ITERON HOLDING LIMITED
Company registration number 09175304 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ITERON HOLDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ITERON HOLDING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
988,193
998,088
Creditors: amounts falling due within one year
4
(5,774)
(5,499)
Net current assets
982,419
992,589
Capital and reserves
Called up share capital
5
57,210,448
57,210,448
Profit and loss reserves
(56,228,029)
(56,217,859)
Total equity
982,419
992,589

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 8 July 2024
Mr G  Sigurjonsson
Director
Company registration number 09175304 (England and Wales)
ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Iteron Holding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Raypd Suite 26, Weston Business Centre, Parsonage Road, Takeley, Bishop's Strotford, Hertfordshire, CM22 6PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Iteron Holding Limited is a wholly owned subsidiary of Rapyd Europe hf and the results of Iteron Holding Limited are included in the consolidated financial statements of Rapyd Europe hf which are available from Rapyd Europe hf, Dalshraun 3, 220 Hafnafjörður, Iceland.

1.2
Going concern

The company ceased to trade on 31 December 2022 and therefore the financial statements are not prepared on a going concern basis. The directors intend to liquidate the company.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
988,193
998,088
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,774
5,499
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
57,210,448
57,210,448
57,210,448
57,210,448
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

 

Senior Statutory Auditor:
Stacey Lea FCA
Statutory Auditor:
Dyke Yaxley Limited
Date of audit report:
8 July 2024
ITERON HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
7
Related party transactions

In the prior year there was a group restructure and the investments in group companies were sold to the parent company Rapyd Europe hf. There have been no related party transactions during the year.

8
Parent company

The company's parent comapy is Rapyd Europe hf., incorporated in Iceland, whose registered office is Dalshraun 3, 220 Hafnafjörður.

 

The company's ultimate parent company is Rapyd Financial Network (2016) Ltd., incorporated in Israel, whose registered office is 132 Derech Menachem Begin St., Tel Aviv-Yafo, Israel.

2023-12-312023-01-01false08 July 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr G Sigurjonssonfalsefalse091753042023-01-012023-12-31091753042023-12-31091753042022-12-3109175304core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109175304core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109175304core:ShareCapital2023-12-3109175304core:ShareCapital2022-12-3109175304core:RetainedEarningsAccumulatedLosses2023-12-3109175304core:RetainedEarningsAccumulatedLosses2022-12-3109175304bus:Director12023-01-012023-12-31091753042022-01-012022-12-3109175304core:CurrentFinancialInstruments2022-12-3109175304core:CurrentFinancialInstruments2023-12-3109175304bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109175304bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109175304bus:FRS1022023-01-012023-12-3109175304bus:Audited2023-01-012023-12-3109175304bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP