Registered number
10479893
Sub4Fin Limited
Report and Accounts
30 November 2023
Sub4Fin Limited
Registered number: 10479893
Directors' Report
The directors present their report and accounts for the year ended 30 November 2023.
Principal activities
Provision of Information technology and software services. In the period the company has assisted in devising an online company formation portal, and configuration of a fintech banking solution.
Directors
The following persons served as directors during the year:
Oladele Akinwumi Odusanya
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 August 2024 and signed on its behalf.
Oladele Akinwumi Odusanya
Director
Sub4Fin Limited
Registered number: 10479893
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,617 2,156
Current assets
Debtors 4 63,713 87,430
Cash at bank and in hand - 135
63,713 87,565
Creditors: amounts falling due within one year 5 (38,542) (59,426)
Net current assets 25,171 28,139
Total assets less current liabilities 26,788 30,295
Creditors: amounts falling due after more than one year 6 (35,600) (42,800)
Net liabilities (8,812) (12,505)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,912) (12,605)
Shareholders' funds (8,812) (12,505)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Oladele Akinwumi Odusanya
Director
Approved by the board on 21 August 2024
Sub4Fin Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Equipment
£
Cost
At 1 December 2022 2,874
At 30 November 2023 2,874
Depreciation
At 1 December 2022 718
Charge for the year 539
At 30 November 2023 1,257
Net book value
At 30 November 2023 1,617
At 30 November 2022 2,156
4 Debtors 2023 2022
£ £
Trade debtors - 2,430
Other debtors 63,713 85,000
63,713 87,430
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,404 7,200
Trade creditors 5,315 88,302
Other taxes and social security costs 17,468 15,414
Director Balance 1,355 (51,490)
38,542 59,426
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,600 42,800
7 Other information
Sub4Fin Limited is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
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