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Registered number: 09411576










FINTEX PARTNERS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FINTEX PARTNERS LIMITED
REGISTERED NUMBER: 09411576

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,185
-

Investments
 5 
122,973
22,973

  
124,158
22,973

Current assets
  

Debtors
 6 
494,887
205,703

Cash at bank and in hand
  
325,927
523,804

  
820,814
729,507

Creditors: amounts falling due within one year
 7 
(143,545)
(140,968)

Net current assets
  
 
 
677,269
 
 
588,539

Total assets less current liabilities
  
801,427
611,512

Creditors: amounts falling due after more than one year
 8 
(15,000)
(25,000)

Net assets
  
786,427
586,512


Capital and reserves
  

Called up share capital 
 10 
131
131

Share premium account
  
1,174,425
1,174,425

Profit and loss account
  
(388,129)
(588,044)

  
786,427
586,512


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: 

................................................
R Stafler
Director

Date: 11 April 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Going concern

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.

 
2.4

Foreign currency translation

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

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Foreign currency translation (continued)

transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

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:

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

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.

 
2.8

Tangible fixed assets

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:

Fixtures and fittings
-
25%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.12

Financial instruments

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.

 
2.13

Creditors

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.

  
2.14

Convertible preference shares

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


Additions
1,422



At 31 December 2023

1,422



Depreciation


Charge for the year
237



At 31 December 2023

237



Net book value



At 31 December 2023
1,185



At 31 December 2022
-


5.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
22,973
-
22,973


Additions
-
100,000
100,000



At 31 December 2023
22,973
100,000
122,973



Net book value



At 31 December 2023
22,973
100,000
122,973



At 31 December 2022
22,973
-
22,973

Page 5

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
7,711
94

Amounts owed by related undertakings
4,546
-

Other debtors
21,321
33,995

Prepayments and accrued income
461,309
171,614

494,887
205,703



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
4,027
50,409

Social security and other taxes
11,593
11,092

Other creditors
979
979

Accruals
116,946
68,488

143,545
140,968



8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000


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

Page 6

 
FINTEX PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
15,000
10,000

Amounts falling due after more than 5 years

Bank loans
-
15,000

25,000
35,000



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



11,316 (2022 - 11,316) Ordinary Share Capital shares of £0.01 each
113
113
1,766 (2022 - 1,766) Convertible preference share shares of £0.01 each
18
18

131

131



11.


Related party transactions

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.
                                                                                                                             


12.


Controlling party

The Company's controlling party is Mr Robert Stafler.


13.


Auditors' information

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