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General information London BTC Company Limited ('the Group') is a London Stock Exchange-listed Bitcoin treasury company that builds a strategic bitcoin holding through direct acquisitions and its own mining operations in North America. It positions itself as offering investors regulated, listed-equity exposure to both Bitcoin price upside and Bitcoin mining economics. In addition, it is using the defensive economics of gold to create additional value to its shareholders. The group which is listed on the London Stock Exchange is incorporated and domiciled in the British Virgin Islands. The Group changed its name from Vinanz Limited to London BTC Company Limited on 3 July 2025. 2. Basis of preparation and material accounting policy information These general-purpose consolidated financial statements of London BTC Company Limited have been prepared in accordance with UK adopted IAS. The consolidated financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and financial liabilities at fair value through profit or loss, and intangible assets at fair value through other comprehensive Income for gains. The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3. The group operates an Employee Benefit Trust (\"EBT\") for the purpose of holding and delivering shares to employees and directors in connection with share-based payment arrangements. The EBT is controlled by the group and is therefore consolidated in accordance with the requirements of IFRS 10 (Consolidated Financial Statements). The shares held by EBT are treated as treasury shares and are not valued until they are received by the employees and/or directors. Shares are not acquired through cash contributions but are awarded based on performance conditions being met under the terms of the relevant share-based payment scheme. Once the shares are received by employees or directors, the fair value of the shares is recognised as an expense in profit or loss, with a corresponding increase in equity through ordinary share capital and, where applicable, share premium. The principal accounting policies applied in the preparation of these consolidated annual financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of London BTC Company Limited (\"Group\" or \"parent entity\") as at 28 February 2026 and the results of all subsidiaries for the period then ended. London BTC Company Limited and its subsidiaries together are referred to in these financial statements as the \"Consolidated Entity\" or the \"Group\". Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-entity transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies. 2.2 Functional currency and segmental reporting Functional and presentation currencies The financial statements are presented in Pounds Sterling (\u00a3), which is the Group's functional and presentational currency. The functional currency is the currency of the primary economic environment in which the Group operates. In determining the functional currency, the Group considers the currency that mainly influences sales prices for goods and services, and the currency that influences labour, material and other costs of providing goods and services. As Bitcoin is a non-monetary asset, it is not retranslated under IAS 21. Changes in value reflect both market price movements and foreign exchange effects. The financial statements are presented in Pounds Sterling (\u00a3), rounded to the nearest whole Pound unless otherwise indicated. Transactions in foreign currencies are translated into the functional currency using the exchange rate prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Exchange gains or losses are recognised in profit or loss. 2.2.1 Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM) who is responsible for allocating resources and assessing performance of the operating segments. The CODM has been identified as the Board of Directors. The Group operates a single reportable segment: Bitcoin mining and related cryptocurrency operations, with all material operations based in North America. As such the financial information presented reflects the performance of the consolidated business. Operating segments The consolidated entity operates in a single business segment, being the mining and sale of Bitcoin, and within a single geographic market. The CODM reviews financial information and allocate resources on this basis. Revenue is derived from the conversion of mined Bitcoin via cryptocurrency platforms such as Coinbase, Luxor and Binance. These platforms serve as intermediaries for the sale of Bitcoin into fiat currency but are not considered customers in the traditional sense. The accounting policies used in the internal reporting provided to the CODM are consistent with those applied in the consolidated financial statements. As a result, the Consolidated Entity has determined that it has one reportable operating segment, and no further segment disclosures are required under IFRS 8 (Operating Segments). 2.3 Property, plant and equipment Definition Property, plant and equipment consists solely of Bitcoin mining machines. Bitcoin mining machines are classified as Property, Plant and Equipment (PPE) under IAS16 (Property, Plant and Equipment). These are tangible assets: \u2022 held for use in the group's cryptocurrency mining operations ; and \u2022 are expected to be used during more than one period. Recognition Property, plant and equipment is recognised as an asset when: \u2022 it is probable that future economic benefits associated with the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Initial measurement Bitcoin mining machines are initially recognised at cost, which includes: \u2022 its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates. \u2022 any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. \u2022 the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Subsequent measurement - Cost model After initial recognition, property, plant and equipment is measured at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation Bitcoin mining machines are depreciated on a straight-line basis over their estimated useful life of five (5) years. Depreciation is calculated daily, beginning from the invoice (purchase) date, to accurately match expense with asset usage. Impairment Assets are reviewed at each reporting date for indicators of impairment in accordance with IAS36 (Impairment of Assets). If such indicators exist, the asset's recoverable amount is estimated, and an impairment loss is recognised where the carrying amount exceeds the recoverable amount. Derecognition The carrying amount of an item of property, plant and equipment is derecognised when the asset is disposed of or when no future economic benefits are expected from its use or disposal. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognised. 