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Finveo Limited
























Annual report and financial statements



for the year ended 31 December 2022



Registered number: 11686331

 
Finveo Limited


Company Information


Directors
A Abbak 
I Rogers 
N Eyinmisan-Ejoh (appointed 7 November 2022)




Registered number
11686331



Registered office
Beaufort House 11th Floor
15 St Botolph Street

London

EC3A 7BB




Independent auditor
Buzzacott LLP
Statutory Auditor

130 Wood Street

London

EC2V 6DL





 
Finveo Limited


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13
Notes to the financial statements
 
14 - 20


 
Finveo Limited

 
Directors' report
For the year ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors

The directors who served during the year were:

A Abbak
I Rogers 
N Eyinmisan-Ejoh (appointed 7 November 2022)

Results and dividends

The loss for the year, after taxation, amounted to £676,190 (2021 - loss £272,755).

There were no dividends declared or paid during the period. 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the Strategic report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information requireed by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments. 
The directors also have a duty under company law to have regard to the need to foster the company's business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year. How this is achieved is summarised in the Strategic report.

Page 1

 
Finveo Limited
 
Directors' report (continued)
For the year ended 31 December 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report was approved by the board and signed on its behalf.
 





Iain Rogers
Director

Date: 25 April 2023

Page 2

 
Finveo Limited


Strategic report
for the year ended 31 December 2022

Introduction
 
The directors present the Strategic report of the company for the year ended 31 December 2022.
Principal activities 
The principal activity of the company during the period was the provision of investment execution services.

Business review and future development
 
COVID-19 affected all industries globally in an unexpected and unprecedented way during 2020 and the majority of 2021 resulting in multi week lockdowns for people and economies and fiscal stimulus at a scale never seen.
Finveo Limited successfully implemented a “work from home” policy and operations continued effectively without disruption. As of March 2022, the firm is operating a flexible working policy whereby employees will be working from the registered office and from home 2 or 3 days per week.
During 2021 and 2022 Finveo Limited considered various strategic reviews and it was decided that a new executive team will continue the development of Finveo Limited to deliver future sustainable shareholder value and returns.
A new Chief Executive Officer was appointed in August 2021 and was approved by the Financial Conduct Authority in January 2022. A Chief Compliance Officer & MLRO joined the firm in January 2022 and a Chief Financial Officer joined the Firm in April 2022.

Principal risks and uncertainties
 
Foreign currency risk
The company is exposed to foreign currency risk as revenue will be receivable in USD, however the company accepts the risk of currency movement and deals with potential earnings volatility.
Credit risk
The company is not exposed to any credit risk.
Liquidity risk
The company is not exposed to significant liquidity risks.
Interest rate risk
The company is not exposed to significant interest rate risks.

Page 3

 
Finveo Limited


Strategic report (continued)
For the year ended 31 December 2022

Financial key performance indicators
 
In managing the business, we review three distinct aspects of the business on a regular basis:
• Financial
• Distribution and Marketing
• Operational and Risk Management
Financial: On a monthly basis, and for review by the Executive Management Committee, a financial reporting pack is produced which includes a statement of comprehensive income, a statement of the financial position, debtors and creditors, bank reconciliation and a budget comparison. 
A similar reporting pack is produced quarterly for review by the Board of the company. 
Distribution and Marketing: On a monthly basis, all aspects of distribution, including the new business pipeline, are reviewed to gauge whether progress toward revenue targets appears achievable. 
Threats to existing revenue streams at a client level are also considered. 
Operational and Risk Management: We have a rigorous operational risk and compliance framework within which we seek to manage the business. This includes a strong governance structure, which monitors the operational performance of the business, and ensures we manage risk effectively and meet the requirements of our Regulator, which in 2019 included implementing the Senior Managers and Certification Regime. The adherence of the business to this framework is reviewed by an independent compliance firm, retained by the business on a quarterly basis. 

Directors' statement of compliance with duty to promote the success of the company
 
Finveo Limited was founded in November 2018.
Finveo Limited is part of the Inveo Yatirim Holdings AS group of companies (the Inveo Group), a Turkey based holding company that has investments in a diverse set of sectors in Turkey and internationally.
The Inveo Group is maintained and owned by Turkish national Erhan Topac.
Inveo Yatirim Holding AS is a constituent of the Istanbul Bourse BIST (symbol: INVEO: BIST), with a market capitalisation of
c. 3billion Turkish Lira (TL) (c. £250,000,000 as of January 2022).
In a particularly competitive environment for financial services companies, looking for new investment opportunities remains one of the key criteria for success.
We are proud to benefit from a strong pipeline of opportunities, derived from contacts of the directors and parent company. Our skilled staff boast 75 years of combined expertise in the financial industry and are well equipped to select the best investments for our clients. This allows Finveo Limited to provide a high value service, establishing a solid foundation for new clients.

