XLON:BTC ESEF Annual Report

London BTC Company Limited (XLON:BTC)

ESEF Annual Report 2025-09-02 For: 2025-02-28

View Original

Added on September 22, 2026

Corporate directory	2

Contents	3

Strategic and Corporate Governance Report	6

Directors' report	22

Directors' responsibilities statement	24

Directors' remuneration report	25

Statement of profit or loss and other comprehensive income	29

Statement of financial position	30

Statement of changes in equity	31

Statement of cash flows	32

Notes to the financial statements	33

Independent auditor's report to the members of Vinanz Limited	57

Directors	David Lenigas (Chairman)
	Jeremy Edelman (Finance Director)
	Mahesh Pulandaran (Non-executive director)
	Robert Scott (appointed 13 May 2025)

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, BS13 8AE
	England

Corporate Adviser	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

Independent Auditors	PKF Littlejohn LLP
	15 Westferry Circus
	Canary Wharf
	London, E14 4HD
	England

Solicitors	Hill Dickinson LLP
	The Broadgate Tower
	20 Primrose Street
	London, EC2A 2EW
	England

	Lucosky Brookman LLP
	101 S Wood Ave
	Iselin
	NJ 08830
	United States

Bankers	Turicum Private Bank
	Turicum House
	315 Main Street
	PO Box 619
	Gibraltar

	Revolut Ltd
	7 Westferry Circus
	Canary Wharf
	London, E14 4HD
	England

Website	https://vinanz.co.uk/

●	Corporate Rebranding: Our intention to change the name to The London BTC Group Limited was more than symbolic—it was a definitive statement of purpose. It reflects our sharpened identity and commitment to becoming one of the UK's premier publicly traded vehicles for direct Bitcoin exposure through mining and treasury holdings. We will often be trading under the banner of the London Bitcoin Group.
●	The Group has secured the services of investment advisory and brokerage professionals in New York, namely Dominari Securities LLC who are advising the Group on both its potential Nasdaq listing and capital raising. The Group believes that North America will provide both capital and liquidity for the Group stock.
●	US$4 Million Loan Facility: Of the $4 million secured, we prudently deployed $2 million to acquire our first Bitcoin directly into treasury. This strategic move not only strengthened our balance sheet with a hard-capped, highly liquid digital asset but also demonstrated our tactical agility in capitalizing on attractive entry points in the market.
●	£3.6 Million Equity Raise: Successfully completed post year-end, this capital infusion further enhances our financial flexibility. The proceeds are earmarked to expand mining infrastructure, increase our hash rate capacity, and dramatically expanding our Bitcoin currency reserves—all in line with our disciplined growth roadmap.

●	Our North American Bitcoin mining operations serve as the foundation of our revenue-generating engine. In 2024, we laid the groundwork for scaling operations with a clear emphasis on efficiency and profitability:
●	Operational Improvements: We initiated upgrades to our mining fleet, targeting newer-generation ASIC units that deliver significantly higher efficiency per joule of electricity consumed. These investments improve our cost base and position us to remain profitable across varying bitcoin price cycles.
●	Capacity Expansion: With infrastructure planning well underway, we anticipate an increase in installed hash rate capacity through 2025/2026 year-end. We are actively negotiating hosting and energy contracts that offer both competitive electricity pricing and scalability, giving us optionality to rapidly deploy additional mining units.
●	Strategic Procurement: Our disciplined approach to hardware procurement and deployment is designed to maximize return on capital while maintaining operational flexibility in a fast-moving sector.

●	We offer shareholders direct exposure to Bitcoin via both productive mining operations and on-balance-sheet holdings.
●	Our leadership team brings a disciplined capital allocation framework grounded in financial prudence and deep conviction in Bitcoin's future.
●	Our operations are increasingly optimized for energy efficiency, cost discipline, and scalability—key differentiators in a highly competitive mining landscape.