2.4 Intangible assets Definition The Group has assessed whether it operates as a broker-trader of cryptocurrencies under IAS 2 and concluded that its primary intention is to hold Bitcoin as a treasury asset rather than for short-term resale. Accordingly, Bitcoin is classified as an intangible asset in accordance with IAS 38 (Intangible Assets). Recognition Bitcoin is recognised when: \u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Initial measurement Bitcoin obtained through mining activities is initially recognised at its fair value on the date the asset is received and becomes accessible to the group. Fair value is determined using the spot exchange rate in GBP at the specific date and time of receipt based on quoted prices in active markets from a principal exchange (e.g. Coinbase). This approach ensures compliance with IFRS 13 (Fair Value Measurement) and reflects the fair value of the asset transferred in exchange for the Group's mining efforts. The amount recognised as the initial carrying value of the Bitcoin mined also corresponds to the revenue recognised in the statement of profit or loss on that date. The Group does not capitalise mining-related operating costs into the value of the intangible asset. Instead, these are expensed as incurred, with the full fair value of the mined Bitcoin recognised as both revenue and as the initial cost of the intangible asset. Purchased Bitcoin held as treasury is initially measured at cost. Subsequent measurement - Revaluation model After initial recognition, Bitcoin is measured using the revaluation model as permitted under IAS 38 (Intangible Assets). The asset is recognised at its fair value at the reporting date. Revaluation of assets held under IAS 38 (Intangible Assets) are revalued through other comprehensive income. Impairments At each reporting date, treasury Bitcoin is remeasured to fair value by reference to quoted prices in an active market. Increases in carrying amount are recognised in other comprehensive income and accumulated in the revaluation surplus, except to the extent that they reverse a previous downward revaluation recognised in profit or loss. Decreases in carrying amount are recognised in other comprehensive income to the extent of any existing revaluation surplus relating to the asset, with any excess recognised in profit or loss. 2.5 Share-based payments The group issues equity-settled share-based payments to certain directors, employees and advisors. These are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the group's estimate of the number of equity instruments that will eventually vest. Fair value is determined by using an appropriate valuation model (e.g. Black-Scholes or Monte Carlo simulation) depending on the conditions of the grant. Where share-based payments are settled by the issuance of equity instruments with no vesting conditions or service period, the fair value is expensed immediately. The corresponding amount is recognised in the share-based payment reserve. Upon exercise or conversion of the instruments, amounts previously recognised in the share-based payment reserve are transferred to share capital and share premium as appropriate. 2.6 Financial instruments The Group accounts for its financial instruments in accordance with IFRS 9 Financial Instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets are classified at initial recognition as measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL), based on the Group\u2019s business model and the contractual cash flow characteristics of the asset. The Group applies the expected credit loss (ECL) model to assess impairment on financial assets measured at amortised cost. A t each reporting date, the Group recognises a loss allowance for expected credit losses, taking into account historical defaul t experience, current conditions, and forward-looking information. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially recognised at fair value and are subsequently measured at amortised cost where they are held within a business model whose objective is to collect contractual cash flows and those cash flows represent solely payments o f principal and interest. Financial liabilities are classified as subsequently measured at amortised cost. Interest expense is recognised using the effective interest method. At the reporting date, the Group's financial assets comprise cash and cash equivalents and refundable hosting deposits, which are measured at amortised cost. Financial liabilities comprise trade and other payables. Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, expires or is settled through the issue of equity instruments. The Group derecognises a financial asset or financial liability when the contractual rights to the cash flows expire or the obligation is discharged, cancelled or expires. Digital assets are not financial instruments and are accounted for separately in accordance with the Group's accounting policy for intangible assets as they do not give rise to a contractual right to receive cash or another financial asset. Financial assets and financial liabilities are offset and presented net in the statement of financial position when there is a legally enforceable right to offset and an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.7 Fair value measurement Assets and liabilities measured at fair value are classified into one of three levels of the fair value hierarchy based on the significance of the inputs used in determining fair value: 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 or indirectly; and Level 3: unobservable inputs for the asset or liability. At the reporting date, the Group's recurring fair value measurements relate to treasury Bitcoin, which is classified as a Level 1 fair value measurement as it is valued using quoted prices in active cryptocurrency markets. The Group had no Level 2 or Level 3 fair value measurements during the reporting period. Accordingly, sensitivity disclosures are not applicable. 2.8 Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantially enacted, except for: \u2022 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, affected neither the accounting nor taxable profits, or \u2022 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 probably that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. 2.9 Prepayments Prepayments represent amounts paid in advance for goods or services to be received in future periods. Prepayments are recognised as assets when payment is made and are subsequently recognised in profit or loss on a systematic basis over the period to which the underlying goods or services relate. At each reporting date, prepayments are assessed for recoverability. Where it is no longer probable that the future economic benefits associated with a prepayment will be realised, the carrying amount is recognised in profit or loss. 2.10 Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.11 Revaluation reserve The revaluation reserve arises from the remeasurement of intangible assets to fair value in accordance with IAS 38 (Intangible Assets). Revaluation increases are recognised in other comprehensive income and accumulated in equity under the revaluation reserve, unless they reverse a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation decreases are first offset against any related credit balance in the revaluation reserve and then recognised in profit or loss. Upon disposal or derecognition of a revalued asset, the associated balance in the revaluation reserve is transferred directly to retained earnings. This transfer is not made through profit or loss . 2.12 Revenue Revenue is derived solely from the mining of Bitcoin by the Group's owned mining machines. Recognition Revenue is recognised at the point in time when the Group obtains control of the Bitcoin reward, which occurs when the mining process has been successfully completed and the Bitcoin is received in the Group's designated digital wallet. At this point, the Group has the ability to access, retain, and direct the use of the Bitcoin, thereby satisfying the criteria for control under IFRS 15 (Revenue from Contracts with Customers) and the IFRS Conceptual Framework for non-contractual income. Measurement Revenue is measured at the fair value of the Bitcoin received, determined by reference to the spot exchange rate in GBP on the date and time the Bitcoin enters the group's wallet. The spot price is obtained from a principal market such as Coinbase or Binance and represents a Level 1 input in accordance with IFRS 13 (Fair Value Measurement). Wallet pooling methodology The Group utilises a wallet pooling methodology for operational efficiency and custodial oversight. Bitcoin mined across multiple locations is consolidated into a pooled wallet environment. While the digital assets are physically pooled, the Group maintains detailed off-chain records to track the origin and timing of each Bitcoin reward. These records ensure traceability, accurate revenue recognition and reconciliation between individual mining activity and pooled wallet balances. This system enables the Group to reliably determine the fair value of each unit of Bitcoin at the time it is mined and received. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other revenue Other income comprises realised gains on the disposal of digital assets, excluding Bitcoin mining rewards. Such gains are recognised at the point in time when control of the digital asset transfers to the buyer and the significant risks and rewards of ownership have passed. Income is measured at the fair value of the consideration received or receivable and is recognised only when it is probable that the economic benefits will flow to the Group and the amount can be reliably measured. This policy is applied in accordance with IFRS 15 (Revenue from Contracts with Customers) and relevant guidance under the IFRS Conceptual Framework. 55 2.13 Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current . 2.14 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.15 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to the shareholders of London BTC Company Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figure used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. 2.16 Impairment of non-financial assets Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash- generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-213": { "value": "
2. Basis of preparation and material accounting policy information
These general-purpose consolidated financial statements of London BTC Company Limited have been prepared in accordance
with UK adopted IAS. The consolidated financial statements have been prepared under the historical cost convention, except
for, where applicable, the revaluation of financial assets and financial liabilities at fair value through profit or loss, and
intangible assets at fair value through other comprehensive Income for gains.
The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to
the consolidated financial statements are disclosed in note 3.
The group operates an Employee Benefit Trust (\"EBT\") for the purpose of holding and delivering shares to employees and
directors in connection with share-based payment arrangements. The EBT is controlled by the group and is therefore
consolidated in accordance with the requirements of IFRS 10 (Consolidated Financial Statements).
The shares held by EBT are treated as treasury shares and are not valued until they are received by the employees and/or
directors. Shares are not acquired through cash contributions but are awarded based on performance conditions being met
under the terms of the relevant share-based payment scheme.
Once the shares are received by employees or directors, the fair value of the shares is recognised as an expense in profit or
loss, with a corresponding increase in equity through ordinary share capital and, where applicable, share premium.
The principal accounting policies applied in the preparation of these consolidated annual financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-212": { "value": "
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of London BTC Company Limited
(\"Group\" or \"parent entity\") as at 28 February 2026 and the results of all subsidiaries for the period then ended. London BTC
Company Limited and its subsidiaries together are referred to in these financial statements as the \"Consolidated Entity\" or the
\"Group\".
Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control ceases.
Inter-entity transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. When
necessary, amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-214": { "value": "Functional and presentation currencies The financial statements are presented in Pounds Sterling (\u00a3), which is the Group's functional and presentational currency. The functional currency is the currency of the primary economic environment in which the Group operates. In determining the functional currency, the Group considers the currency that mainly influences sales prices for goods and services, and the currency that influences labour, material and other costs of providing goods and services. As Bitcoin is a non-monetary asset, it is not retranslated under IAS 21. Changes in value reflect both market price movements and foreign exchange effects. The financial statements are presented in Pounds Sterling (\u00a3), rounded to the nearest whole Pound unless otherwise indicated. Transactions in foreign currencies are translated into the functional currency using the exchange rate prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Exchange gains or losses are recognised in profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-215": { "value": "
2.2.1 Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker (CODM) who is responsible for allocating resources and assessing performance of the operating segments. The CODM
has been identified as the Board of Directors.
The Group operates a single reportable segment: Bitcoin mining and related cryptocurrency operations, with all material
operations based in North America. As such the financial information presented reflects the performance of the consolidated
business.
Operating segments
The consolidated entity operates in a single business segment, being the mining and sale of Bitcoin, and within a single
geographic market. The CODM reviews financial information and allocate resources on this basis.
Revenue is derived from the conversion of mined Bitcoin via cryptocurrency platforms such as Coinbase, Luxor and Binance.
These platforms serve as intermediaries for the sale of Bitcoin into fiat currency but are not considered customers in the
traditional sense.
The accounting policies used in the internal reporting provided to the CODM are consistent with those applied in the
consolidated financial statements.
As a result, the Consolidated Entity has determined that it has one reportable operating segment, and no further segment
disclosures are required under IFRS 8 (Operating Segments).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-216": { "value": "2.3 Property, plant and equipment Definition Property, plant and equipment consists solely of Bitcoin mining machines. Bitcoin mining machines are classified as Property, Plant and Equipment (PPE) under IAS16 (Property, Plant and Equipment). These are tangible assets: \u2022 held for use in the group's cryptocurrency mining operations ; and \u2022 are expected to be used during more than one period. Recognition Property, plant and equipment is recognised as an asset when: \u2022 it is probable that future economic benefits associated with the asset will flow to the entity; and \u2022 the cost of the asset can be measured reliably. Initial measurement Bitcoin mining machines are initially recognised at cost, which includes: \u2022 its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates. \u2022 any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. \u2022 the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Subsequent measurement - Cost model After initial recognition, property, plant and equipment is measured at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation Bitcoin mining machines are depreciated on a straight-line basis over their estimated useful life of five (5) years. Depreciation is calculated daily, beginning from the invoice (purchase) date, to accurately match expense with asset usage. Impairment Assets are reviewed at each reporting date for indicators of impairment in accordance with IAS36 (Impairment of Assets). If such indicators exist, the asset's recoverable amount is estimated, and an impairment loss is recognised where the carrying amount exceeds the recoverable amount. Derecognition The carrying amount of an item of property, plant and equipment is derecognised when the asset is disposed of or when no future economic benefits are expected from its use or disposal. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in profit or loss when the item is derecognised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-232": { "value": "
2.4 Intangible assets
Definition
The Group has assessed whether it operates as a broker-trader of cryptocurrencies under IAS 2 and concluded that its primary
intention is to hold Bitcoin as a treasury asset rather than for short-term resale. Accordingly, Bitcoin is classified as an
intangible asset in accordance with IAS 38 (Intangible Assets).
Recognition
Bitcoin is recognised when:
\u2022 it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably.
Initial measurement
Bitcoin obtained through mining activities is initially recognised at its fair value on the date the asset is received and becomes
accessible to the group. Fair value is determined using the spot exchange rate in GBP at the specific date and time of receipt
based on quoted prices in active markets from a principal exchange (e.g. Coinbase). This approach ensures compliance with
IFRS 13 (Fair Value Measurement) and reflects the fair value of the asset transferred in exchange for the Group's mining efforts.
The amount recognised as the initial carrying value of the Bitcoin mined also corresponds to the revenue recognised in the
statement of profit or loss on that date.
The Group does not capitalise mining-related operating costs into the value of the intangible asset. Instead, these are expensed
as incurred, with the full fair value of the mined Bitcoin recognised as both revenue and as the initial cost of the intangible
asset.
Purchased Bitcoin held as treasury is initially measured at cost.
Subsequent measurement - Revaluation model
After initial recognition, Bitcoin is measured using the revaluation model as permitted under IAS 38 (Intangible Assets). The
asset is recognised at its fair value at the reporting date. Revaluation of assets held under IAS 38 (Intangible Assets) are
revalued through other comprehensive income.
Impairments
At each reporting date, treasury Bitcoin is remeasured to fair value by reference to quoted prices in an active market. Increases
in carrying amount are recognised in other comprehensive income and accumulated in the revaluation surplus, except to the
extent that they reverse a previous downward revaluation recognised in profit or loss. Decreases in carrying amount are
recognised in other comprehensive income to the extent of any existing revaluation surplus relating to the asset, with any
excess recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-217": { "value": "
2.5 Share-based payments
The group issues equity-settled share-based payments to certain directors, employees and advisors. These are measured at fair
value at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting
period, based on the group's estimate of the number of equity instruments that will eventually vest. Fair value is determined by
using an appropriate valuation model (e.g. Black-Scholes or Monte Carlo simulation) depending on the conditions of the grant.
Where share-based payments are settled by the issuance of equity instruments with no vesting conditions or service period,
the fair value is expensed immediately.
