Supernova Digital Assets PLC - Company Number 12291603 Statement of Cash Flows                                                       For the year ended 31 October 2025		2025	2024 (restated)*
		£'000	£'000
Operating activities
Loss for the year		(12)	(574)
Adjustments:
Non-cash generated income		(564)	(89)
Dividend income		(153)	-
Fair value (gain)/loss on investments		(947)	252
Loss/(profit) on disposal of investments		256	(100)
Loss/(profit) on disposal of cryptocurrencies		323	(58)
Foreign exchange		7	43
Share based payment		194	-
Expenses settled using cryptocurrencies		97	-
Working capital adjustments:
(Increase)/decrease in trade and other receivables		(15)	43
Increase in trade and other payables		91	12
Net cash used in operating activities		(723)	(471)
Investing activities
Purchase of investments		-	(230)
Proceeds from disposal of investments		1,390	153
Purchase of intangible assets - cryptocurrencies		(1,458)	(114)
Proceeds from d isposal of intangible assets - cryptocurrencies		304	187
Dividend income		153	-
Net cash from/(used) in investing activities		389	(4)
Financing activities
Purchase of treasury shares		(375)	-
Financial Liability raised		762	-
Proceeds from issue of shares		-	467
Net cash from financing activities		387	467
Net increase/(decrease) in cash and cash equivalents		53	(8)
Cash and cash equivalents at start of year		60	68
Cash and cash equivalents at end of year		113	60

^*The comparative information has been restated as a result of the change in accounting policy as discussed in note 3.

               The notes on pages 20 to 36 form part of these financial statements     

Supernova Digital Assets PLC - Company Number 12291603

Notes to the Financial Statements

For the year ended 31 October 2025

1.   Accounting Policies

 

    Corporate Information

 

Supernova Digital Assets PLC, (the Company) principal activity is to identify investment and business building opportunities in the Solana cryptocurrency ecosystem.

 

The Company is a public limited company incorporated and domiciled in England and Wales. The registered office is 9th Floor, 16 Great Queen Street, London, WC2B 5DG.

 

The Company was incorporated on 31 October 2019 originally under the name Dispersion Holdings plc before changing its name to Aqru PLC on 10 January 2022. On 24 January 2024, the Company's name was changed from Aqru PLC to Supernova Digital Assets PLC.

 

The Company is listed on the Access segment of the Aquis Stock Exchange Growth Market.   

 

General information

 

The financial statements are presented in Pound Sterling (£) rounded to the nearest £1,000.

 

Summary of significant accounting policies

 

The principal accounting policies adopted 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.

 

               Basis of preparation

 

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the United Kingdom ("adopted IFRSs") and those parts of the Companies Act 2006 which apply to companies preparing their financial statements under IFRSs.

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of assets and liabilities at fair value.

The preparation of financial statements in conformity with UK adopted international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant in the financial statements, are disclosed in note 2.

Consolidated accounts were not prepared as there were no material subsidiaries at year-end.

 

Going concern

 

The reduction in value of crypto tokens since 2025 highs has been significant. Solana has reduced in value by 66% from the high of USD247 on 18 September 2025. The crypto environment remains volatile and there are mixed indicators as to the next pricing direction. This has impacted the Company which has sold only a small quantity of crypto since its IPO and has funded its operations via a collateralised loan with a regulated Swiss Bank and by selling some of its Solana delegator income. At the same time, the Company has reduced its operational expense to the maximum extent it is able to as a listed Company.

 

The Company has been in discussions with a number of potential collateralised crypto lenders and has received indicative offers at a Loan to Value ("LTV") in excess of the current facility. This potentially enables the company to continue to fund its operational expense without necessitating the sale of its assets. The Company is pursuing these indicative offers.

 

As a result of this, the Company's Directors are of the opinion that the Company can continue to meet its obligations as and when they arise for the foreseeable future. The Directors have thus adopted the going concern basis of accounting in the preparation of the annual financial statements.

 

 

Accounting Policies continued

 

New standards, amendments and interpretations adopted by the Company

The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 November 2024.

Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:

Standards/ interpretations	Application
IAS 21	The Effects of Changes in Foreign Exchange Rates Lack of Exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)
IFRS 7	Financial Instruments: Disclosures Amendments regarding supplier finance arrangements
IFRS 16	Leases Amendments to clarify how a seller-lessee subsequently measures sale and leaseback transactions
IAS 1	Presentation of Financial Statements Amendments regarding the classification of liabilities Amendments to defer effective date if January 2020 amendments Amendments regarding classification of debt with covenants
IAS 7	Statement of Cash Flows Amendments regarding supplier finance arrangements

 

New standards, amendments and interpretations not yet adopted by the Company

Standards/ interpretations	Application	Effective date
IFRS 7	Financial Instruments: Disclosures -   Amendments regarding the classification and measurement of financial instruments Amendments resulting from Annual Improvements to IFRS Accounting Standards - Volume 11 (including implementation guidance)		01/01/2026
IFRS 9	Financial Instruments -   Amendments regarding the classification and measurement of financial instruments Amendments resulting from Annual Improvements to IFRS Accounting Standards - Volume 11		01/01/2026
IFRS 10	Consolidated Financial Statements Amendments resulting from Annual Improvements to IFRS Accounting Standards - Volume 11		01/01/2026
IFRS 18	Presentation and Disclosures in Financial Statements Original Issue		01/01/2027
IFRS 19	Subsidiaries without Public Accountability: Disclosures Original issue		01/01/2027
IAS 7	Statement of Cash Flows Amendments resulting from Annual Improvements to IFRS Accounting Standards - Volume 11		01/01/2026

 

Accounting Policies continued

 

There are no IFRS's or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.

 

Revenue

Revenue comprises Delegator Yield and Maximum Extractable Value (MEV). Revenue is recognised on the earned Solana at the date of receipt of the earned Solana as this happens every Epoch which is generally 3-4 days. This is recognised at the prevailing Solana price on the date of receipt.

 

               Intangible assets

Cryptocurrencies

The Company holds cryptocurrencies which do not qualify for recognition as cash and cash equivalents or financial assets. The Company does not meet the definition of a broker-trader under IAS 2 "Inventories" as the assets are not principally acquired for the purpose of selling in the near future and brokerage in nature.

 

Considering this, the cryptocurrencies have been classified as Intangible Assets in accordance with IAS 38 and the revaluation model has been applied as there is an active market for the digital assets. The assets are identifiable, separable and future economic benefits are expected. Intangible assets held are measured initially at cost and are subsequently carried at a revalued amount based on fair value.

 

Revaluation increases in the carrying amount are recognised in other comprehensive income and accumulated in the revaluation surplus within equity. Revaluation decreases which offset previous increases are charged in other comprehensive income and reduce the revaluation surplus accumulated in equity. All other decreases are charged to the income statement. Subsequent revaluation increases which reverse previous decreases charged to the income statement are credited to the income statement to the extent of the previous decreases charged.

 

The cumulative revaluation surplus included in equity is transferred directly to retained earnings when the surplus is realised.

 

 As disclosed in note 3, during the current year, the Company reviewed its accounting policy for the treatment of fair value movements in its cryptocurrency holdings.

 

The cryptocurrencies have indefinite useful lives and are reviewed at each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset.

 

Financial Instruments        

a)    initial recognition

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Company shall only recognise a financial instrument when the Company becomes a party to the contractual provisions of the instrument.

b)    classification and measurement

Financial assets and financial liabilities are initially measured at their fair value.

 

Financial assets

The Company determines the classification of classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date based on the business model for managing these financial assets and the contractual cash flow characteristics.

 

Fair value through profit or loss

Financial assets at fair value through profit or loss are financial assets designated upon initial recognition as at fair value through profit or loss.

Financial assets designated at fair value through the profit or loss are those that have been designated by management upon initial recognition.

Financial assets at fair value through the profit or loss are recorded in the statement of financial position at fair value.

Changes in fair value are recorded in "Fair valuation movements in financial assets designated at fair value through profit or loss".

 

Accounting Policies continued

Financial Instruments continued

 

 

Amortised cost

Financial assets are classified as at amortised cost only if both of the following criteria are met:

·      The asset is held within a business model whose objective is to collect contractual cash flows; and

·      The contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment.

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Company applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Company does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset's lifetime ECL at each reporting date.

At each reporting date, financial assets are reviewed to assess whether there is objective evidence of impairment. If any such evidence exists, impairment loss is determined and recognised based on the classification of the financial asset.

Financial liabilities

The Company's financial liabilities comprise trade and other payables. Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method, less settlement payments.

 

c)    derecognition

Financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

 

·      The rights to receive cash flows from the asset have expired; or

·      The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

The Company's financial liabilities are derecognised when extinguished, discharged, cancelled or expired.

