0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12773734 2022-03-01 2023-02-28 12773734 2023-02-28 12773734 2022-02-28 12773734 2021-03-01 2022-02-28 12773734 2022-02-28 12773734 2021-02-28 12773734 bus:Director1 2022-03-01 2023-02-28 12773734 core:WithinOneYear 2023-02-28 12773734 core:WithinOneYear 2022-02-28 12773734 core:ShareCapital 2023-02-28 12773734 core:ShareCapital 2022-02-28 12773734 core:SharePremium 2023-02-28 12773734 core:SharePremium 2022-02-28 12773734 core:RetainedEarningsAccumulatedLosses 2023-02-28 12773734 core:RetainedEarningsAccumulatedLosses 2022-02-28 12773734 bus:SmallEntities 2022-03-01 2023-02-28 12773734 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12773734 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 12773734 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12773734 bus:FullAccounts 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 12773734
Financial Tech Services Ltd.
Filleted Unaudited Financial Statements
28 February 2023
Financial Tech Services Ltd.
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Financial Tech Services Ltd.
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Current assets
Debtors
5
405,605
243,987
Cash at bank and in hand
61,600
65,705
---------
---------
467,205
309,692
Creditors: amounts falling due within one year
6
2,225,446
304,113
------------
---------
Net current (liabilities)/assets
( 1,758,241)
5,579
------------
-------
Total assets less current liabilities
( 1,758,241)
5,579
------------
-------
Net (liabilities)/assets
( 1,758,241)
5,579
------------
-------
Capital and reserves
Called up share capital
346
346
Share premium account
1,485,202
1,485,202
Profit and loss account
( 3,243,789)
( 1,479,969)
------------
------------
Shareholders (deficit)/funds
( 1,758,241)
5,579
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr F Alblehed
Director
Company registration number: 12773734
Financial Tech Services Ltd.
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Cannon Street, 4th Floor, London, EC4M 5SB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2022 : 2).
5. Debtors
2023
2022
£
£
Other debtors
405,605
243,987
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
509,569
274,918
Amounts owed to group undertakings and undertakings in which the company has a participating interest
736,740
Other creditors
979,137
29,195
------------
---------
2,225,446
304,113
------------
---------
7. Related party transactions
At the year end, the company owed £736,740 (2022 : £65,260 (debtor)) to a company within common control. At the year end, the company owed a director £736,818 (2022 : nil).
8. Controlling party
The company is a wholly owned subsidiary of Onmo Holdings, which is the parent entity incorporated in the Cayman Islands, whose registered office is P.O.BOX 309 Ugland House, Grand Cayman, KY1-1104, KY.