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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Block Code Ltd |
REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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Block Code Ltd |
Block Code Ltd (Registered number: 09674279) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Report of the Director | 1 |
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Chartered Accountants' Report | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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Block Code Ltd (Registered number: 09674279) |
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Report of the Director |
for the Year Ended 31 December 2020 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company is provision and development of interactive leisure and entertainment software. |
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DIRECTOR |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Block Code Ltd |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Block Code Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Block Code Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Block Code Ltd and state those matters that we have agreed to state to the director of Block Code Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Block Code Ltd and its director for our work or for this report. |
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It is your duty to ensure that Block Code Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Block Code Ltd. You consider that Block Code Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Block Code Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
2nd Floor, Heathmans House |
19 Heathmans Road |
London |
SW6 4TJ |
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Block Code Ltd (Registered number: 09674279) |
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Income Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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8,862 | (152,079 | ) |
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Other operating income |
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Gain/loss on revaluation of intangible
assets |
2,631,426 |
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OPERATING PROFIT/(LOSS) and |
PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 4 | ( |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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Block Code Ltd (Registered number: 09674279) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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The financial statements were approved by the director and authorised for issue on
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Block Code Ltd (Registered number: 09674279) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Block Code Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 09674279 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, England, SW6 4TJ. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 102 (Section 1A) - the Financial Reporting Standard applicable to the Micro-entities Regime. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements. |
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Intangible cryptoassets |
Intangible cryptoassets held for investment purposes are classified and accounted for under the revaluation model. There is an active market for cryptoassets held and the measurement is carried out at fair value. Revaluation gains and losses are recognised in the profit and loss account, and accumulated in non-distributable equity. |
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Turnover |
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
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Intangible assets |
Development costs of the software are amortised on a straight line basis over their estimated useful lives of five years once the software is active. At the year end the software design and development had not been completed and the software was not active. The carrying value of intangible assets is reviewed for impairment on a periodic basis or if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Block Code Ltd (Registered number: 09674279) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TAXATION |
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Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Current tax: |
UK corporation tax | ( |
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Tax on profit/(loss) | ( |
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From 1st April 2023, the main rate of corporation tax is due to increase from 19% to 25% for taxable |
profits over £250,000. |
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5. | INTANGIBLE FIXED ASSETS |
Cryptoassets |
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COST |
Additions |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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Cyptoassets have an indefinite useful life and are therefore not amortised but tested annually for impairment. |
Block Code Ltd (Registered number: 09674279) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | 100 | 100 | 100 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 | ( |
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Profit for the year |
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At 31 December 2020 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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Included in the period end Other creditors balance is an amount owed by the company to the director of £51,179 (2019:£26,440). The balance is unsecured, not subject to interest, and payable on demand. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Mr Danial Daychopan throughout the current and previous period. Mr Danial Daychopan is the sole director and majority shareholder. |