ITERON HOLDING LIMITED
Company registration number 09175304 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ITERON HOLDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ITERON HOLDING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
972,786
Current assets
Debtors
4
998,088
-
0
Creditors: amounts falling due within one year
5
(5,499)
(5,000)
Net current assets/(liabilities)
992,589
(5,000)
Total assets less current liabilities
992,589
967,786
Creditors: amounts falling due after more than one year
6
-
0
(108,344)
Net assets
992,589
859,442
Capital and reserves
Called up share capital
7
57,210,448
57,210,448
Profit and loss reserves
(56,217,859)
(56,351,006)
Total equity
992,589
859,442

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2023 and are signed on its behalf by:
Mr G  Sigurjonsson
Director
Company Registration No. 09175304
ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Iteron Holding Limited is a private company limited by shares incorporated in England and Wales. The registered office is BBA Fjeldco Limited, 2nd Floor, Berkeley Square House, Berkeley Square, London, W1J 6BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Iteron Holding Limited is a wholly owned subsidiary of Rapyd Europe hf and the results of Iteron Holding Limited are included in the consolidated financial statements of Rapyd Europe hf which are available from Rapyd Europe hf, Dalshraun 3, 220 Hafnafjörður, Iceland.

1.2
Going concern

The company ceased to trade on 31 December 2022 and therefore the financial statements are not prepared on a going concern basis. The directors intend to liquidate the company.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
-
0
972,786
ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
13,770,335
Disposals
(13,770,335)
At 31 December 2022
-
Impairment
At 1 January 2022
12,797,549
Impairment loss reversals
(390,532)
Disposals
(12,407,017)
At 31 December 2022
-
Carrying amount
At 31 December 2022
-
At 31 December 2021
972,786
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
998,088
-
0
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,499
5,000
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
-
0
108,344
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
57,210,448
57,210,448
57,210,448
57,210,448
ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

 

Senior Statutory Auditor:
Stacey Lea FCA
Statutory Auditor:
Dyke Yaxley Limited
9
Related party transactions

On 30 December 2022, there was a group restructure and the investments in group companies were sold to the parent company Rapyd Europe hf.

10
Parent company

Iteron Holding Limited is a wholly owned subsidiary of Rapyd Europe hf. and the results of Iteron Holding Limited are included in the consolidated financial statements of Rapyd Europe hf. which are available from Rapyd Europer hf., Dalshraun 3, 220 Hafnafjörður, Iceland.

 

The company's ultimate parent company is Rapyd Financial Network (2016) Limited, incorporated in Israel, whose registered office is 132 Menachem Begin St., Tel Aviv, Israel.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr G ThorarinssonMs H VifilsdottirMr G SigurjonssonBBA Fjeldco Limited2023-10-02091753042022-01-012022-12-31091753042022-12-31091753042021-12-3109175304core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109175304core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109175304core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109175304core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3109175304core:ShareCapital2022-12-3109175304core:ShareCapital2021-12-3109175304core:RetainedEarningsAccumulatedLosses2022-12-3109175304core:RetainedEarningsAccumulatedLosses2021-12-3109175304bus:Director32022-01-012022-12-31091753042021-01-012021-12-3109175304core:CurrentFinancialInstruments2021-12-3109175304core:CurrentFinancialInstruments2022-12-3109175304core:Non-currentFinancialInstruments2022-12-3109175304core:Non-currentFinancialInstruments2021-12-3109175304bus:PrivateLimitedCompanyLtd2022-01-012022-12-3109175304bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3109175304bus:FRS1022022-01-012022-12-3109175304bus:Audited2022-01-012022-12-3109175304bus:Director12022-01-012022-12-3109175304bus:Director22022-01-012022-12-3109175304bus:CompanySecretary12022-01-012022-12-3109175304bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP