REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INSWITCH HOLDING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INSWITCH HOLDING LIMITED |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
INSWITCH HOLDING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4th Floor |
St James House |
St James Square |
Cheltenham |
Gloucestershire |
GL50 3PR |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Inswitch Holding Limited is a |
Inswitch Holding Ltd acts as an intermediate holding company. |
The presentation currency of the financial statements is the US Dollar ($), which is also the functional currency. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries and associates |
Investment in subsidiary company is held at cost less accumulated impairment losses. |
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. |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
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 transaction 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 foreign currencies are recognized in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within 'finance (expense)/income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating (losses)/gains'. |
Going concern |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Interest in |
undertakings | associate | Totals |
$ | $ | $ |
COST |
At 1 January 2023 | 319 | 1,828,400 |
Additions | 3,405 |
At 31 December 2023 | 1,831,805 |
NET BOOK VALUE |
At 31 December 2023 | 1,831,805 |
At 31 December 2022 | 1,828,400 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 5220 S University Dr., Davie-FL, United States |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Avebuda Cuauhtemoc 1233 Oficina 307, Col. Santa Cruz Atoyac Benito Juarez. Ciudad de Mexico - Mexico |
Nature of business: |
% |
Class of shares: | holding |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Registered office: Calle 127 $ 17A 64 Of. 603, Bogota-Colombia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: AV. Alvarez Calderón N°185 OF. 201, San Isidro, Lima-Perú |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Calle: Av. Andres Bello 2687 Of. 2401 Comuna: Las Condes, Santiago de Chile |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Solano Garcia, 2559, Montevideo 11300, Uruguay |
Nature of business: |
% |
Class of shares: | holding |
Associated company |
Registered office: A. Reforma 12-01, Zona 10, Ed. Reforma Montufar Nivel 4 Of. 407, Ciudad Guatemala |
Nature of business: |
% |
Class of shares: | holding |
Fixed asset investments comprise equity shares in Micropagos SA, Inswitch Solucions SA, Inswitch Solutions Inc, Inswitch SAPI, Inswitch Colombia SAS, Inswitch Peru S.A.C, Inswitch Chile SpA, Inswitch Guatemala and Inswitch PAY S.A.S. neither of which are publicly traded. |
INSWITCH HOLDING LIMITED (REGISTERED NUMBER: 13088546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Amounts owed to group undertakings |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | $ | $ |
Ordinary | .001 | 1,505 | 1,505 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
7. | CONTINGENT LIABILITIES |
There are no contingencies that could result in obligations for the company. |
8. | RELATED PARTY DISCLOSURES |
An amount of $39,624 (2022: $36,455) is due to the shareholders as at the balance sheet date. |
An amount of $2,677 (2022: $1,485) is due to a subsidiary at the balance sheet date. An amount of $511 (2022: $nil) is due to another subsidiary at the balance sheet date. |