Company registration number 10841771 (England and Wales)
BITTITAN UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BITTITAN UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BITTITAN UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
228,709
166,134
Cash at bank and in hand
11,225
29,664
239,934
195,798
Creditors: amounts falling due within one year
4
(56,103)
(65,621)
Net current assets
183,831
130,177
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
183,731
130,077
Total equity
183,831
130,177
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 14 December 2023 and are signed on its behalf by:
Mr R L Chambers III
Director
Company registration number 10841771 (England and Wales)
BITTITAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
BitTitan UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB.
1.1
Reporting period
The financial information presented in the comparative period financial statements covers the 15 month period ended 31 March 2022. The comparative accounting period was extended to align with group companies and due to the extension to the comparative accounting period, the current year figures are not entirely comparable.
1.2
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 amounts 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.
1.3
Turnover
Revenue represents amounts charged to the Company's parent under a transfer pricing agreement for sales and marketing services provided, excluding value added tax. Revenue is recognised when chargeable costs are incurred.
1.4
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.
1.5
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.
BITTITAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
1.7
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
9
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1
Amounts owed by group undertakings
227,066
166,134
Other debtors
1,642
228,709
166,134
Amounts owed by group undertakings, participating interests and associates do not bear interest, are unsecured and are repayable on demand.
BITTITAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
160
8,461
Corporation tax
12,922
12,358
Other taxation and social security
3,492
1,569
Other creditors
39,529
43,233
56,103
65,621
Amounts owed to group undertakings, participating interests and associates do not bear interest, are unsecured and are repayable on demand.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Alan Edward Jones FCCA
Statutory Auditor:
Sumer Auditco Limited
8
Ultimate controlling party
The company's immediate parent company is BitTitan Inc., a company registered in the United States of America.
The registered office address of BitTitan Inc. is 10801 N Mopac Express way, Building 1 Suit 100, Austin TX78759.
The company's ultimate parent company is Idera Parent Sub, LP, a company registered in the United States of America.
Idera Parent Sub,LP is the parent company of the largest and smallest group of which the company is a member and for which group accounts are drawn up. Copies of the financial statements of Idera Parent Sub, LP can be obtained from Idera Inc 10801 N Mopac Expressway Building 1, Suite 100, Austin, TX, 78759.