SAFE Network Dev Update - November 29, 2018

Yes, I am fully aware of that and very aware of my duty to protect their investments and act professionally to do so. Not to splatter stuff about the place regarding the company and its finances. Those are publically available to all in a reasonable time that is acceptable by all shareholders and lawmakers in this country.

I suspect we are way more open than most, but there will always be folk that want more. That´s fine to ask, but it is also in my purvue to refuse.

There is also nothing wrong in me asking you to jump on one leg over the moon :wink:


You are indeed allowed to refuse my request. I wonder if I can call HMRC and ask for a copy considering they should be a public record by now :thinking:

This would be completely fine if the information was accurate and correct. You are not breaking any laws by being transparent. As long as the method for sharing this information is equally available to everyone thats interested from a news source thats relevant, e.g this forum would be absolutely fine.

In my opinion thats the 30th November 2018, as indicated in the companies house website. They are 9 months old, how much more reasonable can they be.

You were right about one thing, the phone queues to HMRC are long.

I am in Australia and there is a similar reporting system here. ASIC is similar to Companies House where corporations are required to Lodge returns which are accessible by the public. The Australian Taxation Office is the equivalent to HMRC. I would doubt they would release any information of a taxpayer as this would breach confidentiality. You would get a better response to your questions of when returns are due and when they are published, by contacting Companies House

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And in Australia if you are late to Lodge to ASIC you get a stream of reminder letters at the end of which your company is struck off (dead). There are many entities still operating although they are dead without knowing it. Usually when an application for finance is refused on the basis they do not exist, they rush to their advisors and get everything up to date and pay to have their entity brought back to life. Hilarious

Companies House wasn’t particularly useful, they simply stated that documents will become available online once they have been submitted and approved.

The only assumption I can take from this is its either not submitted or not approved. Both of which could have a million different reasons why.

Disclaimer: Everything in the next paragraph is speculation and should not be treated as fact.

If I had to take a wild speculative guess, in February 28 2017 MaidSafe had around £500,000 of bitcoin. Which means on February 28 2018, they had around around $5,500,000. This could mean their assets were likely worth more than £5.1 million. So they no longer qualify for exemption from audit under section 477 of the Companies Act 2006 relating to small companies. They hadn’t realised they had exceeded this limit and are now under audit.
If my guess is correct it’s unlikely that MaidSafe are in any kind of financial trouble and they are simply going through the processes of being a growing thriving company.

I don’t see any reason why @nicklambert the financial officer of MaidSafe can’t make an offical statement of the reasons the accounts haven’t been submitted or approved. Or publish a snapshot of the MaidSafe accounts up to the 28 February 2018 in the next update.

Unless you are an accountant and/or tax specialist, I suggest you keep your speculations to yourself. I am not really sure what you are trying to achieve, but I feel you are being disrespectful of the team and perhaps have an agenda for doing so.

You can always private message the team, companies house or HMRC if you seek more information. You do not need to do it in public, laced with opinion and suspicion.

Once you have facts, feel free to share them.


The accounts have been signed off and have been submitted to Companies House, and I would imagine they will publish them as soon as they run their own sign off process, and then you’ll no longer need to speculate :).


Awesome thanks Nick for the update.

First signs of them appearing on companies house.

Its a matter of patience and realise government departments are not always as fast as expected. It would seem most of us are willing to wait for the gears of business & government to progress at their normal pace and speculation is not worth the effort spent creating them. And as we see can be very unhelpful. And to think just waiting a day or so and the problem solved.


I wouldn’t lose too much sleep over it


Yes, 100% neither should any of us, I find radio 2 better for wiling away the hours :slight_smile:
It is a thing when we try to be open and people want more than shout then speculate and it devalues pretty much everything, slows progress and messes up threads. It is just life though, like rain on a sunny day, it happens and none of us know why.

I suppose if radio 2 is not yer thing then as @neo rightly states

Chilling time :wink:


It would be nice to be able to control where you lose sleep time over.
In this part of the world it is not the time of year to speculate but the time of speculaas and a lot of children who lose sleep over which present they are going to get from Sint-Nicolaas.


Taking of government departments and delays reminds me of the hitch-hikers guide to the galaxy (BBC series, not the movie) and the bureaucrats portrayed. Of course the English bureaucrats were the inspiration that they were modelled after.


I got nothing this year thus far. Frustrating. I faithfully put my shoe next to the fireplace every night, but the Sint seems to skip my house for no apparent reason. After 30 years, I’m kinda starting to believe he might not be real…


Ah, and exemplary behavior as recorded in the big book held constant over said period?

Apart from having an urge to beat the bishop every now and then, yes. :shushing_face:

Good work. Let’s go next stage.

Just for information, and to ease such concerns. Since around 2011 we have chosen to pay the extra fees and have our accounts fully audited in any case. This was simply due to the fact we had investors money and I for one wished to take every step we could and make every effort to be transparent. That was well before our crowdsale or being legally obliged to, which we are nowhere near anyhow.