Financial liabilities

Gains or losses from derecognition of financial liabilities are recognised in the statement of profit or loss.

d)    modification of financial assets and liabilities

Financial assets

If a renegotiation or other modification of the contractual cash flows of a financial asset results in derecognition the revised instrument is treated as a new instrument. The impairment model would then apply to the new instrument as normal.

If a renegotiation or other modification of the contractual cash flows of a financial asset does not result in derecognition, the Company recalculates the gross carrying amount of the financial asset (i.e. amortised cost amount before adjusting for any loss allowance). This is done by discounting the new expected contractual cash flows (post modification) at the original effective interest rate and recognising any resulting modification gain or loss in profit or loss. From this date, the Company assesses whether the credit risk of the financial instrument has increased significantly since initial recognition of the instrument by comparing the credit risk at the reporting date.

 

 

Accounting Policies continued

Financial Instruments continued

 

Financial liabilities

When the terms of a financial liability are modified the Company needs to consider whether that modification is substantial. If the modification is considered substantial the original financial liability is derecognised and a new financial liability is recognised at fair value.

 

Current and deferred taxation

The tax expense represents the sum of the tax currently payable and deferred tax. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the Company's financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method.

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be recognised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates and laws that are expected to apply in the period when the liability is settled, or the asset is recognised based on tax laws and rates that have been enacted at the reporting date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Investments

Investments are initially measured at fair value. Any changes in fair value are recognised in profit or loss.

Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short- term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

 

Treasury shares

The costs of repurchasing ordinary shares including transaction costs are recognised in the Statement of Changes in Equity and accounted for on a trade date basis. The Company must not exercise any right in respect of the treasury shares (e.g. attending or voting at meetings) and no dividend or distribution can be paid to them (including any distribution of assets to members on a liquidation) and therefore treasury shares are excluded from NAV and EPS calculations.

Share based payments

Equity-settled and cash-settled share-based compensation benefits are provided to employees.

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award,

 

Accounting Policies continued

Share based payments continued

the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying the Black Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:

•    during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.

•    from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.

Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

2.   Critical accounting estimates and judgements

 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any periods that will materially affect the accuracy of the financial statements. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed below:

 

2.1 Share-based payment transactions

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Black-Scholes

model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. This estimate will affect the share based payments expense in the statement of profit or loss and other comprehensive income and share based payment reserve on the statement of financial position. The specific estimates are the timing of exercise and the volatility index used.

 

2.2 Cryptocurrencies

The Company holds a variety of cryptocurrencies at the reporting date.

 

The Company has determined that most cryptocurrency assets are highly volatile financial instruments which are most commonly recognised in accordance with IAS 38 - Intangible Assets. At each reporting date, all coins that are held within Intangible Assets are revalued at each reporting date through Other comprehensive income.

 

 

Critical accounting estimates and judgements continued

 

2.3 Investments

Investments are classified as listed or unlisted. The valuation of listed investments is determined with reference to published share prices. The valuation of unlisted investments is assessed by the Company at each reporting date using any available financial information or reports available to them at that time. The Company's assessment of these valuations is subjective and may therefore impact profit and loss and equity in future periods. These assessments are categorised within the Fair Value Hierarchy detailed in note 21.

3.   Change in Accounting Policy - Fair value measurement of Cryptocurrencies

During the current year, the Company reviewed its accounting policy for the treatment of fair value movements in its cryptocurrency holdings. Previously, the Company recognised unrealized gains and losses arising from changes in the fair value of cryptocurrencies directly in the Statement of Profit or Loss.

 

The change in accounting policy has been applied retrospectively in accordance with IAS8. As a result, comparative figures have been restated. The impact of the change on the prior year's financial statements is as follows:

 

	2024 presented £'000	Adjustment £'000	2024 restated £'000
Other comprehensive income	-	3,030	3,030
Profit/(loss) for the year after taxation	2,456	(3,030)	(574)
Earnings/(loss) per share	0.17p	(0.21p)	(0.04p)
Retained earnings	(5,882)	(3,632)	(9,514)
Revaluation reserve	-	3,533	3,533

The figures at 1 November 2023 (earliest prior period presented) did not require any restatement as this period previously recognised fair value movements in cryptocurrencies through Other Comprehensive Income.

4.  Segmental information

The Board has determined that the Company is operating in a single operating segment being that of decentralised technologies and cryptocurrencies.