Page 4

 
Finveo Limited


Strategic report (continued)
For the year ended 31 December 2022

Engagement with Employees
 
Finveo Limited follows the best employment practices and provides employment opportunities to all genders, abilities, and nationalities, adhering to current laws and regulations. Despite the company’s small size, it encourages training, development, and education, and has sponsored employees on a number of occasions to pursue vocational qualifications, as well as other necessary development needs.
Engagement with suppliers, customers, and others
Finveo Limited outsources many of its non-core functions and most suppliers have had a relationship with the company for a considerable period of time. The company follows the best business practices and reviews its existing suppliers on a regular basis.
Policies to prevent slavery/human trafficking/bribery/anti-corruption
It is our policy to conduct all business in an honest and ethical manner. We will uphold all laws relevant to Anti-Slavery and will advance this through our company policies including Human Rights, Equal Opportunities, Health & Safety, Anti-corruption, Anti-bulling & Harassment and Whistleblowing policy. The company will not work with other organisations which we consider do not share our commitment to preventing bribery, corruption or acts of slavery.


This report was approved by the board on and signed on its behalf by:.



Iain Rogers
Director

Date: 25 April 2023

Page 5

 
 
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Independent auditors' report to the members of Finveo Limited
For the year ended 31 December 2022

Opinion


We have audited the financial statements of Finveo Limited (the 'company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
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Independent auditors' report to the members of Finveo Limited (continued)
For the year ended 31 December 2022

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
 
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 required us to report to you if, in our opnion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
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Independent auditors' report to the members of Finveo Limited (continued)
For the year ended 31 December 2022

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
The Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquires of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussion with directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation, and taxation legislation.


We assessed the extent of compliance with the laws and regulations identified above through:

making enquires of management;
reviewing legal expenditure throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management; and 
carried out substantive testing to check the occurrence and cut off of expenditure.

Page 8

 
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Independent auditors' report to the members of Finveo Limited (continued)
For the year ended 31 December 2022

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the desIgnated members and other management and the inspection of regulatory and legel correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

26 April 2023
Page 9

 
Finveo Limited


Statement of comprehensive income
for the year ended 31 December 2022

Year ended 31 December 2022
Year ended 31 December 2021
 £
£

  

Administrative expenses
  
(676,190)
(272,755)

Operating loss
 4 
(676,190)
(272,755)

Loss for the financial year
  
(676,190)
(272,755)

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2022 (2021: £NIL).

The notes on pages 14 to 20 form part of these financial statements.

Page 10

 
Finveo Limited - Registered number: 11686331

Statement of financial position
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 7 
1,816
1,998

  
1,816
1,998

Current assets
  

Debtors: amounts falling due within one year
 8 
33,980
4,336

Cash at bank and in hand
 9 
586,530
405,870

  
620,510
410,206

Creditors: amounts falling due within one year
 10 
(56,042)
(19,730)

Net current assets
  
 
 
564,468
 
 
390,476

Total assets less current liabilities
  
566,284
392,474

  

Net assets
  
566,284
392,474


Capital and reserves
  

Called up share capital 
  
1,885,100
1,035,100

Profit and loss account
  
(1,318,816)
(642,626)

  
566,284
392,474




The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Iain Rogers
Director

Date: 25 April 2023

The notes on pages 14 to 20 form part of these financial statements.

Page 11

 
Finveo Limited


Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,035,100
(642,626)
392,474


Comprehensive income for the year

Loss for the year
-
(676,190)
(676,190)
Total comprehensive income for the year
-
(676,190)
(676,190)


Contributions by and distributions to owners

Shares issued during the year
850,000
-
850,000


At 31 December 2022
1,885,100
(1,318,816)
566,284


The notes on pages 14 to 20 form part of these financial statements.


Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 20 January 2021
535,100
(369,871)
165,229


Comprehensive income for the year

Loss for the year
-
(272,755)
(272,755)
Total comprehensive income for the year
-
(272,755)
(272,755)


Contributions by and distributions to owners

Shares issued during the year
500,000
-
500,000


At 31 December 2021
1,035,100
(642,626)
392,474


The notes on pages 14 to 20 form part of these financial statements.

Page 12

 
Finveo Limited


Statement of cash flows
For the year ended 31 December 2022

2022
2021
£
£

Cash flows from operating activities

Loss for the financial year
(676,190)
(272,755)

Adjustments for:

Depreciation of tangible assets
938
420

(Increase)/decrease in debtors
(29,644)
103

Increase/(decrease) in creditors
36,312
(10,359)

Net cash generated from operating activities

(668,584)
(282,591)


Cash flows from investing activities

Purchase of tangible fixed assets
(756)
(1,979)

Net cash from investing activities

(756)
(1,979)

Cash flows from financing activities

Issue of ordinary shares
850,000
500,000

Net cash used in financing activities
850,000
500,000

Net increase in cash and cash equivalents
180,660
215,430

Cash and cash equivalents at beginning of year
405,870
190,440

Cash and cash equivalents at the end of year
586,530
405,870


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
586,530
405,870

586,530
405,870


The notes on pages 14 to 20 form part of these financial statements.

