10Bit Fx Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

Registered number: 09727850

		2018		2017
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		42,848		19,321

			42,848		19,321
CURRENT ASSETS
Debtors	4	337,676		124,232
Cash at bank and in hand		379,858		341,349

		717,534		465,581
Creditors: Amounts Falling Due Within One Year	5	(734,241 )		(422,303 )

NET CURRENT ASSETS (LIABILITIES)			(16,707 )		43,278

TOTAL ASSETS LESS CURRENT LIABILITIES			26,141		62,599

PROVISIONS FOR LIABILITIES
Deferred Taxation	6		(7,920 )		(3,671 )

NET ASSETS			18,221		58,928

CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and Loss Account			18,220		58,927

SHAREHOLDERS' FUNDS			18,221		58,928

Page 1

10Bit Fx Limited

Balance Sheet (continued)

As at 31 August 2018

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Luke Malcolm

24th May 2019

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	33%
Computer Equipment	33%

1.4. Foreign Currencies

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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 3

10Bit Fx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2018

1.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 5 (2017 - 3)

Page 4

10Bit Fx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2018

3. Tangible Assets


	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 September 2017	-	31,727	31,727
Additions	10,876	30,252	41,128

As at 31 August 2018	10,876	61,979	72,855

Depreciation
As at 1 September 2017	-	12,406	12,406
Provided during the period	2,601	15,000	17,601

As at 31 August 2018	2,601	27,406	30,007

Net Book Value
As at 31 August 2018	8,275	34,573	42,848

As at 1 September 2017	-	19,321	19,321

4. Debtors

	2018	2017
	£	£
Due within one year
Trade debtors	127,650	38,746
Prepayments and accrued income	37,083	-
Other debtors	12,089	30,427
Corporation tax recoverable assets	21,025	-
Amounts owed by group undertakings	139,829	55,059

	337,676	124,232

Page 5

10Bit Fx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2018

5. Creditors: Amounts Falling Due Within One Year

	2018	2017
	£	£
Trade creditors	58,735	18,908
Corporation tax	-	31,800
VAT	8,709	18,636
Other creditors	30,645	30,000
Accruals	636,152	322,146
Directors' loan accounts	-	813

	734,241	422,303

6. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances

	2018	2017
	£	£
Deferred tax	7,920	3,671

	7,920	3,671

7. Provisions for Liabilities

	Deferred Tax
	£
As at 1 September 2017	3,671
Increase/(Decrease) in the year	4,249

Balance at 31 August 2018	7,920

8. Share Capital

	2018		2017
Allotted, Called up and fully paid	1		1

9. Related Party Transactions

At the balance sheet date, 10Bit FX was owed £139,829 (2017 - £55,059) by its parent company 10Bit Technologies Limited

10. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is 10Bit Technologies Limited. 10Bit Technologies Limited was incorporated in England & Wales.

Page 6

10Bit Fx Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2018

11. General Information

10Bit Fx Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09727850. The registered office is Unit 202, 16-16A Baldwin's Gardens, Hatton Garden , London, EC1N 7RJ.

Page 7