayable on demand.