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REGISTERED NUMBER: 10303598 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Festina Finance Limited

Festina Finance Limited (Registered number: 10303598)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Other Comprehensive Income 5

Balance Sheet 6

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Festina Finance Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Braagaard
M Schantz





REGISTERED OFFICE: Fifth Floor
27 Greville Street
London
EC1N 8SU





REGISTERED NUMBER: 10303598 (England and Wales)





ACCOUNTANTS: Krogh & Partners Limited
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Festina Finance Limited (Registered number: 10303598)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of developing software solutions for personal financial advice in the financial industry.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M Braagaard
M Schantz

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 the company and 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M Braagaard - Director


7 February 2024

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Festina Finance Limited (Registered number: 10303598)


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Festina Finance Limited for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Festina Finance Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Festina Finance Limited and state those matters that we have agreed to state to the Board of Directors of Festina Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Festina Finance Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Festina Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Festina Finance Limited. You consider that Festina Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Festina Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Krogh & Partners Limited
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ


7 February 2024

Festina Finance Limited (Registered number: 10303598)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 69,956 68,534

Cost of sales 22,856 -
GROSS PROFIT 47,100 68,534

Administrative expenses 20,157 19,992
OPERATING PROFIT 26,943 48,542

Interest receivable and similar income 2,009 139
28,952 48,681

Interest payable and similar expenses 33 -
PROFIT BEFORE TAXATION 28,919 48,681

Tax on profit 4 6,777 9,249
PROFIT FOR THE FINANCIAL YEAR 22,142 39,432

Festina Finance Limited (Registered number: 10303598)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 22,142 39,432


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

22,142

39,432

Festina Finance Limited (Registered number: 10303598)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 39,738 50,065
Cash at bank 120,121 68,748
159,859 118,813
CREDITORS
Amounts falling due within one year 6 28,798 9,894
NET CURRENT ASSETS 131,061 108,919
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,061

108,919

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 130,961 108,819
SHAREHOLDERS' FUNDS 131,061 108,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:




M Braagaard - Director



M Schantz - Director


Festina Finance Limited (Registered number: 10303598)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 69,387 69,487

Changes in equity
Total comprehensive income - 39,432 39,432
Balance at 31 December 2022 100 108,819 108,919

Changes in equity
Total comprehensive income - 22,142 22,142
Balance at 31 December 2023 100 130,961 131,061

Festina Finance Limited (Registered number: 10303598)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Festina Finance 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.

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.

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with he Financial Reporting Standard for Smaller Entities (effective January 2015).

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

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.

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.

Debtors
Debtors are valued individually and provisions are made according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts.Where the time value of money is material, creditors are carried at amortized cost.

3. EMPLOYEES AND DIRECTORS

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

Festina Finance Limited (Registered number: 10303598)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 6,777 9,249
Tax on profit 6,777 9,249

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,630 10,125
Amounts owed by group undertakings 29,771 30,050
Other debtors 100 1,540
VAT 237 -
Prepayments and accrued income - 8,350
39,738 50,065

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,021 -
Tax 6,777 9,249
VAT - 645
28,798 9,894

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

8. ULTIMATE CONTROLLING PARTY

The directors consider Schantz Innovation A/S (incorporated in Denmark) as the ultimate parent company.

The immediate parent undertaking is Festina Finance A/S (incorporated in Denmark).

Schantz Innovation A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:


Schantz Innovation A/S
Birketoften 15
Hareskov
3500 Vaerloese
Denmark