DISTRIBUTED CRAFTS LTD


Directors	HARZ, Dominik Lucas
	ZAMYATIN, Alexei


Registered Address	145 City Road, London, United Kingdom
	145 City Road
	London
	EC1V 1AZ


Registered Number	12286246 (England and Wales)

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 . The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	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:

Basis of preparation

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:

	Functional and presentation currency
	The financial statements are presented in sterling (GBP) and this is the functional currency of the company.

	Going concern
	The company is loss making and has no trading revenue. At 31 October 2025 it held Cash, short-term investments and digital assets of £5.8Mn. The directors have prepared cash flow forecasts, which show that the company has sufficient resources to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Going concern

The company is loss making and has no trading revenue. At 31 October 2025 it held Cash, short-term investments and digital assets of £5.8Mn. The directors have prepared cash flow forecasts, which show that the company has sufficient resources to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

	Revenue from rendering of services
	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: 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.

Revenue from rendering of services

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:

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.

	Interest income
	Interest income is recognised in profit or loss using the effective interest method.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	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.

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.

	Borrowing costs
	All borrowing costs are recognised in profit or loss in the year in which they are incurred.

	Foreign currency translation
	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 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges .

Foreign currency translation

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 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges .

	Intangible assets
	Intangible assets comprise primarily of cryptocurrency and other digital assets. Digital assets are initially recognised at cost. After recognition, they are measured at the lower of cost and net realisable value. Digital assets held for investment are determined to have a finite useful life with residual value. Where the directors are unable to make a reliable estimate of the useful life of a digital asset, the life is taken not to exceed ten years, in accordance with FRS 102 paragraph 18.19. Where the residual value is not below the carrying amount, no amortisation is charged. Any write-down to net realisable value is recognised in profit or loss as an impairment.

Intangible assets

Intangible assets comprise primarily of cryptocurrency and other digital assets. Digital assets are initially recognised at cost. After recognition, they are measured at the lower of cost and net realisable value. Digital assets held for investment are determined to have a finite useful life with residual value. Where the directors are unable to make a reliable estimate of the useful life of a digital asset, the life is taken not to exceed ten years, in accordance with FRS 102 paragraph 18.19. Where the residual value is not below the carrying amount, no amortisation is charged. Any write-down to net realisable value is recognised in profit or loss as an impairment.

	Research and development
	In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order demonstrate that the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order demonstrate that the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

	Tangible fixed assets and depreciation
	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. 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. 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: Computer equipment - 25% straight line 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 .

Tangible fixed assets and depreciation

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.

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.

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:

Computer equipment - 25% straight line

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 .

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Current asset investments comprise units in a money market fund and are stated at cost, translated at the closing exchange rate at the reporting date.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Current asset investments comprise units in a money market fund and are stated at cost, translated at the closing exchange rate at the reporting date.

	Trade and other 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.

	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.

	Trade and other 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.

	Related parties
	Amounts owed to the company by related parties at 31 October 2025 were £603,030 (2024: £603,030), comprising Kintsugi Labs £360,556 (2024: £142,896) and Interlay Labs £242,474 (2024: £460,134). Both companies are under the common ownership and control of the directors of the company. The balances are unsecured, interest free and repayable on demand.

2.	Average number of employees
	The average monthly number of employees, including directors, during the year was 6 .(2024-6)


		2025		2024
	Average number of employees during the year	6		6

3.	Prior period adjustment
	In April 2024 the company allotted 16,311 Seed Prime shares and received subscription proceeds of £7,957,851 in cash. These shares were issued in the year ended 31 October 2024, but in the financial statements for that year the proceeds were incorrectly presented within creditors: amounts falling due after more than one year, rather than within equity. Creditors falling due after more than one year at 31 October 2024 reduced by £7,957,851, from £8,158,152 to £200,301. Called up share capital increased by £16 to £154 and share premium by £7,957,835 to £14,905,823. Net liabilities of £1,039,777 became net assets of £6,918,072. In accordance with FRS 102 paragraph 10.21, this has been corrected retrospectively and the comparative figures for the year ended 31 October 2024 have been restated. The correction has no effect on the profit and loss account for the year ended 31 October 2024 or the year ended 31 October 2025, and no effect on the balance sheet at 1 November 2023.

Prior period adjustment

In April 2024 the company allotted 16,311 Seed Prime shares and received subscription proceeds of £7,957,851 in cash. These shares were issued in the year ended 31 October 2024, but in the financial statements for that year the proceeds were incorrectly presented within creditors: amounts falling due after more than one year, rather than within equity.

Creditors falling due after more than one year at 31 October 2024 reduced by £7,957,851, from £8,158,152 to £200,301. Called up share capital increased by £16 to £154 and share premium by £7,957,835 to £14,905,823. Net liabilities of £1,039,777 became net assets of £6,918,072.

In accordance with FRS 102 paragraph 10.21, this has been corrected retrospectively and the comparative figures for the year ended 31 October 2024 have been restated. The correction has no effect on the profit and loss account for the year ended 31 October 2024 or the year ended 31 October 2025, and no effect on the balance sheet at 1 November 2023.

