Year ended
31 December 2023
Company Number
Fintech Innovation Program Ltd
Company information
Director | |
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Registred number | 08825168 |
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Registred office | |
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| London |
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Indepedent Auditor | N/A |
Fintech Innovation Program Ltd
Directors Report
For the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal activity
Business review
The loss for the year, after taxation, was € -2K
No dividends were paid during the year.
Directors
The directors who served during the year were:
C Kølbek
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for twelve months from the date of approval of the financial statements.
Post balance sheet events
No post balance sheet events recognized
Disclosure of information from the directors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• | so far as the director is aware, there is no relevant information of which the Company is unaware; and |
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• | the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant information and to establish that the Company is aware of that information. |
Small companies note
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowldge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
This report was approved by the board on 12 Sept 2024 and signed on its behalf.
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C Kølbek
Director
Fintech Innovation Program Ltd
Statement of Comprehensive Income
For the Year Ended 31 December 2023
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| Note | €000 | €000 |
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Administrative expenses |
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Exceptional Administrative expenses |
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Other income |
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Operating (loss)/profit |
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Income from shares in group undertakings |
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Interest payable and similar expenses |
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(Loss)/profit before tax |
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Tax on (loss)/profit |
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(Loss)/profit for the financial year |
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Fintech Innovation Program Ltd
Registered number: 08825168
Balance Sheet
As at 31 December 2023
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| Note | €000 | €000 |
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Fixed assets |
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Financial assets investments |
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Current assets |
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Debtors; amounts failing due within on year |
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Cash and cash equivalents |
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Current liabilities |
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Creditors; amounts failing due within one year |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit ans loss account |
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Shareholders funds |
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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.
Fintech Innovation Program Ltd
Registered number: 08825168
Balance Sheet
As at 31 December 2023
Small companies note
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowldge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provions applicable to companies subject to the small companies'regime.
The financial statements were approved and authorised for issue by
___________________________
Carsten Kølbek
Director
Fintech Innovation Program Ltd
Statement of Changes in Equity
For the Year Ended 31 December 2023
| Called up | Profit and | Shareholders' |
| share capital | loss account | funds |
| €000 | €000 | €000 |
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At 1 January 2023 | ( | ||
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Comprehensive income for the year |
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Loss for the financial year | ( | ( | |
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Total comprehensive income for the year |
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At 31 December 2023 | ( |
Statement of Changes in Equity
For the Year Ended 31 December 2022
| Called up | Profit and | Shareholders' |
| share capital | loss account | funds |
| €000 | €000 | €000 |
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At | ( | ||
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Comprehensive income for the year |
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Loss for the financial year | ( | ( | |
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Total comprehensive income for the year |
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At | ( |
The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
Each ordinary share is also entitled to receive a compound return of 8% on the subscription price of each ordinary share. Each ordinary share is also entitled to receive an amount equal to 70% of the remaining assets upon wind up.
The holders of A shares are entitled to receive dividends from time to time. Each 'A' share is also entitled to receive a compound return of 8% on the subscription price of each 'A' share. Each 'A' share is also entitled to receive an amount equal to 30% of the remaining assets upon wind up.
Fintech Innovation Program Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
1. General information
Fintech Innovation Program Limited is a private company limited by shares and incorporated in
2. Accounting policies
2.1 Basis of preparation of financial statements
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 consistently to all periods presented in these financial statements unless otherwise stated.
2.2 Going concern
In considering the appropriate basis on which to prepare the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
Rainmaking Innovation Ltd effectively holds the cash balance of the Company and pays liabilities as they fall due on the Company's behalf. The Company is therefore reliant on the ongoing financial support of Rainmaking Innovation Ltd. The directors have obtained confirmation from Rainmaking Innovation Ltd, that it is the intention to provide the necessary financial support to the Company to ensure that the Company will be able to settle is liabilities for a period of not less than 12 months from the date of signing these financial statements.
The directors have reviewed Rainmaking Innovation Ltd's ability to provide this financial support including their cash flow forecasts and projections. These forecasts show significant cash facilities available even taking into account likely impacts of COVID 19 for the next 12 months. On this basis, the directors have concluded that it is appropriate to prepare the Company's financial statements on the going concern basis.
Fintech Innovation Program Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.3
lnvestments in unlisted company shares, where market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses an remeasurement are recognised in the Statement of Comprehensive lncome for the period. Where market value cannot be reliably determined, such investments are stated at historie cost less impairment.
Gains and losses an disposals are determined by comparing the proceeds with the carrying amount and are recognised within "Other lncome" or "Exceptional administrative expenses" respectively in the Statement af Comprehensive lncome.
2.4 Debtors
2.5 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty an 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 af cash with insignificant risk of change in value.
2.6 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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence af impairment. lf objective evidence af impairment is found, an impairment loss is recognised in the Statement af Comprehensive lncome.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value af estimated cash flows discounted at the asset's original effective interest rate. lf a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle an a net basis or to realise the asset and settle the liability simultaneously.
2.7 Creditors
Fintech Innovation Program Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.8 Foreign currency translation Functional and presentation currency
The Company's functional and presentational currency is Euros.
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 the Statement of Comprehensive lncome 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 lncome within finance income or costs. All other foreign exchange gains and losses are presented in the Statement of Comprehensive lncome within 'other operating income'.
2.9 Finance costs
2.10 Borrowing costs
2.11 Taxation
Tax is recognised in the Statement af Comprehensive lncome except that a charge attributable to an item af income and expense recognised as other comprehensive income ar to an item recognised directly in equity is also recognised in other comprehensive income ar directly in equity respectively.
Deferred tax balances are recognised in respect af all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• | the recognition af deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal af deferred tax liabilities ar other future taxable profits; and |
• | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Fintech Innovation Program Ltd
Notes to the Financial Statements
For the Year Ended 31 December 2023
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values af liabilities acquired and the amount that will be assessed for tax.
Deferred tax is determined using tax rates and laws that have been enacted ar substantively enacted by the Balance Sheet date.
2.12