Attestant Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—7

1. General Information

Attestant Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12540798 . The registered office is 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA.

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.

These financial statements are prepared for the nine-month period ended 31 December 2024. The comparative period presented is for the twelve months ended 31 March 2024. The comparative amounts presented in the financial statements (including the related notes) are thus not entirely comparable and are unaudited.

The company has changed its accounting reference date from 31 March to 31 December to align the financial reporting period with that of its parent company.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

After the year end, but before the date of this report, the parent company agreed to a capital injection into the company to boost working capital.

2.3. Turnover

The company’s sole source of revenue is from the provision of non-custodial cryptoasset staking services. Clients stake their own assets directly, and the company earns fees for providing validator infrastructure and related services.

Revenue is recognised as the performance obligation is satisfied, which occurs daily as staking services are rendered. The amount recognised is based on the staking rewards generated for clients during the period, multiplied by the contractual fee percentage. Consideration received in the form of cryptoassets is measured at fair value (in sterling) at the date of recognition.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets represent the company’s holdings of cryptoassets. These are accounted for under the revaluation model in accordance with FRS 102 Section 18.

Recognition and measurement

Cryptoassets are initially recognised at cost and subsequently revalued at each reporting date to fair value, based on quoted prices in an active market obtained from a recognised cryptoasset exchange.

Revaluation gains and losses

Revaluation increases are recognised in Other Comprehensive Income and accumulated in the Revaluation Reserve, except to the extent that they reverse a previous revaluation decrease recognised in profit or loss. Revaluation decreases are recognised in Other Comprehensive Income to the extent of any existing revaluation surplus, with any excess recognised in profit or loss. Deferred tax arising on revaluation movements is recognised directly in Other Comprehensive Income and also accumulated in the Revaluation Reserve.

Amortisation and useful life

In line with FRS 102, all intangible assets are considered to have finite lives. The company has determined that the useful economic life of its cryptoassets cannot be reliably estimated. In such circumstances, FRS 102 requires the asset to be written off over a period not exceeding ten years. The company has therefore adopted a period of ten years, on the basis that cryptoassets are expected to provide economic benefit to the company over the long term and an active market exists to support their realisable value.

The directors also consider that the residual value of the cryptoassets at the balance sheet date is at least equal to their carrying amount, since an active market exists and quoted prices support realisable values. Accordingly, the amortisable amount is nil and no amortisation charge has been recognised in the current or prior periods. The residual value and useful life assessment are reviewed at each reporting date to confirm that this assumption remains appropriate.

Impairment

Cryptoassets are assessed for indicators of impairment at each reporting date. Any impairment loss is recognised in profit or loss after first offsetting against any related revaluation surplus.

Historical cost equivalent

Had the historical cost model been applied, the carrying amount of cryptoassets at 31 December 2024 would have been £56,586 (March 2024: £706,560), consisting wholly of cost with nil amortisation.

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Attestant Limited

Notes to the Financial Statements (continued)

For the Period 1 April 2024 to 31 December 2024

2.5. 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:

Plant & Machinery	3 year straight line
Computer Equipment	3 year straight line

2.6. Financial Instruments

The company accounts for financial instruments in accordance with FRS 102 Sections 11 and 12.

Recognition and derecognition

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or substantially all the risks and rewards of ownership have been transferred. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.

Financial assets

Basic financial assets, including trade and other receivables and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. Such assets are subsequently measured at amortised cost, less impairment.

At each reporting date, the company assesses whether there is objective evidence of impairment of financial assets measured at amortised cost. If such evidence exists, an impairment loss is recognised in profit or loss.

Financial liabilities

Basic financial liabilities, including trade and other payables and borrowings, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction. Such liabilities are subsequently measured at amortised cost.

Trade receivables denominated in cryptoassets

Trade receivables may be denominated in cryptoassets. On initial recognition, these receivables are measured at the sterling fair value of the cryptoassets receivable at the transaction date. At each reporting date, outstanding balances are retranslated at the closing market rate of the relevant cryptoasset, with any resulting gain or loss recognised in profit or loss. Subsequent measurement otherwise follows the basic financial instruments model under FRS 102.

2.7. Foreign Currencies

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.

2.8. 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 year 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.

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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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Attestant Limited

Notes to the Financial Statements (continued)

For the Period 1 April 2024 to 31 December 2024

3. Average Number of Employees

Average number of employees during the year was as follows: 11 (2024: 11)

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 April 2024	995,752
Additions	1,649,962
Revaluations	(291,502 )
Disposals	(2,299,937 )

As at 31 December 2024	54,275

Net Book Value
As at 31 December 2024	54,275

As at 1 April 2024	995,752

Of the £291,502 downwards revaluation, £288,589 reversed an amount accumulated in the Revaluation Reserve and is reflected in Other Comprehensive Income. The remaining £2,913 of downwards revaluation is reflected in Profit and Loss.

The cumulative amount of provisions for amortisation and impairment of intangible assets is £Nil (March 2024: £Nil).

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	125	50,547	50,672
Additions	-	11,544	11,544
Disposals	-	(3,271 )	(3,271 )

As at 31 December 2024	125	58,820	58,945

Depreciation
As at 1 April 2024	87	27,775	27,862
Provided during the period	31	13,515	13,546
Disposals	-	(2,726 )	(2,726 )

As at 31 December 2024	118	38,564	38,682

Net Book Value
As at 31 December 2024	7	20,256	20,263

As at 1 April 2024	38	22,772	22,810

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Attestant Limited

Notes to the Financial Statements (continued)

For the Period 1 April 2024 to 31 December 2024

6. Investments

	Subsidiaries
	£
Cost
As at 1 April 2024	840

As at 31 December 2024	840

Provision
As at 1 April 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	840

As at 1 April 2024	840

The investment represents the Company's 100% interest in Attestant (BVI) Limited, which is a company incorporated in the British Virgin Islands on 18 November 2022, with company number 2111967

7. Debtors

	31 December 2024	31 March 2024
	£	£
Due within one year
Trade debtors	957,722	991,072
Prepayments and accrued income	121,031	60,697
VAT debtor	40,092	23,353
Other debtors	8,000	8,000
Amounts owed by subsidiaries	86,110	113,679

	1,212,955	1,196,801
Due after more than one year
Deferred tax non-current asset	261,349	205,456

	1,474,304	1,402,257

8. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 March 2024
	£	£
Trade creditors	16,371	6,804
Corporation tax	199,489	328,354
Other taxes and social security	61,400	32,525
Bonus accrual	230,100	906,510
Accruals and deferred income	56,015	25,418
Directors' loan accounts	1,695	21,124

	565,070	1,320,735

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Attestant Limited

Notes to the Financial Statements (continued)

For the Period 1 April 2024 to 31 December 2024

9. Share Capital

	31 December 2024	31 March 2024
Allotted, called up and fully paid	£	£
12,323,800 Ordinary Shares of £ 0.01 each	123,238	122,683


Shares issued during the period:	£
55,500 Ordinary Shares of £ 0.01 each	555

10. Reserves

	Revaluation Reserve
	£
As at 1 April 2024	204,817
Surplus / (deficit) on revaluation	(204,305 )

As at 31 December 2024	512

Where intangible assets are carried at revalued amounts, the related deferred tax is recognised directly in Other Comprehensive Income and accumulated in the Revaluation Reserve.

Accordingly, movements in the revaluation reserve are stated net of the associated deferred tax. In the current period, a credit of £84,284 (March 2024: debit of £84,374) has been recognised in Other Comprehensive Income in respect of deferred tax on revaluation movements. This credit represents a reversal of the prior year charge, arising from a decrease in the revalued amount of the assets.

11. Post Balance Sheet Events

After the balance sheet date but before the date of this report, the parent company injected new capital into the company to improve its working capital.

12. Related Party Transactions

Directors and former directors

Provision of staking services

During the period, the company provided staking services to its directors and former directos to the value of £10,479 (March 2024: £13,111). The company has a minimum required Assets Under Management amount for its customers, but this was disapplied in these cases. At the balance sheet date, amounts owed to the company on invoices by the directors and former directors was £4,421 (March 2024: £4,549).

Subsidiaries

Provision of staking services

Staking services to the value of £686,623 were provided to Attestant (BVI) Limited during the period, a wholly owned subsidiary of the Company who acts as a reseller. £86,110 was owed from the subsidiary to the Company at the balance sheet date in respect of these services.

Key Suppliers

Provision of staking services

The Company provided staking services to one of its key suppliers to the value of £53 during the period, and £4 was owed to the Company at the balance sheet date. The minimum Assets Under Management criteria was disapplied in this case.

13. Ultimate Parent Undertaking and Controlling Party

The company’s immediate parent undertaking and ultimate controlling party is Bitwise Asset Management, Inc., a company incorporated in the United States with address 25 Montgomery Street, San Fransisco, California, United States, 94104. The company’s entire share capital was acquired by Bitwise Asset Management, Inc on 14 November 2024. Bitwise Asset Management, Inc is not required to prepare consolidated financial statements.

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Attestant Limited

Notes to the Financial Statements (continued)

For the Period 1 April 2024 to 31 December 2024

14. Audit Information

The auditor's report on the accounts of Attestant Limited for the period ended 31 December 2024 was unqualified.

The auditor's report was signed by Peter Scott (Senior Statutory Auditor) for and on behalf of MHA Audit Services LLP , Statutory Auditor.

MHA Audit Services LLP

2 London Wall Place

London

EC2Y 5AU

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		31 December 2024		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		54,275		995,752
Tangible Assets	5		20,263		22,810
Investments	6		840		840

			75,378		1,019,402
CURRENT ASSETS
Debtors	7	1,474,304		1,402,257
Cash at bank and in hand		627,613		1,761,795

		2,101,917		3,164,052
Creditors: Amounts Falling Due Within One Year	8	(565,070 )		(1,320,735 )

NET CURRENT ASSETS (LIABILITIES)			1,536,847		1,843,317

TOTAL ASSETS LESS CURRENT LIABILITIES			1,612,225		2,862,719

NET ASSETS			1,612,225		2,862,719

CAPITAL AND RESERVES
Called up share capital	9		123,238		122,683
Share premium account			23,994		18,444
Revaluation reserve	10		512		204,817
Profit and Loss Account			1,464,481		2,516,775

SHAREHOLDERS' FUNDS			1,612,225		2,862,719