Company Registration No. 08493818 (England and Wales)
Coinfloor Limited
Unaudited accounts
for the period from 1 April 2020 to 30 September 2021
Coinfloor Limited
Unaudited accounts
Contents
Coinfloor Limited
Company Information
for the period from 1 April 2020 to 30 September 2021
Director
Miss T Altankhuyag
Company Number
08493818 (England and Wales)
Registered Office
1 Quality Court
Chancery Lane
London
WC2A 1HR
United Kingdom
Accountants
HR4K Accountants Ltd
Unit 11 Holts Court
Threshers Bush
Harlow
Essex
CM6 1NZ
Coinfloor Limited
Statement of financial position
as at
30 September 2021
Intangible assets
2,115,959
208,853
Tangible assets
774
2,689
Investments
30,000
506,786
Debtors
97,630,465
27,655,200
Cash at bank and in hand
142,362
67,366
Creditors: amounts falling due within one year
(171,752)
(122,373)
Net current assets
97,601,075
27,600,193
Total assets less current liabilities
99,747,808
28,318,521
Creditors: amounts falling due after more than one year
(97,524,217)
(27,366,473)
Net assets
2,223,591
952,048
Called up share capital
279
279
Share premium
2,981,876
2,981,876
Revaluation reserve
875,843
-
Capital redemption reserve
208,576
208,576
Profit and loss account
(1,842,983)
(2,238,683)
Shareholders' funds
2,223,591
952,048
For the period ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2021 and were signed on its behalf by
Miss T Altankhuyag
Director
Company Registration No. 08493818
Coinfloor Limited
Notes to the Accounts
for the period from 1 April 2020 to 30 September 2021
Coinfloor Limited is a private company, limited by shares, registered in England and Wales, registration number 08493818. The registered office is 1 Quality Court, Chancery Lane, London, WC2A 1HR, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents the total fees received from the transactional trading of cyrptocurrencies made during the year.
Intangible Assets including cryptocurrencies are initially measured at cost, with subsequent revaluations recognised through the statement of Other Comprehensive Income.
Cryptocurrencies are not amortized due to their indefinite useful economic life.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 Year Straight Line
Expenditure on research and development is written off in the year in which it is incurred.
The accounts are presented in £ sterling.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Coinfloor Limited
Notes to the Accounts
for the period from 1 April 2020 to 30 September 2021
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in subsidiary undertakings are recognised at cost.
Investments in associates are recognised at cost.
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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Intangible fixed assets
Other
At 30 September 2021
2,115,959
At 30 September 2021
2,115,959
Coinfloor Limited
Notes to the Accounts
for the period from 1 April 2020 to 30 September 2021
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Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 30 September 2021
8,734
Charge for the period
(34,915)
At 30 September 2021
7,960
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Investments
Subsidiary undertakings
Valuation at 1 April 2020
506,786
Valuation at 30 September 2021
30,000
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
64,742
48,277
Accrued income and prepayments
39,706
51,112
Other debtors
1,800
189,340
Debtors: amounts falling due after more than one year
Other debtors
97,524,217
27,366,471
The company holds funds on behalf of its customers in the form of FIAT currencies, and cryptocurrencies.
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.
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Creditors: amounts falling due within one year
2021
2020
Trade creditors
97,528
80,888
Taxes and social security
48,128
-
Other creditors
17,340
41,485
Coinfloor Limited
Notes to the Accounts
for the period from 1 April 2020 to 30 September 2021
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Creditors: amounts falling due after more than one year
2021
2020
Other creditors
97,524,217
27,366,473
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Average number of employees
During the period the average number of employees was 14 (2020: 5).