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Company Registration No. 10054372 (England and Wales)
Traction Fintech Ltd Unaudited accounts for the year ended 30 June 2023
Traction Fintech Ltd Unaudited accounts Contents
Page
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Traction Fintech Ltd Company Information for the year ended 30 June 2023
Directors
Sophie Grace Gerber Quinn Dylan Neill Perrott
Company Number
10054372 (England and Wales)
Registered Office
Suite 1-3, The Hop Exchange 24 Southwark Street London SE1 1TY England
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Traction Fintech Ltd Accountants' report
Accountants' report to the board of directors of Traction Fintech Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Traction Fintech Ltd for the year ended 30 June 2023 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Traction Fintech Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Traction Fintech Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Traction Fintech Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Traction Fintech Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Traction Fintech Ltd. You consider that Traction Fintech Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Traction Fintech Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
31 October 2023
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Traction Fintech Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,892 
3,698 
Current assets
Debtors
233,262 
66,373 
Cash at bank and in hand
41,811 
38,815 
275,073 
105,188 
Creditors: amounts falling due within one year
(301,554)
(214,919)
Net current liabilities
(26,481)
(109,731)
Net liabilities
(20,589)
(106,033)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(20,689)
(106,133)
Shareholders' funds
(20,589)
(106,033)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by
Sophie Grace Gerber Director Company Registration No. 10054372
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Traction Fintech Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Traction Fintech Ltd is a private company, limited by shares, registered in England and Wales, registration number 10054372. The registered office is Suite 1-3, The Hop Exchange, 24 Southwark Street, London, SE1 1TY, England .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Going concern
The financial accounts have been prepared on a going concern basis, as the company will continue to be profit making for the foreseeable future.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 July 2022
8,546 
Additions
3,793 
At 30 June 2023
12,339 
Depreciation
At 1 July 2022
4,848 
Charge for the year
1,599 
At 30 June 2023
6,447 
Net book value
At 30 June 2023
5,892 
At 30 June 2022
3,698 
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Traction Fintech Ltd Notes to the Accounts for the year ended 30 June 2023
5
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
6
Transactions with related parties
At the financial period end date Traction Fintech Ltd owed Traction Fintech Pty Ltd (AU) £85,599. At the financial period end date Traction Fintech Pte Ltd owed Traction Fintech Ltd £189,288 Traction Fintech Pty Ltd (AU) and Traction Fintech Pte Ltd are related parties due to common control. During the financial period, Traction Fintech Ltd was charged for consultancy services from Sophie Grace Compliance Ltd and Perrott Regtech Consulting Ltd amounting to £448,357. These companies are related parties due to common control. There are no outstanding creditors at the financial period end date.
7
Controlling party
The controlling party is Traction Fintech Holdings PTE Ltd (#19-08 Prudential Tower, 30 Cecil Street, Singapore, 049712) by virtue of its 100% shareholding.
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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