Page 13

 
Finveo Limited

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Finveo Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company and its principal place of business is located on 15 Botolph Street, London, EC3A 7BB. The registered number of the company is 11686331.

2.Significant accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Financial Reporting Standard
102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise judgement in applying the company's
accounting policies (see note 3).
The following principal accounting policies have been applied consistently throughout the period:
 

 
2.2

Going concern

After reviewing the forecasts and projections the directors have reasonable expectations that the company
has adequate resources to continue in operational existence for the foreseeable future. The company
therefore continues to adopt the going concern basis in preparing its financial statements.
The directors have also received confirmation from its parent company that it will provide financial support
to the company for a period of at least twelve months (which is the relevant period for going concern
assessment) from the date of approval of these financial statements. The directors also have no reason to
believe that this support will not be forthcoming.

  
2.3

Administrative expenses

All expenses have been accounted for on an accruals basis.

Page 14

 
Finveo Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Significant accounting policies (continued)

 
2.4

Taxation

The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because it excluded items that are never taxable or deductible. The company's
current tax liability is calculated using rates that have been enacted or substantively enacted by the balance
sheet date.
Deferred taxation 
Deferred tax is provided in full on timing differences which result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rate and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment for bad and doubtful debts.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial creditors are measured initially at
fair value, net of transaction costs.

Page 15

 
Finveo Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Significant accounting policies (continued)

 
2.8

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 
2.9

Foreign currency translation

The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. 
Foreign exchange gains and losses resulting from the settlement of transactions and from the transaction at period-exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statment of comprehensive income.
All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenditure'.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the companies accounting policies, which are described in note 2, the directors are required
to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at
the period-end date and amounts reported for revenues and expenses during the period. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant.
However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgements made in the period.

Page 16

 
Finveo Limited

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Operating loss

The operating loss is stated after charging:

2022
 2021
£
£

Other operating lease rentals
32,640
14,400

Depreciation
938
420


5.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2022
2021
£
£



Fees payable to the company's auditors and its associates for the audit of the company's annual financial statements
7,820
6,400


Fees payable to the company's auditor and its associates in respect of:


Audit-related assurance services
1,650
1,500

Taxation compliance services
1,250
1,250

All other services
55,741
25,386

58,641
28,136

Page 17

 
Finveo Limited

 
Notes to the financial statements
For the year ended 31 December 2022

6.


Employees

Staff costs during the year/period were as follows:


2022
2021
£
£

Wages and salaries
355,966
153,290

Social security costs
42,832
14,307

398,798
167,597


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
3
2


7.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2022
2,858


Additions
756



At 31 December 2022

3,614



Depreciation


At 1 January 2022
860


Charge for the year
938



At 31 December 2022

1,798



Net book value



At 31 December 2022
1,816



At 31 December 2021
1,998

Page 18

 
Finveo Limited

 
Notes to the financial statements
For the year ended 31 December 2022

8.


Debtors

2022
2021
£
£


Other debtors
29,551
2,600

Prepayments
4,429
1,736

33,980
4,336



9.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
586,530
405,870

586,530
405,870



10.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
9,109
4,630

Other taxation and social security
16,033
-

Other creditors
1,609
-

Accruals
29,291
15,100

56,042
19,730





11.


Analysis of net debt

An analysis of changes in net debt has not been presented as all of the company's cash flows relate to movements
in cash, and the company has no items to include in such an analysis.


12.


Contingent liabilities

There were no contingent liabilities at 31 December 2022 or 31 December 2021.


13.


Capital commitments

The company had no capital commitments at 31 December 2022 or 31 December 2021.

Page 19

 
Finveo Limited

 
Notes to the financial statements
For the year ended 31 December 2022

14.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
24,360
14,600

Later than 1 year and not later than 5 years
-
9,450

24,360
24,050


15.


Related party transactions

Key management personnel
During the year, key management personnel compensation totalled £355,966 (2021: £153,290).


16.


Ultimate parent undertaking and controlling party

During the year to 31 December 2021, the company was under the control of Inveo Alfa Uluslararasi Is Gelistirme Yönetim ve Yatirim AS, registered in Turkey.
The ultimate controlling party is Erhan Topac.
The smallest group of undertakings preparing consolidated financial statements including Finveo
Limited is Inveo Yatirim Holding AS, a company incorporated in Turkey.
The largest such group of undertakings is headed by Inveo Yatirim Holding AS.
The registered office of both the largest and smallest group of undertakings is Altayçesme Mahallesi Çamli Sokak, 21 Esas Maltepe Ofispark, 34843, Istanbul, Turkey.

Page 20