●	advances in internet connection speeds which have resulted in a reduction of the need to have data centres close to the population they serve;
●	the climate resulting in lower cooling requirements;
●	lower staffing costs as a result of being outside major towns and cities, and
●	skilled work force available as a result of good education levels amongst the general population.

●	On 29 September 2023 the Group provided an operational update confirming that its existing Bitcoin mining machines are operating at a combined operating rate of approximately 12 petahash per second. The total Bitcoin in the Group's combined cryptocurrency wallet increased from 5.01 Bitcoin to 7.84 Bitcoin as at 29 September 2023
●	On 9 November 2023 the Group announced that it raised £350,000 gross proceeds at a price of 3 pence per share. The placing proceeds will primarily be used to acquire an additional 250 Bitcoin mining machines which will approximately triple the size of the Group's current Bitcoin mining operations.
●	On 15 November 2023 the Group announced that it has entered into an agreement to acquire a further 171 Bitmain Antminer S19J Pro AISIC miners. The machines are already installed in the existing Labrador data hosting facility which shortened the period for the machines to become fully operational.
●	On 20 November 2023 the Group announced that it has entered into a strategic partnership with US-based Luxor Technology Corporation ("Luxor Technology") to increase the Group's Bitcoin mining operational efficiencies, mining hashrate, and operating margins on its North American mining fleet by installing Luxor Technology's proprietary firmware on the Group's fleet of machines. On 23 January 2024 the Group announced that the Luxor firmware is in the process of being installed on its existing Bitcoin mining fleet and that over-clocking of its existing Bitcoin mining fleet is underway.
●	On 28 February 2024 the Group announced that it has raised £447,750 gross proceeds at 12 pence per share. The proceeds of the fundraising will primarily be used to raise awareness in the US of its OTCQB listing and to acquire additional Bitcoin mining machines
●	On 13 March 2024 the Group announced that it has acquired 10 S21 Bitmain Antminer 200 Terahash miners. The Antminer S21 series are amongst the fastest Bitcoin mining machines in the world today and will be brought in to test the speed of the machines. They will replace some of the Group's older and slower machines and will be added to its existing fleet to expand the total number of miners in operation.
●	On 30 May 2024 the Group announced that it has expanded its operations into Iowa by acquiring 20 mining machines which will be hosted by a third party and will be connected to the Luxor Technology mining pool.
●	On 15 July 2024 the Group announced that it has expanded its operations into Nebraska by acquiring 130 mining machines which will be hosted by a third party and will be connected to the Luxor Technology mining pool.
●	On 23 August 2024 the Group announced that it has expanded its operations into Texas by acquiring 3 mining machines which will be hosted by a third party.
●	On 27 September 2024, the Group announced that it had completed a placing of new Ordinary Shares to raise gross funds of £608,300.
●	On 10 October 2024, the Group announced that it had increased its bitcoin miner fleet in Nebraska with the addition of five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines
●	On 4 December 2024, the Group announced that it intended to apply for Admission. In anticipation of Admission, the Group conducted a review of its capital structure with a view to eliminating all unlisted options and warrants and other incentives in its capital structure by replacing them with Ordinary Shares.
●	On 9 December 2024, the Group announced that it had received firm commitments to raise £1.5 million (gross) at 14.5 pence per share subject to Admission.
●	On 13 January 2025, the Group announced that it been admitted to the Official List (by way of a listing on the Transition Category) of the Financial Conduct Authority ("FCA") and to trading on the main market ("Main Market") for listed securities of the London Stock Exchange.
●	On 15 January 15 2025, the Group announced it had signed a purchase order to increase its Nebraska US Bitcoin mining fleet to 100 miners and its plans to expand in Texas.
●	On 30 January 2025, the Group announced it had acquired its first Whatsminer M50S++ Bitcoin miners for its Nebraska Bitcoin mining fleet, increasing its overall inventory with Basic Mining to 120 miners with plans to add more miners there in the coming months.
●	On 19 February 2025, the Group announced that it had ordered its first ever USA made Bitcoin miners - manufactured and supplied by California based Auradine Inc.
●	On 25 February 2025, the Group announces that it has today fast tracked its expansion plans (as announced last week) for Indiana USA and immediately increased its Bitcoin mining fleet there from 20 to 120 operational miners, which is 2-3 months ahead of schedule, by acquiring 100 already hashing Bitmain Antminer S19J Pro miners.
●	On 27 February 2025, the Group announced that it had changed its accounting reference date from 31 August to 28 February with immediate effect. Accordingly, the Group's next audited financial statements will be prepared for the 18 month period ending 28 February 2025 and will be required to be published on or before 30 June 2025.

