IRIS Accounts Production v25.4.12.37 SC537962 Board of Directors 1.7.24 30.6.25 30.6.25 false true false false false true false Fair value model iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC537962 2024-06-30 SC537962 2025-06-30 SC537962 2024-07-01 2025-06-30 SC537962 2023-06-30 SC537962 2023-07-01 2024-06-30 SC537962 2024-06-30 SC537962 ns15:Scotland 2024-07-01 2025-06-30 SC537962 ns14:PoundSterling 2024-07-01 2025-06-30 SC537962 ns10:Director1 2024-07-01 2025-06-30 SC537962 ns10:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 SC537962 ns10:SmallEntities 2024-07-01 2025-06-30 SC537962 ns10:AuditExempt-NoAccountantsReport 2024-07-01 2025-06-30 SC537962 ns10:SmallCompaniesRegimeForDirectorsReport 2024-07-01 2025-06-30 SC537962 ns10:SmallCompaniesRegimeForAccounts 2024-07-01 2025-06-30 SC537962 ns10:FullAccounts 2024-07-01 2025-06-30 SC537962 1 2024-07-01 2025-06-30 SC537962 ns10:Director2 2024-07-01 2025-06-30 SC537962 ns10:RegisteredOffice 2024-07-01 2025-06-30 SC537962 ns5:CurrentFinancialInstruments 2025-06-30 SC537962 ns5:CurrentFinancialInstruments 2024-06-30 SC537962 ns5:ShareCapital 2025-06-30 SC537962 ns5:ShareCapital 2024-06-30 SC537962 ns5:RetainedEarningsAccumulatedLosses 2025-06-30 SC537962 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 SC537962 ns5:NetGoodwill 2024-07-01 2025-06-30 SC537962 ns5:IntangibleAssetsOtherThanGoodwill 2024-07-01 2025-06-30 SC537962 ns5:FurnitureFittings 2024-07-01 2025-06-30 SC537962 ns5:ComputerEquipment 2024-07-01 2025-06-30 SC537962 ns5:NetGoodwill 2024-06-30 SC537962 ns5:NetGoodwill 2025-06-30 SC537962 ns5:NetGoodwill 2024-06-30 SC537962 ns5:FurnitureFittings 2024-06-30 SC537962 ns5:ComputerEquipment 2024-06-30 SC537962 ns5:FurnitureFittings 2025-06-30 SC537962 ns5:ComputerEquipment 2025-06-30 SC537962 ns5:FurnitureFittings 2024-06-30 SC537962 ns5:ComputerEquipment 2024-06-30 SC537962 ns5:CostValuation ns5:ListedExchangeTraded 2024-06-30 SC537962 ns5:RevaluationsIncreaseDecreaseInInvestments ns5:ListedExchangeTraded 2025-06-30 SC537962 ns5:CostValuation ns5:ListedExchangeTraded 2025-06-30 SC537962 ns5:ListedExchangeTraded 2025-06-30 SC537962 ns5:ListedExchangeTraded 2024-06-30 SC537962 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-06-30 SC537962 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-06-30 SC537962 ns5:DeferredTaxation 2024-06-30 SC537962 ns5:DeferredTaxation 2025-06-30 SC537962 1 ns10:Director1 2024-06-30 SC537962 1 ns10:Director1 2023-06-30 SC537962 1 ns10:Director1 2024-07-01 2025-06-30 SC537962 1 ns10:Director1 2023-07-01 2024-06-30 SC537962 1 ns10:Director1 2025-06-30 SC537962 1 ns10:Director1 2024-06-30 SC537962 ns10:Director2 2 2024-06-30 SC537962 ns10:Director2 2 2023-06-30 SC537962 ns10:Director2 2 2024-07-01 2025-06-30 SC537962 ns10:Director2 2 2023-07-01 2024-06-30 SC537962 ns10:Director2 2 2025-06-30 SC537962 ns10:Director2 2 2024-06-30

REGISTERED NUMBER: SC537962 (Scotland)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 JUNE 2025 |

| FOR |

| CRYPTOGRAPHY LTD |

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

CRYPTOGRAPHY LTD

COMPANY INFORMATION

for the year ended 30 June 2025

| DIRECTORS: | A Kiayias

| L Georgiou

| REGISTERED OFFICE: | Q Court

| 3 Quality Street

| Edinburgh

| EH4 5BP

| REGISTERED NUMBER: | SC537962 (Scotland)

| ACCOUNTANTS: | S&W Partners (Scotland) Limited

| Q Court

| 3 Quality Street

| Edinburgh

| EH4 5BP

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

BALANCE SHEET

30 June 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 1,829,239 |  | 1,977,510 |  |

Tangible assets | 5 | 6,928 |  | 1,760 |  |

Listed investments | 6 | 200,222 |  | 194,353 |  |

Investment property | 7 | 660,000 |  | 680,000 |  |

2,696,389 |  | 2,853,623 |  |

CURRENT ASSETS

Debtors | 8 | 4,391,560 |  | 1,477,178 |  |

Cash at bank and in hand | 4,555,801 |  | 7,814,957 |  |

8,947,361 |  | 9,292,135 |  |

CREDITORS

Amounts falling due within one year | 9 | (20,237 | ) | (337,300 | ) |

NET CURRENT ASSETS | 8,927,124 |  | 8,954,835 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,623,513 |  | 11,808,458 |  |

PROVISIONS FOR LIABILITIES | 10 | (15,468 | ) | (12,898 | ) |

NET ASSETS | 11,608,045 |  | 11,795,560 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 11,607,945 |  | 11,795,460 |  |

11,608,045 |  | 11,795,560 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

BALANCE SHEET - continued

30 June 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2026 and were signed on its behalf by:

A Kiayias - Director

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 June 2025

1. | STATUTORY INFORMATION

| Cryptography Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| TURNOVER

| Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in relation to information technology consultancy activities and investment in blockchain technology.

| INTANGIBLE FIXED ASSETS

| Intangible fixed assets represent holdings of cryptocurrency at initial cost. The useful economic life of the cryptocurrency is considered by the directors to be indefinite and, accordingly, they are not amortised. The carrying values of intangible fixed assets are reviewed for impairment on an annual basis.

| LISTED INVESTMENTS

| Listed investments are shown at market value at the date of the financial statements. Any surplus or deficit

| arising from the changes in market value are recognised separately in the profit or loss account.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Fixtures and fittings | - | 25% per annum reducing balance

| Computer equipment | - | 33% per annum on cost

| IMPAIRMENT OF ASSETS

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| INVESTMENT PROPERTY

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| FINANCIAL INSTRUMENTS

| The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

| Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| FOREIGN CURRENCIES

| Assets and liabilities in foreign currencies are translated into the entity's functional currency at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result and all differences are taken to the profit and loss account.

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | INTANGIBLE FIXED ASSETS

| Cryptocurrency

£ |

| COST

| At 1 July 2024 | 1,977,510 |  |

| Additions | 3,425,854 |  |

| Disposals | (3,195,000 | ) |

| Impairments | (379,125 | ) |

| At 30 June 2025 | 1,829,239 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,829,239 |  |

| At 30 June 2024 | 1,977,510 |  |

| Intangible fixed assets had a market value of £8.1m (2024 - £6.2m) at the balance sheet date. If the intangible assets were to be carried at market value, a deferred tax liability of £1.5m (2024 - £1m) would be recognised. Intangible fixed assets had a market value of £4.5m (2024 - £13.6m) at the date of approval of the financial statements.

| In line with the accounting policy, neither market value nor deferred tax has been recognised due to the volatility within the market.

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 433 |  | 5,322 |  | 5,755 |  |

| Additions | 3,176 |  | 3,734 |  | 6,910 |  |

| At 30 June 2025 | 3,609 |  | 9,056 |  | 12,665 |  |

| DEPRECIATION

| At 1 July 2024 | 285 |  | 3,710 |  | 3,995 |  |

| Charge for year | 102 |  | 1,640 |  | 1,742 |  |

| At 30 June 2025 | 387 |  | 5,350 |  | 5,737 |  |

| NET BOOK VALUE

| At 30 June 2025 | 3,222 |  | 3,706 |  | 6,928 |  |

| At 30 June 2024 | 148 |  | 1,612 |  | 1,760 |  |

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

6. | FIXED ASSET INVESTMENTS

| Listed

| investments

£ |

| COST OR VALUATION

| At 1 July 2024 | 194,353 |  |

| Revaluations | 5,869 |  |

| At 30 June 2025 | 200,222 |  |

| NET BOOK VALUE

| At 30 June 2025 | 200,222 |  |

| At 30 June 2024 | 194,353 |  |

| Cost or valuation at 30 June 2025 is represented by:

| Listed

| investments

£ |

| Valuation in 2023 | 9,704 |  |

| Valuation in 2024 | 39,119 |  |

| Valuation in 2025 | 5,869 |  |

| Cost | 145,530 |  |

200,222 |  |

| If listed investments had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 145,530 |  | 145,530 |  |

| Listed investments were valued on a market value basis on 30 June 2025 by Saxo Capital Markets UK Ltd .

| The Company purchased option to buy contracts to manage currency exchange rate risk volatility. The fair values of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using quoted prices.

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2024 | 680,000 |  |

| Impairments | (20,000 | ) |

| At 30 June 2025 | 660,000 |  |

| NET BOOK VALUE

| At 30 June 2025 | 660,000 |  |

| At 30 June 2024 | 680,000 |  |

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

7. | INVESTMENT PROPERTY - continued

| Fair value at 30 June 2025 is represented by:

£ |

| Valuation in 2023 | (20,030 | ) |

| Valuation in 2025 | (20,000 | ) |

| Cost | 700,030 |  |

660,000 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 700,030 |  | 700,030 |  |

| Investment property was valued on an open market basis on 30 June 2025 by the directors .

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 12,147 |  | 13,183 |  |

| Other debtors | 4,379,413 |  | 1,463,995 |  |

4,391,560 |  | 1,477,178 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 292 |  | - |  |

| Trade creditors | 1,106 |  | 372 |  |

| Taxation and social security | 479 |  | 276,276 |  |

| Other creditors | 18,360 |  | 60,652 |  |

20,237 |  | 337,300 |  |

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 15,468 |  | 12,898 |  |

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 12,898 |  |

| Accelerated capital allowances | 1,292 |  |

| Revalued assets | 1,278 |  |

| Balance at 30 June 2025 | 15,468 |  |

CRYPTOGRAPHY LTD (REGISTERED NUMBER: SC537962)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 June 2025

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 June 2025 and 30 June 2024:

2025 | 2024 |

£ | £ |

| A Kiayias

| Balance outstanding at start of year | 56,628 |  | (2,791 | ) |

| Amounts advanced | 834 |  | 61,231 |  |

| Amounts repaid | (61,936 | ) | (1,812 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (4,474 | ) | 56,628 |  |

| L Georgiou

| Balance outstanding at start of year | 165 |  | (9,500 | ) |

| Amounts advanced | - |  | 59,665 |  |

| Amounts repaid | - |  | (50,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 165 |  | 165 |  |

| Overdrawn loans over £10,000 attract interest of 2.25% up to 5 April 2025, then 3.75% per annum. The loans are repayable on demand.