Year ended
Company Number
Finnovista Frontier Ltd
Company information
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Registred number | 9914609 |
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Registred office | |
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| London |
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Finnovista Frontier Ltd
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.
Principal activity
Business review
The profit for the year, after taxation, was €233k (2021: profit of €94k).
Dividends in the amount of €250K were paid out int he year (2021: €Nil).
Directors
The directors who served during the year were:
C K0lbek
F Bueno Rodriguez
A Fontao Canovas
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for twelve months from the date of approval of the financial statements.
Disclosure of information from the directors
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 information of which the Company is unaware; and |
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• | the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant information and to establish that the Company is aware of that information. |
Small companies note
This report was approved by the board on 15 Sept 2023 and signed on its behalf.
_______________________
C Kølbek
Director
Finnovista Frontier Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2022
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| 2022 | 2021 |
| Note | €000 | €000 |
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Turnover |
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Cost of sales |
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Gross Profit |
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Administrative expenses |
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Exceptional Administrative expenses |
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Other income |
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Operating (loss)/profit |
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Interest receivable and similar expenses |
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Interest payable and similar expenses |
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Income from investments |
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(Loss)/profit before tax |
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Tax on (loss)/profit |
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(Loss)/profit for the financial year |
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Finnovista Frontier Ltd
Registered number: 09914609
Balance Sheet
As at
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| 2022 | 2021 |
| Note | €000 | €000 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors; amounts failing due within one year |
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Cash and cash equivalents |
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Current liabilities |
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Creditors; amounts failing due within one year |
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| (41) | (20) |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders funds |
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The financial statements were approved and authorised for issue by
________________________
Carsten Kølbek
Director
Finnovista Frontier Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2022
| Called up | Profit and | Share-holders' |
| share capital | loss account | funds |
| €000 | €000 | €000 |
At 1 January 2022 (as previously stated) | |||
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At | |||
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Comprehensive income for the year |
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Profit for the financial year | |||
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Total comprehensive income for the year |
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Dividends paid out |
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At 31 December 2022 | 519 |
Finnovista Frontier Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2022
1. General information
Finnovista Frontier Limited is a private company limited by shares and incorporated in
2. Accounting policies
2.1 Basis of preparation of financial statements
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 to all periods presented in these financial statements unless otherwise stated.
2.3 Consolidated financial statements
2.4 Going concern
In considering the appropriate basis on which to prepare the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
The Company generated a profit of €233,000 (2021: profit of of €94,000) during the year and had a net asset balance of €269,000 as at 31 December 2022 (2021: €286,000).
The Company holds sufficient cash to be able to support expenditure for a period of 12 months from the date of signing these financial statements. The forecasts produced by the directors only include signed contracts and have been prepared on a worst-case basis, these show headroom on available cash one year from the date these financial statements are signed. However, the directors do not believe there is sufficient headroom on forecasts to remove uncertainty over the going concern assessment. The directors have therefore obtained confirmation from Rainmaking Innovation Limited that it is the intention to provide the necessary financial support to the Company to ensure that the Company will be able to settle is liabilities as they fall due for a period of not less than 12 months from the date of signing these financial statements.
The directors have reviewed Rainmaking Innovation Ltd's ability to provide this financial support including their cash flow forecasts and projections. These forecasts show significant cash facilities available for the next 12 months. On this basis, the directors have concluded that it is appropriate to prepare the Company's financial statements on the going concern basis.
Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
2.4 Turnover
2.5
lnvestments in subsidiaries are measured at cost less accumulated impairment.
lnvestments in unlisted company shares, where market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses oan remeasurement are recognised in the Statement of Comprehensive lncome for the period. Where market value cannot be reliably determined, such investments are stated at historie cost less impairment.
2.6 Interest income
2.7
2.8 Debtors
2.9 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty an notice of not more than 24 hours.
Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts af cash with insignificant risk of change in value.
Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
2.10 Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence af impairment. lf objective evidence af impairment is found, an impairment loss is recognised in the Statement af Comprehensive lncome.
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 af estimated cash flows discounted at the asset's original effective interest rate.
lf 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle an a net basis or to realise the asset and settle the liability simultaneously.
2.11 Creditors
2.12 Foreign currency translation Functional and presentation currency
The Company's functional and presentational currency is Euros.
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. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive lncome except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive lncome within finance income or costs. All other foreign exchange gains and losses are presented in the Statement of Comprehensive lncome within 'other operating income'.
Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
2.13
2.14 Taxation
Tax is recognised in the Statement af Comprehensive lncome except that a charge attributable to an item af income and expense recognised as other comprehensive income ar to an item recognised directly in equity is also recognised in other comprehensive income ar directly in equity respectively.
Deferred tax balances are recognised in respect af all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• | the recognition af deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal af deferred tax liabilities ar other future taxable profits; and |
• | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values af liabilities acquired and the amount that will be assessed for tax.
Deferred tax is determined using tax rates and laws that have been enacted ar substantively enacted by the Balance Sheet date.
2.15
3. Judgements in applying accounting policies and key sources of estimation uncertainty
4. Employees
The average monthly number of employees, including the directors, during the year was as follows:
| 2022 | 2021 |
| No. | No. |
Directors |
Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
5. Directors' remuneration
| 2022 | 2021 |
| €000 | €000 |
Directors' emoluments |
6. Taxation
| 2022 | 2021 |
| €000 | €000 |
Corporation tax |
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Current tax on (losses)/profits for the year | ||
Total current tax |
7. Fixed asset investments
| Investments in |
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| €000 |
Cost |
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At 1 January 2022 and 31 December 2022 | 6 |
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Impairment |
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At 1 January 2022 and 31 December 2022 | 1 |
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Net book value |
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At 31 December 2022 and 31 December 2021 |
Subsidiary undertakings
Name | Country of | Class of | Holding | Principal activity | |
| incorporation | shares |
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The registered address of Finnovista Frontier Spain S.L. is
Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
8. Debtors: amounts falling due within one year
| 2022 | 2021 |
| €000 | €000 |
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Trade debtors | - | - |
Amounts owed by group undertakings | ||
Other debtors | ||
Prepayments and accrued income | ||
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9. Cash and cash equivalents
| 2022 | 2021 |
| €000 | €000 |
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Cash at bank and in hand |
10. Creditors: amounts falling due within one year
| 2022 | 2021 |
| €000 | €000 |
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Trade creditors | ||
Amounts owed to group undertakings | ||
Corporation tax | ( | |
Accruals and deferred income | ||
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Finnovista Frontier Ltd
Notes to the Financial Statements (continued)
For the Year Ended 31 December 2022
11. Share capital
| 2022 | 2021 |
| €000 | €000 |
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Allotted, called up and fully paid | - | - |
Each share has full rights in the Company with respect to voting, dividends and distributions.
12. Reserves
The Company has the following reserves:
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.
13. Related party transactions
14. Ultimate controlling party
In the opinion of the directors, there is no ultimate controlling party.