UNITED FINTECH GLOBAL LIMITED

Company Registration Number:
14476870 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 10 November 2022

End date: 31 December 2023

UNITED FINTECH GLOBAL LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

UNITED FINTECH GLOBAL LIMITED

Directors' report period ended 31 December 2023

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

Additional information

Results and dividendsThe loss for the 14 months, after taxation, amounted to £1,070,223.No dividends were declared in the period to 31 December 2023.Disclosure of information to auditorEach of the persons who are directors at the time when this directors' report is approved has confirmed that: - so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and - the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.AuditorThe auditor, Cooper Parry Group Limited, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.Small companies note In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006



Directors

The directors shown below have held office during the whole of the period from
10 November 2022 to 31 December 2023

Tom William James Robinson
Christian Frahm Sundø
Marc Obel Levin


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
9 August 2024

And signed on behalf of the board by:
Name: Christian Frahm Sundø
Status: Director

UNITED FINTECH GLOBAL LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

14 months to 31 December 2023


£
Turnover: 1,123,519
Cost of sales: ( 699,306 )
Gross profit(or loss): 424,213
Administrative expenses: ( 1,494,436 )
Operating profit(or loss): (1,070,223)
Profit(or loss) before tax: (1,070,223)
Profit(or loss) for the financial year: (1,070,223)

UNITED FINTECH GLOBAL LIMITED

Balance sheet

As at 31 December 2023

Notes 14 months to 31 December 2023


£
Fixed assets
Intangible assets: 3 312,831
Total fixed assets: 312,831
Current assets
Debtors: 4 660,410
Cash at bank and in hand: 49,578
Total current assets: 709,988
Creditors: amounts falling due within one year: 5 ( 992,942 )
Net current assets (liabilities): (282,954)
Total assets less current liabilities: 29,877
Total net assets (liabilities): 29,877
Capital and reserves
Called up share capital: 100
Other reserves: 1,100,000
Profit and loss account: (1,070,223 )
Total Shareholders' funds: 29,877

The notes form part of these financial statements

UNITED FINTECH GLOBAL LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 9 August 2024
and signed on behalf of the board by:

Name: Christian Frahm Sundø
Status: Director

The notes form part of these financial statements

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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. Professional services revenue is recognised at the point that the service is rendered. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Thefollowing criteria must also be met before turnover is recognised: Rendering of servicesTurnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:-the amount of turnover can be measured reliably;-it is probable that the company will receive the consideration due under the contract;-the stage of completion of the contract at the end of the reporting period can be measuredreliably; and-the costs incurred and the costs to complete the contract can be measured reliably.

    Intangible fixed assets amortisation policy

    Intangible assetsIntangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairmentlosses.At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fairvalue less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.The estimated useful lives range as follows:Patents - 10 yearsDevelopment expenditure - 10 years

    Other accounting policies

    Basis of preparation of financial statementsThe 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 andthe Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying thecompany's accounting policies.The following principal accounting policies have been applied:Going concernThe financial statements have been prepared on the going concern basis.The directors have prepared projected cash flow information in excess of 12 months from the date of their approval of these financial statements. A letter of support has been obtained from the ultimate controlling party, United Fintech Group Limited. On this basis, the directors believe the company has adequate resources to continue in operational existence for the period of at least 12 months from the date of the approval of these financial statements. Foreign currency translation 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. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of thetransaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreigncurrencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All otherforeign exchange gains and losses are presented in the profit and loss account within 'other operating income'.Operating leases: the company as lesseeRentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease termPensionsDefined contribution pension planThe 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 the profit and loss account when they fall due.Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.Financial instrumentsThe company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors and creditors, loans from banks and other third parties and loans with related parties.All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    14 months to 31 December 2023
    Average number of employees during the period 8

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
Additions 349,996 349,996
Disposals
Revaluations
Transfers
At 31 December 2023 349,996 349,996
Amortisation
Charge for year 37,165 37,165
On disposals
Other adjustments
At 31 December 2023 37,165 37,165
Net book value
At 31 December 2023 312,831 312,831

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

14 months to 31 December 2023
£
Trade debtors 610,518
Prepayments and accrued income 21,236
Other debtors 28,656
Total 660,410

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

14 months to 31 December 2023
£
Trade creditors 40,307
Taxation and social security 82,572
Accruals and deferred income 817,217
Other creditors 52,846
Total 992,942

UNITED FINTECH GLOBAL LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Financial Commitments

Pension commitmentsThe company makes payments to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period. Contributions are also made to certain employees personal pension plans. The pension cost charge in the period amounts to £10,624. Contributions totalling £Nil were payable to the fund at the balance sheet date.