Financial Statements
Geneva Financial Trading (UK) Limited
For the financial year ended 31 December 2023
Registered number: 11710784
Geneva Financial Trading (UK) Limited
Company Information
Director
Andrew Linsley
Jeffrey Ramsey
Andrew Linsley
Company secretary
11710784
Registered number
Msp Secretaries Eastcastle House,
Registered office
27/28 Eastecastle Street,
London
United Kingdom
W1W 8DH
Grant Thornton
Independent auditors
Chartered Accountants & Statutory Audit Firm
13  18 City Quay
D02 ED70
Dublin 2
Ireland
Bank of Ireland
Bankers
La Touche House
Customs House Docks
Dublin 1
D01 R5P3
Ireland
McCann FitzGerald
Solicitors
Riverside One
Sir John Rogerson's Quay
Dublin 2
D02 X576
Ireland
Geneva Financial Trading (UK) Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 – 16
Geneva Financial Trading (UK) Limited
Directors' report
For the financial year ended 31 December 2023
The director's presents his report and the financial statements for the financial year ended 31 December 2023.
Principal activity
The Company was incorporated on 4 December 2018 for Non-MIFID regulated activity. It has an investment advisory agreement in place with Geneva Trading USA LLC and Geneva Ireland Financial Trading Limited where its income is derived from the execution of future trades.
Results and dividends
The profit for the financial year, after taxation, amounted to £84,107 (2022: £390,452). The director's do not recommend payment of a dividend (2022: £Nil)
Directors, Secretary and their interests
In accordance with The Companies Act 2006, the directors' and secretary's shareholdings and the movements therein during the financial year ended 31 December 2023 were as follows:
Ordinary shares
of €1 each
31/12/2023
01/01/2023
Jeff Ramsey
-
-
Andrew Linsley
-
-
Jeffrey Ramsey and Andrew Linsley hold 10% (2022: 10%) and 1.19% (2022: 0.94%) the shares of Geneva Global Holdings LLC respectively.
Disclosure of information to the auditor
The director at the time when this Director's report is approved has confirmed that:
*
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and
*
he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Russia-Ukraine conflict
Following the escalation of the conflict between Ukraine and Russia in February 2023 and the related economic sanctions imposed by various governments, the director of the Company is actively monitoring the situation and will assess any impact as it is deemed to arise. The director recognises that the overall impact of the conflict may not yet be apparent and does not underestimate the inevitable effect it will have on global financial markets, including any potential adverse impact on the investments. The director has a reasonable expectation that the Company can access adequate resources to continue in operational existence for the foreseeable future. The director does not expect there to be a major negative financial impact for the rest of the year.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the UK Companies Act 2006.
Page 1
Geneva Financial Trading (UK) Limited
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section
415A of the Companies Act 2006. This report was approved by the director and signed on its behalf.
Jeffrey Ramsey
Andrew Linsley
Director
Director
Date: 15 May 2024
Date:
15 May 2024
2024-05-15
Page 2
Geneva Financial Trading (UK) Limited
Directors' responsibilities statement
For the financial year ended 31 December 2023
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
*
select suitable accounting policies for the Company's financial statements and then apply them consistently;
*
make judgements and accounting estimates that are reasonable and prudent;
*
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
*
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board
Andrew Linsley
Jeffrey Ramsey
Director
Director
Date: 15 May 2024
Date: 15 May 2024
Page 3
Independent auditors' report to the members of Geneva Financial Trading (UK) Limited
Opinion
We have audited the financial statements of Geneva Financial Trading (UK) Limited (or the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (or "FRS 102").
In our opinion, Company's financial statements:
*
give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the financial year then ended; and
*
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a year of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
Other information
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Director's report. The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 4
Independent auditors' report to the members of Geneva Financial Trading (UK) Limited (continued)
Other information (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
*
the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
*
the Director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act requires us to report to you if, in our opinion:
*
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
*
the financial statements are not in agreement with the accounting records and returns; or
*
certain disclosures of director's remuneration specified by law are not made; or
*
we have not received all the information and explanations we require for our audit; or
*
the director was not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Director's report.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Page 5
Independent auditors' report to the members of Geneva Financial Trading (UK) Limited (continued)
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment Law and Data Privacy Law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
In response to these principal risks, our audit procedures included but were not limited to:
*
enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
*
inspection of the Company's regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
*
gaining an understanding of the internal controls established to mitigate risk related to fraud;
*
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
*
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
Page 6
Independent auditors' report to the members of Geneva Financial Trading (UK) Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
*
challenging assumptions and judgements made by management in their significant accounting estimates, including revenue recognition; and
*
review of the financial statement disclosures to underlying supporting documentation and inquiries of management
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company's members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Lynch (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants & Statutory Audit Firm
Dublin 2
Ireland
Date: 15 May 2024
Page 7
Geneva Financial Trading (UK) Limited
Statement of comprehensive income
For the financial year ended 31 December 2023
2023
2022
Notes
£
£
Interest income
4
92
-
0
Trading income
4
  634,778
  2,154,374
Trading expenses
4,5
(276,269)
(1,531,734)
  358,601
  622,640
Gross profit
Administrative expenses
5
                254,031
  140,601
                104,570
  482,039
Operating profit
Tax on profit
6
               (25,250)
(91,587)
                 79,320
  390,452
Profit for the financial year
There was no other comprehensive income for 2023 (2022:£NIL).
The notes on page 10 to 16 form part of these financial statements.
Page 8
Geneva Financial Trading (UK) Limited
Statement of financial position
As at 31 December 2023
2023
2022
Notes
£
£
Non-current assets
Tangible fixed assets
7
  38,866
  
