London BTC Company Limited
formerly Vinanz Limited
(Company Number 2073995)
Consolidated Annual Financial Statements
for the year ended 28 February 2026
Audited Consolidated Financial Statements
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Index
Page
General Information 2 - 3
Chairman's report 4 - 7
Directors' remuneration report 8 - 13
Strategic and Corporate governance report 14 - 34
Directors' Report 35 - 38
Directors' Responsibilities and Approval 39
Independent Auditor's Report 40 - 43
Statement of Profit or Loss and Other Comprehensive Income 44
Statement of Financial Position 45
Statement of Changes in Equity 46
Statement of Cash Flows 47 - 48
Accounting Policies 49 - 59
Notes to the Financial Statements 60 - 77
1
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
General Information
Country of Incorporation and Domicile British Virgin Islands
The financial statements cover London BTC Company Limited as a consolidated entity consisting of London BTC Company
Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Pound
Sterling, which is also the functional currency of the Group.
London BTC Company Limited is a listed public company , limited by shares, incorporated and domiciled in the British Virgin
Islands.
Registration Number 2073995
Registration Date 27 August 2021
Nature of Business and Principal Activities The Company is a London Stock Exchange-listed Bitcoin treasury
Directors David Lenigas
Jeremy Edelman
Mahesh Pulandaran
Robert Scott (Appointed 13 May 2025)
Registered Office Craigmuir Chambers
Bankers Turicum Private Bank
Turicam House
315 Main Street
PO Box 619
Gibraltar
Group Secretary Ascentium
Craigmuir Chambers
Road Town
Tortola, British Virgin Islands
VG 1110
Independent auditors PKF Littlejohn LLP
Registered auditor
30 Churchill Place
Canary Wharf
London, England
E14 5RE
2
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
General Information
Broker Clear Capital Markets
6th Floor, Wilsons Corner
23-25 Wilson Street
London, England
EC2M 2DD
Depositary Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol, England
BS13 8AE
Corporate Advisor First Sentinel Corporate Finance Limited
72 Charlotte Street
London, England
W1T 4QQ
Share Register Computershare Investor Services (BVI) Limited
Woodbourne Hall
PO Box 3162
Road Town, Tortola
British Virgin Islands
VG1110
Solicitors Hill Dickinson LLP
The Broadgate Tower
20 Primrose Street
London, England
EC2A 2EW
Lucosky Brookman LLP
101 S Wood Ave
Iselin
NJ 08830
United States of America
Website https://ldnbtc.com
3
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Chairman's Report
The financial year ended 28 February 2026 has been a defining year in our short history as a publicly listed Company. We have
completed our branding transformation, scaled up our mining operations, materially grown our Bitcoin treasury, and laid the
foundations for a future dual North American listing. Shortly after the year end, we introduced a hedging dimension to our
balance sheet through selective exposure to physical gold assets. The Bitcoin price this year has been volatile, and our gold
hedge strategy is seen as highly complementary to our growth strategy
In July 2025, the Company formally adopted its new name, London BTC Company Limited, completing the rebranding flagged to
shareholders in our previous Chairman’s Report. Our LSE ticker “BTC.L” —is one of the most powerful in UK listed markets and
which continues to attract attention from retail and institutional investors alike. Our website (ldnbtc.com), corporate branding,
and shareholder communications have all been aligned around this single, unambiguous proposition: London BTC is the UK’s
listed vehicle for direct, productive exposure to Bitcoin.
Our mandate remains unchanged and continues to drive every capital allocation decisions: to mine as much Bitcoin in North
America as profitably as possible, and to acquire and hold Bitcoin in treasury as a strategic, long-duration reserve asset. Bitcoin
remains our preferred currency, and the Group is structurally over-weight Bitcoin relative to fiat currencies.
The macro backdrop for Bitcoin during the year under review has been very different from the relatively benign environment
that accompanied our London Stock Exchange Main Market listing in January 2025. Bitcoin reached new highs in the latter part
of 2025, trading around the US$100,000 level for much of the period, before reducing sharply in early 2026 amid renewed risk
sentiment, persistent inflation, geopolitical tensions in the Middle East (including stalled US–Iran negotiations and disruption
around the Strait of Hormuz), and a rotation of capital between digital and traditional safe haven assets. By May 2026 Bitcoin
was consolidating in the high US$70,000s, well below its cycle peak but materially above the levels at which much of our
treasury was acquired, however we see a lot of mid-term to long term upside in the Bitcoin price and remain very bullish for
the future of Bitcoin as a global store of wealth and breaking all historic banking conventions.
Importantly, the structural picture remains highly supportive. Publicly traded companies now hold over 1.18 million Bitcoin
between them, with corporate buying running at multiples of new mining issuance. Gold, in parallel, has had an exceptional
year, with prices trading at approximately US$4,000 per ounce on safe-haven demand. This bifurcation between digital and
analogue scarce assets is precisely the environment in which we believe a disciplined hybrid hard asset strategy can
outperform.
Against this backdrop, the Group has stayed the course: continuing to mine, looking to acquire Bitcoin opportunistically,
maintaining a debt-free balance sheet, and introducing carefully sized hedging optionality through gold.
The year saw the Company materially strengthen its capital base while remaining free of any structural debt.
• Equity raises: During the period the Company raised gross proceeds of approximately £6.08 million in equity (before
brokerage and expenses) through a combination of placings and a WRAP retail offer. This included the July 2025
fundraising at 18.5 pence per share and follow-on issuances designed to fund mining expansion, treasury accumulation,
and our US capital markets work.
• Equity Raises and Debt facility: During the period the company secured a $4m debt facility and was advanced $2m of the
facility. The advance was repaid by loans from two of the directors. The loans were settled by an issue of shares. The
Company has no debt and the facility is now closed.
• Bitcoin deployment: Of the new equity capital raised, approximately £6.56 million was deployed directly into Bitcoin, held
with our tier-one institutional custody partner, Fidelity Digital Assets. Combined with Bitcoin generated from our mining
operations and earlier treasury purchases, the Group has built a meaningful listed Bitcoin treasury in the UK small-cap
universe.
• Debt-free balance sheet: The Company entered the year with a residual loan facility, which has been managed down such
that the Group is now debt free. Total assets exceeded £8 million as at the interim balance sheet date of 31 August 2025
but have dropped for the full year due to the drop in the Bitcoin price.
4
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Chairman's Report
Bitcoin mining remains the productive heart of our business and the differentiating feature that distinguishes London BTC from
a pure treasury holding company. We are one of the very few listed UK vehicles offering direct shareholder leverage to the
long-term economic modelling of Bitcoin mining.
At the start of the financial fiscal year, we operated an average of approximately 640 miners across third-party hosting facilities
in Indiana, Iowa, Nebraska, Texas and Labrador (Canada). By October 2025 the installed fleet had grown to approximately 1,100
machines following the addition of 385 new ASIC units. We have publicly outlined our intention to grow the North American
fleet to approximately 1,500 ASICs through 2026, an increase of around 30% from current levels, which is subject to the
company having the relevant funds.
Key operational themes during the year included:
• Fleet upgrading: Continued migration toward higher-efficiency, new-generation ASIC units, supported by Luxor
Technology firmware optimisation, which improves hashrate per joule and reduces our effective cost of production.
• Diversification of hosting: Maintaining miners across multiple unrelated third-party hosting facilities across the United
States and Canada to mitigate concentration risk in any single site, operator or power market.
• Low-cost, increasingly renewable power: Where possible, prioritising hosting partners with access to low-cost and
renewable energy, reflecting both economic and ESG imperatives.
• Capital discipline: All fleet expansion is being undertaken on a fully funded basis from existing reserves, with no
requirement for incremental debt or dilution to deliver the 1,500-miner target.
North America remains, in our view, the most favourable jurisdiction globally for Bitcoin mining, combining regulatory clarity,
abundant energy capacity, mature hosting infrastructure, and deep capital markets. We continue to engage with hosting
partners across our existing footprint regarding incremental capacity, with a clear bias toward sites that can scale with us over
multiple deployment cycles.
Our Bitcoin treasury is the second pillar of the dual mandate, and one we have continued to grow with discipline throughout
the year. We do not regard Bitcoin as a speculative trading instrument; we regard it as a long-duration, globally portable, hard-
capped store of value with monetary properties unmatched in the traditional financial system.
Treasury developments during the year included:
• Direct acquisitions: Approximately £6.474 million of Bitcoin acquired during the period, deploying the bulk of new equity
proceeds into BTC across a range of price points. Importantly, much of our treasury accumulation took place at price
levels well below recent cycle highs (but above recent lows), providing meaningful embedded gains even after the early-
2026 correction.
• Self-mined Bitcoin: Self-mined Bitcoin are required for operational costs, and excess will continue to flow into treasury,
compounding the treasury balance through productive operations rather than dilution.
• Institutional custody: All treasury Bitcoin remains with Fidelity Digital Assets, providing institutional-grade custody,
transparency and audit-readiness.
The board has also been actively assessing opportunities to deploy a portion of the treasury into secure, regulated revenue-
generating activities and ancillary services that complement, rather than dilute, our core mining and treasury strategy. Any
such initiatives will be undertaken only where the risk-adjusted return is clearly accretive to Bitcoin per share.
In the second half of the financial year the board took a considered decision to introduce a complementary hedging strategy
through selective exposure to gold assets, while preserving Bitcoin as the dominant strategic asset of the Group. The rationale
is straightforward: Bitcoin offers asymmetric upside and digital scarcity; gold offers a historically proven hedge across monetary
cycles. Holding both, in our judgement, creates a more resilient platform from which to grow Bitcoin holdings faster,
particularly in periods of elevated Bitcoin volatility.
5
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Chairman's Report
In early 2026 we executed the following important steps in implementing this new gold hedge strategy:
• Tethered Gold subsidiary: In March 2026 the Company incorporated a wholly owned subsidiary — Tethered Gold LLC in
Nevada — to provide a corporate structure for evaluating gold exploration, mineral claim staking and early-stage project
development in two of the world’s most active and supportive gold mining jurisdictions.
• US targeting programme: From late April 2026 the Company, through Tethered Gold LLC and specialist geological
consultants Schiehallion Consulting, commenced field operations across Nevada and Arizona, with reconnaissance
sampling and assay validation of an initial pipeline of prospective targets in established mining precincts.
Crucially, the gold strategy is deliberately capital-light and phased. It is not a pivot away from Bitcoin; it is a hedge designed to
support and accelerate Bitcoin accumulation. Profits from any future gold activities are intended to be reinvested into
expanding our mining fleet and treasury holdings. The board will continue to monitor sizing carefully to ensure that the Group
remains, first and foremost, a Bitcoin company. Crucially, we intend to use our gold gains to boost our Bitcoin treasury and
increase our Bitcoin mining fleet in North America.
The Group is governed by a focused board combining capital markets experience, mining and resources expertise, and financial
discipline. During the year the board has continued to operate with appropriate independence, with active engagement on
strategy, capital allocation, risk management and corporate governance. We continue to work closely with our advisers,
including Clear Capital Markets, First Sentinel, Hill Dickinson, Ascentium (previously Harneys), Computershare, Marex and PKF
Littlejohn.
On behalf of the board, I would like to thank our shareholders for their continued support through what has been a more
volatile period in markets. The opportunity in front of us to build a meaningful, productive, listed Bitcoin business from a UK
platform remains, in our view, generational.
Looking forward to the financial year ending February 2027, the board is focused on a clear and executable set of priorities:
• Delivering on the previously announced expansion of the North American mining fleet to approximately 1,500 ASICs;
• Continuing the disciplined accumulation of Bitcoin into treasury, with a strong preference for deployment during periods
of price weakness;
• Advancing the dual listing process in the United States toward a formal board decision, with the objective of accessing
deeper capital and institutional liquidity for the BTC.L equity story;
• Progressing the Tethered Gold programme through field-stage exploration and, where merited, into early-stage
acquisitions, maintaining the hedging proportion of the balance sheet within appropriate limits;
• Evaluating, on a strictly risk-adjusted basis, complementary revenue verticals that productively utilise our Bitcoin holdings
without compromising treasury integrity; and
• In closing, I would like to record my thanks to my fellow directors, our hosting partners, our advisers, and above all our
shareholders, for their support during a transformational year. London BTC is now well positioned, in our judgement, to
be one of the UK’s most distinctive listed vehicles for direct Bitcoin exposure with a productive mining engine, a growing
treasury, a debt free balance sheet, an emerging gold hedge, and a clear path to a North American capital markets
platform. Our conviction in Bitcoin as the hardest monetary asset ever invented is undiminished, and our ambition to be a
cornerstone part in the global Bitcoin economy is unchanged.
The macro environment is likely to remain volatile. Bitcoin’s transition from a retail-driven asset class to an institutionally-
distributed one is real but uneven, and we expect further sharp moves in both directions over the coming year. Our response to
that volatility will continue to be governed by long-term conviction rather than short-term sentiment: keep mining, keep
accumulating, keep capital structure clean, and keep our hedges deliberate and proportionate.
6
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Chairman's Report
In closing, I would like to record my thanks to my fellow directors, our hosting partners, our advisers, and above all our
shareholders, for their support during a transformational year. London BTC is now well positioned, in our judgement, to be one
of the UK’s most distinctive listed vehicles for direct Bitcoin exposure — with a productive mining engine, a growing treasury, a
debt-free balance sheet, an emerging gold hedge, and a clear path to a North American capital markets platform. Our
conviction in Bitcoin as the hardest monetary asset ever invented is undiminished, and our ambition to be a cornerstone
institution in the global Bitcoin economy is unchanged.
David Lenigas
Chairman
30 June 2026
7
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors' remuneration report
Principles used to determine the nature and amount of remuneration
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and
the creation of value for shareholders, and it is considered to conform to the market best-practice for the delivery of reward.
The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
competitiveness and reasonableness
acceptability to shareholders
performance linkage/alignment of executive compensation
transparency
The Remuneration Committee is responsible for determining and reviewing remuneration arrangements for its directors and
executives. The performance of the consolidated entity depends on the quality of its directors and executives. The
remuneration philosophy is to attract, motivate and retain high performance and high-quality personnel.
