Registration number:
Bit Chute Limited
for the Year Ended 28 February 2023
Bit Chute Limited
(Registration number: 10637289)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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|
|
|
|
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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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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
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Net (liabilities)/assets |
( |
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|
Capital and reserves |
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Called up share capital |
100 |
100 |
|
Capital redemption reserve |
30 |
30 |
|
Retained earnings |
(83,605) |
59,539 |
|
Shareholders' (deficit)/funds |
(83,475) |
59,669 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Bit Chute Limited
(Registration number: 10637289)
Balance Sheet as at 28 February 2023
......................................... |
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
At the balance sheet date the company's current liabilities exceed its current assets. The company is undergoing a restructuring plan involving external investors and its is envisaged that this will enable the company to meet its debts and provide funds for further investment and growth. The directors are confident about the company's future prospects and on that basis these financial statements have been prepared on a going concern basis.
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.
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
straight line over three years |
Intangible assets
The company accepts payments from customers in the form of cryptocurrency. Intangible assets represent the cost value of crypto assets at the year end. Realised gains and losses are taken to the profit and loss account. Impairment losses are taken to the profit and loss account.
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Bit Chute Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Taxation |
2023 |
2022 |
||
£ |
£ |
||
Corporation tax |
(12,869) |
12,869 |
|
Deferred tax |
- |
- |
|
(12,869) |
12,869 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Cryptocurrency |
Total |
|
Cost or valuation |
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At 1 March 2022 |
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Revaluations |
( |
( |
Additions acquired separately |
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Disposals |
( |
( |
Foreign exchange movements |
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At 28 February 2023 |
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Amortisation |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Bit Chute Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Debtors |
Current |
2023 |
2022 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
|
- |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Bit Chute Limited
Notes to the Financial Statements for the Year Ended 28 February 2023
Related party transactions |
Other transactions with directors |
R A Jones (director) had a loan account with the company. At the balance sheet date the amount due to R A Jones was £685 (2022 - nil).