for the Period Ended 31 December 2022
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2022
Additional information
The directors present their report and the financial statements for the year ended 31 December 2022.Directors' responsibilities statementThe directors are responsible for preparing the Strategic report, the Directors' report and the financial statementsin accordance with applicable law and regulations.Company law requires the directors to prepare financial statements for each financial year. Under that law thedirectors have elected to prepare the financial statements in accordance with applicable law and United KingdomAccounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial ReportingStandard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under companylaw the directors must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the Company and of the profit or loss of the Company for that period.In preparing these financial statements, the directors are required to: - select suitable accounting policies for the Company's financial statements and then apply themconsistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of theCompany and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Results and dividends The loss for the year, after taxation, amounted to £5,868,086 (2021 - loss £3,212,753).No dividend was paid during the year.DirectorsThe directors who served during the year were:T OrlovaJ R Mullan (resigned 31 December 2022)S T A Driver (appointed 1 November 2022)M S Nadel (appointed 1 November 2022)Future developmentsLooking to the future Dzing Finance Ltd plans to continue to progress our corporate customer business and alsoreinvigorate our retail customer business once the FCA Section 166 audits are concluded and any requiredaction items are addressed. The company sees growth potential in the EMI market as the regulatory challenges effecting the market enable a differentiator in controls to assist commercial progress with more risk conscious business partners.Corporate governance enhancements and other structural changes in ownership potentially will be viewed as positive in possibly enabling further increased investment and benefits of more synergies with the other companies within the group of the investor.The group companies of the investor may also enable diversification into other product lines, which will be done after a through cost benefit analysis exercise and also often suitable testing of product designs to ensure compliance with FCA consumer duty obligations.Similarly, it is planned for greater collaboration with external partners in the development of the IT platform and infrastructure to accelerate the optimisation of the IT system to support the business in a cost efficient manner.Engagement with suppliers, customers and othersDzing Finance Ltd is cooperating with a number of well known industry suppliers in order to provide a high qualityservice for the company’s clients. The company perceives these are established cooperations based on themost suitable technical solutions.Dzing Finance Ltd supports a communication with customers via mobile application, chat and email. All theimportant news are sent through email, other useful information can be found on the company’s web-page.Information on web-page and in mobile app is constantly updated providing clients with the latest terms ofservice.Post balance sheet eventsPost year end the company entered into a voluntary undertaking with the FCA, as part of which it has restrictedits activities whilst improvements to systems are made. These restrictions will reduce the potential of thebusiness to trade whilst they are in force. However, although the directors acknowledge that these restrictions will impact trading, they believe that the company remains a going concern due to the company's unrestrictedcommercial trading and the continued support of its shareholders.
Directors
The director shown below has held office during the period of
1 November 2022 to 31 December 2022
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2022 | 2021 | |
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| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | ( | ( |
Distribution costs: | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | ( | ( |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | ( | ( |
Tax: | | |
Profit(or loss) for the financial year: | ( | ( |
As at
Notes | 2022 | 2021 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Intangible assets: | 3 | | |
Tangible assets: | 4 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 5 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 6 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | ||
Profit and loss account: | ( | ( | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2022
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 December 2022
2022 | 2021 | |
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Average number of employees during the period | | |
for the Period Ended 31 December 2022
Goodwill | Other | Total | |
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Cost | £ | £ | £ |
At 1 January 2022 | | | |
Additions | | | |
Disposals | |||
Revaluations | |||
Transfers | |||
At 31 December 2022 | | | |
Amortisation | |||
At 1 January 2022 | | | |
Charge for year | | | |
On disposals | |||
Other adjustments | |||
At 31 December 2022 | | | |
Net book value | |||
At 31 December 2022 | | | |
At 31 December 2021 | | |
for the Period Ended 31 December 2022
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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Cost | £ | £ | £ | £ | £ | £ |
At 1 January 2022 | | | ||||
Additions | | | ||||
Disposals | ||||||
Revaluations | ||||||
Transfers | ||||||
At 31 December 2022 | | | ||||
Depreciation | ||||||
At 1 January 2022 | | | ||||
Charge for year | | | ||||
On disposals | ||||||
Other adjustments | ||||||
At 31 December 2022 | | | ||||
Net book value | ||||||
At 31 December 2022 | | | ||||
At 31 December 2021 | | |
for the Period Ended 31 December 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 December 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |