Registered number: 12323162
FINCRIME DYNAMICS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023
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FINCRIME DYNAMICS LIMITED
REGISTERED NUMBER: 12323162
BALANCE SHEET
AS AT 30 NOVEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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FINCRIME DYNAMICS LIMITED
REGISTERED NUMBER: 12323162
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
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 income and retained earnings 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:
The notes on pages 3 to 9 form part of these financial statements.
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Fincrime Dynamics Ltd is a private Company limited by shares and incorporated in England and Wales. Its registered office address is St John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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:
The Company incurred a loss for the financial year and had net liabilities of £836,249 as at 30 November 2023 (2022 - £89,730). The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its shareholders to provide funds to enable it to meet its liabilities as they fall due.
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FOREIGN CURRENCY TRANSLATION
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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 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 recognised in profit or loss 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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the period in which the services are supplied.
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, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Short-term debtors are measured at transaction price, less any impairment.
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
During the year a convertible loan note was issued in compensation for the agreement to redesignate certain ordinary shares into deferred shares. In accordance with Section 12 of FRS102, the transaction was reflected as a derivative item and so as a capital reserve item whilst recognising the liability to repay the loan notes as fair valued debt due to third parties. Interest and any change in the fair value of the repayment obligation (that would include any premium on repayment of the debt) is reflected in the profit and loss statement.
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The average monthly number of employees, including directors, during the year was 5 (2022 - 5).
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Charge for the year on owned assets
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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Other creditors include contributions of £3,553 (2022 - £1,413) payable to the Company's defined contribution pension scheme at the balance sheet date.
Bank loans represent a Government backed ‘Bounce Back Loan’ which was drawn down in May 2020. The loan is 100% guaranteed by the government and there were no fees or interest payable in the first 12 months. After the initial 12 month period, interest is charged at a fixed rate of 2.5% per annum.
Included in other creditors is a convertible loan note which was issued in compensation for the agreement to convert certain ordinary shares into deferred shares. This Loan Note carries rolled up interest at 5%pa and must be repaid by the Company with certain milestones and from 5% of the proceeds of certain share issues, and subject to these, at any time within 8 years from issue. The Loan Notes are convertible only upon an exit and the Company expects the loan to be repaid in cash within 8 years.
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FINCRIME DYNAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Bank loans represent a Government backed ‘Bounce Back Loan’ which was drawn down in May 2020. The loan is 100% guaranteed by the government and there were no fees or interest payable in the first 12 months. After the initial 12 month period, interest is charged at a fixed rate of 2.5% per annum.
Other creditors represents an agreement for future equity. This will convert to equity on a qualifying event as outlined by the agreement.
Included in other creditors is a convertible loan note which was issued in compensation for the agreement to convert certain ordinary shares into deferred shares. This Loan Note carries rolled up interest at 5%pa and must be repaid by the Company with certain milestones and from 5% of the proceeds of certain share issues, and subject to these, at any time within 8 years from issue. The Loan Notes are convertible only upon an exit and the Company expects the loan to be repaid in cash within 8 years.
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ALLOTTED, CALLED UP AND FULLY PAID
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956,119 (2022 - 2,770,000) Ordinary shares of £0.000002 each
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1,814,388 (2022 - NIL ) Deferred shares of £0.000002 each
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On 14 August 2023 1,814,388 Ordinary £0.000002 shares were redesignated to be Deferred £0.000002 shares
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Other reserves
Other reserves represent compensation for the redesignated of 1,814,388 Ordinary £0.000002 shares were to be Deferred £0.000002.
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