Registered number: 09411576
FINTEX PARTNERS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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FINTEX PARTNERS LIMITED
REGISTERED NUMBER: 09411576
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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R Stafler
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The notes on pages 2 to 7 form part of these financial statements.
Page 1
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Fintex Partners Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 09411576 and registered office address is 10a Chandos Street, London, England, W1G 9DQ. The Company is authorised and regulated by the Financial Conduct Authority (FCA register no. 925944).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The financial statements contain information about Fintex Partners Limited as an individual Company and do not contain consolidated financial information as the parent of a group. It is the assessment of management that s405 subsection (3)(a) of the Companies Act 2006 shall apply and that the Company's investment in Fintex Capital S.A. does not meet the definition of control and it is appropriate for it to be excluded from consolidation.
Having reviewed the Company’s cash flow forecasts and its resources, the directors expect that the Company has adequate resources to continue to operate for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. The directors are pleased that the business has continued to operate in a profitable manner during the year under review notwithstanding the unique challenges caused by the volatility and uncertainty in the global business environment. The contractual management fees of the Company give sufficient headroom to ensure that the Company will continue to meet its fixed commitments as they fall due for the foreseeable future, and the Company’s management team are comfortable that the credit quality of the funds it administers via its subsidiary is such that the Company will continue to meet its commitments. In light of the above, the directors remain confident that the outlook for its business remains profitable and cash generative.
The directors aim to maintain the management policies which they believe will continue to support the Company’s growth in future years and do not anticipate a change in the principal activity of the Company for the foreseeable future.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the
Page 2
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation (continued)
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transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 3
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Convertible preference shares
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The convertible preference shares do not have a fixed maturity and there is no contractual obligation to make payments to holders of these financial instruments. On this basis the convertible preference shares and their associated dividends are recognised as equity.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
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Page 4
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Other fixed asset investments
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Page 5
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by related undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Social security and other taxes
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Creditors: amounts falling due after more than one year
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On 25 June 2020 a Bank loan amounting to £50,000 was drawn and at the balance sheet date £25,000 remains outstanding which is repayable in 2026 attracting interest of 2.5% per annum
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Page 6
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FINTEX PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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11,316 (2022 - 11,316) Ordinary Share Capital shares of £0.01 each
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1,766 (2022 - 1,766) Convertible preference share shares of £0.01 each
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Related party transactions
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As at the financial year end, amounts totalling £318,538 (£2022: £388,911) were invoiced by an entity under common control, in respect of the recharge of overheads. An amount of £4,546 (2022 - £nil) was outstanding, due from the entity under common control at the year end.
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The Company's controlling party is Mr Robert Stafler.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 11 April 2024 by Bernadette King (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.
Page 7
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