Trial Of Pyx Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13407903

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		25,162		35,175
Tangible Assets	5		1,456		2,068

			26,618		37,243
CURRENT ASSETS
Cash at bank and in hand		287		407

		287		407
Creditors: Amounts Falling Due Within One Year	6	(451 )		-

NET CURRENT ASSETS (LIABILITIES)			(164 )		407

TOTAL ASSETS LESS CURRENT LIABILITIES			26,454		37,650

PROVISIONS FOR LIABILITIES
Deferred Taxation	7		(4,291 )		(5,166 )

NET ASSETS			22,163		32,484

CAPITAL AND RESERVES
Called up share capital	8		100		100
Revaluation reserve	9		17,728		26,866
Profit and Loss Account			4,335		5,518

SHAREHOLDERS' FUNDS			22,163		32,484

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Trial Of Pyx Limited

Balance Sheet (continued)

As At 31 May 2026

For the year ending 31 May 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Neil Woodfine

Director

25/09/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Trial Of Pyx Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13407903 . The registered office is Lytchett House 13 Freeland Park, Wareham Road, Poole, Dorset, BH16 6FA.

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.

2.2. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets comprise holdings of cryptocurrency (Bitcoin) acquired and held by the company for investment purposes.

The Bitcoin holdings are classified as intangible assets in accordance with Section 18 of FRS 102. As an active market exists for Bitcoin, the company has adopted the revaluation model.

The assets are therefore measured at fair value at each reporting date, with gains and losses arising on remeasurement recognised within other comprehensive income and accumulated within the revaluation reserve, except to the extent that a revaluation decrease exceeds previous revaluation gains relating to the same asset.

The directors have assessed the Bitcoin holdings as having an indefinite useful economic life. This assessment is based on the absence of any contractual, legal, regulatory or physical factors that would limit the period over which the asset is expected to generate economic benefits for the company.

In accordance with Section 18 of FRS 102, intangible assets with an indefinite useful economic life are not amortised. Instead, they are reviewed at each reporting date to confirm that the indefinite life assessment remains appropriate and are assessed for indicators of impairment where relevant.

The fair value of the Bitcoin holdings is determined by reference to quoted market prices obtained from active cryptocurrency exchanges at the reporting date.

2.3. 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	5 year straight line
Computer Equipment	5 year straight line

2.4. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Trial Of Pyx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2025: NIL)

4. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 June 2025	35,175
Revaluations	(10,013 )

As at 31 May 2026	25,162

Net Book Value
As at 31 May 2026	25,162

As at 1 June 2025	35,175

The company's intangible fixed assets comprise holdings of Bitcoin acquired and held for long-term investment purposes.

In accordance with the company's accounting policy and Section 18 of FRS 102, the Bitcoin holdings are measured using the revaluation model, with fair value determined by reference to quoted market prices available from active cryptocurrency exchanges at the reporting date.

The directors consider that an active market exists for Bitcoin and therefore fair value can be measured reliably. Revaluation gains and losses arising during the year have been recognised within equity through the revaluation reserve in accordance with the requirements of FRS 102.

The directors have assessed the Bitcoin holdings as having an indefinite useful economic life and, accordingly, no amortisation has been charged during the year.

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 June 2025	417	3,532	3,949

As at 31 May 2026	417	3,532	3,949

Depreciation
As at 1 June 2025	326	1,555	1,881
Provided during the period	85	527	612

As at 31 May 2026	411	2,082	2,493

Net Book Value
As at 31 May 2026	6	1,450	1,456

As at 1 June 2025	91	1,977	2,068

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1	-
Other creditors	450	-

	451	-

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Trial Of Pyx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2026

7. Deferred Taxation

The deferred tax provision arises primarily in respect of temporary differences between the carrying value of the company's Bitcoin holdings and their tax base.

The Bitcoin holdings are recognised as intangible fixed assets and are measured at fair value under the revaluation model permitted by FRS 102. As the revaluation gains recognised in equity will become taxable only upon disposal of the assets, a deferred tax liability has been recognised in accordance with Section 29 of FRS 102 in respect of the timing difference arising between the carrying amount of the assets and the corresponding tax values.

Deferred tax relating to the revaluation of the company’s Bitcoin holdings is recognised in other comprehensive income and reflected in the revaluation reserve, consistently with the underlying revaluation movements.

	2026	2025
	£	£
Other timing differences	4,291	5,166

8. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

9. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 June 2025	26,866	5,518
Loss for year	-	(1,183)

Deficit on revaluation	(9,138)	-

Other comprehensive income for the year	(9,138 )	-

Total comprehensive income for the year	(9,138)	(1,183 )

As at 31 May 2026	17,728	4,335

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