ART TECHNOLOGIES LIMITED


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)

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.

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.

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.

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.

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.

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.

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.