Registration number:
for the Year Ended
Bit Chute Limited
(Registration number: 10637289)
Balance Sheet as at 29 February 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets/(liabilities) |
|
( |
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Capital and reserves |
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Called up share capital |
108 |
80 |
|
Capital redemption reserve |
22 |
20 |
|
Profit and loss account |
3,450 |
(23,155) |
|
Total equity |
3,580 |
(23,055) |
Bit Chute Limited
(Registration number: 10637289)
Balance Sheet as at 29 February 2020
For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of web hosting services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Intangible assets
The company accepts payments from customers in the form of cryptocurrency. In accordance with financial standard IAS38 the fair value of cryptocurrency, which is determinable from the active market in cryptocurrency, has been included within intangible assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Cryptocurrency |
Total |
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Cost or valuation |
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At 1 March 2019 |
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Additions acquired separately |
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At 29 February 2020 |
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Amortisation |
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Carrying amount |
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At 29 February 2020 |
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At 28 February 2019 |
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Debtors |
2020 |
2019 |
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Other debtors |
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Bit Chute Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
|
- |
Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
- |
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Related party transactions |
Other transactions with directors |
R A Jones had a loan with the company. At the balance sheet date the amount due to R A Jones was £nil (2019: £720). R A Jones is a director and shareholder of Bit Chute Limited.
During the year, Bit Chute Limited incurred consultancy costs of £nil (2019: £8,500) from R N Vahey. At the balance sheet date the amount due to R N Vahey was £nil (2019: £520). R N Vahey is a director and shareholder of Bit Chute Limited.