4.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 November 24	1,881,557	1,881,557
Additions	364,997	364,997
Disposals	(1,007,649)	(1,007,649)
At 31 October 25	1,238,905	1,238,905
Amortisation and impairment
Charge for year	453,884	453,884
At 31 October 25	453,884	453,884
Net book value
At 31 October 25	785,021	785,021
At 31 October 24	1,881,557	1,881,557

5.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 November 24	17,074	17,074
At 31 October 25	17,074	17,074
Depreciation and impairment
At 01 November 24	11,995	11,995
Charge for year	1,166	1,166
At 31 October 25	13,161	13,161
Net book value
At 31 October 25	3,913	3,913
At 31 October 24	5,079	5,079

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	2,105,652	796,767
Other debtors	5,865	59,060
Total	2,111,517	855,827


	Amounts owed by related parties comprise balances due from Interlay Labs of £242,474 (2024: £460,134) and Kintsugi Labs of £360,556 (2024: £142,896), companies under the common ownership and control of the directors. The balances are unsecured, interest free and repayable on demand. Both companies are being wound down after the year end and the balances are expected to be written off in the year ending 31 October 2026. Amounts owed by The BOB Foundation of £74,575 comprise USDT held on behalf of the company of £34,280 and £40,295 received by the Foundation in respect of shares issued by the company. Section 455 tax of £1,979 will be recoverable from HMRC once the director's loan is repaid. The loan was outstanding at 31 October 2025.

Amounts owed by related parties comprise balances due from Interlay Labs of £242,474 (2024: £460,134) and Kintsugi Labs of £360,556 (2024: £142,896), companies under the common ownership and control of the directors. The balances are unsecured, interest free and repayable on demand. Both companies are being wound down after the year end and the balances are expected to be written off in the year ending 31 October 2026.

Amounts owed by The BOB Foundation of £74,575 comprise USDT held on behalf of the company of £34,280 and £40,295 received by the Foundation in respect of shares issued by the company.

Section 455 tax of £1,979 will be recoverable from HMRC once the director's loan is repaid. The loan was outstanding at 31 October 2025.

7.	Current asset investments
	Current asset investments of £3,801,385 (2024: £nil) comprise the company’s holding in the Wise USD Treasury Fund, a US Treasury money market fund accessed through Wise. On 16 October 2025 the company invested $5,000,000 in the fund. The investment is stated at cost, translated at the closing exchange rate of $1.31531 to £1 at 31 October 2025. The fund is available to the company on demand, but it is not held as cash at bank and is therefore presented as a current asset investment.

Current asset investments

Current asset investments of £3,801,385 (2024: £nil) comprise the company’s holding in the Wise USD Treasury Fund, a US Treasury money market fund accessed through Wise. On 16 October 2025 the company invested $5,000,000 in the fund. The investment is stated at cost, translated at the closing exchange rate of $1.31531 to £1 at 31 October 2025. The fund is available to the company on demand, but it is not held as cash at bank and is therefore presented as a current asset investment.

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	356	97,156
Bank borrowings and overdrafts	-	78
Taxation and social security	14,758	44,336
Other creditors	1,211	14,638
Total	16,325	156,208


	Creditors falling due within one year at 31 October 2025 total £16,325 . They comprise trade creditors of £356 , taxation and social security of £14,758 (including VAT of £17) and other creditors of £1,211 . Taxation and social security comprises PAYE and national insurance of £12,243, student loan deductions of £519 and section 455 tax of £1,979 in respect of the director’s loan. Other creditors represent pension contributions payable of £1,211.

Creditors falling due within one year at 31 October 2025 total £16,325 . They comprise trade creditors of £356 , taxation and social security of £14,758 (including VAT of £17) and other creditors of £1,211 .

Taxation and social security comprises PAYE and national insurance of £12,243, student loan deductions of £519 and section 455 tax of £1,979 in respect of the director’s loan. Other creditors represent pension contributions payable of £1,211.

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	261,322	200,301
Total	261,322	200,301


	Other creditors represent funding received under Simple Agreements for Future Equity (SAFE) that had not converted into shares at the balance sheet date. The 2025 balance of £261,322 relates to the agreement with Sats Ventures for $350,000, which converts at the next priced equity round and has no maturity date. The 2024 comparative has been restated .

10.	Directors advances, credits and guarantees
	An advance of £5,864 to a director was outstanding throughout the year. It is unsecured, interest free and repayable on demand

11.	Share capital
	During the year, the company allotted Seed Prime Preferred shares at a premium. The share premium arising from the allotments in the year ended 31 October 2025 was £5,825,043. This includes shares issued on the conversion of SAFE agreements. The share premium account increased from £14,905,823 (restated) at 1 November 2024 to £20,730,866 at 31 October 2025. The 2024 share premium has been restated to include the £7,957,835 premium on the shares allotted in April 2024 .

11.

Share capital

During the year, the company allotted Seed Prime Preferred shares at a premium. The share premium arising from the allotments in the year ended 31 October 2025 was £5,825,043. This includes shares issued on the conversion of SAFE agreements. The share premium account increased from £14,905,823 (restated) at 1 November 2024 to £20,730,866 at 31 October 2025.

The 2024 share premium has been restated to include the £7,957,835 premium on the shares allotted in April 2024 .

12.	Events after reporting date
	On 19 November 2025 the company advanced $825,000 to BOB Labs Inc. Subsequent to the year end, Interlay Labs and Kintsugi Labs are being wound down . The amounts due from those companies, totalling £603,030 at 31 October 2025, will be written off in the year ending 31 October 2026.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	4		785,021		1,881,557
Tangible assets	5		3,913		5,079
			788,934		1,886,636
Current assets
Debtors	6	2,111,517		855,827
Current asset investments	7	3,801,385		-
Cash at bank and on hand		1,238,681		4,532,118
		7,151,583		5,387,945
Creditors amounts falling due within one year	8	(16,325)		(156,208)
Net current assets (liabilities)			7,135,258		5,231,737
Total assets less current liabilities			7,924,192		7,118,373
Creditors amounts falling due after one year	9		(261,322)		(200,301)
Net assets			7,662,870		6,918,072
Capital and reserves
Called up share capital			163		154
Share premium			20,730,866		14,905,822
Profit and loss account			(13,068,159)		(7,987,904)
Shareholders' funds			7,662,870		6,918,072