 

Due to the nature of decentralised networks and cryptocurrencies, it is not possible to provide a geographical split of the Company's income stream and its assets as cryptocurrencies are traded worldwide and are not specific to a geographical area.

5.   Revenue

 

		2025 £'000		2024 £'000
Solana Yield and MEV		564		89
		564		89

 

The Company generated revenue in the form of Delegator Yield and Maximum Extractable Value (MEV) by offering a platform whereby owners of Solana could stake their tokens.

6.   Other operating income

 

		2025 £'000		2024 £'000
Other operating income		153		25
		153		25

 

For the year ended 31 October 2025, Other operating income relates to dividends received.

 

For the year ended 31 October 2024, Other operating income relates to income earned from the utilisation of the London Carbon Exchange platform by a related party (refer to note 21).

 

7.   Administrative expenses

 

		2025 £'000		2024 £'000
Directors' fees		288		172
Directors' salaries & wages		33		33
Professional fees		357		235
Accountancy fees		63		54
Audit fees		28		25
Bank charges		63		11
Other expenses		72		64
		904		594

8.   Finance Income

 

		2025 £'000		2024 £'000
Interest income		1		-
		1		-

 

9.   Directors' and key management personnel

 

Directors' remuneration for the year ended 31 October 2025 is as follows:

	Salary £'000	Fees £'000	Employers' NI £'000	Pension Contribution £'000	Share based payment £'000	Total 2025 £'000
MS Edwards	-	97	-	-	121	218
NJ Lyth	33	119	4	-	61	217
RM Rutledge	-	72	-	-	12	84
	33	288	4	-	194	519

 

Directors' remuneration for the year ended 31 October 2024 was as follows:

	Salary £'000	Fees £'000	Employers' NI £'000	Pension Contribution £'000	Share based payment £'000	Total 2024 £'000
MS Edwards	-	96	-	-	-	96
NJ Lyth	33	40	3	1	-	77
RM Rutledge	-	36	-	-	-	36
	33	172	3	1	-	209

 

Emoluments above are paid in full at the end of both financial years.

 

During the year, the Company had an average of 3 employees who were management (2024: 3). The employees are Directors and key management of the Company. There are no employees other than Directors.

 

 

10.  Taxation

 

The tax assessed on loss before tax for the year differs to the applicable corporation tax rate in the UK of 25% (2024: 25%). The differences are explained below:

 

	2025 £'000		2024 restated* £'000
Loss before tax	12		574
Loss before tax multiplied by effective rate of corporation tax of 25% (2024: 25%)	(3)		(144)
Effect of:
Tax exempt income	(38)		(7)
Non-deductible expenses	57		26
Capital gains on disposal of assets	485		22
Capital losses on disposal of assets	(23)
Fair value movement in investments	(237)		63
Loss on disposal of assets	145		-
Losses not yet utilised	-		40
Brought forward losses utilised	(385)
Tax charge in the income statement	-		-

^*The comparative information has been restated as a result of the change in accounting policy as discussed in note 3.

 

The Company has incurred tax losses for the year and a corporation tax expense is not anticipated. The amount of the unutilised tax losses has not been recognised in the financial statements as the recovery of this benefit is dependent on future profitability, the timing of which cannot be reasonably foreseen. The unrecognised and revised deferred tax asset at 31 October 2025 is 163k (2024: £548k).

 

11.  Loss per ordinary share

 

The loss for the year and number of shares used in the calculation of loss per ordinary share are set out below:

	2025   £'000		2024 restated* £'000
Basic:
Loss for the financial period	(12)		(574)
Weighted average number of shares	1,525,291,399		1,464,679,198
Loss per share (pence)	-		(0.04)
	2025   £'000		2024 restated* £'000
Fully Diluted:
Loss for the financial period	(12)		(574)
Weighted average number of shares	1,525,291,399		1,464,679,198
Loss per share (pence)	-		(0.04)

^*The comparative information has been restated as a result of the change in accounting policy as discussed in note 3.

 

For the both the year ended 31 October 2025 and 31 October 2024, there is no difference between the basic loss per share and the diluted loss per share due to the loss position of the Company.

 

12.  Intangible Assets - cryptocurrencies

 

	2025 £'000		2024 £'000
Cost
At start of the year	3,998		937
Additions	1,458		114
Yield income/revenue	564		89
Fair value gains on cryptocurrencies	206		3,030
Disposals	(724)		(129)
Exchange difference	(7)		(43)
At end of the year	5,495		3,998
Net book value	5,495		3,998

 

At the year end, the Company held cryptocurrencies as detailed below:

 

	2025			2024
	Number of tokens	Fair value £'000		Number of tokens	Fair value £'000
Bitcoin BTC	5.90063	492		1.45960	82
Solana SOL	33 358.43	4,747		29 009.84	3,916
Bittensor TAO	355.20	130		-	-
Meme	-*	126		-	-
		5,495			3,998

^* the Memecoins are made up of a various smaller tokens

 

Any unrealised gains arising on the revaluation of the intangible assets-cryptocurrencies are allocation to the revaluation reserve account and are non-distributable.

13.  Investments

 

		Share in group undertakings £'000	Listed investments £'000	Unlisted investments £'000	Total £'000
Year ended 31 October 2025   Cost
Opening Balance - 1 November 2024		10	1,868	-	1,878
Additions		-	-	-	-
Disposals		-	(1,646)	-	(1,646)
Impairments		-	-	-	-
Revaluations		-	947	-	947
At 31 October 2025		10	1,169	-	1,179
Net book value 31 October 2025		10	1,169	-	1,179

 

 

 

 

 

 

 

 

13.  Investments continued

 

Year ended 31 October 2024   Cost
Opening Balance - 1 November 2023		10	1,943	-	1,953
Additions		-	33	197	230
Disposals		-	(16)	(37)	(53)
Impairments		-	(33)	(160)	(193)
Revaluations		-	(59)	-	(59)
At 31 October 2024		10	1,868	-	1,878
Net book value 31 October 2024		10	1,868	-	1,878

 

There were no new investments in the current year.

 

In the prior year the Company made the following investments which were all impaired in the prior year

·      £225k for 100% of the share capital of Hyperslot PTE Limited,

·      £75k in Flex Labs Inc.,

·      £10k in Roundhouse Pte Ltd, and

·      £33k in TikTok International.

During the current year, the following investments were disposed of:

·      entire holding of 30,000k shares in Phoenix Digital Assets PLC with a value of £1,500k

·      36,500k shares in NYCE International PLC (previously Challenger X PLC) with a value of £146k

 

In the prior year, the following investments were disposed of:

·      1,238k Flex Lab shares with a value of £37k

·      4,000k shares in ChallengerX with a value of £16k.

 

The country of incorporation and investment class for investments held by the Company at 31 October 2025 are listed below:

	£'000	Country of Incorporation	Investment class
London Carbon Exchange Ltd	10	United Kingdom	Subsidiary - Unlisted
NYCE International PLC (previously Challenger X PLC)	177	United Kingdom	Listed
Satsuma Technology PLC	992	United Kingdom	Listed
	1,179

 

The Company has the following investment directly in subsidiaries at 31 October 2025:

Name and registered address of company	Share- holding	Value of share-holding £'000	Country of incorporation	Nature of business
London Carbon Exchange Ltd   16 9th Floor, Great Queen Street, London United Kingdon, WC2B 5DG	100%	10	United Kingdom	Non-trading

 

 

 

13. Investments continued

 

 

Fair value

The fair value of unquoted investments is established using valuation techniques. These include the use of quoted market prices, recent arm's length transactions and discounted cash flow analysis. Where a fair value cannot be estimated reliably the investment is reported at the carrying value at the previous reporting date in accordance with International Private Equity and Venture Capital ("IPEVC") guidelines.

 

The Company assesses at each balance sheet date whether there is any objective evidence that the unquoted investments are impaired. The unquoted investments are deemed to be impaired, if and only if, there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset (an incurred 'loss event') and that loss event (or events) has an impact on the estimated future fair value of the investments that can be reliably measured.  

 

14.  Trade and other receivables

 

	2025 £'000		2024 £'000
Prepayments	8		4
Other debtors	11		-
	19		4

        

15.  Cash and cash equivalents

 

	2025 £'000		2024 £'000
Cash at bank	113		60
	113		60

                                                                                                                                                                                           

The Directors consider that the carrying value of cash and cash equivalents approximates their fair value.

16.  Interest-bearing loans and borrowings

 

On 11 March 2025, the Company entered into a secured credit facility agreement with AMINA Bank AG, a FINMA-regulated Swiss bank, for a principal amount of up to USD 1 million. This facility provides a line of credit, collateralized by the Company's Solana deposits. The loan bears interest at a rate of SOFR plus 8% per annum.

The loan is secured by cryptocurrencies provided as collateral.

 

	Maturity	2025 £'000		2024 £'000
Secured credit facility	Rolling 1 month	762		-
		762		-

17.  Trade and other payables

 

	2025 £'000		2024 £'000
Trade creditors	91		63
Accrued expenses	85		22
VAT payable	-		-
Social security and other taxes	1		1
	177		86

 

18.  Issued share capital and reserves

 

  Share capital

 

	Issued and fully paid
Allotted and issued ordinary shares of £0.001 each	2025 Number		2025  £'000		2024 Number		2024  £'000
At beginning of the year	1,603,225,646		1,603		1,211,225,646		1,211
Shares issued in the year	-		-		392,000,000		392
At end of the year	1,603,225,646		1,603		1,603,225,646		1,603

 

During the year ended 31 October 2025 there were no shares issued.

 

During the year ended 31 October 2024 the following shares were issued:

	Number		£'000		Issue price  per share
4 March 2024	242,000,000		242		0.1p
18 March 2024	150,000,000		150		0.15p
	392,000,000		392

 

  Share premium and Distributable reserve

 

		Share premium £'000		Distributable reserve £'000
Balance at 1 November 2024		-		9,892
Shares issued in the year		-		-
Cancellation of share premium account		-		-
Balance at 31 October 2025		-		9,892

 

 

In the prior year, as part of the intended Share buyback process, the Company confirmed the reduction of the Share

capital by way of cancellation of its Share premium account and the creation of a Distributable reserve account.

 

Treasury shares

 

		Number		£'000
At 1 November 2024 and 1 November 2025		-		-
Acquired during the year		154,000,000		375
At 31 October 2024 and 31 October 2025		154,000,000		375

 

During the prior year, at the Annual General Meeting held on 7 May 2024, the Company was granted authorisation by its shareholders to purchase up to a maximum of 1,300,000 shares representing approximately 90% of the issued capital of the Company as of 5 April 2024.

 

During the year the Company repurchased 154,000,000 ordinary shares (2024: Nil) for a total consideration of £375k (2024: £ Nil). The shares are held in treasury and are presented as a deduction from equity. No gain or loss has been recognised in profit or loss on transactions involving treasury shares; all consideration paid/received is recognised directly in equity.

 

 

 

 

18.  Issued share capital and reserves continued

 

Revaluation reserve

 

	2025 £'000		2024 restated* £'000
At start of the year (as reported)	3,533		-
Effect of change in accounting policy			503
At start of the year			503
Fair value gains on cryptocurrencies	206		3,030
Realised gains on disposal of cryptocurrencies	(417)		-
At end of the year	3,322		3,533

 

The Revaluation reserve represents the cumulative gains or losses in the value of cryptocurrencies held as intangible assets (refer to note 12).

 

19.  Share based payments

 

Share warrants

	2025			2024
	Weighted average exercise price (p)	Number		Weighted average exercise price (p)	Number
Outstanding at the beginning of the year	4.29	64,700,000		3.21	96,200,000
Granted during the year	0.325	160,000,000		-	-
Lapsed during the year	-	-		1.45	31,500,000
Outstanding at the end of the year	1.47	224,700,000		4.29	64,700,000
Exercisable at the end of the year	1.47	158,033,333		4.29	64,700,000

 

At 31 October 2025, the Company had the following warrants in issue:

.

Date of grant		30 April 2021		8 January 2022		6 January 2025
Number outstanding		9,100,000		55,600,000		160,000,000
Contractual life		5 years		4 years		10 years
Exercise price (pence)		3		4.5		0.325

 

The fair value of warrants is determined using the Black-Scholes valuation model.

 

 

20.  Financial Instruments and Risk Management

Capital Management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders. The overall strategy of the Company is to minimise costs and liquidity risk whilst simultaneously maximising value to shareholders.

 

The capital structure of the Company consists of equity attributable to equity holders of the Company, comprising issued share capital, share premium, fair values reserves and retained earnings as disclosed in the Statement of Changes of Equity.

 

General objectives and policies

The management of the Company ensures the definition and control of the risk management policy. The objective of this policy is to identify and analyse the risks facing the Company, to define the limits within which the risks must fall, to manage the risks and to ensure compliance with the defined limits. The risk management policy and systems are regularly reviewed to take into account changes in market conditions and activities of the Company. The Company, through its management rules, aims to develop a rigorous and constructive environment in which employees have a good understanding of their roles and obligations.