In consultation with external remuneration consultants, the framework is structured to be market-competitive and
complementary to the Group’s reward strategy.
Alignment with Shareholder and Executive Interests
The Board seeks to enhance shareholders' interests by:
Incorporating economic profit as a core component of plan design.
Focusing on sustained growth in shareholder wealth (dividends and share price growth) and delivering constant or
increasing return on assets.
Focusing the executive team on key non-financial drivers of value.
Attracting and retaining high-calibre executives.
The Board seeks to enhance executives' interests by:
Rewarding capability and experience.
Reflecting competitive reward for contribution to growth in shareholder wealth.
Providing a clear, transparent structure for earning rewards.
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration remains strictly separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Fees are reviewed
annually by the Remuneration Committee, which may receive advice from independent remuneration consultants to ensure
market alignment.
8
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
The Chairman's fees are determined independently based on comparative roles in the external market, and the Chairman is not
present at any discussions relating to the determination of his own remuneration. Non-executive directors do not receive share
options or other incentives.
Executive remuneration
The consolidated entity aims to reward executives based on their position and responsibility, utilising a mix of fixed and variable
components:
The executive remuneration and reward framework has four components: base pay and non-monetary benefits, short-term
performance incentives, share-based payments and other remuneration such as superannuation and long service leave.
The combination of these comprises the executive's total remuneration.
Fixed remuneration is reviewed annually by the Committee based on individual, business unit, and overall consolidated entity
performance. Executives may receive fixed remuneration as cash or fringe benefits (e.g., motor vehicle benefits) where it
creates no additional cost to the Group.
The short-term incentives ('STI') program is designed to align the targets of the business units with the performance hurdles of
executives. STI payments are granted to executives based on specific annual targets and key performance indicators ('KPI's')
being achieved. KPI's include profit contribution, customer satisfaction, leadership contribution and product management.
Performance Linkage: A portion of cash bonuses and incentive payments are directly linked to defined earnings per share (EPS)
targets. The remaining portion is awarded at the discretion of the Committee.
Consolidated entity performance and link to remuneration
Remuneration for certain individuals is directly linked to the performance of the consolidated entity. A portion of cash bonus
and incentive payments are dependent on defined earnings per share targets being met. The remaining portion of the cash
bonus and incentive payments are at the discretion of the Remuneration Committee.
Long-term incentive plan and Employee Benefit Trust (EBT)
The Group operates a Long-Term Incentive Plan (LTIP) established in 2024 to incentivise and motivate directors, employees,
and consultants by awarding Ordinary Shares. Ordinary Shares allocated under this plan will not exceed 20% of the Group’s
issued share capital from time to time without prior shareholder approval.
To facilitate the LTIP, the Group established the Vinanz Employee Benefit Trust (the "EBT") in 2024. The EBT is a discretionary
trust that holds issued and allotted Ordinary Shares for the purpose of recruitment, retention, and incentivisation. Total shares
held in the EBT shall not exceed 20% of the Group’s issued share capital. Ordinary shares under this mechanism were
previously issued to the EBT post-2025 year-end (refer to Note 12 for ongoing tracking).
Payment for loss of office
Directors have no entitlement to termination payments in the event of removal for misconduct.
9
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors' service contracts
The table below outlines the service contracts and appointment terms of the Directors holding office during the 2026 financial
year.
Name
Contract
Commenced
Contract Length /
Termination Period
Annualised Contract
Amount (£)
David Lenigas 15 January 2025 1-month written notice 168,000
Jeremy Edelman 15 January 2025 1-month written notice 168,000
Robert Scott 13 May 2025 1-month written notice 84,000
Mahesh Pulandaran 13 April 2023 Immediate effect 20,000
Note: The terms of all Directors’ appointments remain subject to re-election by the Group’s shareholders on a rotational basis
at the Annual General Meeting (AGM).
10
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors’ remuneration tables - audited
The table below sets out the remuneration received by the Directors for the year ended 28 February 2026, with comparative
figures for the preceding 18-month period ended 28 February 2025.
Executive directors
Director Period
Salary /
Fees (£)
1
Share-
Based
Payments
(£)
Total
Remuneration
(£)
David Lenigas Year ended 28 Feb 2026 162,000 - 162,000
18 Months ended 28 Feb
2025
132,000 4,726,967 4,858,967
Jeremy
Edelman
Year ended 28 Feb 2026 162,000 - 162,000
18 Months ended 28 Feb
2025
132,000 4,726,967 4,858,967
Robert Scott Year ended 28 Feb 2026 67,500 - 67,500
TOTAL
EXECUTIVE
Year ended 28 Feb 2026 391,500 - 391,500
18 Months ended 28 Feb
2025
264,000 9,453,934 9,717,934
1 Directors’ salaries and fees are settled in both Bitcoin and cash
Non-executive director
Director Period
Salary /
Fees (£)
Share-
Based
Payments
(£)
Total
Remuneration
(£)
Mahesh
Pulandaran¹
Year ended 28 Feb 2026 20,000 — 20,000
18 Months ended 28 Feb
2025
28,663 — 28,663
1 Mahesh Pulandaran’s director’s fee services are paid directly to Corpa Asia Advisory Pte Ltd
.
11
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Performance and spend metrics
The table below illustrates the relative changes in corporate spend metrics and total director compensation:
Financial Period Distributions to
Shareholders
(£)
Total Directors'
Pay
(£)
Operational Cash
Outflow
(£)
Revenue
(£)
Year ended 28 Feb
2026
Nil £411,500 £1,972,702 £1,169,168
18 Months ended
28 Feb 2025
Nil £292,663 £1,409,140 £963,816
Year ended 31
Aug 2023
Nil £40,667 £914,474 £41,422
Income, revenue tracking, and cash flow monitoring remain essential variables utilised by the Remuneration Committee and
Board of Directors when evaluating and setting cash-based remuneration parameters.
Historical share price performance comparison
The Directors have reviewed the standard UK corporate governance requirement for a performance graph comparing the
Group’s relative total shareholder return (TSR) against the Bitcoin price. Because the Group initiated trading on the London
Stock Exchange on 13 January 2025, a multi-year trend graph remains truncated but will continue to develop meaningful data
points as the 2026 trading year completes.
0
20
40
60
80
100
120
140
160
180
Index (Mar 2025 = 100)
Month
London BTC vs Bitcoin — indexed month-
end closes
Bitcoin (USD)
London BTC Company
(GBX)
12
London BTC Company Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Consideration of shareholder views
The Board actively reviews shareholder feedback, alongside corporate governance guidance received from institutional
shareholder bodies. This insight directly feeds into the Group's annual evaluation and updates regarding its long-term
remuneration policy.
This report was approved by the Board of Directors and is signed on its behalf in accordance with a resolution of the directors.
On behalf of the directors
David Lenigas
Chairman - remuneration committee
30 June 2026
13
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
The Directors present their Strategic Report for London BTC Company Limited (the "Company") and its subsidiary (together, the
"Group") for the year ended 28 February 2026.
This is the first Annual Report covering a full 12-month financial year following the change of accounting reference date announced
in February 2025. The prior reporting period was the 18 months ended 28 February 2025, during which the Company transferred
from the Aquis Stock Exchange Growth Market to the Main Market of the London Stock Exchange. The Board has continued the
disclosures introduced in the prior period and has further developed its TCFD and ESG reporting, consistent with the Group's status
as a Main Market issuer.
1. Purpose, strategy, and business model
1.1 Purpose
The Group's purpose is to generate attractive risk-adjusted returns for shareholders, predominantly through capital appreciation,
by operating and expanding a portfolio of Bitcoin mining operations across North America and by accumulating Bitcoin as a
treasury asset. In the second half of the financial year, the board introduced selective gold exposure as a strategic complement to
the Group's Bitcoin treasury. Bitcoin remains the primary asset: it offers asymmetric return potential and hard-capped digital
scarcity. Gold adds a proven, counter-cyclical hedge. Holding both, in the board's view, produces a more durable balance sheet —
and one better positioned to accumulate Bitcoin at pace during periods of elevated market volatility.
1.2 Business model
The Group operates a decentralised, delegated hosting Bitcoin mining model. Its principal characteristics are:
The Group owns its application-specific integrated circuit ("ASIC") mining machines but does not have equity in the data-
centre facilities in which they operate.
Mining machines are installed at third-party hosting facilities in the United States and Canada under hosting arrangements
which include power, cooling, connectivity and on-site operational maintenance and support.
Mining hashrate is directed to the Luxor Technology mining pool, under which the Group's machines combine processing
power with other participants, improving the predictability of block-reward distributions and providing access to monitoring
and firmware services.
Bitcoin earned through mining is held in custody, principally in a wallet, and is treated as a long-term treasury asset.
Holdings may be liquidated from time to time to fund working capital or expansion.
This model is intended to keep fixed corporate and operational overheads low, accelerate deployment of new capacity, and avoid
the capital intensity and concentration risk associated with owning and operating large fixed asset proprietary buildings and
associated facilities.
1.3 Choice of operating jurisdictions
The Group operates across Canada and the United States for:
• High-quality internet infrastructure, reducing the need to locate data centres close to end-users.
• Cooler climates which reduce cooling load on mining equipment.
• Access to skilled labour outside major metropolitan centres at competitive cost.
• Access to low-cost, predominantly renewable, electricity. Over 90% of the power consumed by the Group's Canadian
operations is sourced from Hydro-Québec's predominantly hydroelectric grid.
During the year the Group's operating footprint comprised hosted operations in Quebec, Iowa, Nebraska, Texas and Indiana. The
Board considers geographic diversification to be a strategic mitigant against risks such as jurisdictional energy policies, regulatory
changes and physical climate.
14
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
1.4 Strategy
The Group's growth strategy comprises the following pillars:
1. Organic expansion of the mining fleet through the acquisition of additional, more energy-efficient ASIC miners.
2. Geographic diversification across multiple US and Canadian jurisdictions to spread regulatory, energy-supply and physical
climate risk.
3. Continuous fleet refresh, including the introduction of latest-generation Bitmain Antminer S21 series, Whatsminer M50S++
and US-manufactured Auradine miners, to improve hashrate per joule and to lower the Group's marginal cost of production.
4. Strategic partnerships within the digital asset ecosystem, including with Luxor Technology, to enhance operating margins
through firmware optimisation and pool participation.
5. Disciplined treasury management, holding mined Bitcoin in regulated institutional custody and liquidating selectively to fund
growth or manage working capital.
6. Selective consideration of corporate transactions, joint ventures and stock exchange listings, to broaden the Group's
investor base and access to capital.
1.5 Resources and people
The Group does not currently employ staff other than its Directors and Officers. Delivery of the business plan is therefore
dependent on the Board and on the network of hosting providers, custodians, technology partners and professional consultants
and advisers with whom the Group contracts. The Directors, advisers, consultants, and stakeholders collectively bring extensive
experience across capital markets, finance, listed-company management and the digital asset sector.
1.6 Review of the business and operational highlights
London BTC Company Limited was incorporated in the British Virgin Islands on 27 August 2021. The Company's ordinary shares
were admitted to trading on the Access Segment of the Aquis Stock Exchange Growth Market on 21 April 2023 and to the Official
List (Equity Shares (Transition Category)) of the Financial Conduct Authority ("FCA") and to trading on the Main Market of the
London Stock Exchange on 13 January 2025.
1.7 Position at the start of the year
The Group started the financial year ended 28 February 2026 with hosted mining operations across four US states and one
Canadian province, a treasury Bitcoin balance held with Binance and Base, period-end cash of £0.9 million, and a US$4 million
bridging facility (drawable in two tranches of US$2 million each). PKF Littlejohn LLP had been appointed as the Group's external
auditor in March 2025.
2. Financial review and key performance indicators
2.1 Basis of comparison
These financial statements cover the 12 months ended 28 February 2026. The comparative period is the 18 months ended 28
February 2025, following the change of accounting reference date during that period. Year-on-year comparisons should be read
in light of this difference in length and of the fact that the prior period included a substantial non-cash share-based payment charge
of £14.0 million arising from the simplification of the capital structure ahead of admission to the Main Market in January 2025.
15
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
2.2 Key financial metrics
Metric 12 months to 28
Feb 2026
18 months to
28 Feb 2025
Commentary
Revenue £1.1 million £1.0 million First full annual reporting
period of mining revenue.
Pre-tax loss £(4.9) million £(16.0)
million
Prior period included
£14.0m of non-cash
share-based payment
expense.
Pre-tax loss excluding
share-based payments
£(4.9) million £(2.0) million Underlying comparable
measure.
Operating loss £4.9 million £(15.7)
million
Prior period driven by
share-based payment
charges.
Net cash outflow from
operating activities
£(1.97) million £(1.5) million Reflects scale of FY26
hosted operations.
Gross proceeds from share
placings
£6.08 million c. £2.5 million FY26 capital markets
activity.
Capital expenditure on
mining machines
£0.114 million c. £0.5 million Fleet expansion and
refresh.
Year-end cash £0.04 million £0.9 million Movement from prior
period-end.
Net book value of mining
machines
£0 £614,000 After annual impairment
review under IAS 36.
Bitcoin held in treasury at
year-end
80.16 5.92 Custodied with Fidelity
Digital Assets, Binance
and Base (2025 – Binance
and Base only).
2.3 Non-financial and operational KPIs
The Board monitors a range of operational and treasury KPIs alongside conventional financial measures, including installed and
operating hashrate (PH/s), realised hashprice, energy efficiency (joules per terahash), Bitcoin mined during the period, Bitcoin held
in treasury, and fleet composition by ASIC generation. As foreshadowed in the prior period's report, the Group has worked during
the year to capture these metrics on a more systematic basis and intends to disclose a quantified suite of operational KPIs as set
out below.
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London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Operational KPI FY26 Prior period Commentary
Average Worker Count 881,8 327.5 Average number of ASIC
machines
Average Operating hashrate
(PH/s)
91.28 34.00 Average over the year
Bitcoin earned 15.52139294 18.08299429 Gross of pool fees and
hosting deductions
Realised hashprice
(US$/PH/day, average)
US$47.39 US$66.35 Reflects post-halving
network conditions
2.4 Liquidity, funding and going concern
The Group is loss-making on a reported basis and continues to be reliant on access to equity and other capital to fund growth and
to bridge timing differences between Bitcoin generation, custody and selective liquidation. The Group raised approximately £6.08
million (gross) via equity capital raises and settled the debt facility in the period. The Group is debt-free. The Board has prepared
cash flow forecasts covering at least 12 months from the date of approval of these financial statements and considers it
appropriate to adopt the going concern basis of preparation. The Audit Committee has reviewed and concurred with that
assessment.
3. Principal risks and uncertainties
The Group operates in a sector that is technologically dynamic, commercially competitive and subject to evolving regulation. The
Board, supported by the Audit Committee, undertakes regular reviews of the principal risks facing the Group and the mitigations
in place. The principal risks set out below are not exhaustive, but represent those which the Directors consider most material to
the achievement of the Group's strategic objectives at the reporting date.
3.1 Strategic risks — overall impact: High
Risk Description and potential impact Mitigation
Revenue
concentration
in Bitcoin
Revenue is largely a function of the realised
Bitcoin price and the Group's share of
network hashrate. A sustained decline in
Bitcoin price, or in mining economics more
broadly, would materially affect revenue and
profitability. The April 2024 halving and
subsequent network dynamics continue to
shape mining economics during the year
under review.
Active monitoring of Bitcoin price
and network difficulty. Strategy
permits selective diversification into
related digital asset opportunities.
Bitcoin treasury is held with
regulated custodians, providing
balance-sheet optionality. In
addition a selective gold exposure as
a deliberate risk-management
measure, designed to offset periods
of Bitcoin volatility without diluting
the Group's core commitment to
Bitcoin as its primary strategic asset.
By holding gold alongside Bitcoin,
the board aims to cushion short-
term downside risk, preserving the
Group's capacity to continue
accumulating Bitcoin through
market cycles.
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BTC
Company
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Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Competition
from other
digital assets
and alternative
protocols
The emergence of competing
cryptocurrencies, particularly those with
institutional backing, could displace demand
for Bitcoin or compress mining economics.
The Board monitors industry
developments and maintains a
supportive shareholder base which
provides flexibility to raise further
capital and adjust strategy if
required.
Reliance on
third-party
hosting
providers
The Group's mining machines are operated
at facilities owned and managed by third
parties. Service interruptions, contractual
disputes or counterparty failure could
disrupt operations and reduce hashrate.
Geographic diversification across
Quebec, Iowa, Nebraska, Texas and
Indiana, multiple hosting
counterparties, and active
engagement with each provider to
monitor performance and service
quality.
Custody and
private key risk
Loss, compromise or unauthorised transfer
of the keys controlling the Group's Bitcoin
treasury would result in permanent loss of
assets and severe reputational damage.
Treasury Bitcoin is held with Fidelity
Digital Assets, an institutionally
regulated digital asset custodian,
with appropriate operational
controls.
3.2 Market risks — overall impact: Medium
Risk Description and potential impact Mitigation
Bitcoin price
volatility
Bitcoin price is materially volatile and
influenced by macroeconomic,
geopolitical and regulatory factors
outside the Group's control. Volatility
affects both revenue and the carrying
value of treasury Bitcoin.
Monitoring of pricing and network
metrics; selective liquidation of Bitcoin
holdings to manage working capital
exposure; capital structure managed to
absorb cyclical earnings. The selective
gold exposure reduces the risk of
Bitcoin as the primary strategic asset.
By holding gold and Bitcoin, the board
aims to cushion short-term downside
pricing risk.
Network difficulty
and hashprice
compression
An increase in aggregate network
hashrate, in particular following the
April 2024 halving, reduces the share
of block rewards earned per unit of
installed hashrate. This dynamic has
been pronounced during the year
under review.
Ongoing fleet refresh with latest-
generation ASICs (S21, S21 Pro,
M50S++, Auradine) and adoption of
optimised firmware via Luxor to
improve joules-per-terahash efficiency.
Technological
obsolescence of
mining hardware
ASIC miner technology advances
rapidly. Older units lose economic
viability disproportionately as more
efficient machines are deployed at
scale, particularly in a compressed
hashprice environment.
Regular fleet reviews; phased
replacement of older units; budgeting
for periodic capital expenditure on
newer-generation ASICs.
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Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
3.3 Financial risks — overall impact: High
Risk Description and potential impact Mitigation
Funding and
liquidity risk
The Group's operations have been
funded through a combination of
share placings and debt raised. The
US$4 million bridging facility put in
place during 2025 was settled in full
and the Group is debt free. Where
appropriate, selective liquidation of
treasury Bitcoin assists liquidity.
Sustained growth will require further
capital and there is no certainty that
future capital can be raised on
acceptable terms.
Regular Board review of cash flow,
working capital and pipeline of funding
options; long-standing relationships
with shareholders and brokers;
flexibility to liquidate treasury Bitcoin if
necessary; ongoing evaluation of a
potential NASDAQ dual listing.
Energy cost and
availability
Mining economics are highly sensitive
to electricity prices and reliability of
supply. Increases in tariffs or
constraints on supply to digital asset
miners could erode margins.
Selection of jurisdictions with low-cost,
predominantly renewable, energy;
geographic diversification of hosting;
ongoing monitoring of regulatory
developments affecting energy supply
to digital asset operators.
Impairment of
mining assets
ASIC mining machines are subject to
estimation uncertainty in respect of
useful economic life and recoverable
amount, particularly given Bitcoin
price volatility and rapid technological
progress.
Annual impairment assessment under
IAS 36; phased fleet replacement;
conservative useful-life assumptions;
oversight by the Audit Committee.
3.4 Regulatory, legal and compliance risks — overall impact: Medium
Risk Description and potential impact Mitigation
Evolving global
regulation of
digital assets
Digital asset mining and treasury
activities are increasingly subject to
legislative and regulatory attention
across multiple jurisdictions. Adverse
changes could increase compliance
cost or restrict activities.
Operations are spread across multiple
US states and Canadian provinces, and
the hosted model avoids direct
ownership of facilities, providing
optionality if any single jurisdiction
becomes adverse.
Listing rules and
market conduct
As a Main Market issuer the Company
is subject to the FCA's UK Listing
Rules, the UK Market Abuse
Regulation, the Disclosure Guidance
and Transparency Rules and related
regimes. Breach could damage
reputation and result in regulatory
action.
Adoption of share dealing code, social
media policy and market abuse
procedures; Board and adviser
oversight; ongoing training on
disclosure obligations.
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BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Anti-bribery,
corruption and
financial crime
Operations across multiple
jurisdictions involve counterparty and
transaction risks relating to financial
crime.
Anti-bribery and corruption policy, anti-
money laundering policy and
whistleblowing policy in place;
oversight by the Audit Committee with
annual review.
3.5 Environmental, social and governance risks — overall impact: Medium
Risk Description and potential impact Mitigation
Climate-related
risks
Bitcoin mining is energy-intensive and
exposed to physical climate risks (e.g.
extreme weather affecting power
supply) and transition risks (e.g.
carbon pricing, regulatory limits on
energy use for mining).
Sourcing of predominantly renewable
power in Canada; continued
development of TCFD-aligned
disclosures and emissions data;
geographic diversification.
Stakeholder and
reputational
expectations
Investor, regulator and community
expectations regarding ESG practices
and disclosure continue to evolve.
Failure to meet these expectations
could affect access to capital and
reputation.
Adoption of the QCA Corporate
Governance Code 2023; phased build-
out of ESG policies, data collection and
reporting capability; Board-level
oversight of climate-related matters.
Board
composition and
diversity
The Board does not currently meet
the diversity targets under the UK
Listing Rules (UKLR 6.6.6R) and FCA
Policy Statement PS 22/3.
The Board has acknowledged this
position publicly and will keep diversity
in mind when next making
appointments, balanced against the
need for sector expertise within a small
board.
4. Environmental, social and governance (“ESG”) statement
4.1 Environmental
The Group's direct environmental footprint is limited by virtue of its hosted operating model and absence of owned facilities.
However, the Board recognises that the energy intensity of Bitcoin mining is a material ESG consideration. Over 90% of the Group's
Canadian operations are powered by Hydro-Québec's predominantly hydroelectric grid, and the Board considers the carbon profile
of incremental hosting jurisdictions when expanding the fleet.
4.2 Social
With no employees beyond the Board and the Chief Executive Officer, the Group's direct social impact is currently limited. The
Group expects its hosting partners and suppliers to uphold high standards of ethical labour, inclusion and social responsibility. As
operations evolve, the Board will develop formal policies and frameworks proportionate to the Group's scale and reach.
4.3 Governance
Governance is addressed in the Corporate Governance Report which follows, including the Board's continued adoption of the QCA
Corporate Governance Code 2023, its committee structure, and the controls and policies through which oversight is exercised.
20
London
BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
5. Climate-related financial disclosures (TCFD)
London BTC Company Limited recognises that climate change represents a significant systemic risk. Compliance with the TCFD
framework is required for all premium and standard listed companies on the London Stock Exchange on a comply-or-explain basis.
The Board is committed to improving the quality and completeness of its climate-related disclosures year on year.
5.1 TCFD Purpose
Unlike the Streamlined Energy and Carbon Reporting (SECR) regime, which focuses on quantified GHG emissions, TCFD is primarily
designed to enable investors to understand how climate change affects a company's strategy and long-term financial viability. For
London BTC Company Limited, the most material climate-related financial risk is the energy intensity of Bitcoin mining and how
the cost and carbon content of that electricity may evolve as the global economy decarbonises.
5.2 Climate Change Risks and Opportunities
The table below sets out the Group's disclosures against the four TCFD pillars. Where a recommended disclosure has not yet been
fully met, an explanation is provided together with the Board's implementation plan.
Pillar / Sub-heading Disclosure Status
GOVERNANCE
Board oversight The Board retains ultimate oversight of climate-related risks.
Climate change is a standing Board agenda item where
relevant, with primary executive responsibility held by the CEO.
The Group does not operate a dedicated climate risk
committee; the Board intends to establish one as the Group's
governance infrastructure matures.
Partial
Management's role The CEO identifies, assesses and manages climate-related risks
on a day-to-day basis and reports to the Board on material
developments. Board approval of energy strategy, hosting
arrangements and ASIC procurement decisions ensures climate
considerations flow through capital allocation.
Ongoing
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London
BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
STRATEGY
Risks and
opportunities
identified
Transition risks:
• Carbon pricing: Increased electricity costs at US grid-
connected sites from carbon pricing could raise cost per
Bitcoin mined.
• Reputational: Stakeholder scrutiny of Bitcoin's energy
intensity creates reputational risk, mitigated by fleet
efficiency improvements and transparent disclosure.
• Policy/regulatory: US legislation targeting
cryptocurrency mining on energy grounds could restrict
operations or raise compliance costs. Multi-state
diversification mitigates concentration risk.
• Hardware obsolescence: Failure to refresh the fleet with
more efficient ASICs over time increases relative energy
cost per terahash.
Physical risks:
• Acute: Extreme weather events (storms, heat, grid
instability) at sites could cause outages or curtailment.
• Chronic: Rising ambient temperatures in southern US
states may increase cooling costs and power usage
effectiveness (PUE) at hosted facilities over the long
term.
Opportunities:
• Renewable energy sourcing: Preference for hydro-
electric and low-carbon hosting reduces carbon intensity
and exposure to fossil fuel pricing.
• Fleet efficiency gains: Procurement of S21-series Bitmain
and Whatsminer M50S++ units improves energy
efficiency per terahash, reducing cost and carbon
intensity per Bitcoin mined.
Identified
Impact on strategy
and financial
planning
Electricity cost and availability is the primary climate-related
financial exposure. The Group's decentralised, multi-site, third-
party hosting model provides inherent resilience against single-
site disruption. Climate considerations are integrated into
hosting site selection, hardware procurement and capital
budgeting.
Developing
Scenario analysis /
resilience
A formal climate scenario analysis (including against 1.5°C /
well-below 2°C pathways) has not yet been conducted. The
Board intends to initiate structured scenario analysis during
the year ending 28 February 2027, informed by TCFD and ISSB
IFRS S2 guidance, with results disclosed in the following annual
report.
Not yet
completed
22
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
RISK MANAGEMENT
Risk identification
and assessment
Climate risks are identified through: monitoring of US and UK
regulatory and policy developments; review of energy tariff
movements and grid composition at sites; assessment of
weather event history and grid reliability; and review of sector
publications and peer disclosures.
Climate change is a Principal Risk in the Group's risk register,
embedded within related categories including energy pricing,
operational continuity, regulatory compliance and reputational
risk.
Established
Risk management
and integration
Climate considerations are factored into hosting site selection
(energy source, grid reliability, regulatory environment), ASIC
fleet refresh decisions (efficiency ratings), and capital
allocation. The Group's third-party hosting model limits direct
physical risk exposure. The Audit Committee reviews climate
risk as part of its assessment of principal risks and internal
controls.
Developing
METRICS AND
TARGETS
GHG emissions –
Scope 1
The Group owns no combustion equipment, vehicles or on-site
generation assets. Scope 1 emissions are negligible and have
not been quantified.
Negligible
GHG emissions –
Scope 2
Scope 2 emissions arise from electricity consumed by the
Group's ASIC fleet at third-party hosted facilities. Electricity is
bundled within hosting fees rather than separately metered,
and comprehensive kWh data has not been obtained for the
year ended 28 February 2026.
Partial renewable energy information is available: the Group's
former Canadian operations were powered predominantly by
Quebec Hydro (approximately 90%+ renewable). US sites in
Indiana, Nebraska and Texas are grid-connected; Nebraska
benefits from significant wind generation, while Indiana and
Texas have more mixed generation profiles. No renewable
energy certificates (RECs) or power purchase agreements
(PPAs) are in place.
Partial –
Developing
23
London
BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
GHG emissions –
Scope 3
Not yet quantified. Material categories expected include
upstream manufacture and transportation of ASIC hardware.
Scope 3 quantification will be considered as part of the GHG
data programme planned for FY2027.
Not yet
quantified
Other metrics Management monitors fleet energy efficiency (J/TH) and hash
rate per watt as proxies for environmental efficiency.
Procurement of S21-series and M50S++ ASICs during the
period has improved weighted-average fleet efficiency relative
to prior periods.
Formal KPIs including energy intensity per Bitcoin mined
(kWh/BTC) and estimated CO2e per Bitcoin mined will be
developed once comprehensive consumption data is available.
Developing
Targets No formal, quantified emissions reduction targets have been
established. Medium-term priorities relevant to the Group's
climate ambition include:
• Ongoing ASIC fleet refresh to improve energy efficiency;
• Preference for hosting sites with renewable or low-
carbon electricity supply;
• Quantification of Scope 1, 2 and 3 GHG emissions by the
year ending 28 February 2027; and
• Setting measurable targets once a reliable emissions
baseline has been established.
Not yet
established
The Board is committed to progressive improvement of these disclosures. In the year ending 28 February 2027 the Board will
ensure that: (i) quantified GHG data (Scope 1, 2 and where practicable Scope 3) is collected and disclosed; (ii) a formal climate
scenario analysis is initiated; and (iii) measurable emissions targets are established.
6. Streamlined Energy and Carbon Reporting (SECR)
6.1 Regulatory Framework
London BTC Company Limited (the "Company") is required to report its energy consumption and greenhouse gas ("GHG") emissions
in accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations
2018 (the "SECR Regulations"), which implement the UK Government's Streamlined Energy and Carbon Reporting framework.
As a company quoted on the Main Market of the London Stock Exchange, the Company is classified as a large undertaking for the
purposes of the SECR Regulations and is accordingly required to disclose its energy use, associated carbon emissions, and at least
one intensity metric within its Directors' Report.
6.2 Methodology and Reporting Boundary
The Company has measured and reported all material sources of energy consumption and GHG emissions under the operational
control approach. The reporting boundary encompasses all Bitcoin mining activities operated by the Company during the year ended
28 February 2026, comprising its fleet of approximately 1,100 Application-Specific Integrated Circuit ("ASIC") mining machines
deployed across co-located data-centre facilities in United States and Canada.
All mining hardware is hosted at third-party co-location facilities. The Company does not own or occupy any buildings and has no
Scope 1 emissions arising from stationary or mobile combustion of fuels. Energy consumption is therefore attributable entirely to
the electricity consumed by the ASIC fleet and associated ancillary equipment at the co-location sites.
Mining operations are managed via the Luxor Technology mining pool, with hashrate contributed through the Company's sub-
accounts. Electricity consumption data has been obtained from facility-level power draw records provided by the co-location
operators and reconciled against Luxor pool hashrate telemetry.
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BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
6.3 Scope of GHG Emissions
Scope Description Included in Report
Scope 1
Direct emissions from combustion of fuels
owned or controlled by the Company
Nil — no fuel combustion
Scope 2
Indirect emissions from purchased electricity
consumed at co-location facilities
Yes — primary disclosure
Scope 3
Other indirect emissions (supply chain,
business travel, etc.)
Not required under SECR;
considered immaterial
GHG emissions have been calculated using the EPA’s eGRID GHG Conversion Factors for Company Reporting. The location-based
method has been applied for Scope 2, using the US EPA eGRID sub-regional emission factors for the relevant grid regions.
6.4 Energy Consumption and GHG Emissions
The following table sets out the Company's energy consumption and associated Scope 2 GHG emissions for the year ended 28
February 2026.
Unit Year ended 28 Feb 2026
Energy Consumption
Indiana facilities — electricity consumed MWh 9,597.7
Nebraska facilities — electricity consumed MWh 2,369.8
Texas facilities — electricity consumed MWh 61.7
Labrador facilities — electricity consumed MWh 10,523.8
Phoenix facilities — electricity consumed MWh 1,656.2
Total electricity consumed (Scope 2) MWh 24,209.2
Scope 1 Emissions (direct)
Fuel combustion (stationary and mobile) tCO₂e Nil
Scope 2 Emissions (purchased electricity —
location-based)
Indiana facilities tCO₂e 3,987.8
Nebraska facilities tCO₂e 791.7
Texas facilities tCO₂e 25.9
Labrador facilities tCO₂e 31.6
Phoenix facilities tCO₂e 673.3
Total Scope 2 emissions tCO₂e 5,510.3
TOTAL Scope 1 + Scope 2 emissions tCO₂e 5,510.3
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BTC
Company
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Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
6.5 Intensity Metric
In accordance with the SECR Regulations, the Company has selected an intensity metric appropriate to its principal activity of Bitcoin
mining. The Directors consider that emissions per Bitcoin mined (tCO₂e/BTC) provides the most meaningful measure of the
Company's carbon efficiency, as it directly relates total Scope 2 emissions to the quantum of productive output.
Intensity Metric Unit Year ended 28 Feb 2026
Total Scope 1 + Scope 2 emissions tCO₂e 5,510.3
Bitcoin mined during the year BTC 15.52139294
Carbon intensity — emissions per BTC
mined
tCO₂e / BTC 355.0
Energy intensity — electricity consumed
per BTC mined
MWh / BTC 1,550.7
6.6 Energy Efficiency Actions
The Directors are committed to improving the energy efficiency of the Company's mining operations. The following measures were
undertaken or maintained during the year ended 28 February 2026:
# Action Status
1
Deployment of energy-efficient next-generation ASIC hardware to replace
legacy machines, improving terahash per watt (TH/W) efficiency ratios
across the fleet
Ongoing — fleet upgrade programme
2
Monitoring of pool-level hashrate and efficiency data via Luxor
Technology dashboard to identify underperforming or offline machines
and minimise wasted energy draw
In operation throughout the year
3
Evaluation of co-location facility power usage effectiveness (PUE) when
selecting or renewing hosting arrangements, with preference for
operators demonstrating lower PUE ratios
Applied to new facility negotiations
4
Consideration of renewable energy availability and grid carbon intensity in
the selection of mining site jurisdictions and power procurement
arrangements
Under review for future site selection
5
Remote monitoring and automated curtailment protocols to reduce
energy consumption during periods of elevated electricity prices or grid
stress
Implemented via Luxor pool
6.7 Prior Year Comparative
The comparative information presented for the year ended 28 February 2025 has been prepared on a consistent basis. Where the
Company was formerly known as Vinanz Limited prior to its change of name on 3 July 2025, the comparative figures reflect the same
operational entity and mining fleet. No restatement of prior year figures is required as a result of the change of name.
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London
BTC
Company
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(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
6.8 Exclusions and Limitations
The following items have been excluded from this disclosure on the grounds of immateriality or operational control:
Exclusion Rationale
Scope 3 supply chain and indirect emissions
Not required under SECR Regulations for quoted
companies; considered immaterial given nature of
operations
Transmission and distribution losses associated with
electricity supply
Excluded from location-based Scope 2 calculation;
considered immaterial
Energy consumed by co-location facility shared
infrastructure (cooling, lighting, security) beyond
the Company's metered allocation
Not within the Company's operational control;
reflected in facility PUE but not directly attributable
Business travel and employee commuting
The Company has no employees based at mining
sites; Directors are UK-based; considered immaterial
7. Corporate Governance Report
The Directors are committed to maintaining high standards of corporate governance, proportionate to the size, stage of
development and complexity of the Group. The Board has adopted the Quoted Companies Alliance Corporate Governance Code
2023 (the "QCA Code"), which the Board considers to be the most appropriate recognised governance code for a company of the
Group's size with a listing on the Main Market of the London Stock Exchange. A copy of the QCA Code is available at
https://theqca.com/corporate-governance/.
The Board reviews compliance with the QCA Code annually. The remainder of this report sets out, principle-by-principle, the
Board's application of the QCA Code during the year, including departures and the reasons for them.
7.1 Application of the QCA Code's ten principles
Principle 1 — Establish a purpose, strategy and business model which promotes long-term value for shareholders
The Group's purpose, strategy and business model are set out in Section 1 of the Strategic Report. In summary, the Group seeks
to generate long-term value for shareholders by operating a capital-light, geographically diversified Bitcoin mining business and
by accumulating Bitcoin as a treasury asset. The strategy is delivered primarily through organic fleet expansion, partnerships with
established sector counterparties such as Luxor Technology, and disciplined capital allocation. The strategy is articulated in Board-
approved budgets and is communicated to shareholders through RNS announcements, the Annual Report and the Company's
website.
Principle 2 — Promote a corporate culture that is based on ethical values and behaviours
The Board sets the tone for the Group's culture through its own conduct and through formal policies covering ethical conduct,
anti-bribery and corruption, data protection, equality, diversity and inclusion, and whistleblowing. These policies are
communicated to all individuals working for the Group and are enforced consistently. The Audit Committee has oversight of the
policy suite and reviews its operation as part of its annual cycle. The Board considers that ethical conduct is integral to the Group's
standing with shareholders, counterparties and regulators.
Principle 3 — Seek to understand and meet shareholder needs and expectations
The Board communicates with shareholders through Regulatory News Service announcements, the Annual Report and interim
results, the Annual General Meeting, the Company's website and ad-hoc presentations. Material existing and prospective
shareholders are engaged directly by the Executive Chairman and Finance Director. The Annual General Meeting is the principal
forum for retail shareholder engagement and the Board uses it to provide an update on strategy and to receive shareholder views.
Voting outcomes are announced through the Regulatory News Service immediately after the meeting, including the total votes
cast for and against each resolution.
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Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Principle 4 — Take into account wider stakeholder interests, including social and environmental responsibilities, and their
implications for long-term success
The Board acknowledges that long-term success depends on constructive relationships with hosting partners, technology
providers, custodians, regulators, investors and the communities in which the Group's hosted operations are located. The Group's
developing ESG and TCFD frameworks, set out in Sections 6 and 7 of the Strategic Report, address the environmental dimension
of those relationships.
Principle 5 — Embed effective risk management, internal controls and assurance activities, considering both opportunities and
threats, throughout the organisation
The Board has overall responsibility for the Group's system of internal control and for reviewing its effectiveness. The Group's
principal risks are described in Section 4 of the Strategic Report and are formally reviewed by the Board and the Audit Committee.
Financial controls. The Board approves the Group's annual budget and reviews monthly management accounts and forecasts,
including profit and loss, balance sheet and cash flow, against budget and prior period. The Audit Committee reviews the half-year
and full-year financial statements before recommendation to the Board.
Non-financial controls. These include day-to-day management of the business by the Executive Directors, a defined schedule of
matters reserved to the Board, an organisational structure with clear levels of authority, and a risk register which is periodically
reassessed.
Internal audit. Given the current size of the Group and the limited number of personnel, the Board does not consider an internal
audit function to be proportionate. The Audit Committee keeps this position under annual review.
Principle 6 — Establish and maintain the Board as a well-functioning, balanced team led by the chair
As at the year-end the Board comprised four Directors: the Executive Chairman, the Finance Director, the Executive Directors and
an independent Non-Executive Director. Robert Scott was appointed on 13 May 2025. The Board considers that this composition
reflects an appropriate balance of skills, experience and independence for a company at the Group's current scale, but
acknowledges that the proportion of independent Non-Executive Directors falls below the QCA Code's expectation that at least
half of the Board (excluding the Chair) should comprise independent Non-Executive Directors. The Board intends to enhance Non-
Executive representation as the Group grows.
Biographical information for each Director who served during the year is set out in the table below. Conflicts of interest are
managed through standing disclosure of external commitments and through the Board's standing procedures, with conflicted
Directors recusing themselves from relevant discussions.
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Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Director Role Biographical summary
David Lenigas Executive
Chairman
Mr Lenigas holds a Bachelor of Applied Science (Mining
Engineering) from Curtin University's Kalgoorlie School of
Mines and a Western Australian First Class Mine Manager
Certificate of Competency. He has extensive global
corporate experience as Executive Chairman, Chairman
and Non-Executive Director of multiple public companies
listed in London, Canada, Johannesburg and Australia,
including former Executive Chairman of Lonrho Plc.
Jeremy
Edelman
Executive
Director
Mr Edelman holds bachelor's degrees in Commerce and
Law and a Master's degree in Applied Finance. He is
admitted as a Solicitor of the Supreme Courts of Western
Australia and New South Wales. He has held senior roles in
debt and acquisition finance at BankersTrust and UBS
Warburg, and currently chairs AIM-listed Reabold
Resources PLC.
Robert Scott Finance
Director
(appointed 13
May 2025)
Mr Scott qualified as a Chartered Accountant (CA(SA)) with
Deloitte & Touche (South Africa), having obtained his
Certificate of Theory of Accounting (CTA) from the
University of Cape Town. He is currently a Non-Executive
Director of LSE-listed Everest Global PLC, and brings senior
financial, capital markets and corporate finance experience
to the Board.
Mahesh
Pulandaran
Independent
Non-Executive
Director
Mr Pulandaran has over 20 years of experience in financial
services, having begun his career in audit and assurance in
the UK before moving to Asia with Deloitte, advising blue-
chip clients including Microsoft and Caterpillar. He
subsequently held senior offshore banking roles with HSBC
and Coutts and Co International, and now leads the Trust
Division of CorPa Asia Advisory Pte Ltd in Singapore. He is
also a director of Main Market-listed Fragrant Prosperity
Holdings Limited and AQSE-listed VVV Resources Limited.
Board and committee meeting attendance
Attendance at formal meetings of the Board and its Committees during the year was as follows.
Director Board
1
Audit
Committee
David Lenigas (Executive Chairman) 16/16 1/1
Jeremy Edelman (Executive Director) 13/16 1/1
Robert Scott (Finance Director, from 13 May 2025) 7/7 1/1
Mahesh Pulandaran (Independent NED) 14/14 1/1
1 The remuneration committee met as part of the Board meeting.
29
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Principle 7 — Maintain governance structures and processes that are fit for purpose and support good decision-making by the
Board
The Board operates under a formal schedule of Matters Reserved to the Board which covers overall Group strategy and
management, financial reporting and controls, Group structure and capital, corporate governance, and nomination matters. The
Board carries out the role of a nomination committee, including leading the process for appointment of new directors, reviewing
Board composition and recommending committee membership.