Description	Impact	Mitigation

Strategic risks	High
Revenue Dependence on Bitcoin
The Group's income is heavily reliant on the market value and volume of Bitcoin mined. Any drop in Bitcoin's value or market activity could negatively impact revenue and profitability.		Board is aware of this risk and once the current strategy is embedded will seek to diversify this risk by investing in and developing commercial opportunities in the digital asset sector.
Competition from Other Digital Assets
The rise of other cryptocurrencies, especially those backed by major institutions, could reduce Bitcoin's value and harm the Group's performance.		The Group has a supportive shareholder base and will look to raise further finance as and when new opportunities present themselves.
Dependence on Third-Party Hosting Providers
Reliance on external mining facility providers (e.g.,Compass Mining) introduces operational risks due to limited oversight and transparency		The Group has good relations with its third party providers to ensure operational risk is reduced
Private Key Security
Loss or compromise of private keys to digital wallets could result in permanent loss of assets, damaging the Group's finances and reputation.		All treasury bitcoin are placed at Fidelity Digital Assets for safe custody
Bitcoin price volatility risk	Medium
Cryptocurrency mining is exposed to the cyclical nature of the cryptocurrency mining sector. The cryptocurrency mining sector is affected by a wide array of factors that may consequently affect the Group, including but not limited to price volatility, mining difficulty, energy costs, hardware costs, evolving crypto-currency algorithms, the regulatory environment and recent negative attitude towards cryptocurrencies.		The Group monitors pricing trends to ensure new opportunities are regularly reassessed in light of expected price movements to ensure these opportunities continue to offer good value.
The cryptocurrency market is constantly changing and evolving, particularly in relation to new technologies to meet the needs and expectations of new generations of miners. Failure to invest in and keep ahead of such developments could have a materially adverse effect on the business of the Group.		The Group constantly reviews the industry and where necessary invests in updated technology and updates it business model.
Political risk in a very dynamic works has impact on the price of Bitcoin and increases its volatility		Political unrest and the change in the political environment are regularly assessed to understand how this will impact Group operations.
Financial risks	High
Capital Raising Risk
While current capital is sufficient for 12 months, future funding may be needed. There's no guarantee the Group can secure financing on favourable terms, which could hinder growth.		Regular review of cashflow, working capital and funding options are performed by the Board to ensure the Group remains a Going Concern.
Mining Hardware Risks
The long-term viability of digital currencies is uncertain, and values may decline, affecting the Group's prospects.		Build strong and sustainable relationships withshareholders and other investors.

Insufficient availability of low cost energy
The Group's business is dependent on low-cost reliable energy.		The Board perform regular reviews of their asset base to ensure no impairment is necessary.
		The Group have identified and is currently operating in jurisdictions where energy is low-cost and is reliable. This may, however, change in the future as a result of regulatory changes to energy available to cryptocurrency mining operations and macro-economic challenges. The Group mitigates this risk by spreading its operations over multiple jurisdictions and will continue to identify future suitable jurisdictions.

(1)	Mine and invest profitably;
(2)	Acquire profitable businesses within the sectors we operate;
(3)	Leverage the internal skills that is has and where necessary bring in the appropriate skills;
(4)	Ensure the underlying business has access to sufficient growth capital while being aware of the actual cost of capital and the returns that are required to be generated; and
(5)	Create a Group that engages all our people with a common set of values and goals.