 

The overall objective of the Board is to set policies that seek to reduce risk as far as practical without unduly affecting the Company's competitiveness and flexibility. Further details regarding these policies are:

 

Principal financial instruments

The principal financial instruments used by the Company from which the financial risk arises are as follows:

 

The Company's principal financial instruments comprise cash and cash equivalents, cryptocurrencies, investments in securities and trade and other payables. The Company's accounting policies and methods adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each

class of financial asset, financial liability and equity instrument are set out in note 1 - "Accounting Policies".

 

The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value.

 

Credit risk

The Company's credit risk is attributable to cash and cash equivalents and trade and other receivables.

 

Cash is deposited with reputable financial institutions with a high credit rating. The maximum credit risk relating to cash and cash equivalents and trade and other receivables is equal to their carrying value of £132k (2024: £64k)

 

 

Derivatives, financial instruments and risk management

The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices.

 

 

Crypto Risk

The Company has significant crypto assets. The historical volatility of crypto is significant and typically greater than other asset classes and this presents a risk as to the assumed ongoing carrying value of these crypto assets.

 

Foreign currency risk

The Company operates in a global market with income and costs arising in a number of currencies and is exposed to foreign currency risk arising from commercial transactions and translation of assets and liabilities. Currency exposures risks are reviewed regularly and at this time the Directors do not believe it necessary to engage in additional hedging strategies.

 

Liquidity risk

In managing liquidity risk, the main objective of the Company is to ensure that it has the ability to pay all of its liabilities as they fall due. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due.

 

Interest rate risk

The Company income and operating cash flows are substantially independent of changes in market interest rates.

 

21.  Financial Instruments

Set out below is an overview of financial instruments held by the Company:

			2025	2024
	Notes		£'000	£'000
Financial assets at fair value through profit and loss
Investments	13		1,179	1,878
Total			1,179	1,878
Financial assets at amortised cost
Trade and other receivables1	14		11	-
Cash and cash equivalents	15		113	60
Total			124	60
Financial liabilities at amortised cost
Interest-bearing loans and borrowings	16		762	-
Trade payables and other payables2	17		92	64
Total			854	64
1Trade and other receivables excludes prepayments 2Trade and other payables excludes accruals

 

Fair value of measurement of financial instruments

The Company measures financial instruments and non-financial assets at fair value at each reporting date.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the

                              transaction to sell the asset or transfer the liability takes place either:

·      In the principal market for the asset or liability, or

·      In the absence of a principal market, in the most advantageous market for the asset or liability

 

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

·      Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

·      Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

·      Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

 

 

	Level 1		Level 2			Level 3
	£'000		£'000				£'000
At 31 October 2025
Financial assets at fair value	1,169		10				-
At 31 October 2024
Financial assets at fair value	1,868		10				-

 

 

 

22.  Related party transactions

 

Full details of directors' remuneration are provided at Note 9 to these financial statements.

 

The Company made payments to the following companies controlled by the Directors in relation to their directors' fees.

 

		2025 £'000		2024 £'000
Marallo Holdings Inc - MS Edwards		97		96
Dark Peak Services Ltd - NJ Lyth		119		40
Carraway Corp - RM Rutledge		72		36
		288		165

 

At year-end of both financial years there were no amount owing to the Directors.

 

The share options that were awarded to MS Edwards and RM Rutledge were issued in the name of the companies controlled by the respective directors.

 

During the year, the Company sold its entire holding in Phoenix Digital Assets PLC (refer to Note 13). MS Edwards and NJ Lyth are directors of Phoenix Digital Assets PLC.

 

During the prior year, there was an investment of £10k in Roundhouse Pte Ltd (refer to Note 13). MS Edwards is a director of Roundhouse Pte Ltd.

 

During the prior year, the Company earned income from Ora Technology PLC, through their use of the London Carbon Exchange platform (refer to note 6). MS Edwards and NJ Lyth are both directors of Ora Technology PLC.

23.  Ultimate Controlling Party

 

As at 31 October 2025, the Company considers that there is no ultimate controlling party.

 

24.  Post Balance Sheet Events

 

Following year end, there has been a reduction in the value of crypto tokens with the value of Solana having reduced

 from $187.21 at 31 October 2025 to $83.84 at 29 April 2026.