The Board has two standing Committees:
Audit Committee
The Audit Committee comprises the independent Non-Executive Director, Mahesh Pulandaran (Chair), and the Executive Director,
Jeremy Edelman. The Board acknowledges that the QCA Code expects audit committees to comprise independent Non-Executive
Directors and that, with only one such Director on the Board, the Audit Committee does not fully meet that expectation. The Board
considers this departure proportionate at the Group's current scale and will reconstitute the Committee as additional independent
Non-Executive Directors are appointed.
The Committee's responsibilities, set out in its terms of reference, include oversight of the integrity of the financial statements,
accounting policies, financial reporting, the engagement and performance of the external auditor, the framework of internal
financial controls, and the operation of the Group's risk management framework. The Committee meets at least once each year,
with the external auditor attending.
Remuneration Committee
The Remuneration Committee comprises David Lenigas (Chair) and Jeremy Edelman. The same observation regarding
independence applies as for the Audit Committee, and the Board will reconstitute the Committee as further independent Non-
Executive Directors are appointed.
The Committee is responsible, subject to any shareholder approval required, for setting the terms of employment, remuneration
and benefits of Executive Directors and senior management, for recommending the level and structure of senior management
remuneration, and for the design and operation of share-based incentive arrangements. The Committee meets at least twice each
year.
Principle 8 — Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement
The Board conducts an annual evaluation of its own performance and that of its Committees. The FY26 evaluation was conducted
internally and considered the effectiveness of Board meetings, the quality and timeliness of management information, the
operation of the Committees, the integration of the new Executive Director appointed during the year, and the balance of skills,
experience and independence on the Board. The Board concluded that it and its Committees continue to operate effectively. The
expansion of independent Non-Executive representation and the formalisation of succession arrangements remain identified
development priorities. The Board keeps the methodology for performance evaluation under review and will consider engaging
an external facilitator as the Group grows.
Principle 9 — Establish a remuneration policy which is supportive of long-term value creation and the Company's purpose,
strategy and culture
The Remuneration Committee designs remuneration to align Executive Directors and senior management with shareholders and
with the Group's strategic objectives. Remuneration during the year comprised base salary or director fees. Remuneration policies
are put to a shareholder vote where required by applicable rules; otherwise, the Board will continue to disclose remuneration
arrangements transparently in the Annual Report and to engage with shareholders on remuneration matters.
Principle 10 — Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and
other key stakeholders
The Company communicates with shareholders and other stakeholders through the Annual Report and Accounts, half-yearly and
full-year results announcements, ad-hoc RNS announcements, the Company's website, the Annual General Meeting, and direct
engagement with material shareholders. The Company's governance-related policies and historical Annual Reports are available
on the Company's website. The Board considers that this combination of channels provides appropriate transparency for a
company of the Group's size and stage of development.
30
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
8. Report of the Audit Committee
This report has been prepared in accordance with the QCA Corporate Governance Code 2023. A summary of the Committee's
membership, role and operation is set out in the Corporate Governance Report. The Committee met once formally, during the
year.
8.1 Significant issues considered
In discharging its responsibilities the Committee considered the following significant issues in respect of the financial statements:
Significant issue Summary Committee's response and conclusion
Going concern Cash flow forecasting in a sector
characterised by Bitcoin price
volatility, evolving regulation
and rapid technology change is
inherently uncertain. The
Committee considered whether
the Group has sufficient
resources to meet its
obligations for at least 12
months from the date of
approval of the financial
statements.
The committee has reviewed the forecast
and is satisfied that there is sufficient
liquidity, after considering sensitivity in
the Bitcoin price, for the foreseeable 18-
month period.
Valuation and
impairment of
mining machines
Mining machines are a material
asset class. Their recoverable
amount is subject to estimation
uncertainty given Bitcoin price
volatility, network difficulty,
energy costs and rapid
technological obsolescence.
Indicators of impairment under
IAS 36 are reviewed at each
reporting date.
The Company prepared a model on the
cash-generating unit for the ASIC
machines and concluded that with the
current Bitcoin price and the current
revenue per patahash, that it would be
prudent to fully impair the asset mining
machines.
Revenue
recognition
Bitcoin mining revenue is
earned through participation in
the Luxor mining pool, where
block rewards and transaction
fees cannot be separately
identified and are accounted for
as a single performance
obligation under IFRS 15. The
fair value of Bitcoin received is
volatile and reliance on
blockchain data for
completeness introduces a risk
of misstatement.
The Committee reviewed and challenged
management's revenue recognition policy,
including treatment of mining pool
rewards and the methodology used to
value Bitcoin received. It considered the
auditor's procedures, including the use of
blockchain data and pricing validation. The
Committee concluded that the policy, its
application and the related disclosures are
appropriate.
31
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Carrying value of
treasury Bitcoin
Treasury Bitcoin is held with
Fidelity Digital Assets and is
accounted for in accordance
with the Group's stated policy.
The carrying value is sensitive to
Bitcoin price movements and to
the accounting classification
adopted.
The Company marks-to-market the value
of its Bitcoin at the close of every
reporting period.
Share-based
payments
Share-based payment charges
involve material judgement in
respect of grant-date fair value,
vesting conditions and the
timing of recognition under IFRS
2.
There were no share-based payments for
the committee to review for the period
under review.
8.2 External auditor
PKF Littlejohn LLP ("PKF") was appointed as the Group's auditor on 3 March 2025, succeeding Pointon Young Chartered
Accountants. The Committee has reviewed PKF's effectiveness during the year and is satisfied that the audit has been conducted
to an appropriate standard. The Committee will recommend the re-appointment of PKF as auditor at the forthcoming Annual
General Meeting; PKF has expressed its willingness to continue in office.
8.3 External auditor objectivity and independence
The Committee monitors the objectivity and independence of the external auditor and has satisfied itself that PKF and the Group
have in place appropriate policies and procedures to safeguard those qualities, including in relation to the provision of any non-
audit services.
8.4 Internal control and internal audit
The Directors are responsible for the Group's system of internal control and for reviewing its effectiveness. The system is designed
to safeguard the Group's assets and to provide reasonable, though not absolute, assurance against material misstatement or loss.
The Group does not currently maintain an internal audit function. The Committee considers this proportionate to the Group's size
and complexity and reviews the position at least annually.
8.5 Whistleblowing
The Group has a formal whistleblowing policy which encourages an open dialogue and provides channels through which Directors,
contractors and other parties working for the Group can raise concerns about possible improprieties in financial reporting or other
matters. The Committee receives reports on any matters raised under the policy as part of its regular cycle of meetings.
9. Other governance disclosures
9.1 Board diversity
As at 28 February, the reporting date, the Company had four Board members of which all were men and one had an ethnic origin
other than white. As such the Company has not met the targets specified under the Listing Rules of having women make up 40 per
cent of the Board or having a woman in at least one of the following senior positions on its Board: (A) the Chair; (B) the Chief
Executive; (C) the senior Independent Director; and (D) the Chief Financial Officer. However, the Company does have one Board
member from an Asian background meaning that it does meet the target of having at least one Board member from a minority
ethnic background.
The Company has not met the diversity expectation of an Equity Shares (Transition) listed company on the London Stock Exchange.
This is because the Board does not comprise of any women. The Board currently views its size as adequate for the needs of the
Company. As the Company’s needs grow the Board will also grow, which will provide the ability to create a diverse team of
32
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
Directors.
Gender identity or sex
Company as at 28 February 2026
Number of
Board members
Percentage of
the Board
Number of
senior positions
Number of
executive
management
Percentage of
executive
management
Men 4 100 - 3 100
Women - - - - -
Total 4 100 - 3 100
Ethnic background
Company as at 28 February 2026
Number of
Board members
Percentage of
the Board
Number of
senior positions
Number of
executive
management
Percentage of
executive
management
White 3 75 - 3 100
Asian 1 25 - - -
Total 4 100 - 3 100
9.2 Market abuse, share dealing and social media
The Company has adopted procedures designed to manage and control inside information and to prevent its unlawful disclosure.
The Directors are aware of their obligations under the UK Market Abuse Regulation and the Disclosure Guidance and Transparency
Rules. The Company has adopted a share dealing code, consistent with the requirements of the Market Abuse Regulation, and a
social media policy. Compliance with these policies is monitored by the Board with the support of the Company's advisers.
33
London
BTC
Company
Limited
(Registration Number 2073995)
Annual Financial Statements for the year ended 28 February 2026
Strategic and Corporate Governance Report
9.3 Anti-bribery, anti-money laundering and whistleblowing
The Group maintains the following policies, oversight of which is undertaken by the Audit Committee:
• Anti-Bribery and Corruption Policy.
• Anti-Money Laundering Policy.
• Whistleblowing Policy.
These policies are reviewed periodically and are communicated to Directors, contractors and other personnel working for the
Group.
10. Approval
This Strategic Report and Corporate Governance Report has been approved by the Board and is signed on its behalf by:
_________________________________
David Lenigas
Executive Chairman
30 June 2026
London, United Kingdom
34
London
BTC
Company
Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors'
Report
The directors present their report and the audited Consolidated Annual Financial Statements for the year ended 28 February
2026.
These consolidated annual financial statements have been prepared in accordance with UK adopted IAS.
The comparative figures presented in these financial statements relate to the 18-month period ended 28 February 2025.
Shareholders should note that the prior period represented an extended 18-month timeframe covering a transition from a
startup phase to a maturing business architecture, whereas the current period represents a standard 12-month operational
cycle. Consequently, the financial results between the two periods are not directly comparable.
Corporate history and share capital trading
London BTC Company Limited (operating during the prior period under the name Vinanz Limited) was originally incorporated in
the British Virgin Islands on 27 August 2021 (Registered Number: 2073995).
The historical timeline of the Group’s public listings is summarised below:
21 April 2023: Ordinary Shares were admitted to trading on the Access Segment of the Aquis Stock Exchange Growth Market
pursuant to its admission document dated 13 April 2023.
13 January 2025: Ordinary Shares were successfully transferred and admitted to the Official List (Transition Category) of the
Financial Conduct Authority (FCA) and to trading on the Main Market for listed securities of the London Stock Exchange
(LSE), where they continue to trade.
1. Principal activities and business overview
Principal activities
The Group continues to operate actively within the cryptocurrency and digital asset sector. Its core commercial activities center
on the deployment of industrial Bitcoin mining operations and strategic capital investment within the broader blockchain
infrastructure space. In addition, the Company is making strategic investments in gold projects as a hedging strategy.
Business review, future developments and KPI’s
A detailed, comprehensive analysis of the Group’s operational performance during the year, its commercial KPIs, and
anticipated future developments are outlined extensively in the accompanying Strategic and Corporate Governance Report.
2. Financial results and distributions
Results and dividends
The financial performance of the Group for the year ended 28 February 2026 is set out in the Consolidated Statement of
Comprehensive Income.
The Directors do not recommend the payment of a dividend for the financial year (2025: £Nil). Given the growth-oriented
nature of the cryptocurrency mining sector, the Board intends to continue prioritising long-term capital growth for its
Shareholders. The Group may recommend cash distributions or dividends at a future date when it becomes commercially
prudent to do so, subject to the generation of sustainable distributable reserves and the working capital requirements
necessary to fund future infrastructure expansions.
35
London
BTC
Company
Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors'
Report
3. Board of directors and share interests
Board of directors and executive officer
The directors and executive officer who held office during the financial year under review, and up to the date of approval of this
report, are as follows:
Directors
David Lenigas Chairman
Jeremy Edelman Executive director
Mahesh Pulandaran Independent non-executive director
Robert Scott Finance director Appointed 13 May 2025
Executive officer
Hugh Rattray Chief executive officer Appointed 21 May 2025
Directors’ interests and remuneration
Details of the directors’ beneficial shareholdings, options, and full remuneration breakdowns are disclosed within the Directors’
Remuneration Report.
4. Corporate governance and risk management
Going concern
The Directors have prepared the financial statements on a going concern basis, which assumes the Group will continue in
operational existence for the foreseeable future. In making this assessment, the Board has rigorously evaluated the Group’s
current financial performance, liquidity metrics, asset backing (including Bitcoin treasury holdings), debt obligations, and rolling
cash flow projections. Based on these factors, the Directors maintain a reasonable expectation that the Group possesses
adequate resources to meet its liabilities as they fall due.
Financial risk management
The Group’s exposure to financial risks, including market risk, liquidity risk, credit risk, and digital currency price volatility, along
with the policies implemented to mitigate these exposures, is detailed comprehensively in Note 30 of the financial statements.
Corporate governance and sustainability reporting
Corporate Governance Statement: The Group's corporate governance framework and compliance statements are
detailed in the Strategic Report.
Streamlined Energy and Carbon Reporting (SECR): Disclosures relating to the Group’s energy consumption, carbon
emissions, and environmental efficiency measures associated with its mining operations are set out in the Strategic
and Governance Report.
Charitable and Political Donations: The Group made no charitable or political donations during the financial year
(2025: £Nil).
36
London
BTC
Company
Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors'
Report
5. Share capital and substantial shareholdings
Substantial shareholdings
As of 19 June 2026, the Group has been notified of the following compliance interests representing 3% or more of the issued
Ordinary Share Capital (comprising a total of 358,846,093 shares in issue, as carried forward from the 2025 capital
restructures):
Name DI's % Cum
James Brearley Crest Nominees Limited 72,296,775
20.15% 20.15%
Pershing Nominees Limited 57,416,356
16.00% 36.15%
Wealth Nominees Limited 50,740,204
14.14% 50.29%
Lynchwood Nominees Limited 30,065,067
8.38% 58.67%
Peel Hunt Partnership Limited 25,287,242
7.05% 65.72%
Hargreaves Lansdown (Nominees) Limited 10,926,947
3.05% 68.77%
Total number of shares representing 3% or more 246,732,591
Total number of shares in issue 358,846,093
Included in the above, the directors and EBT hold shares as follows:
Number of shares %
David Lenigas 57,046,356
16.15%
Jeremy Edelman 55,666,356
15.76%
Vinanz Employee Benefit Trust 50,740,204
14.36%
Robert Scott 153,000
0.04%
Total shares held and controlled by directors 163,605,916
46.30%
6. Audit compliance and post-balance sheet events
Post-balance sheet events
Other than the earlier disclosures above in respect of the company’s Gold strategy, there are no subsequent material matters
or circumstances that have arisen between 28 February 2026 and the date of approval of this report that significantly affect, or
may significantly affect, the Group’s ongoing operations, financial results, or state of affairs.
