Company registration number 10416889 (England and Wales)
FRASER INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
FRASER INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
FRASER INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
160,128
53,769
Investments
5
787,198
425,162
947,326
478,931
Current assets
Debtors
7
446,479
464,978
Cash at bank and in hand
633,948
1,188,535
1,080,427
1,653,513
Creditors: amounts falling due within one year
8
(2,224,669)
(2,062,838)
Net current liabilities
(1,144,242)
(409,325)
Net (liabilities)/assets
(196,916)
69,606
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
-
0
3,264
Profit and loss reserves
(196,918)
66,340
Total equity
(196,916)
69,606
FRASER INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
Mr G Fraser
Director
Company Registration No. 10416889
FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Fraser Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the balance sheet date the company had negative net assets. However the director and the other related parties will continue to support the company. true

Based on this, a t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost fair value.

Revaluation movements are recognised in the profit or loss, with revaluations occurring on the following bases:

Crypto currency
Measured at fair value annually

The crypto currency is not amortised as it is deemed that it should be measured at fair value to give a true value in the accounts.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Intangible fixed assets
Crypto currency
£
Cost or valuation
At 1 January 2025
53,769
Additions
131,101
Disposals
(8)
Revaluation
(24,734)
At 31 December 2025
160,128
Amortisation and impairment
At 1 January 2025 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
160,128
At 31 December 2024
53,769
FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
190
190
Other investments other than loans
787,008
424,972
787,198
425,162
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2025
190
424,972
425,162
Additions
-
1,070,054
1,070,054
Valuation changes
-
(383,648)
(383,648)
Foreign exchange movements
-
(2,553)
(2,553)
Other movement
-
85,000
85,000
Disposals
-
(406,817)
(406,817)
At 31 December 2025
190
787,008
787,198
Carrying amount
At 31 December 2025
190
787,008
787,198
At 31 December 2024
190
424,972
425,162

Post year end a company of which Fraser Investments holds a cost of £120 fixed asset investment in was dissolved.

In the prior reporting period an investment balance of £214,355 was written off as an exceptional item as it was deemed fully impaired. However post the current reporting date an amount of £85,000 was recovered in relation to this investment and therefore has been brought back into the investment valuation at the reporting date.

6
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Chrysalis Systems Ltd
United Kingdom
Software Development
Ordinary B
100.00
Chrysalis Systems Ltd
United Kingdom
Software Development
Ordinary A
68.00
FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
445,035
464,978
Other debtors
1,444
-
0
446,479
464,978
8
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
18,566
26,090
Other creditors
2,206,103
2,036,748
2,224,669
2,062,838
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2

Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

10
Revaluation reserve
2025
2024
£
£
At the beginning of the year
3,264
-
Movements in year
(3,264)
3,264
At the end of the year
-
3,264
FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Entities with control, joint control or significant influence over the entity
Description of transaction
Asset
Liability
2025
2024
2025
2024
£
£
£
£
Dividends received
12,975
26,115
-
-
Consulting fees
3,000
12,600
-
-
Interest on loan
8,057
24,073
-
-
Other related parties
Description of transaction
Asset
Liability
2025
2024
2025
2024
£
£
£
£
Management charges
24,592
21,194
-
-
Balances with related parties

The following amounts were outstanding at the reporting end date:

Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Entities over which the entity has control, joint control or significant influence
444,705
464,648
-
0
-
0
Other related parties
330
330
2,203,400
2,035,330
Other information

Parties included within 'other related parties' are related due to common control over the parties by the shareholders of this entity.

All balances with related parties are unsecured, and no guarantees have been given or received by any such party. Outstanding balances do not accrue interest.

There are no provisions for uncollectible receivables related to the amount of outstanding balances, and no expense has been recognised during the period in respect of bad or doubtful debts due from related parties.

All liabilities are to be settled via a transfer of funds to the related parties.

FRASER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
12
Directors' transactions

At the year end, the company owed £98 (2024: £98) to the directors.

13
Off-balance sheet arrangements

The company participates in crypto‑asset staking arrangements whereby it lends crypto assets to a third‑party staking platform in order to earn a return. The legal ownership of the crypto assets remains with the company and the arrangements do not meet the recognition criteria for a separate financial asset or liability beyond the underlying crypto asset already recognised.

The company has also entered into securities lending arrangements whereby it lends financial securities to third parties in order to earn a return. The legal ownership of the securities lent remains with the company and the arrangements do not meet the recognition criteria for a separate financial asset or liability beyond the underlying asset already recognised.

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