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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Coinfloor Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Coinfloor Limited |
Coinfloor Limited (Registered number: 08493818) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Coinfloor Limited (Registered number: 08493818) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 9 |
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Other reserves |
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Retained earnings | ( |
) | (2,380,451 | ) |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Coinfloor Limited (Registered number: 08493818) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Coinfloor Limited (Registered number: 08493818) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Coinfloor Limited is a
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registered number and registered office address are as below: |
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Registered number: | 08493818 |
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Registered office: | 1 Quality Court |
Chancery Lane |
London |
WC2A 1HR |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. |
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Turnover |
Turnover represents the total fees received from the transactional trading of cyrptocurrencies made during the |
year. |
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Intangible assets |
Intangible Assets including cryptocurrencies are initially measured at cost, with subsequent revaluations |
recognised through the statement of Other Comprehensive Income. |
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Cryptocurrencies are not amortized due to their indefinite useful economic life. |
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Tangible fixed assets |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
Coinfloor Limited (Registered number: 08493818) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Investment in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment in associates |
Investments in associates are recognised at cost. |
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Share-based payments |
The grant date fair value of share-based payments awards granted to employees is recognised as an employee |
expense, with a corresponding increase in equity, over the period in which the employees become |
unconditionally entitled to the awards. The fair value of the awards granted is measured using an option |
valuation model, taking into account the terms and conditions upon which the awards were granted. The amount |
recognised as an expense is adjusted to reflect the actual number of awards for which the related service and |
non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense |
is based on the number of awards that do meet the related service and non-market performance conditions at the |
vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the |
share-based payment is measured to reflect such conditions and there is no true-up for differences between |
expected and actual outcomes. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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Revaluations | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Cost or valuation at 31 March 2020 is represented by: |
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Other |
intangible |
assets |
£ |
Valuation in 2018 | 481,527 |
Valuation in 2019 | (472,410 | ) |
Valuation in 2020 | (67,668 | ) |
Cost | 267,404 |
208,853 |
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Intangible assets are valued at the current open market rate. |
Coinfloor Limited (Registered number: 08493818) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2019 |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | FIXED ASSET INVESTMENTS |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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506,787 |
Disposals |
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( |
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At 31 March 2020 |
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506,786 |
NET BOOK VALUE |
At 31 March 2020 |
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506,786 |
At 31 March 2019 |
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506,787 |
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Coinfloor Limited owns 100% of 4 companies whose capital and reserves total (£220,314), at the balance sheet |
date. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
Coinfloor Limited (Registered number: 08493818) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2019 |
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Revaluation of intangible |
asset | (9,720 | ) |
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At 31 March 2020 |
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10. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The |
options are granted with a fixed exercise price determined at the grant of the option. The majority of the options |
vest over a period of up to 4 years following the date of the grant with the remainder vesting as performance |
milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of |
grant.Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to |
continued employment with the company. |
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The company has the following number of ordinary shares issuable under share options. |
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Scheme |
Date of Grant |
Number of
Shares Under Options |
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Enterprise Management Scheme | 01/08/2014 | 39,000 |
Enterprise Management Scheme | 12/02/2018 | 768,016 |
Enterprise Management Scheme | 12/02/2019 | 2,013,624 |
Enterprise Management Scheme | 01/03/2019 | 1,340 |
Total | 2,839,606 |
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Exercises prices on the above options range from £0.0001 to £0.11 and are exercisable between 01/08/2014 and |
28/02/29. |
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Options | EMI Scheme |
Brought forward | 2,839,606 |
Granted in the year | nil |
Exercised in the year | 243,776 |
Lapsed in the year | 1,545,924 |
Carried forward | 1,049,906 |
Coinfloor Limited (Registered number: 08493818) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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11. | CUSTOMER DEPOSITS HELD AT BANK |
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The company holds funds on behalf of its customers in the form of FIAT currencies, and cryptocurrencies. |
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The FIAT funds are held at financial institutions in Europe. The client cryptocurrencies are held in cold wallets |
(BTC and BCH) and insured custody (ETH) and corporate owned (BTC) cryptocurrencies are held in warm |
wallets to facilitate instant customer withdrawals. |