Disclosure of information to the auditors
Each of the persons who is a director at the date of approval of these Consolidated Annual Financial Statements as set out
above confirms, so far as we are aware, that:
• there is no relevant audit information of which the Group's auditors are unaware; and
• we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant
audit information and to establish that the Group's auditors are aware of that information.
37
London
BTC
Company
Limited
(Registration Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors'
Report
7. Independent Auditor
PKF Littlejohn LLP was the independent auditor for the year under review.
PKF Littlejohn LLP have expressed their willingness to continue in office as independent auditors. A resolution to re‑appoint them
will be proposed at the annual general meeting.
8. Annual General Meeting
The Group will hold its Annual General Meeting (AGM) at its lawyers' offices. The formal notice, along with the date and specific
venue arrangements, will be communicated separately to shareholders.
This report was approved by the directors on 30 June 2026 and signed on its behalf in accordance with an official resolution of the
directors.
On behalf of the directors
David Lenigas
Chairman
38
London BTC Company Limited
(Company Number 2073995)
Consolidated Annual Financial Statements for the year ended 28 February 2026
Directors' Responsibilities and Approval
The Directors are responsible for preparing the Strategic Report, Report of the Directors, Remuneration Report and the
financial statements in accordance with applicable law and regulations.
BVI Group law requires the directors to keep reliable accounting records which correctly explain the transactions of the Group,
enable the financial position of the Group to be determined with reasonable accuracy at any time and allow financial
statements to be prepared. The shareholders have resolved, in accordance with the BVI Business Companies Act, 2004 (as
amended) and the Articles of Association, that the Directors prepare financial statements for each financial period which give a
true and fair view of the state of affairs of the Group and of its profit or loss for that period.
On this basis, the Directors have elected to prepare the Financial Statements in accordance with UK adopted IAS. The Directors
must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of
the Group, and of the profit or loss of the Group for that period.
In preparing these Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable and prudent;
• state whether UK adopted IAS have been followed, subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s
transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure
that the financial statements and the Directors’ Remuneration Report comply with applicable laws and regulations. They are
also responsible for safeguarding the assets of the Group and the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Group’s website. Legislation in the United Kingdom and the BVI governing the preparation and dissemination of accounts may
differ from legislation in other jurisdictions.
Each of the Directors, whose names and functions are listed in the Directors' report confirm that, to the best of their
knowledge and belief:
• The Financial Statements have been prepared in accordance with UK adopted IAS and give a true and fair view of the
assets, liabilities, financial position and loss of the Group; and
• The Annual Report and Financial Statements, including the Strategy Report, includes a fair review of the development and
performance of the business and the position of the Group, together with a description of the principal risks and
uncertainties that they face.
This report was approved and authorised for issue by the Board and signed on its behalf by:
David Lenigas
Chairman
30 June 2026
39
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LONDON BTC COMPANY LIMITED
Opinion
We have audited the Group financial statements of London BTC Company Limited (the ‘Group’) for the year ended 28 February
2026 which comprise the Statement of profit and loss and other comprehensive income, the Statement of financial position, the
Statement of changes in equity, the Statement of cash flows and notes to the financial statements, including significant
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-
adopted international accounting standards.
In our opinion, the financial statements:
give a true and fair view of the state of the Group’s affairs as at 28 February 2026 and of its loss for the year then ended; and
have been properly prepared in accordance with UK-adopted international accounting standards.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group’s ability to
continue to adopt the going concern basis of accounting included:
obtaining and reviewing cash flow forecasts and budgets for a period of at least 12 months from the date of signing the
financial statements and the corresponding assumptions used;
reviewing the post year end bank and digital asset balances for evidence of liquid funds available;
Obtaining evidence of post year end fundraises and financing;
Documenting and discussing with management future plans for the Group; and
Challenging management's key inputs and assumptions, including but not limited to the hashprice, Bitcoin price, power
costs and consumption and performing sensitivity analysis thereon.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report.
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on
the audit and in forming our audit opinion.
Materiality for the Group financial statements as a whole was set at £59,000 (2025: £37,000), determined with reference to 1.5%
of the Group’s total expenses. We consider expenses to be the most appropriate benchmark given the nature of the Group’s
operations as a cryptocurrency mining business, where profitability may fluctuate significantly due to market volatility, but
expenses provide a more stable and relevant measure of operational scale, especially whilst the business is in its infancy stages.
Performance materiality was set at £41,200 (£22,200), representing 70% (2025: 60%) of the headline materiality. This reduction
reflects our assessment of the risk of misstatement and the effectiveness of the Group’s control environment.
We agreed to report to the Audit Committee all corrected and uncorrected misstatements identified during our audit above
£2,900 (2025: £1,850), which represents 5% of the headline materiality, as well as any misstatements below that threshold that,
in our view, warranted reporting on qualitative grounds.
40
The Group comprises the parent company and one subsidiary. We applied the same materiality approach at the component level,
ensuring consistency across the Group audit. The audit work on the subsidiary was performed to a materiality level appropriate to
its size and risk profile, but aligned with the Group’s overall materiality framework.
Our approach to the audit
In designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements,
whether due to fraud or error. We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an
opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting
processes and controls, and the industry in which it operates.
The Group comprises the parent company and one subsidiary. We identified the Group to be a single reporting component for audit
purposes, and we performed a full scope audit on both the parent and the subsidiary. The audit of the subsidiary was conducted to
a materiality level consistent with the Group’s overall approach.
Our audit approach was risk-based and responsive to the unique characteristics of the Group’s operations in cryptocurrency mining.
This included:
Understanding the Group’s operations and control environment, particularly in relation to the recognition and valuation of
digital assets and mining revenues.
Evaluating the appropriateness of accounting policies applied to cryptocurrency transactions, including the classification,
measurement, and disclosure of digital assets.
Assessing the design and implementation of key controls over financial reporting, including those related to the
safeguarding of digital assets and the recording of mining activity.
Performing substantive audit procedures over areas of higher assessed risk, including revenue recognition, impairment of
mining equipment, and the valuation of cryptocurrency holdings.
We also considered the Group’s listing on the Main Market of the London Stock Exchange and the associated regulatory and
disclosure requirements in our audit planning and execution.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current year and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter How our scope addressed this matter
Revenue recognition (Note 14)
Under ISA (UK) 240, there is a rebuttable
presumption that revenue recognition is a
significant fraud risk.
Total revenue for the year is £1,169,168 (2025:
£957,473). There is an inherent risk around the
accuracy and completeness of revenue. Revenues
are received from participation in the mining pools,
which incorporate both block rewards and
transaction fees, and gives risk to the completeness
assertion.
The fair value of crypto assets received are in
addition subject to high levels of volatility, therefore
generating a significant risk of misstatements in
respect of the accuracy of revenue recognised.
Income from crypto mining is split between Block
rewards and transaction fees, which would normally
be split between IFRS 15 revenue from contracts
with customers and other income.
Our work in this area included:
• Obtaining and documenting our understanding of the information
system and related controls relevant to each material income
stream.
• Evaluating the appropriateness of the information system and the
effectiveness of the design and implementation of the related
controls.
• Substantive transactional testing of income recognised in the
financial statements.
• Documenting the contractual arrangements with the mining pools.
• Testing cut-off at the year-end with reference to mining rewards
and wallet receipts.
• Ensure disclosure in the financial statements is in accordance with
IFRS 15.
41
However, as revenue is received as part of a mining
pool this cannot be split and therefore the two
elements are regarded as one performance
obligation. Regarding the existence assertion,
reliance is placed on transactions reported within
the applicable blockchain ledger. Revenue
recognition is considered a Key Audit Matter (KAM)
because the measurement and timing of mining
revenue can be complex, particularly given the
fluctuation in cryptocurrency values/prices.
Furthermore, there is an additional risk of
manipulation or fraudulent activity due to the
decentralised nature of blockchain and
cryptocurrencies.
• Verifying the completeness of the Group’s transactional revenue
listing by tracing a sample from the Group’s wallets to the
transactional listing.
• Verifying a sample of cryptocurrency sales to the blockchain and
supporting bank statements in support of the accuracy of fair value
calculations both throughout the year and as at year-end.
• Evaluating whether there is a clear business rationale to support
any significant transactions outside the normal course of the
business of the entity, or transactions which otherwise appear to
be unusual.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our
auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on
the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we
do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could
reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard
through discussions with management, industry research, application of cumulative audit knowledge and experience of the
sector.
• We determined the principal laws and regulations relevant to the company in this regard to be those arising from BVI
Business Act, Disclosure and Transparency Rules, the Financial Conduct Authority Rules, General Data Protection Regulations,
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, BVI and local tax
regulation.
42
• We designed our audit procedures to ensure the audit team considered whether there were any indications of non-
compliance by the company with those laws and regulations. These procedures included, but were not limited to:
o Making enquires of management
o Reviewing board minutes
o Reviewing legal and professional fees and understanding the nature of the costs and the existence of any non-
compliance with laws and regulations
o Reviewing RNS publications; and
o Reviewing accounting ledgers for any unusual journal entries which may indicate non-compliance
• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to
the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for
management bias was identified in respect of the carrying value of mining machines, which has been addressed in the key
audit matter section above.
• As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit
procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of
bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.
• We obtained sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the Group financial statements. We are responsible for the direction, supervision
and performance of the Group audit. We remain solely responsible for our audit opinion.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a
material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance
with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to
become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than
error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at: www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, our audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's
members as a body, for our audit work, for this report, or for the opinions we have formed.
30 Churchill Place
Nicholas Joel (Engagement Partner) Canary Wharf
For and on behalf of PKF Littlejohn LLP London E14 5RE
Registered Auditor
30 June 2026
43
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Statement of Profit or Loss and Other Comprehensive Income
| 18 month | |||
| period ended | |||
| Year ended 28 | 28 February | ||
| February 2026 | 2025 | ||
| Notes | £ | £ | |
Revenue | 15 | ||
Cost of sales | 16 | ( | ( |
| Gross (loss) / profit | ( | ||
Administrative expenses | 17 | ( | ( |
Other expenses | 18 | ( | ( |
Downward revaluation of Bitcoin | 19 | ( | |
Foreign currency gain | 19 | ||
| Loss from operating activities | ( | ( | |
Impairment of Tokenomic investment | 20 | ( | ( |
Profit on disposal of investment in quoted companies | 21 | ||
(Loss) Profit on disposal of Bitcoin | 22 | ( | |
Finance costs | 23 | ( | |
| Loss before tax | ( | ( | |
Income tax (expense) / credit | 24 | ( | |
Loss for the year | ( | ( | |
| Basic earnings per share | |||
Basic loss per share (pence) | 27 | (1.80) | (25.05) |
| Total basic loss per share | ( | ( | |
| Diluted earnings per share | |||
Diluted loss per share (pence) | 27 | (1.80) | (25.05) |
Total diluted loss per share | ( | ( | |
| Other comprehensive income net of tax | |||
| Components of other comprehensive income that will not be reclassified to profit | |||
| or loss | |||
(Losses) / gains on revaluation reserve | ( | ||
- Arising on the revaluation of intangible assets at fair value through other comprehensive income, net of tax | |||
Total other comprehensive income (loss) net of tax | 25 | ( | |
Total comprehensive income (loss) | ( | ( |
44
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Statement of Financial Position
| 2026 | 2025 | ||
| Notes | £ | £ | |
| Assets | |||
| Non-current assets | |||
Property, plant and equipment | 5 | ||
Intangible assets | 6 | ||
Deferred tax assets | 8 | ||
Prepayments | 9 | ||
| Total non-current assets | |||
| Current assets | |||
Prepayments | 9 | ||
Cash and cash equivalents | 10 | ||
| Total current assets | |||
Total assets | |||
| Equity and liabilities | |||
| Equity | |||
Called up share capital | 11 | ||
Accumulated loss | ( | ( | |
Revaluation reserve | 12 | ||
Total equity | |||
| Liabilities | |||
| Current liabilities | |||
Trade and other payables | 13 | ||
Total equity and liabilities |
45
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Statement of Changes in Equity
| Called up share | Share based | Revaluation | Accumulated | ||
| capital | payment | reserve | loss | Total | |
| £ | reserve | £ | £ | £ | |
Balance at 1 September 2023 as previously reported | ( | ||||
Loss for the period | ( | ( | |||
Other comprehensive income | |||||
| Total comprehensive income for the year | ( | ( | |||
Issue of equity net of issue costs | |||||
Share-based payments | ( | ||||
Balance at 28 February 2025 | ( | ||||
Balance at 1 March 2025 | ( | ||||
| Changes in equity | |||||
Loss for the year | ( | ( | |||
| Other comprehensive income | ( | ( | |||
| Total comprehensive income for the year | ( | ( | ( | ||
Issue of equity net of issue costs | |||||
Issue of equity to settle directors' loans | |||||
Fair value of shares issued to settle borrowings | |||||
Balance at 28 February 2026 | ( |
Notes 11
46
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Statement of Cash Flows
| 12 month | 18 month | ||
| period ended | period ended | ||
| 28 February | 28 February | ||
| 2026 | 2025 | ||
| Notes | £ | £ | |
| Cash flows used in operations | |||
Cash paid to suppliers and employees | ( | ( | |
| Net cash flows used in operations | ( | ( | |
| Cash flows used in investing activities | |||
Purchase of property, plant and equipment | 5 | ( | ( |
Proceeds from sales of intangible assets | |||
Purchase of intangible assets | 6 | ( | |
Proceeds from sales of investments in quoted companies | 21 | ||
| Cash flows used in investing activities | ( | ( | |
| Cash flows from financing activities | |||
Proceeds from issuing shares | |||
Proceeds from borrowings | |||
Cash flows from financing activities | |||
Net (decrease) / increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of the year | |||
Cash and cash equivalents at end of the year | 10 |
Material non-cash items
Financial period March 2025 to February 2026
• Bitcoin used to settle supplier invoices: £1 278 671 (net of internal transfers) of trade payables were settled via
transfer of Bitcoin. This non-cash operating cost is excluded from cash outflows.
• Depreciation and impairment: non-cash charges of £156 819 and £581 665 respectively were recorded against
property, plant and equipment.
• Intangibles impairment: non-cash charges of £2 162 198 were recorded against intangibles after adjusting for
fair value gain reversals.
• Realised loss on Bitcoin: a non-cash realised loss of £178 211 on disposal of digital assets was recognised in
profit or loss.
• Deferred tax debit: a non-cash tax debit of £3 125 was recognised reversing the credit arising in the prior year.
47
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Statement of Cash Flows
Notes
12 month
period ended
28 February
2026
£
18 month
period ended
28 February
2025
£
Financial period September 2023 to February 2025
• Bitcoin mined: £957 473 (net of internal transfers) in Bitcoin was received as block rewards during the year. As
no fiat cash was received at the time of mining, this amount has been excluded from operating cash inflows.
• Bitcoin used to settle supplier invoices: £1 012 373 (net of internal transfers) of trade payables were settled via
transfer of Bitcoin. This non-cash operating cost is excluded from cash outflows.
• Depreciation and impairment: non-cash charges of £129 690 AND £35 084 respectively were recorded against
property, plant and equipment.
• Share based payments: non-cash expense of £14 007 856 was recognised for equity instruments granted to
directors and advisors.
• Realised gain on Bitcoin: a non-cash realised gain of £160 900 on disposal of digital assets was recognised in
profit or loss.
• Deferred tax credit: a non-cash tax credit of £3 125 was recognised.
48
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
49
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
50
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
51
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
52
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
• Level 3: unobservable inputs for the asset or liability.
53
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
54
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Basis of preparation and material accounting policy information continued...
56
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
3. Significant judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements in accordance with International Financial Reporting Standards
("IFRS") requires management to exercise judgement in applying the Group's accounting policies and to make estimates and
assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Revisions to accounting estimates are recognised prospectively in the period in which the estimates are revised and
in any future periods affected.
3.1 Critical accounting estimates and assumptions
The significant judgements and key sources of estimation uncertainty that management considers to have the most significant
effect on the amounts recognised in the financial statements are set out below.
3.1.1 Classification and measurement of cryptocurrency holdings
Management has exercised judgement in determining the appropriate accounting treatment for cryptocurrencies, primarily
Bitcoin. Bitcoin is accounted for as an intangible asset in accordance with IAS 38 using the revaluation model, as management
has concluded that Bitcoin does not meet the definition of a financial asset and that an active market exists from which reliable
fair values can be obtained.
Fair value is determined using quoted prices from the group's principal exchange (i.e. Coinbase), and movements are
recognised through other comprehensive income. Due to the high volatility of cryptocurrency markets, significant judgement is
required in selecting the valuation source and determining whether indicators of impairment exist. A material change in market
price close to or after the period end may significantly impact reported carrying values. Fair value measurement is classified as
a Level 1 measurement within the fair value hierarchy established by IRFS 13, Fair Value Measurement.
Therefore, forward looking information used for impairment assessments as required by IAS 36 Impairment of Assets only
incorporates adjustments to future cash flows to the extent that the information was available at the Group's reporting date.
Refer to notes 6, 6.2 and 20.
3.1.2 Going concern
Management's assessment of going concern reflects a period of at least twelve months from the approval of these financial
statements and is based on the group's current financial position, forecast cash flows, and funding arrangements. This includes
assumptions regarding Bitcoin prices, mining economics, network difficulty, operating costs and the Group's liquidity
requirements.
As the Group's operations and liquidity are closely linked to Bitcoin mining activities and the realisation of treasury Bitcoin
holdings, changes in these assumptions may affect the outcome of the going concern assessment.
3.1.3 Impairment of mining equipment
The Group's mining equipment is subject to impairment testing when indicators of impairment exist. Management determines
the recoverable amount of cash-generating units (CGUs) using a value-in-use model based on future cash flows. The Group has
identified individual mining facilities, or pools of mining machines generating independent cash inflows, as its cash-generating
units.
57
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Significant judgements and key sources of estimation uncertainty continued...
The determination of recoverable amount requires the use of significant estimates and assumptions. Future Bitcoin prices are
inherently volatile and are estimated by reference to observable market data without assuming speculative appreciation.
Network difficulty reflects the expected growth in global hashrate over time, which progressively compresses mining revenue
per unit of hashrate contributed. Mining efficiency captures the hashrate output and energy consumption profile of the
Group's machines relative to the broader network, which deteriorates as newer-generation hardware enters service. Operating
uptime reflects assumptions about machine availability and pool connectivity across hosted facilities. Hosting costs represent
contracted and expected electricity and facility charges at each site, which are the primary determinant of cash operating
margins. The discount rate is a pre-tax rate reflecting the time value of money and the risks specific to the mining operations.
Changes in any of these assumptions may result in material adjustments to the carrying amount of the Group's mining
equipment in future reporting periods.
Refer to note 18
3.1.4 Recognition of deferred taxes
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available to utilise deductible
temporary differences and carried forward losses. The recognition involves significant judgement, particularly in relation to the
assessment of future taxable income and the timing of reversal of temporary differences in a sector subject to earnings
volatility and regulatory uncertainty.
58
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Accounting Policies
Changes in accounting policies and disclosures continued...
59
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
5. Property, plant and equipment
Bitcoin mining machines are recognised as tangible assets under IAS 16 (Property, plant and Equipment). These assets are used
in the Group's core cryptocurrency mining operations and are expected to provide economic benefits over their useful lives.
5.1 Balances at year end and movements for the year
| Bitcoin Mining | ||
| machines | Total | |
| £ | £ | |
| Reconciliation for the year ended 28 February 2026 | ||
| Balance at 1 March 2025 | ||
At cost | 784,674 | 784,674 |
| Accumulated depreciation | (160,325) | (160,325) |
Carrying amount | 624,349 | 624,349 |
| Movements for the year ended 28 February 2026 | ||
Additions from acquisitions | 114,135 | 114,135 |
Depreciation | (156,819) | (156,819) |
Impairment loss recognised in profit or loss | (581,665) | (581,665) |
| Property, plant and equipment at the end of the year | - | - |
| Closing balance at 28 February 2026 | ||
At cost | 898,809 | 898,809 |
| Accumulated depreciation and impairment | (898,809) | (898,809) |
Carrying amount | - | - |
| Reconciliation for the period ended 28 February 2025 | ||
| Balance at 1 September 2023 | ||
At cost | 265,871 | 265,871 |
Accumulated depreciation | (30,635) | (30,635) |
Carrying amount | 235,236 | 235,236 |
| Movements for the period ended 28 February 2025 | ||
Additions from acquisitions | 519,442 | 519,442 |
Depreciation | (129,690) | (129,690) |
Assets written off | (639) | (639) |
Property, plant and equipment at the end of the year | 624,349 | 624,349 |
| Closing balance at 28 February 2025 | ||
At cost | 784,674 | 784,674 |
| Accumulated depreciation | (160,325) | (160,325) |
Carrying amount | 624,349 | 624,349 |
60
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Property, plant and equipment continued...
| Depreciation and impairment losses have been included under the following expenditures: | ||
| Cost of sales | ||
Bitcoin Mining machines | 156,819 | 129,690 |
• | |
• | |
• | |
61
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
6. Intangible assets
6.1 Reconciliation of changes in intangible assets
| Binance digital | Fidelity digital | Tokenomic | |||
| Bitcoin mined | asset | asset | digital asset | Total | |
| £ | £ | £ | £ | £ | |
| Reconciliation for the year ended | |||||
| 28 February 2026 | |||||
| Balance at 1 March 2025 | |||||
At cost | 92,076 | 304,901 | - | 37,061 | 434,038 |
Accumulated impairment | - | - | - | (35,084) | (35,084) |
Carrying amount | 92,076 | 304,901 | - | 1,977 | 398,954 |
| Movements for the year ended 28 | |||||
| February 2026 | |||||
| Opening balance fair value | |||||
adjustment | 34,021 | 65,224 | - | - | 99,245 |
Mined Bitcoin | 1,168,829 | - | - | - | 1,168,829 |
Bitcoin acquisitions | - | - | 6,474,350 | - | 6,474,350 |
Downward revaluation of Bitcoin | - | (143,504) | (2,195,477) | - | (2,338,981) |
Disposals/transfers/write-downs | (1,278,671) | (5,833) | (529,996) | (1,977) | (1,816,477) |
Intangible assets at the end of the year | 16,255 | 220,788 | 3,748,877 | - | 3,985,920 |
| Closing balance at 28 February | |||||
| 2026 | |||||
At cost or revaluation | 16,255 | 220,788 | 3,748,877 | 37,061 | 4,022,981 |
| Accumulated impairment | - | - | - | (37,061) | (37,061) |
Carrying amount | 16,255 | 220,788 | 3,748,877 | - | 3,985,920 |
| Movements for the period ended | |||||
| 28 February 2025 | |||||
Opening balance and acquisitions | 92,076 | 292,294 | - | 37,061 | 421,431 |
Impairment loss recognised in profit or loss | - | (123,173) | - | - | (123,173) |
Revaluation increase (decrease) | - | (24,220) | - | (35,084) | (59,304) |
Disposals | - | 160,000 | - | - | 160,000 |
Intangible assets at the end of the year | 92,076 | 304,901 | - | 1,977 | 398,954 |
62
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Intangible assets continued...
6.2 Impairments
Bitcoin
At the reporting date, management assessed the carrying amount of the Group's Bitcoin holdings for impairment in accordance
with IAS 36 Impairment of Assets. Based on this assessment, the carrying amount of the Bitcoin holdings exceeded their
recoverable amount and an impairment loss was recognised in profit or loss.
The recoverable amount of the Bitcoin holdings was determined using fair value less costs of disposal. Fair value was
determined with reference to quoted market prices for Bitcoin in active markets at the reporting date. Costs of disposal were
considered immaterial. Accordingly, the fair value measurement is classified as a Level 1 measurement within the fair value
hierarchy established by IFRS 13 Fair Value Measurement.
An impairment loss of £(2,338,981) (2025 gain: £176,784) was recognised during the year to reduce the carrying amount of the
Bitcoin holdings to its recoverable amount. The impairment loss was reduced by the reversal of previous gains from the
revaluation reserve of £176,784 to £2,162,198.
The determination of recoverable amount is based on observable market inputs, principally quoted Bitcoin prices and
applicable foreign exchange rates at the reporting date.
Due to the volatility in digital assets markets, the fair value of Bitcoin holdings is subject to material fluctuations. A 10%
movement in market prices would result in the following changes in total fair value:
+10% change | -10% change | |
Asset type | £ | £ |
| Bitcoin | 404,442 | (404,442) |
7. Financial assets
Fair value hierarchy
At the reporting date, the fair value measurements of the Group's digital assets fall within the following levels of the IFRS 13
fair value hierarchy.
| Level 1 | Level 2 | Level 3 | Total | ||
| £ | £ | £ | £ | ||
| Year ended 28 February 2026 | |||||
Bitcoin | 3,985,920 | - | - | 3,985,920 | |
| Period ended 28 February 2025 | |||||
Bitcoin | 396,977 | - | - | 396,977 | |
Tokenomic | - | 1,977 | - | 1,977 | |
396,977 | 1,977 | - | 398,954 |
63
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Financial assets continued...
Transfers between levels of input
There were no transfers between levels during the reported financial periods
8. Deferred tax
8.1 The analysis of deferred tax assets and deferred tax liabilities is as follows:
| Deferred tax assets: | ||
| - Deferred tax asset to be recovered within 12 months | - | 3,125 |
- | 3,125 | |
| Net deferred tax assets | - | 3,125 |
8.2 Reconciliation of deferred tax movements
| Deferred tax | Total | |
| £ | £ | |
Opening balance at 1 March 2025 | 3,125 | 3,125 |
(Charged) / credited to profit or loss | (3,125) | (3,125) |
Closing balance at 28 February 2026 | - | - |
Opening balance at 1 September 2023 | - | - |
(Charged) / credited to profit or loss | 3,125 | 3,125 |
Closing balance at 28 February 2025 | 3,125 | 3,125 |
8.3 Deferred tax assets where utilisation is dependent on future taxable profits
Cumulative tax losses of £50,191 (2025 - £49,846) with a potential cumulative deferred tax asset of £12,548 (2025 - £12,462)
have not been recognised due to uncertainty over future taxable profits.
64
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
9. Prepayments
| Prepayments comprise the following balances | |||||||||
Prepayments - hosting and mining-related operating costs | 204,313 | 139,587 | |||||||
Security deposits comprise non-refundable advance payments under long-term service agreements for future operating costs associated | |||||||||
| with the Group's Bitcoin mining operations. These advance payments | |||||||||
| are classified as non-current assets as the related services are expected | |||||||||
| to be consumed beyond twelve months from the reporting date. | |||||||||
These advance payments primarily relate to long-term hosting, energy, and | infrastructure | support | agreements | with | third-party | service | |||
providers. The costs will be statement over the term of the respective agreements, in line with the receipt of services. | systematically expensed to the income | ||||||||
| The Group assesses these balances for recoverability at each reporting | |||||||||
date | with | consideration given | to | supplier | performance, | contractual | |||
enforceability, and service continuity. No impairment losses have been recognised as of the reporting date | |||||||||
Prepayment - administrative costs | 39,154 | 24,466 | |||||||
| Administrative and operation prepayments primarily consist of upfront | |||||||||
costs for insurance, software subscriptions, professional fees and other contracted services | |||||||||
At the reporting date, the Group had not identified any indicators of impairment or non-recoverability for these prepayments. | 243,467 | 164,053 | |||||||
Non-current assets | 204,313 | 96,022 | |||||||
Current assets | 39,154 | 68,031 | |||||||
243,467 | 164,053 |
65
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
| Cash | ||
| Balances with banks | 35,843 | 855,484 |
66
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
| Issued | |||
358 846 093 | (2025 - 253 701 022) fully paid up ordinary shares | 28,412,976 | 19,701,636 |
| Share reconciliation | ||
Shares - beginning of the year / period | 253,701,022 | 116,491,839 |
Issued | 105,145,071 | 137,209,183 |
| Shares - closing | 358,846,093 | 253,701,022 |
Movement in ordinary share capital | Date | Shares | Issue price (£) | £ |
Issued ordinary shares to EBT | 28 May 2025 | 50,740,204 | - | - |
WRAP capital raise | 20 June 2025 | 22,028,474 | 0.01375 | 3,028,915 |
Direct subscription | 24 June 2025 | 4,000,000 | 0.01375 | 550,000 |
WRAP capital raise | 09 July 2025 | 3,783,733 | 0.01850 | 699,991 |
Direct subscription | 17 July 2025 | 1,621,621 | 0.01850 | 300,000 |
Accelerated book build | 16 July 2025 | 11,538,462 | 0.01300 | 1,500,000 |
J Edelman - loan shares | 05 February 2026 | 5,716,289 | 0.14124 | 807,357 |
D Lenigas - loan shares | 05 February 2026 | 5,716,289 | 0.14124 | 807,357 |
105,145,072 | 7,693,620 |
| Revaluation reserve | - | 176,784 |
67
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Reserves continued...
| Attributable to | |||
| Revaluation | owners of the | ||
| reserve | parent | Total | |
| £ | £ | £ | |
| Other comprehensive income for the year ended 28 February 2026 | |||
| accumulated as follows: | |||
Revaluation surplus reversed through OCI | (176,784) | (176,784) | (176,784) |
| Other comprehensive income for the period ended 28 February 2025 | |||
| accumulated as follows: | |||
Revaluation surplus arising through OCI | 176,784 | 176,784 | 176,784 |
13. Trade and other payables
13.1 Trade and other payables comprise:
Trade and other payables | 89,368 | 153,037 |
Accrued liabilities | 298,939 | 80,600 |
Other payables | 3,810 | 6,655 |
| Total trade and other payables | 392,117 | 240,292 |
13.2 Additional disclosures
Trade payables represent amounts due to suppliers for goods and services purchased by the Group. These are typically settled
within 30 to 60 days, depending on the payment terms agreed upon with suppliers.
Accrued liabilities represent costs incurred but not yet invoiced or paid as at the reporting date. These typically include
professional fees, operational expenses, and other services received but unpaid.
68
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
14. Financial liabilities
Carrying amount of financial liabilities by category
| At amortised | ||
| cost | Total | |
| £ | £ | |
| Year ended 28 February 2026 | ||
Trade and other payables excluding non-financial liabilities (Note 13) | 392,117 | 392,117 |
| Items of income, expense, gains or losses | ||
Net gains or net losses through profit or loss | 1,647,005 | 1,647,005 |
During the year the Group settled its outstanding borrowing through the issue of ordinary
shares. Accordingly, the borrowing was derecognised during the reporting period. Interest
expense and foreign exchange differences incurred prior to settlement have been
recognised in profit or loss. The difference between the carrying amount of the financial
liability immediately before derecognition and the fair value of the equity instruments
issued has been recognised as a loss on extinguishment of borrowings.
| Year ended 28 February 2025 | ||
Trade and other payables excluding non-financial liabilities (Note 13) | 240,290 | 240,290 |
15. Revenue
15.1 Revenue comprises:
Block rewards and transaction fees | 1,169,168 | 957,473 |
Revenue is recognised at a point in time when control of the mined Bitcoin is transferred
to the Group, which is the point in time at which the Bitcoin is received into the Group's
designated digital wallet. This represents the moment the Group has the ability to direct
the use of, and obtain substantially all the remaining benefits from, the asset
Revenue from Bitcoin mining is measured as the fair value of the Bitcoin received,
translated into Pounds Sterling at the spot exchange rate on the date of receipt. This
approach reflects the Group's policy of recognising income based on the actual value of
digital assets at the time they are earned.
15.2 Sources of revenue
Contracts with customers | 1,169,168 | 957,473 |
69
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
16. Cost of sales
Cost of sales comprise:
Power and hosting costs | 1,332,715 | 656,074 |
Depreciation of Bitcoin mining machines | 156,819 | 129,690 |
| Total cost of sales | 1,489,534 | 785,764 |
17. Administrative expenses
Administrative expenses comprise:
Accounting fees | 63,583 | 35,529 |
Advertising and marketing | 79,569 | 231,530 |
Auditors remuneration - Fees | 82,500 | 83,131 |
Bank fees | 12,858 | 28,985 |
Consulting and professional | 561,238 | 539,579 |
General expenses | 108,807 | 53,570 |
Secretarial fees | 2,129 | - |
Membership and subscriptions | 12,654 | 7,256 |
| Telecommunication | 47 | - |
Total administrative expenses | 923,385 | 979,580 |
18. Other expenses
Other expenses comprise:
Compliance | 13,393 | 17,254 |
Cryptocurrency costs | 17,788 | 3,290 |
Directors' remuneration | 411,501 | 292,663 |
Impairment costs - Bitcoin mining machines | 581,665 | - |
Insurance | 20,065 | 25,766 |
Investor relations | 95,908 | 11,961 |
Listing fees | 163,677 | 206,693 |
Penalties | 576 | - |
Printing and stationery | 64 | - |
Repairs and maintenance | 155 | 16,867 |
Research and development costs | (3,980) | 136,149 |
Share based payments | - | 14,007,856 |
Share registry costs | 38,423 | 40,349 |
Taxes on purchases - unclaimable | 70,649 | 110,986 |
Travel - Overseas | 67,107 | 45,696 |
| Total other expenses | 1,476,991 | 14,915,530 |
70
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
19. Other gains and (losses)
Other gains and (losses) comprise:
| Gain or (loss) on foreign exchange differences on | ||
liabilities | 49,856 | - |
Downward fair value adjustment on Bitcoin held | (2,162,198) | - |
| Total other gains and (losses) | (2,112,342) | - |
20. Impairment of investment
| Impairment of investment in Tokenomic Coin | (1,977) | (35,084) |
21. Profit on disposal of investment
Gain on the disposal of quoted companies | 261,622 | - |
The investment in Vaultz Capital was acquired during the year for £41,143 and disposed of before the year end for £306,765. At
the beginning of the year, the Group had no investments in quoted companies. At the end of the year, the Group had no
investments in quoted companies.
22. (Loss) Profit on disposal of Bitcoin
Arising on the disposal of Bitcoin | (136,710) | 160,900 |
23. Finance costs
Finance costs included in profit or loss:
Trade and other payables | 236 | - |
Group loan liabilities | 1,647,005 | - |
Shareholder loan liabilities | 106,601 | - |
| Total finance costs | 1,753,842 | - |
Pursuant to the cancellation of outstanding debt obligations to directors (namely D
Lenigas and J Edelman), the Company issued them a capital amount of £1,508,113, in
total, by issuing 10,677,818 ordinary shares plus an additional 754,760 ordinary shares in
respect of an interest component of 12% per annum payable to these directors.
Consequently each director received, in settlement of the loan, 5,716,289 shares. This
was in full and final settlement of the $2 million loans advanced by them.
The interest expense arising on conversion of the investor loan facility to share capital
comprises interest of £9,788 on settlement while a loss on extinguishment of the debt of
£1,521,743 was incurred. This loss was the difference between the carrying amount of
the liability and the consideration paid and was a premium attaching to the shares issued
to settle the debt.
71
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
24. Income tax expense / (credit)
24.1 Income tax recognised in profit or loss:
The Group is incorporated and registered in the British Virgin Islands (BVI). Under current BVI legislation, the Group is not
subject to income tax in the BVI provided it does not carry on business with BVI residents. As such, no income tax expense
arises for the parent group.
The Group includes Vinanz (UK) Limited, a wholly owned operating subsidiary registered and tax resident in the United
Kingdom. Vinanz (UK) Limited is subject to UK corporation tax on its taxable profits in accordance with UK tax laws. On 17
February 2026, the group incorporated a US company, which had not traded by year end.
| Deferred tax | ||
Originating and reversing temporary differences - Vinanz (UK) Limited | 3,125 | (3,125) |
Total income tax expense / (credit) | 3,125 | (3,125) |
24.2 Additional disclosures
The deferred tax benefit of £3,125 in 2025 arose in relation to audit fees accrued in Vinanz (UK) Limited, but not yet deductible
under UK tax law. The accrual was reversed in the current year.
The deferred tax asset relating to the trading loss of £296 (2025 - £49,846), in Vinanz (UK) Limited, has not been recognised due
to uncertainty over the availability of future taxable profits. The group operates from the British Virgin Islands where the
statutory rate is 0%.
25. Other comprehensive income
Disclosure of gross, tax and net other comprehensive income
| Gross other | Net other | |
| comprehensive | comprehensive | |
| income | income | |
| £ | £ | |
| Year ended 28 February 2026 | ||
Revaluation reserve | 176,784 | 176,784 |
Total other comprehensive income | 176,784 | 176,784 |
| Period ended 28 February 2025 | ||
Revaluation reserve | (176,784) | (176,784) |
Total other comprehensive income | (176,784) | (176,784) |
26. Share-based payments
72
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
27. Earnings per share
27.1 Basic earnings per share
| The earnings and weighted average number of | ||
| ordinary shares used in the calculation of basic | ||
| earnings per share are as follows: | ||
Loss for the year (period) attributable to owners of the Group for continuing operations | (6,467,116) | (15,594,460) |
| Earnings used in the calculation of basic earnings per | ||
| share for continuing operations | (6,467,116) | (15,594,460) |
Weighted average number of ordinary shares used in the calculation of basic earnings per share | 358,846,093 | 62,243,329 |
27.2 Diluted earnings per share
| The earnings used in the calculation of diluted | ||
| earnings per share are as follows: | ||
| Earnings used in the calculation of basic earnings per | ||
share for continuing operations | (6,467,116) | (15,594,460) |
Weighted average number of ordinary shares used in the calculation of diluted earnings per share | 358,846,093 | 62,243,329 |
Total anti dilutive potential ordinary shares | - | - |
73
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Financial risk management continued...
| Australian | Canadian | |||
| US Dollars | Dollars | Dollars | Pounds Sterling | |
| 28 February 2026 | £ | £ | £ | £ |
Trade receivables | 126,629 | - | 77,684 | - |
Trade payables | 6,785 | 30,497 | - | 53,900 |
| Australian | Canadian | |||
| US Dollars | Dollars | Dollars | Pounds Sterling | |
| 28 February 2025 | £ | £ | £ | £ |
| Trade receivables | 96,022 | - | - | - |
Trade payables | 68,717 | 15,703 | 47,358 | 23,078 |
74
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Financial risk management continued...
29. Capital management
The Group's objective when managing capital is to safeguard its ability to continue as a going concern while maintaining
sufficient financial resources to fund its Bitcoin mining operations, capital expenditure requirements and working capital needs,
thereby creating long-term value for shareholders
The Group's capital comprises issued share capital, accumulated losses and treasury Bitcoin holdings, which are actively
managed as part of the Group's treasury strategy. Management monitors available cash resources and treasury Bitcoin
holdings on an ongoing basis and may realise Bitcoin holdings to fund operating expenditure, capital investment and other cash
requirements as they arise.
The Group manages its capital structure in response to changes in economic conditions, the Bitcoin market and the funding
requirements of its operations. Where appropriate, the Group may retain mined Bitcoin, realise treasury Bitcoin or raise
additional equity capital to support its activities.
The Group has no interest-bearing borrowings and was not subject to any externally imposed capital requirements during the
current or prior reporting period.
75
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
30. Related parties
30.1 Group entities
Parent Entity | London Bitcoin Company Limited |
Subsidiary | Vinanz (UK) Limited |
30.2 Directors emoluments
| Directors | ||||
| emoluments | ||||
| paid / receivable | ||||
| for services as | ||||
| director from | Share based | Total | ||
| Year ended February 2026 | company | payments | remuneration | |
| Name | £ | £ | £ | |
David Lenigas | 162,000 | - | 162,000 | |
Jeremy Edelman | 162,000 | - | 162,000 | |
Mahesh Pulandaran | 20,000 | - | 20,000 | |
Robert Scott | 67,500 | - | 67,500 | |
Total directors emoluments | 411,500 | - | 411,500 |
18 month period ended February 2025
Name
| Directors | |||
| emoluments | |||
| paid / receivable | |||
| for services as | |||
| director from | Share based | Total | |
| company | payments | remuneration | |
| £ | £ | £ | |
David Lenigas | 132,000 | 4,726,967 | 4,858,967 |
Jeremy Edelman | 132,000 | 4,726,967 | 4,858,967 |
Mahesh Pulandaran | 28,663 | - | 28,663 |
Robert Scott | - | - | - |
| Total directors emoluments | 292,663 | 9,453,934 | 9,746,597 |
76
London BTC Company Limited
(Company Number 2073995)
Consolidated Financial Statements for the year ended 28 February 2026
Notes to the Financial Statements
2026
£
2025
£
Related parties continued...
| Directors whose | ||
| loans were | ||
| settled by | Total | |
| shares | £ | |
| Year ended 28 February 2026 | ||
| Related party transactions | ||
D Lenigas - loans settled | 754,057 | 754,057 |
D Lenigas - interest on loan | 53,300 | 53,300 |
J Edelman - loan settled | 754,057 | 754,057 |
| J Edelman - interest on loan | 53,300 | 53,300 |
77