-
0
  38,866
  
-
0
Current assets
Debtors: amounts falling due within one year
8
1,157,539
1,787,244
Cash at bank
9
181,540
  22,877
1,339,079
1,810,121
Current liabilities
Creditors: amounts falling due within one year
  (1,405,704)
10
     (894,208)
        483,737
404,417
Net current assets
         483,737
Net assets
404,417
Capital and reserves
Called up share capital presented as equity
11
  1
1
Profit and loss account
12
       483,736
404,416
           483,737
Shareholders' funds
404,417
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with section 1A of FRS102.
The financial statements were approved and authorised for issue by the director:
................................................
................................................
Andrew Linsley
Jeffrey Ramsey
Director
Director
Date:
15 May 2024
2024-05-15
Date: 15 May 2024
The notes on pages 10 to 16 form part of these financial statements.
Page 9
Geneva Financial Trading (UK) Limited
Statement of changes in equity
For the financial year ended 31 December 2023
Called up share capital
Retained earnings
Total equity
£
£
£
1
  404,416
404,417
At 1 January 2023
Comprehensive income for the financial year
Profit for the financial year
-
                  79,320
          79,320
1
                483,736
        483,737
At 31 December 2023
For the financial year ended 31 December 2022
Called up share capital
Retained earnings
Total equity
£
£
£
1
13,964
13,965
At 1 January 2022
Comprehensive income for the financial year
Profit for the financial year
-
  390,452
390,452
1
  404,416
404,417
At 31 December 2022
The notes on pages 10 to 16 form part of these financial statements.
Page 10
Geneva Financial Trading (UK) Limited
Notes to the financial statements
For the financial year ended 31 December 2023
1.
General information
Geneva Financial Trading (UK) Limited, (or the "Company") is a company limited by shares which was incorporated in UK on 4 December 2018 and registered under the number 11710784 with a registered office at Msp Secretaries Eastcastle House, 27/28 Eastecastle Street, London, United Kingdom, W1W 8DH.
The Company was incorporated on 4 December 2018 for Non-MIFID regulated activity. It has an investment advisory agreement in place with Geneva Ireland Financial Trading Limited and Geneva Trading USA LLC where its income is derived from the execution of future trades.
2.
Accounting policies
2.1.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance within 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
2.2.
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is the Great British Pound ("GBP" or “£”).
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. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary 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 periodend exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income 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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
Page 11
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
2.
Accounting policies (continued)
2.3.
Income and expense recognition
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax and other sales taxes. Trading income allocation is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Interest income and expense is recognised in the Statement of comprehensive income as it accrues, using the effective interest rate. Other income is recognised on an accruals basis.
Execution fees
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting year can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Trading and administration expenses are recognised on an accrual basis.
Trading income allocation and expense are netted in the Statement of comprehensive income where the right to offset exists per the intercompany agreement.
2.4.
Taxation
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 reporting date in the countries where the Company operates and generates income.
2.5.
Pensions
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Page 12
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
2.
Accounting policies (continued)
2.6.
Related party transactions
The Company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the financial statements.
Year-end balances from the execution of trades to and service expenses from related parties are classified as amounts owed by/(to) group undertakings. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. Related party balances are due on demand. There have been no guarantees provided or received for any related party receivables or payables.
2.7.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer equipment:
written off over 48 months
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
2.8.
Debtors
Short term debtors are measured at transaction price, less any impairment.
2.9.
Cash and cash equivalents
Cash is represented by 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.
2.10.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.11.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Page 13
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
2.
Accounting policies (continued)
2.12.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3.
Judgments in applying accounting policies and key sources of estimation uncertainty
When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.
Examples include:
-bad debt provision
-impairment of non-financial assets
3.1.
Going Concern
The Director has prepared budgets for the upcoming 12 months which show the Company will continue as a going concern.
On this basis, the Directors believe that the preparation of the financial statements on a going concern basis is still appropriate.
4.
Trading income and expense
2023
2022
£
£
Trading income allocation
  634,778
  2,154,374
Interest income
92
-
0
Trading expenses
(276,269)
(1,531,734)
  358,601
  622,640
All turnover arose from derivatives trading on EU, US and Asia financial markets.
Trading income allocation refers to intra-group revenue allocation.
5.
Employees
Staff costs, including directors' remuneration, were as follows:
2023
2022
£
£
Administrative salaries
                122,900
79,050
Staff national insurance
                 15,636
  9,475
Other staff costs
                 64,722
17,197
Total admin employee expenses
               203,258
  105,722
Page 14
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
5.
Employees (continued)
2023
2022
£
£
Traders' salaries and splits
  105,550
  1,351,376
Staff national insurance
13,611
  157,411
Total traders' expenses
119,161
  1,508,787
The average number of employees for the financial year was 6 (2022: 5). Total director's remuneration for the financial year amounted to NIL (2022: NIL).
6.
Taxation
2023
2022
£
£
Corporation tax
Current tax on profits for the financial year
25,250
91,587
25,250
91,587
Taxation on profit on ordinary activities
Factors affecting tax charge for the financial year
The main corporation tax rate of 25% (2022: 19%) applies to UK companies with profits over £250, 000. Effective 1 April 2023, UK resident companies with augmented profits below £50,000, 19% corporation tax rate is generally applicable. For companies with augmented profits between £50,000 -£250,000, a sliding scale of tax rates is employed.
2023
2022
£
£
                104,570
Profit on ordinary activities before tax
  482,039
Profit on ordinary activities multiplied by standard rate of corporation tax in UK of 19%-25% (2022 - 19%)
25,250
91,587
Utilisation of tax losses
-
0
-
0
25,250
91,587
Total tax charge for the financial year
Page 15
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
7.
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
  
