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Registered number: 15217097
MIDAS PROTOCOL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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MIDAS PROTOCOL LIMITED
CONTENTS
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Notes to the financial statements
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MIDAS PROTOCOL LIMITED
REGISTERED NUMBER: 15217097
BALANCE SHEET
AS AT 30 APRIL 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Page 1
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MIDAS PROTOCOL LIMITED
REGISTERED NUMBER: 15217097
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The directors consider 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 directors acknowledge their 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 by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Midas Protocol Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The financial statements are presented in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 30 April 2025 (2024: 7 month period ended 30 April 2024).
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis. The company incurred losses during the period, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the balance sheet date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
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Preparation of consolidated financial statements
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The financial statements contain information about Midas Protocol Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
Page 3
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over their estimated useful life of three years.
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 on the following basis:
Depreciation is provided on the following basis:
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 the profit and loss account.
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.
The entity holds mToken investments as part of its investment activities. These investments are digital in nature and are classified as current asset investments, as they are held for short-term investment purposes and are readily realisable.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Page 4
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Taxation for the period comprises of current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Investments in subsidiaries are measured at cost less accumulated impairment.
Cryptocurrencies are included within stocks where they are held for resale in the ordinary course of business. They are initially recognised at cost, including directly attributable transaction costs, and subsequently measured at the lower of cost and estimated selling price less costs to sell. Where the net realisable value is lower than cost, a write-down is recognised in profit or loss. Any previously recognised write-down is reversed where the reasons for the impairment no longer apply, to the extent of the original cost.
Cryptocurrencies are not classified as cash or cash equivalents or as financial instruments, as they do not represent legal tender or give rise to a contractual right to receive cash or another financial asset.
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The average monthly number of employees, including directors, during the year was 1 (2024: 1).
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Page 5
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 6
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Investments in subsidiary companies
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Page 7
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest bearing with an annual rate of 8% and repayable on demand.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest bearing with an annual rate of 6% and repayable on demand.
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Current asset investments
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Page 8
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
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Allotted, called up and fully paid
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5,573,200 (2024: 5,573,200) Ordinary A shares of £0.00001 each
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5,556,500 (2024: 5,556,500) Ordinary B shares of £0.00001 each
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4,559,202 (2024: 4,559,202) Series Seed 1 shares of £0.00001 each
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3,175,647 (2024: 2,990,197) Series Seed 2 shares of £0.00001 each
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During the year 185,450 Series Seed 2 shares were issued with a nominal value of £0.00001 per share for total consideration of £186,664.
Page 9
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MIDAS PROTOCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The comparative figures have been restated to correct the accounting treatment of the Company's investment in Midas Software GmbH. As a result of the restatement, investments in subsidiaries increased by £21,471, share premium increased by £10,806 and retained earnings increased by £10,665.
The comparative figures have also been restated to correct the classification of equity balances relating to a share allotment completed on 29 February 2024. As a result of this restatement, share premium increased by £3,105,873, share capital increased by £29. Other reserves decreased by £3,105,902. There was no impact on retained earnings or profit for the year.
The comparative figures have been restated following a review of intercompany transactions. Certain amounts previously recognised as intercompany loan balances related to investments in mTOKEN products and have therefore been reclassified. As a result, amounts owed by group undertakings have decreased by £3,871,629, current asset investments have increased by £3,825,411 and interest income for the comparative period has been reduced from £54,351 to £8,133.
The restatements relate solely to the presentation and classification of balance sheet items, except for the adjustment relating to the investment in Midas Software GmbH and interest income reclassification described above. The comparative figures have been amended accordingly.
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Related party transactions
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In the year a director was paid £nil (2024: £77,462) for consultancy services.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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Post balance sheet events
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Following the year-end 7,106,426 Series A shares with a nominal value of £0.00001 per share were issued for total consideration of £32,617,152.
The directors' consider there to be no ultimate controlling party.
Page 10
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