(1)	the financial results of the Group (income statements, cash flows, capital expenditure and balance sheets); and
(2)	monthly variances to budget and prior year. Forecasts for the current financial year are regularly revised and presented to the Board, in light of actual performance, to ensure that information is up to date and any risks in meeting year-end numbers can be identified and mitigated as soon as possible.

(1)	close management of the day-to-day activities of the Group by the Executive Directors and the Board;
(2)	an organisational structure with defined levels of responsibility, which promotes entrepreneurial decision-making and rapid implementation while minimising risks; and
(3)	existence of a business risk register. Risks facing the business are periodically re-assessed, and

Director		Number of formal board meetings with possible attendance record in 18 month period ending 28 February 2025

David Lenigas		3/4 Board meetings 0/2 Audit Committee, 3/3 Remuneration Committee
Jeremy Edelman		4/4 Board meetings 2/2 Audit Committee, 3/3 Remuneration Committee
Mahesh Pulandaran		3/4 Board meetings 2/2 Audit Committee, 0/3 Remuneration Committee

(1)	the Board is responsible for running the business of the Board and for ensuring appropriate strategic focus and direction; and
(2)	the Executive Chairman is responsible for proposing the strategic focus to the Board, implementing it once it has been approved and overseeing the management of the Group.

Significant issue	Summary of significant issue	Actions and Conclusion

Going concern	The Group's ability to continue as a going concern is a significant risk, requiring careful assessment as part of the financial statement preparation. This involves evaluating whether the Group has sufficient resources to meet its obligations for a period of at least 12 months from the date the financial statements are signed. Given the inherent uncertainties in forecasting, especially in a volatile sector such as cryptocurrency mining, this area demands close scrutiny by the Audit Committee.	The Committee noted that the Group has funded its operations during the period through an equity raise of £1.5 million (gross). In addition to this funding, post year end the Group raised a further $4m to be utilised in two tranches. The first tranche of US$2 million is being used to assist the Group in growing its Bitcoin assets prior to a potential NASDAQ dual listing. The second tranche of US$2 million may be drawn down in the future subject to certain conditions having been satisfied. The Committee agreed with management's assessment that the Group has enough funding to continue as a going concern for at least 12 months from the date of singing the financial statements.
Valuation/imp airment of tangible assets (mining machines)	The Group holds a material value of mining machines which are subject to significant estimation uncertainty due to the following factors: 1)Mining machines represent a substantial portion of total assets (£614,000). 2)A significant impairment charge was recorded during the interim period, with several indicators of potential further impairment under IAS 36. 3) Estimation around depreciation, valuation, and future cash flows involve management judgement.	The Committee examined the methodology, key assumptions, and inputs used in the impairment assessment, including cash flow forecasts and discount rates. The Committee evaluated the rationale behind the impairment recognised in the interim results and assessed whether further adjustments were necessary at year-end. The Committee concluded that management's impairment review was reasonable and appropriately reflected the risks and uncertainties in the valuation of the mining machines. The disclosures in the financial statements were considered adequate and in compliance with IAS 36.
Revenue recognition	Revenue recognition is considered an inherent risk given the decentralised nature of blockchain, which increases the risk of manipulation and challenges around verification. Revenue includes both block rewards and transaction fees, but as these cannot be separately identified within mining pools, they are treated as a single performance obligation under IFRS 15. The fair value of crypto assets received is highly volatile, leading to significant risk of misstatement in the measurement and timing of revenue, while accuracy and completeness rely on complex blockchain data.	The Committee reviewed and challenged management's revenue recognition policy, including the treatment of mining pool rewards and valuation of crypto assets. It assessed the use of blockchain data to support revenue accuracy and completeness, and considered the auditor's work on fraud risk and pricing validation. The Committee concluded that the approach and disclosures were appropriate and in line with relevant accounting standards.

Governance
Board of directors oversight		The Group does not currently have a risk or climate risk committee although climate risk is discussed at board meetings when relevant and is the direct responsibility of the CEO. A climate risk committee will be implemented as the growth of the Group allows for more members to lead a separate committee. Our strategy and business plan is to ensure our facilities are located on low carbon emission grids and to be built as efficient as possible. Location and source of energy are key to the implementation of this strategy.
Assessment and management		Climate related issues identified and discussed during the period include the challenges faced by the industry to align Group policy with expectations of our stakeholders. We are currently developing this policy and will be able to report on this in the next period to show how our strategy is aligned with the risk of climate change.
Strategy
Risks and opportunities (transition and physical)		Climate related issues identified and discussed include:
		1) Increased costs for energy from carbon pricing
		In the medium term, the directors believe the cost of energy will increase and that the success of the business will depend on the Group being able to source renewable electricity that is not dependent on any individual grid. The Group will also use this as an opportunity to improve resource efficiency and move to 100% renewable energy procurement.
		2) Increased costs of mining machines
		The Group recently acquired new hardware which is more efficient and therefore uses less energy than its old hardware. In the long term the Group will need to ensure that suitable replacement equipment is sourced and budgeted for, to reduce the risk of disruption to operations.
		3) Reputational damage
		The Group is aware that its stakeholders are becoming increasingly climate conscious and will focus on ensuring that its policies meet these expectations. This will give the Group the opportunity to become an industry leader in the transition to a low carbon economy.
		4) Physical risks
		Extreme weather events have the potential to lead to power outages or damage to operations. The Group will endeavour to locate existing and new facilities in locations which have a lower risk of these acute events taking place.
Impact of risks and opportunities		The Group is in the process of defining its climate related goals and ambitions with the objective of becoming a carbon neutral Group. However, it is aware that this needs to be balanced with its purpose of providing its shareholders with an attractive rate of return.
Resilience of the Group's strategy		The Group is yet to conduct a climate-related scenario analysis and therefore cannot disclose further information on its resilience to climate change.
Risk Management
Risk identification		The Group has identified key climate change related risks as follows:
		1) Potential for higher input costs, notably for power generated by fossil fuels and supplier costs for facilities, due to an increase in materials such as concrete and raw materials.

		2) Competition for renewable energy and new hardware.4
		3) Competition for equity capital between similar companies in the industry.
		4) Climate change physical impacts on jurisdiction and regions where facilities are located.
		5) Reduced demand for mined Bitcoin which have been mined using higher than average GHG emissions energy.
		6) Increased regulatory guidance and legislation leading to higher underlying costs.
Processes and management		The Group identifies and assesses climate-related risks that apply to the industry. While the Group has not yet formalised a method for assessing the relative significance of climate- related risks compared to other principal risks, a range of processes are used to monitor and evaluate potential impacts.
		These include: 1) Monitoring regulatory and policy developments at national and international levels; 2) Observing market and technological shifts that may affect costs or industry perception; and 3) Drawing on internal and external insights, including industry reports, peer benchmarking, and regulatory guidance.
		Risk management is overseen by the Board of Directors, which recognises climate change as a financial risk. Climate change is treated as a Principal Risk within the Group's broader risk management programme, given the energy-intensive nature of Bitcoin mining, and is also embedded in related risk areas such as energy supply and price volatility, and technological change.
Metrics and Targets
GHG metrics		The Group's greenhouse gas emissions have not been captured in the period. However, the Group is undergoing a review to address this non-compliance and will set up a process that will internally track and monitor climate-related metrics and KPIs. During the period under review the main GHG emitters were: 1) Electricity consumption(kWh) 2) Renewable energy consumption (kWh) 3) International flights 4) Employee / contractor accommodation and associated energy use. During 2025/26 the Group will implement improved GHG data collection methodology at the Group to enable it to report on Scope 1-3 emissions.

David Lenigas		Chairman
Jeremy Edelman		Director
Mahesh Pulamdaran		Independent Non-Executive Directors
Robert Scott		Finance Director

Shareholder	No. of shares	%
David Lenigas	55,668,976	18.29
Jeremy Edelman	55,188,976	18.13
Vinanz Limited Employee Benefit Trust	50,740,204	16.67
Clear Capital Markets Limited	31,40,257	10.32
Valereum Plc	27,325,171	8.98
Black Swan FZE	10,000,000	3.28
First Sentinel Corporate Finance	10,000,000	3.28
Limited

•	select suitable accounting policies and then apply them consistently;
•	make judgments and accounting estimates that are reasonable and prudent;
•	state whether International Financial Reporting Standards ('IFRS') 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 Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) 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.

•	competitiveness and reasonableness
•	acceptability to shareholders
•	performance linkage / alignment of executive compensation
•	transparency

•	having economic profit as a core component of plan design
•	focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value
•	attracting and retaining high calibre executives

•	rewarding capability and experience
•	reflecting competitive reward for contribution to growth in shareholder wealth
•	providing a clear structure for earning rewards

•	base pay and non-monetary benefits
•	short-term performance incentives
•	share-based payments
•	other remuneration such as superannuation and long service leave

	Contract	Contract length/ termination	Amount
Name	Commenced	period	£

David Lenigas	13 April 2023	6 months written notice	36,000
		Initial fixed term of 24 months
Jeremy Edelman	13 April 2023	with 6 months written notice	36,000
Mahesh Pulandaran	13 April 2023	Immediate effect	15,000

	18 Months	18 Months	18 Months	18 Months
	ended 28	ended 28	ended 28	ended 28	Year ended
	February	February	February	February	31 August
	2025	2025	2025	2025	2023
		Bitcoin	Share based
	Salary/Fees	Bonus	payment	TOTAL	TOTAL
	£	£	£	£	£	%

*Executive directors:*
David Lenigas	66,000	66,000	4,726,967	4,858,967	658,390	638.20%
Jeremy Edelman	66,000	66,000	4,726,967	4,858,967	658,390	638.20%

	132,000	132,000	9,453,934	9,717,934	1,316,780

	18 Months	18 Months	18 Months	18 Months
	ended 28	ended 28	ended 28	ended 28	Year ended
	February	February	February	February	31 August
	2025	2025	2025	2025	2023
		Bitcoin	Share based
	Salary/ Fees	Bonus	payment	TOTAL	TOTAL
	£	£	£	£	£	%

*Non-executive directors:*
Mahesh Pulandaran²	28,663	-	-	28,663	16,667	71.98%

	28 February	28 February	31 August	31 August
	2025	2025	2023	2023
		Percentage		Percentage
	Number of	of issued	Number of	of issued
	Ordinary	Ordinary	Ordinary	Ordinary
Name of Director	Shares	Share Capital	Shares	Share Capital
		%		%

David Lenigas	55,668,976	21.94%	20,480,000	15.16%
Jeremy Edelman	55,188,976	21.75%	20,000,001	17.17%

	110,857,952		40,480,001

	Distributions
	to	Total	Operational
	shareholders	Directors pay	cash outflow	Revenue

	£	£	£	£

18 Month ended 28 February 2025	-	292,663	1,409,140	963,816
Year ended 31 August 2023	-	40,667	914,474	41,422

	-	333,330	2,323,614	1,005,238

		Consolidated
		28 February	31 August
		2025 (18	2023 (12
		month	month
	Note	period)	period)
		£	£

Revenue
Bitcoin mined	4	957,473	41,422

Cost of sales
Power and hosting costs	5	(656,074)	(60,285)
Depreciation and amortisation expense	11	(129,690)	(30,635)
		(785,764)	(90,920)