The corresponding amount is recognised in the share-based payment reserve. Upon exercise or conversion of the instruments,
amounts previously recognised in the share-based payment reserve are transferred to share capital and share premium as
appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-175": { "value": "
2.6 Financial instruments
The Group accounts for its financial instruments in accordance with IFRS 9 Financial Instruments.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets are classified at initial recognition as measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL), based on the Group\u2019s business model and the contractual cash flow characteristics of the asset. The Group applies the expected credit loss (ECL) model to assess impairment on financial assets measured at amortised cost. A t each reporting date, the Group recognises a loss allowance for expected credit losses, taking into account historical defaul t experience, current conditions, and forward-looking information. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially recognised at fair value and are subsequently measured at amortised cost where they are held within a business model whose objective is to collect contractual cash flows and those cash flows represent solely payments o f principal and interest. Financial liabilities are classified as subsequently measured at amortised cost. Interest expense is recognised using the effective interest method. At the reporting date, the Group's financial assets comprise cash and cash equivalents and refundable hosting deposits, which are measured at amortised cost. Financial liabilities comprise trade and other payables. Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, expires or is settled through the issue of equity instruments. The Group derecognises a financial asset or financial liability when the contractual rights to the cash flows expire or the obligation is discharged, cancelled or expires. Digital assets are not financial instruments and are accounted for separately in accordance with the Group's accounting policy for intangible assets as they do not give rise to a contractual right to receive cash or another financial asset. Financial assets and financial liabilities are offset and presented net in the statement of financial position when there is a legally enforceable right to offset and an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-203": { "value": "2.6 Financial instruments The Group accounts for its financial instruments in accordance with IFRS 9 Financial Instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets are classified at initial recognition as measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL), based on the Group\u2019s business model and the contractual cash flow characteristics of the asset. The Group applies the expected credit loss (ECL) model to assess impairment on financial assets measured at amortised cost. A t each reporting date, the Group recognises a loss allowance for expected credit losses, taking into account historical defaul t experience, current conditions, and forward-looking information. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially recognised at fair value and are subsequently measured at amortised cost where they are held within a business model whose objective is to collect contractual cash flows and those cash flows represent solely payments o f principal and interest. Financial liabilities are classified as subsequently measured at amortised cost. Interest expense is recognised using the effective interest method. At the reporting date, the Group's financial assets comprise cash and cash equivalents and refundable hosting deposits, which are measured at amortised cost. Financial liabilities comprise trade and other payables. Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, expires or is settled through the issue of equity instruments. The Group derecognises a financial asset or financial liability when the contractual rights to the cash flows expire or the obligation is discharged, cancelled or expires. Digital assets are not financial instruments and are accounted for separately in accordance with the Group's accounting policy for intangible assets as they do not give rise to a contractual right to receive cash or another financial asset. Financial assets and financial liabilities are offset and presented net in the statement of financial position when there is a legally enforceable right to offset and an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-218": { "value": "2.6 Financial instruments The Group accounts for its financial instruments in accordance with IFRS 9 Financial Instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets are classified at initial recognition as measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL), based on the Group\u2019s business model and the contractual cash flow characteristics of the asset. The Group applies the expected credit loss (ECL) model to assess impairment on financial assets measured at amortised cost. A each reporting date, the Group recognises a loss allowance for expected credit losses, taking into account historical defaul experience, current conditions, and forward-looking information. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially recognised at fair value and are subsequently measured at amortised cost where they are held within a business model whose objective is to collect contractual cash flows and those cash flows represent solely payments o principal and interest. Financial liabilities are classified as subsequently measured at amortised cost. Interest expense is recognised using the effective interest method. At the reporting date, the Group's financial assets comprise cash and cash equivalents and refundable hosting deposits, which are measured at amortised cost. Financial liabilities comprise trade and other payables. Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, expires or is settled through the issue of equity instruments. The Group derecognises a financial asset or financial liability when the contractual rights to the cash flows expire or the obligation is discharged, cancelled or expires. Digital assets are not financial instruments and are accounted for separately in accordance with the Group's accounting policy for intangible assets as they do not give rise to a contractual right to receive cash or another financial asset. Financial assets and financial liabilities are offset and presented net in the statement of financial position when there is a legally enforceable right to offset and an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-176": { "value": "
2.7 Fair value measurement
Assets and liabilities measured at fair value are classified into one of three levels of the fair value hierarchy based on the
significance of the inputs used in determining fair value:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly; and
\u2022 Level 3: unobservable inputs for the asset or liability.
At the reporting date, the Group's recurring fair value measurements relate to treasury Bitcoin, which is classified as a Level 1
fair value measurement as it is valued using quoted prices in active cryptocurrency markets. The Group had no Level 2 or Level
3 fair value measurements during the reporting period. Accordingly, sensitivity disclosures are not applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-219": { "value": "
2.8 Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantially enacted, except for:
\u2022 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, affected neither the accounting nor
taxable profits, or
\u2022 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 probably that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets recognised to the extent that it is probable that
there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-177": { "value": "Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantially enacted, except for: \u2022 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, affected neither the accounting nor taxable profits, or \u2022 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 probably that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-204": { "value": "
2.9 Prepayments
Prepayments represent amounts paid in advance for goods or services to be received in future periods. Prepayments are
recognised as assets when payment is made and are subsequently recognised in profit or loss on a systematic basis over the
period to which the underlying goods or services relate.
At each reporting date, prepayments are assessed for recoverability. Where it is no longer probable that the future economic
benefits associated with a prepayment will be realised, the carrying amount is recognised in profit or loss.
", "dimensions": { "concept": "btc:DescriptionOfAccountingPolicyForPrepayment", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-220": { "value": "2.10 Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-222": { "value": "2.11 Revaluation reserve The revaluation reserve arises from the remeasurement of intangible assets to fair value in accordance with IAS 38 (Intangible Assets). Revaluation increases are recognised in other comprehensive income and accumulated in equity under the revaluation reserve, unless they reverse a revaluation decrease of the same asset previously recognised in profit or loss. Revaluation decreases are first offset against any related credit balance in the revaluation reserve and then recognised in profit or loss. Upon disposal or derecognition of a revalued asset, the associated balance in the revaluation reserve is transferred directly to retained earnings. This transfer is not made through profit or loss ", "dimensions": { "concept": "btc:DescriptionOfAccountingPolicyForRevaluationReserve", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-221": { "value": "
2.12 Revenue
Revenue is derived solely from the mining of Bitcoin by the Group's owned mining machines.
