Caseware UK (AP4) 2024.0.164 2024.0.164 2025-02-28 2025-02-28 false consulting services.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 2024-03-01 false 1 1 true SC588199 2024-03-01 2025-02-28 SC588199 2023-03-01 2024-02-29 SC588199 2025-02-28 SC588199 2024-02-29 SC588199 2023-03-01 SC588199 1 2024-03-01 2025-02-28 SC588199 1 2023-03-01 2024-02-29 SC588199 d:Director1 2024-03-01 2025-02-28 SC588199 e:PlantMachinery 2024-03-01 2025-02-28 SC588199 e:PlantMachinery 2025-02-28 SC588199 e:PlantMachinery 2024-02-29 SC588199 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 SC588199 e:FurnitureFittings 2024-03-01 2025-02-28 SC588199 e:FurnitureFittings 2025-02-28 SC588199 e:FurnitureFittings 2024-02-29 SC588199 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 SC588199 e:ComputerEquipment 2024-03-01 2025-02-28 SC588199 e:ComputerEquipment 2025-02-28 SC588199 e:ComputerEquipment 2024-02-29 SC588199 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 SC588199 e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 SC588199 e:ComputerSoftware 2024-03-01 2025-02-28 SC588199 e:ComputerSoftware 2025-02-28 SC588199 e:ComputerSoftware 2024-02-29 SC588199 e:OtherResidualIntangibleAssets 2024-03-01 2025-02-28 SC588199 e:CurrentFinancialInstruments 2025-02-28 SC588199 e:CurrentFinancialInstruments 2024-02-29 SC588199 e:CurrentFinancialInstruments e:WithinOneYear 2025-02-28 SC588199 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 SC588199 e:ShareCapital 2024-03-01 2025-02-28 SC588199 e:ShareCapital 2025-02-28 SC588199 e:ShareCapital 2023-03-01 2024-02-29 SC588199 e:ShareCapital 2024-02-29 SC588199 e:ShareCapital 2023-03-01 SC588199 e:RevaluationReserve 2024-03-01 2025-02-28 SC588199 e:RevaluationReserve 2025-02-28 SC588199 e:RevaluationReserve 1 2024-03-01 2025-02-28 SC588199 e:RevaluationReserve 2023-03-01 2024-02-29 SC588199 e:RevaluationReserve 2024-02-29 SC588199 e:RevaluationReserve 2023-03-01 SC588199 e:RevaluationReserve 8 2023-03-01 2024-02-29 SC588199 e:RetainedEarningsAccumulatedLosses 2024-03-01 2025-02-28 SC588199 e:RetainedEarningsAccumulatedLosses 2025-02-28 SC588199 e:RetainedEarningsAccumulatedLosses 1 2024-03-01 2025-02-28 SC588199 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 SC588199 e:RetainedEarningsAccumulatedLosses 2024-02-29 SC588199 e:RetainedEarningsAccumulatedLosses 2023-03-01 SC588199 e:RetainedEarningsAccumulatedLosses 1 2023-03-01 2024-02-29 SC588199 e:AcceleratedTaxDepreciationDeferredTax 2025-02-28 SC588199 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 SC588199 d:FRS102 2024-03-01 2025-02-28 SC588199 d:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC588199 d:FullAccounts 2024-03-01 2025-02-28 SC588199 d:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC588199 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2024-03-01 2025-02-28 SC588199 2 2024-03-01 2025-02-28 SC588199 5 2024-03-01 2025-02-28 SC588199 6 2024-03-01 2025-02-28 SC588199 e:ShareCapital 1 2024-03-01 2025-02-28 SC588199 e:ShareCapital 1 2023-03-01 2024-02-29 SC588199 e:ComputerSoftware e:OwnedIntangibleAssets 2024-03-01 2025-02-28 SC588199 f:PoundSterling 2024-03-01 2025-02-28 iso4217:GBP xbrli:pure

Registered number: SC588199 RUSTIQ TECHNOLOGY LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2025
RUSTIQ TECHNOLOGY LTD ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RUSTIQ TECHNOLOGY LTD FOR THE YEAR ENDED 28 FEBRUARY 2025 You consider that the Company is exempt from an audit for the year ended 28 February 2025. You have acknowledged, on the Balance Sheet, your responsibilities for ensuring that the Company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the financial statements which give a true and fair view of the state of affairs of the Company and of its profit or loss for the financial year. In accordance with your instructions, we have prepared the financial statements on pages 15 from the accounting records of the Company and on the basis of information and explanations you have given to us. We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements. Andersen LLP 20 Gracechurch Street 11th Floor London EC3V 0BG 11 February 2026 Page 1
RUSTIQ TECHNOLOGY LTD REGISTERED NUMBER: SC588199 BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | As restated 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 8,961,183 |  | 8,992,054
Tangible assets |  |  | 53,062 |  | 4,686
Investments |  |  | 175,000 |  | -
|  |  | 9,189,245 |  | 8,996,740
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 142,633 |  | 5,384 |
Cash at bank and in hand |  | 64,035 |  | 108,869 |
|  | 206,668 |  | 114,253 |
Creditors: amounts falling due within one year | 9 | (941,058) |  | (987,843) |
Net current liabilities |  |  | (734,390) |  | (873,590)
Total assets less current liabilities |  |  | 8,454,855 |  | 8,123,150
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (13,266) |  | - |
|  |  | (13,266) |  | -
Net assets |  |  | 8,441,589 |  | 8,123,150
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Revaluation reserve | 11 |  | 8,710,524 |  | 8,453,947
Profit and loss account | 11 |  | (268,936) |  | (330,798)
|  |  | 8,441,589 |  | 8,123,150
Page 2
RUSTIQ TECHNOLOGY LTD REGISTERED NUMBER: SC588199 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 February 2026.
Mr Vladimir Komendantskiy
Director
The notes on pages 6 to 15 form part of these financial statements. Page 3
RUSTIQ TECHNOLOGY LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 March 2024 | 1 | 8,453,947 | (330,798) | 8,123,150
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 173,862 | 173,862
Revaluation reserve | - | 256,577 | - | 256,577
Other comprehensive income for the year | - | 256,577 | - | 256,577
Total comprehensive income for the year | - | 256,577 | 173,862 | 430,439
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (112,000) | (112,000)
Total transactions with owners | - | - | (112,000) | (112,000)
At 28 February 2025 | 1 | 8,710,524 | (268,936) | 8,441,589
| The notes on pages 6 to 15 form part of these financial statements.
Page 4
RUSTIQ TECHNOLOGY LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 March 2023 | 1 | - | (580,776) | (580,775)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 325,378 | 325,378
Revaluation reserve | - | 8,453,947 | - | 8,453,947
Other comprehensive income for the year | - | 8,453,947 | - | 8,453,947
Total comprehensive income for the year | - | 8,453,947 | 325,378 | 8,779,325
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (75,400) | (75,400)
Total transactions with owners | - | - | (75,400) | (75,400)
At 29 February 2024 | 1 | 8,453,947 | (330,798) | 8,123,150
| The notes on pages 6 to 15 form part of these financial statements.
Page 5
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Rustiq Technology Ltd is a private limited company registered in Scotland (company number SC588199) and the financial statements have been prepared in accordance with FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland). The accounts have been prepared on the historical cost basis and in accordance with the provisions applicable to companies reporting under Section 1A (Small Entities) of FRS 102. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 6
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 7
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Other intangible fixed assets | - | 10 | years
Page 8
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 33% | Straightline
|  |  |  | Fixtures and fittings | - | 33% | Straightline
|  |  |  | Computer equipment | - | 33% | Straightline
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 9
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
Page 10
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Intangible assets
|  | Digital assets
|  | £
| Cost |
| At 1 March 2024 | 8,992,054
| Additions | 1,649,995
| Disposals | (941,756)
| Revaluation surplus | 256,577
| At 28 February 2025 | 9,956,870
| Amortisation |
| Charge for the year on owned assets | 995,687
| At 28 February 2025 | 995,687
| Net book value |
| At 28 February 2025 | 8,961,183
| At 29 February 2024 | 8,992,054
Page 11
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2024 | 4,229 | 46 | 10,926 | 15,201
| Additions | 259 | - | 72,305 | 72,564
| At 28 February 2025 | 4,488 | 46 | 83,231 | 87,765
| Depreciation |  |  |  |
| At 1 March 2024 | 634 | 46 | 9,835 | 10,515
| Charge for the year on owned assets | 86 | - | 24,102 | 24,188
| At 28 February 2025 | 720 | 46 | 33,937 | 34,703
| Net book value |  |  |  |
| At 28 February 2025 | 3,768 | - | 49,294 | 53,062
| At 29 February 2024 | 3,595 | - | 1,091 | 4,686
6. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| Additions | 175,000
| At 28 February 2025 | 175,000
Page 12
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 142,633 | 5,384
|  | 142,633 | 5,384
8. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 64,035 | 108,869
| Less: bank overdrafts | - | (19,016)
|  | 64,035 | 89,853
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | As restated 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 19,016
| Corporation tax | 378,417 | 90,781
| Other taxation and social security | 144 | -
| Other creditors | 562,497 | 878,046
|  | 941,058 | 987,843
Page 13
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (13,266)
| At end of year | (13,266)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (13,266) | -
|  | (13,266) | -
11. | Reserves
Revaluation reserve The revaluation reserve comprises unrealised gains arising from the remeasurement of digital assets to fair value where an active market exists in accordance with FRS 102. Digital assets are revalued to market value only where there is significant liquidity and observable market activity to support a reliable fair value measurement. Profit and loss account The profit and loss account represents the results of the Company’s trading and other activities for the financial period, after charging operating expenses, finance costs and taxation in accordance with FRS 102.
12. | Prior year adjustment
In the prior year, two adjustments were made to the comparative balance sheet figures. Digital assets with a carrying value of £8,992,054 were reclassified from prepayments and accrued income to intangible fixed assets to ensure compliance with FRS 102 presentation requirements. In addition, capital and reserves in the prior year incorrectly included an amount of £877,300 payable to the directors of the company. This amount has been reclassified to current liabilities. These adjustments have been applied retrospectively, and the comparative figures have been restated accordingly in line with Section 10 of FRS 102. Page 14
RUSTIQ TECHNOLOGY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
13. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,200 (2024 - £7,200) .
Page 15