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REGISTERED NUMBER: 03494669 (England and Wales)






Financetech Limited

Financial Statements

for the Year Ended 30 June 2023






Financetech Limited (Registered number: 03494669)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Financetech Limited

Company Information
for the year ended 30 June 2023







DIRECTOR: Mr E H Kay





REGISTERED OFFICE: 33 George Street
Wakefield
West Yorkshire
WF1 1LX





REGISTERED NUMBER: 03494669 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Financetech Limited (Registered number: 03494669)

Balance Sheet
30 June 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 967,084 905,177

CURRENT ASSETS
Cash at bank 920 3,269

CREDITORS
Amounts falling due within one year 5 677,013 751,009
NET CURRENT LIABILITIES (676,093 ) (747,740 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

290,991

157,437

PROVISIONS FOR LIABILITIES 3,959 -
NET ASSETS 287,032 157,437

Financetech Limited (Registered number: 03494669)

Balance Sheet - continued
30 June 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 6 1 1
Retained earnings 7 287,031 157,436
SHAREHOLDERS' FUNDS 287,032 157,437

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 March 2024 and were signed by:





Mr E H Kay - Director


Financetech Limited (Registered number: 03494669)

Notes to the Financial Statements
for the year ended 30 June 2023


1. STATUTORY INFORMATION

Financetech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment income
Investment Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment income represents dividend income on investments, which are recorded as revenue on the ex-dividend date.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Financetech Limited (Registered number: 03494669)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments
Listed investments are initially recorded at cost and subsequently remeasured at fair value at each reporting date, with changes in fair value recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£
COST OR VALUATION
At 1 July 2022 905,177
Additions 9,832
Disposals (155,157 )
Revaluations 207,232
At 30 June 2023 967,084
NET BOOK VALUE
At 30 June 2023 967,084
At 30 June 2022 905,177


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Tax - 5,582
Directors' current accounts 674,175 742,967
Accruals and deferred income 2,838 2,460
677,013 751,009

Financetech Limited (Registered number: 03494669)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary £1 1 1

7. RESERVES

Included in retained earnings at 30 June 2023 is an amount of £97,308 (2022: £Nil) which is not distributable. This relates to an accumulated increase in the fair value of investments, net of deferred tax.