Gross profit		171,709	(49,498)

Administration expenditure
Administration expenditure	6	(1,887,254)	(484,393)
Share based payment	18	(14,007,856)	(1,974,170)

Total operating expenses		(15,895,110)	(2,458,563)

Operating loss		(15,723,401)	(2,508,061)

Realised gain on disposal of Bitcoin	7	160,900	-
Non-operational impairment	8	(35,084)	-

Loss before income tax benefit		(15,597,585)	(2,508,061)

Income tax benefit	9	3,125	_-

Loss after income tax benefit for the year attributable to the owners of Vinanz
Limited	20	(15,594,460)	(2,508,061)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss
Gain on the revaluation of the intangible assets at fair value through other
comprehensive income, net of tax		176,784	-

Other comprehensive income for the year, net of tax		176,784	_-

Total comprehensive income for the year attributable to the owners of Vinanz
Limited		(15,417,676)	(2,508,061)

		Pence	Pence

Basic earnings per share	8	(25.05)	(5.58)
Diluted earnings per share	8	(25.05)	(5.58)

	Issued	Revaluation	Share based	Retained
			payment
	capital	reserves	reserve	profits	Total equity
Consolidated	£	£	£	£	£

Balance at 1 September 2022	-	-	-	(38,000)	(38,000)

Loss after income tax expense
for the year	-	-	-	(2,508,061)	(2,508,061)
Other comprehensive income for
the year, net of tax	-	-	-	-	-

Total comprehensive income for
the year	-	-	-	(2,508,061)	(2,508,061)

Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs (note 17)	1,143,880	-	-	-	1,143,880
Share-based payments (note
18)	35,000	-	1,939,170	-	1,974,170

Balance at 31 August 2023	1,178,880	_-	1,939,170	(2,546,061)	571,989

	Issued	Revaluation	Share based	Retained
			payment
	capital	Reserves	reserve	profits	Total equity
Consolidated	£	£	£	£	£

Balance at 1 September 2023	1,178,880	-	1,939,170	(2,546,061)	571,989

Loss after income tax benefit for
the period	-	-	-	(15,594,460)	(15,594,460)
Other comprehensive income for
the period, net of tax	-	176,784	-	-	176,784

Total comprehensive income for
the period	-	176,784	-	(15,594,460)	(15,417,676)

Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs (note 17)	2,643,504	-	-	-	2,643,504
Share-based payments (note
18)	15,879,252	-	(1,939,170)	67,774	14,007,856

Balance at 28 February 2025	19,701,636	176,784	-	(18,072,747)	1,805,673

•	Bitcoin Mined: £957,473 (net of internal transfers [note 10]) 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 [note 10]) 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, not involving cash movement.

•	Bitcoin Mined: £41,422 (net of internal transfers [note 10]) in Bitcoin was received as block rewards during the previous period. As no fiat cash was received at the time of mining, this amount has been excluded from operating cash inflows.
•	Depreciation and Impairment: Non-cash charges of £30,635 recorded against property, plant and equipment
•	Share-Based Payments: Non-cash expense of £1,974,169 was recognised for equity instruments granted to directors and advisors. The £1,974,169, contras to operating activities of £2,564,764, net cash operating activities £590,595.
•	Realised Gain on Bitcoin: A non-cash realised loss of £5,716 on disposal of digital assets was recognised in profit or loss.

●	When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
●	When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

1.	The purchase price (net of any trade discounts),
2.	Import duties and non-refundable taxes,
3.	Costs directly attributable to bringing the asset to its working condition and location (e.g. shipping, customs, installation),
4.	Any estimated dismantling and site restoration obligations.

●	Gains arising from increases in fair value are recognised in Other Comprehensive Income (OCI) and accumulated in a revaluation reserve within equity.
●	Losses arising from decreases in fair value are recognised in OCI to the extent of any existing revaluation surplus for that asset; otherwise, the loss is recognised in profit or loss.