Recognition
Revenue is recognised at the point in time when the Group obtains control of the Bitcoin reward, which occurs when the
mining process has been successfully completed and the Bitcoin is received in the Group's designated digital wallet. At this
point, the Group has the ability to access, retain, and direct the use of the Bitcoin, thereby satisfying the criteria for control
under IFRS 15 (Revenue from Contracts with Customers) and the IFRS Conceptual Framework for non-contractual income.
Measurement
Revenue is measured at the fair value of the Bitcoin received, determined by reference to the spot exchange rate in GBP on the
date and time the Bitcoin enters the group's wallet. The spot price is obtained from a principal market such as Coinbase or
Binance and represents a Level 1 input in accordance with IFRS 13 (Fair Value Measurement).
Wallet pooling methodology
The Group utilises a wallet pooling methodology for operational efficiency and custodial oversight. Bitcoin mined across
multiple locations is consolidated into a pooled wallet environment. While the digital assets are physically pooled, the Group
maintains detailed off-chain records to track the origin and timing of each Bitcoin reward. These records ensure traceability,
accurate revenue recognition and reconciliation between individual mining activity and pooled wallet balances. This system
enables the Group to reliably determine the fair value of each unit of Bitcoin at the time it is mined and received.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net
carrying amount of the financial asset.
Other revenue
Other income comprises realised gains on the disposal of digital assets, excluding Bitcoin mining rewards. Such gains are
recognised at the point in time when control of the digital asset transfers to the buyer and the significant risks and rewards of
ownership have passed. Income is measured at the fair value of the consideration received or receivable and is recognised only
when it is probable that the economic benefits will flow to the Group and the amount can be reliably measured. This policy is
applied in accordance with IFRS 15 (Revenue from Contracts with Customers) and relevant guidance under the IFRS Conceptual
Framework.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-226": { "value": "2.13 Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in the Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current ", "dimensions": { "concept": "btc:DescriptionOfAccountingPolicyForCurrentAndNonCurrentClassification", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-223": { "value": "
2.14 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-224": { "value": "
2.15 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to the shareholders of London BTC Company
Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figure used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-225": { "value": "
2.16 Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount.
Recoverable amount is higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present
value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-
generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a
cash-generating unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-227": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-205": { "value": "4. Changes in accounting policies and disclosures 4.1 Standards and Interpretations effective and adopted in the current year There were no changes in accounting policies and disclosures adopted in the current year. 4.2 New standards and interpretations not yet mandatory or early adopted Accounting standards that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Consolidated Entity for the annual reporting period ended 28 February 2026. The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations other than as disclosed below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. Management has considered the requirements of IFRS 18. The standard is expected to affect the presentation and disclosure of items within the statement of profit or loss, including the presentation of defined subtotals. Based on management's preliminary assessment, the standard is not expected to have a material impact on the Group's financial position, financial performance or cash flows. The mandatory implementation required by the standard is for years beginning on or after 1 January 2027. This change in accounting policy will be implemented for the first time for the financial year ending 29 February 2028. IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards
The mandatory implementation required by the standard is for years beginning on or after 1 January 2027. This change in
accounting policy will be implemented for the first time for the financial year ending 29 February 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-228": { "value": "4.1 Standards and Interpretations effective and adopted in the current year There were no changes in accounting policies and disclosures adopted in the current year", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-229": { "value": "4.2 New standards and interpretations not yet mandatory or early adopted Accounting standards that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Consolidated Entity for the annual reporting period ended 28 February 2026. The Consolidated Entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations other than as disclosed below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. Management has considered the requirements of IFRS 18. The standard is expected to affect the presentation and disclosure of items within the statement of profit or loss, including the presentation of defined subtotals. Based on management's preliminary assessment, the standard is not expected to have a material impact on the Group's financial position, financial performance or cash flows. The mandatory implementation required by the standard is for years beginning on or after 1 January 2027. This change in accounting policy will be implemented for the first time for the financial year ending 29 February 2028. IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards . The mandatory implementation required by the standard is for years beginning on or after 1 January 2027. This change in accounting policy will be implemented for the first time for the financial year ending 29 February 2028.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-178": { "value": "
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
\u00a3 \u00a3
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
5.2 Depreciation and impairment losses
Depreciation and impairment losses have been included under the following expenditures:
Cost of sales
Bitcoin Mining machines
156,819
129,690
