IRIS Accounts Production v24.1.9.2 07979772 Board of Directors 1.1.23 31.12.23 31.12.23 23.8.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079797722022-12-31079797722023-12-31079797722023-01-012023-12-31079797722021-12-31079797722022-01-012022-12-31079797722022-12-3107979772ns15:EnglandWales2023-01-012023-12-3107979772ns14:PoundSterling2023-01-012023-12-3107979772ns10:Director12023-01-012023-12-3107979772ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107979772ns10:SmallEntities2023-01-012023-12-3107979772ns10:Audited2023-01-012023-12-3107979772ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107979772ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107979772ns10:FullAccounts2023-01-012023-12-3107979772ns10:Director22023-01-012023-12-3107979772ns10:CompanySecretary12023-01-012023-12-3107979772ns10:RegisteredOffice2023-01-012023-12-3107979772ns5:CurrentFinancialInstruments2023-12-3107979772ns5:CurrentFinancialInstruments2022-12-3107979772ns5:ShareCapital2023-12-3107979772ns5:ShareCapital2022-12-3107979772ns5:RetainedEarningsAccumulatedLosses2023-12-3107979772ns5:RetainedEarningsAccumulatedLosses2022-12-3107979772ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107979772ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 07979772 (England and Wales)















Financial Statements

for the Year Ended 31st December 2023

for

Funtech Global Communications Limited

Funtech Global Communications Limited (Registered number: 07979772)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Funtech Global Communications Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: F A Akin-Agunbiade
O B Ogungbangbe





SECRETARY: F A Akin-Agunbiade





REGISTERED OFFICE: Devonshire House
Manor Way
Borehamwood
WD6 1QQ





REGISTERED NUMBER: 07979772 (England and Wales)





AUDITORS: Spencer Hyde Limited
Statutory Auditor
272 Regents Park Road
London
N3 3HN

Funtech Global Communications Limited (Registered number: 07979772)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 838,079 856,170
Cash at bank 102,706 62,813
940,785 918,983
CREDITORS
Amounts falling due within one year 5 78,908 45,103
NET CURRENT ASSETS 861,877 873,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

861,877

873,880

CAPITAL AND RESERVES
Called up share capital 838,179 838,179
Retained earnings 23,698 35,701
SHAREHOLDERS' FUNDS 861,877 873,880

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23rd August 2024 and were signed on its behalf by:





F A Akin-Agunbiade - Director


Funtech Global Communications Limited (Registered number: 07979772)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Funtech Global Communications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
The company earns revenue from transaction fees charged to customers. Each transaction is considered a separate contract between the company and the customer, each with one performance obligation, being the receipt of the funds by the recipient.Revenue is recognised at the point in time the performance obligation is satisfied. Revenue is derived from the money transfer fee.

The company also earns revenue from management fees charged to associated companies. The revenue is recognised as and when the related party has received the benefit of the management services.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Funtech Global Communications Limited (Registered number: 07979772)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 18,091
Other debtors 838,079 838,079
838,079 856,170

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to associates 61,365 25,765
Taxation and social security 4,540 4,218
Other creditors 13,003 15,120
78,908 45,103

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Youselli (Senior Statutory Auditor)
for and on behalf of Spencer Hyde Limited

7. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £44,703 (2022: £9,008) due to Funtech Global Communications Limited, a company incorporated in Kenya which is under common control.
During the year management fees of £461,260 (2022: £631,281) were charged to the Kenyan company in relation to recharged admin costs and staff time in support of the Kenyan company. In addition the two companies assist each other in fulfilling their money transfer obligations.

Also included in creditors is an amount of £16,662 (2022: £16,757) due to Whytelion Limited, a company incorporated in the UK which is under common control. This is an interest free loan which is repayable on demand.