-
0
Additions
  40,556
At 31 Dec 2023
  40,556
Depreciation
At 1 January 2023
  
-
0
Charge for year
1,690
At 31 Dec 2023
1,690
Net book value
At 31 Dec 2022
  
-
0
At 31 Dec 2023
  38,866
8.
Debtors: Amounts falling due within one year
2023
2022
£
£
Amounts owed by group undertakings
1,133,421
  1,787,244
Other debtors
24,118
-
0
  1,157,539
  1,787,244
9.
Cash and cash equivalents
2023
2022
£
£
Cash at bank
  181,540
22,877
  181,540
22,877
Page 16
Geneva Financial Trading (UK) Limited
Notes to the financial statements (continued)
For the financial year ended 31 December 2023
10.
Creditors: Amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
  711,312
  520,073
Due to trader
  111,634
  665,403
Withheld employee taxes
                 16,070
93,603
Other pension costs
3,171
  2,524
Corporation tax payable
-
0
91,301
Accruals
                 52,021
32,800
               894,208
  1,405,704
11.
Related party transactions
2023
2022
Nature
£
£
Transactions with Affiliates
              (711,312)
(445,872)
Geneva Ireland Financial Trading Limited - balance
Due on demand and non-interest bearing
payable
payable
Geneva Ireland Financial Trading Limited - volume
Trading income allocation
394,554
363,067
             1,133,421
Geneva Trading USA LLC- balance
Due on demand and non-interest bearing
1,787,244              receivable
receivable
Geneva Trading USA LLC- volume
Trading income allocation
1,759,820
271,711
(74,201)
Due on demand and non-interest bearing
Como Advance Limited - balance
payable
-
Como Advance Limited - volume
Transfer of traders
74,201
-
There have been no guarantees provided or received for any related party receivables or payables.
12.
Controlling party
The Company is a fully owned subsidiary of Geneva Trading Operations LLC which is ultimately a subsidiary of Geneva Global Holdings LLC.
13.
Approval of financial statements
The board of directors approved these financial statements for issue on 15 May 2024.
Page 17
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