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Company No: 06538527 (England and Wales)

FINTEC GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

FINTEC GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

FINTEC GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
FINTEC GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTORS P J Perkins
J B Shah
SECRETARY M Van Huyssteen
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
England
United Kingdom
COMPANY NUMBER 06538527 (England and Wales)
CHARTERED ACCOUNTANTS Dixon Wilson
22 Chancery Lane
London
WC2A 1LS
FINTEC GROUP LIMITED

BALANCE SHEET

As at 28 February 2023
FINTEC GROUP LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 388,450 1,348,350
Investments 4 1 1
388,451 1,348,351
Current assets
Debtors 5 811,405 623,763
Cash at bank and in hand 85,551 774,380
896,956 1,398,143
Creditors: amounts falling due within one year 6 ( 216,561) ( 300,995)
Net current assets 680,395 1,097,148
Total assets less current liabilities 1,068,846 2,445,499
Creditors: amounts falling due after more than one year 7 ( 139,425) ( 1,394,253)
Net assets 929,421 1,051,246
Capital and reserves
Called-up share capital 3,128,037 3,128,037
Profit and loss account ( 2,198,616 ) ( 2,076,791 )
Total shareholders' funds 929,421 1,051,246

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fintec Group Limited (registered number: 06538527) were approved and authorised for issue by the Board of Directors on 29 November 2023. They were signed on its behalf by:

P J Perkins
Director
FINTEC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
FINTEC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fintec Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Epsilon House The Square, Gloucester Business Park, Brockworth, Gloucester, GL3 4AD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to
the nearest £.

Foreign currency

Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities as an office equipment rental business. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Taxation

Current tax
The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted bythe reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Group accounts not prepared

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that no subsidiary of the group of which this is the parent need be included in the consolidation, by virtue of being dormant.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources
received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Rental equipment - straight line over the term of the rental agreement
Computer equipment - 33.33% straight line
Office equipment - 33.33% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 March 2022 2,517 4,032 4,742,550 4,749,099
Additions 704 0 0 704
Disposals 0 0 ( 2,196,189) ( 2,196,189)
0 0 0 0
At 28 February 2023 3,221 4,032 2,546,361 2,553,614
Accumulated depreciation
At 01 March 2022 93 2,273 3,398,383 3,400,749
Charge for the financial year 984 672 740,770 742,426
Disposals 0 0 ( 1,978,011) ( 1,978,011)
0 0 0 0
At 28 February 2023 1,077 2,945 2,161,142 2,165,164
Net book value
At 28 February 2023 2,144 1,087 385,219 388,450
At 28 February 2022 2,424 1,759 1,344,167 1,348,350

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1 1

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
28.02.2023
Ownership
28.02.2022
Itec Europe Limited England and Wales Head office activities Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Trade debtors 246,699 22,211
Amounts owed by Parent undertakings 4,000 4,000
Deferred tax asset 477,954 430,837
Other debtors 82,752 166,715
811,405 623,763

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 1,073 0
Trade creditors 50,137 82,944
Other taxation and social security 82,202 61,953
Other creditors 83,149 156,098
216,561 300,995

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to related parties 0 1,254,828
Amounts owed to directors 139,425 139,425
139,425 1,394,253

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 430,837 254,017
Credited to the Profit and Loss Account 47,116 176,820
At the end of financial year 477,954 430,837

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Loan balance 139,425 139,425

A director (Philip Perkins) has a loan to the company, which remains outstanding. The loan is repayable on demand.

10. Ultimate controlling party

Parent Company:

Investment Fintec Group Limited
Epsilon House The Square, Gloucester Business Park, Brockworth, Gloucester, England, GL3 4AD