5.3 Impairment review During the year, management identified indicators of impairment relating to the Group\u2019s bitcoin mining operations and performed an impairment assessment in accordance with IAS 36, Impairment of Assets. The Group\u2019s mining operations were assessed as a single cash-generating unit (\u201cCGU\u201d), being the lowest level at which independent cash inflows are generated. The recoverable amount of the CGU was determined using a value-in-use model based on estimated future cash flows derived from management-approved forecasts. The impairment assessment incorporated a number of significant assumptions, including forecast Bitcoin prices, expected network difficulty, mining efficiency, operating uptime, hosting and electricity costs, capital expenditure requirements and the discount rate applied to future cash flows. Management identified clear internal and external indicators of impairment as follows: External \u2013 hashprice: mining economics have deteriorated materially. The prevailing hashprice per the Luxor Hashrate Lookback series is approximately 0.00047 BTC per PH/s per day, which at a Bitcoin price of approximately US$66,771 (\u00a349,945 at a USD/GBP rate of 0.748) is insufficient to cover the cash hosting and electricity costs of the fleet, External \u2013 network difficulty and fleet efficiency: continuing growth in network hashrate, combined with the age and efficiency profile of the Company\u2019s machines relative to latest-generation hardware, has compressed unit margins, with no reasonable expectation of recovery within the remaining useful life of the machines, and Internal \u2013 operating performance: the mining division is operating at a sustained cash gross loss, with revenue per machine below direct cash operating cost at four of the five hosted sites and for the fleet in aggregate. As a result of the assessment, the recoverable amount of the CGU was determined to be lower than its carrying amount and an impairment loss of \u00a3581,665 (2025: \u00a30) was recognised in profit or loss. The impairment loss was allocated to property, plant and equipment within the CGU. The impairment arose primarily as a result of reductions in forecast mining profitability, driven by changes in expected Bitcoin prices, network difficulty and other market conditions affecting future cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-179": { "value": "
6. Intangible assets
6.1 Reconciliation of changes in intangible assets
Binance digital Fidelity digital Tokenomic
Bitcoin mined asset asset digital asset Total
\u00a3 \u00a3 \u00a3 \u00a3 \u00a3
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
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 \u00a3(2,338,981) (2025 gain: \u00a3176,784) 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 \u00a3176,784 to \u00a32,162,198.
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
\u00a3
\u00a3
Bitcoin
404,442
(404,442)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-230": { "value": "
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
\u00a3 \u00a3 \u00a3 \u00a3
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
Transfers between levels of input
There were no transfers between levels during the reported financial periods
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-180": { "value": "
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
\u00a3 \u00a3
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 \u00a350,191 (2025 - \u00a349,846) with a potential cumulative deferred tax asset of \u00a312,548 (2025 - \u00a312,462)
have not been recognised due to uncertainty over future taxable profits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-181": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-182": { "value": "10. Cash and cash equivalents Cash and cash equivalents included in current assets:
Cash
Balances with banks
35,843
855,484
Cash and cash equivalents comprise cash at bank held in operational accounts. These funds are available for immediate use in the Group's operations and are not subject to any restrictions or significant risk of changes in value. The total cash and cash equivalents balance reconciles to the cash flows from operating, investing, and financial activities", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-183": { "value": "
11. Called up share capital
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Group in proportion to
the number of and amounts on the shares held. The fully paid ordinary shares have no par value and the Group does not have a
limited amount of authorised capital.
On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Issued
358 846 093
(2025 - 253 701 022) fully paid up ordinary shares
28,412,976
19,701,636
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.
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 (\u00a3)
\u00a3
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-206": { "value": "11. Called up share capital Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Group in proportion to the number of and amounts on the shares held. The fully paid ordinary shares have no par value and the Group does not have a limited amount of authorised capital. On a show of hands, every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Issued
358 846 093
(2025 - 253 701 022) fully paid up ordinary shares
28,412,976
19,701,636
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.
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 (\u00a3)
\u00a3
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
12. Reserves Reserves represent the cumulative and other equity components of the Group that arise from various transactions and accounting treatments under IFRS. 12.1 Classification of reserves
Revaluation reserve
-
176,784
12.2 Detailed analysis of other comprehensive income movements
Attributable to
Revaluation owners of the
reserve parent Total
\u00a3 \u00a3 \u00a3
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
12.3 Nature and purpose of reserves The revaluation reserve includes unrealised gains or losses arising from the revaluation of intangible assets (cryptocurrencies) where the revaluation model has been applied in accordance with IAS 38. Gains are recognised in Other Comprehensive Income (OCI) and accumulated in this reserve, expect to the extent that they reverse previously recognised losses through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-184": { "value": "
12. Reserves
Reserves represent the cumulative and other equity components of the Group that arise from various transactions and
accounting treatments under IFRS.
12.1 Classification of reserves
Revaluation reserve
-
176,784
12.2 Detailed analysis of other comprehensive income movements
Attributable to
Revaluation owners of the
reserve parent Total
\u00a3 \u00a3 \u00a3
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
12.3 Nature and purpose of reserves
The revaluation reserve includes unrealised gains or losses arising from the revaluation of intangible assets (cryptocurrencies)
where the revaluation model has been applied in accordance with IAS 38. Gains are recognised in Other Comprehensive
Income (OCI) and accumulated in this reserve, expect to the extent that they reverse previously recognised losses through
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-185": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-231": { "value": "
14. Financial liabilities
Carrying amount of financial liabilities by category
At amortised
cost Total
\u00a3 \u00a3
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-186": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-187": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-188": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-189": { "value": "
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-191": { "value": "
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)
-
", "dimensions": { "concept": "btc:DisclosureOfOtherGianAndLosses", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-192": { "value": "
20. Impairment of investment
Impairment of investment in Tokenomic Coin
(1,977)
(35,084)
", "dimensions": { "concept": "btc:DisclosureOfImpairmentOfInvestment", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-193": { "value": "
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 \u00a341,143 and disposed of before the year end for \u00a3306,765. 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.
", "dimensions": { "concept": "btc:DisclosureOfProfitOnDisposalOfInvestment", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-194": { "value": "
22. (Loss) Profit on disposal of Bitcoin
Arising on the disposal of Bitcoin
(136,710)
160,900
", "dimensions": { "concept": "btc:DisclosureOfLossProfitonDisposalOfBitcoin", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-190": { "value": "
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 \u00a31,508,113, 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 \u00a39,788 on settlement while a loss on extinguishment of the debt of
\u00a31,521,743 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-195": { "value": "
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 \u00a33,125 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 \u00a3296 (2025 - \u00a349,846), 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%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-196": { "value": "
25. Other comprehensive income
Disclosure of gross, tax and net other comprehensive income
Gross other Net other
comprehensive comprehensive
income income
\u00a3 \u00a3
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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-198": { "value": "
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
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-197": { "value": "
28. Financial risk management
The Consolidated Entity's activities expose it to a variety of financial risks. The Consolidated Entity's overall risk management
program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial
performance of the Consolidated Entity.
Risk management is carried out the finance director (Finance) under policies approved by the Board of Directors (the Board).
These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures,
controls and risk limits. Finance identifies and evaluates financial risks within the consolidated entity's operating units. Finance
reports to the Board on a monthly basis.
28.1 Foreign exchange risk
The Consolidated Entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency
risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash
flow forecasting.
Exposure
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Pounds Sterling, was as follows:
Australian Canadian
US Dollars Dollars Dollars Pounds Sterling
28 February 2026 \u00a3 \u00a3 \u00a3 \u00a3
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 \u00a3 \u00a3 \u00a3 \u00a3
Trade receivables
96,022
-
-
-
Trade payables
68,717
15,703
47,358
23,078
28.1.1 Bitcoin price risk
The Group is exposed to movements in the market price of Bitcoin. Revenue from mining activities is received in Bitcoin and
the Group also holds Bitcoin as a treasury asset. Consequently, fluctuations in the market price of Bitcoin may materially affect
the Group's revenue, profitability, cash flows and the carrying value of its Bitcoin holdings.
Management monitors Bitcoin price movements on an ongoing basis and manages treasury holdings having regard to
anticipated operating cash requirements and market conditions.
28.2 Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The Group continuously
monitors market developments and reassesses classification within the fair value hierarchy as conditions evolve.
28.2.1 Concentration risk
The Group's operations are substantially dependent upon the Bitcoin ecosystem. Adverse movements in the Bitcoin price,
mining economics or network conditions may materially affect the Group's financial performance and financial position.
28.3 Liquidity risk The consolidated entity manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-207": { "value": "28. Financial risk management The Consolidated Entity's activities expose it to a variety of financial risks. The Consolidated Entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Consolidated Entity. Risk management is carried out the finance director (Finance) under policies approved by the Board of Directors (the Board). These policies include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits. Finance identifies and evaluates financial risks within the consolidated entity's operating units. Finance reports to the Board on a monthly basis. 28.1 Foreign exchange risk The Consolidated Entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. Exposure The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Pounds Sterling, was as follows:
Australian Canadian
US Dollars Dollars Dollars Pounds Sterling
28 February 2026 \u00a3 \u00a3 \u00a3 \u00a3
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 \u00a3 \u00a3 \u00a3 \u00a3
Trade receivables
96,022
-
-
-
Trade payables
68,717
15,703
47,358
23,078
28.1.1 Bitcoin price risk The Group is exposed to movements in the market price of Bitcoin. Revenue from mining activities is received in Bitcoin and the Group also holds Bitcoin as a treasury asset. Consequently, fluctuations in the market price of Bitcoin may materially affect the Group's revenue, profitability, cash flows and the carrying value of its Bitcoin holdings. Management monitors Bitcoin price movements on an ongoing basis and manages treasury holdings having regard to anticipated operating cash requirements and market conditions. 28.2 Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The Group continuously monitors market developments and reassesses classification within the fair value hierarchy as conditions evolve. 28.2.1 Concentration risk The Group's operations are substantially dependent upon the Bitcoin ecosystem. Adverse movements in the Bitcoin price, mining economics or network conditions may materially affect the Group's financial performance and financial position. 28.3 Liquidity risk The consolidated entity manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-233": { "value": "28.3 Liquidity risk The consolidated entity manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-199": { "value": "
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.
", "dimensions": { "concept": "btc:DisclosureOfCapitalManagement", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "fact-208": { "value": "
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 \u00a3 \u00a3 \u00a3
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
\u00a3 \u00a3 \u00a3
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
30.3 Related party transactions and balances
Directors whose
loans were
settled by Total
shares \u00a3
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
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. Refer to note 11 - Called up share capital for details of shares issued to J Edelman and D Lenigas in settlement of loans granted by these directors to the Company. Additionally, refer to note 23 for details of interest charge on these loans, settled by the issue of shares. There were no other material related party transactions during the year, other than the above. The Company believes that there is no ultimate controlling shareholder", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845006607892CED8456", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } } } }