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REGISTERED NUMBER: 12062166 (United Kingdom)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

FINTECH WALES COLLECTIVE

FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20,189 36,705
Tangible assets 5 25,452 40,338
Investments 6 - 1
45,641 77,044

CURRENT ASSETS
Debtors 7 56,260 74,227
Cash at bank 481,035 325,146
537,295 399,373
CREDITORS
Amounts falling due within one year 8 545,254 436,142
NET CURRENT LIABILITIES (7,959 ) (36,769 )
TOTAL ASSETS LESS CURRENT LIABILITIES 37,682 40,275

PROVISIONS FOR LIABILITIES 6,322 14,441
NET ASSETS 31,360 25,834

RESERVES
Income and expenditure account 31,360 25,834
31,360 25,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Balance Sheet - continued
30 June 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Ms S Kocianski - Director


FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Fintech Wales Collective is a private company, limited by guarantee , registered in United Kingdom. The company's registered number and registered office address are as below:

Registered number: 12062166

Registered office: Suite B
The Warehouse
Wyndham Arcade
Cardiff
CF10 1FH

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.

The financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 33% Straight line
Fixtures and fittings - 33% Straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 13 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 July 2023
and 30 June 2024 49,549
AMORTISATION
At 1 July 2023 12,844
Amortisation for year 16,516
At 30 June 2024 29,360
NET BOOK VALUE
At 30 June 2024 20,189
At 30 June 2023 36,705

FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
COST
At 1 July 2023 14,119 33,393 47,512
Additions - 1,380 1,380
At 30 June 2024 14,119 34,773 48,892
DEPRECIATION
At 1 July 2023 1,961 5,213 7,174
Charge for year 4,706 11,560 16,266
At 30 June 2024 6,667 16,773 23,440
NET BOOK VALUE
At 30 June 2024 7,452 18,000 25,452
At 30 June 2023 12,158 28,180 40,338

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 1
Disposals (1 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Fintech Foundry Wales Ltd
Registered office: Suite B The Warehouse, Wyndham Arcade, Cardiff CF10 1FH
Nature of business: programmes for financial technology businesses
%
Class of shares: holding
Ordinary 100.00

Fintech Foundry Wales Ltd was dissolved on 21 May 2024.

FINTECH WALES COLLECTIVE (REGISTERED NUMBER: 12062166)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20242023
£   £   


Trade debtors36,96114,851
Prepayments19,29917,588
Other debtors-41,788
56,26074,227

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20242023
£   £   


Trade creditors8,9525,906
Taxation and social security16,77311,554
Accruals and deferred income518,106417,097
Other creditors1,4231,585
545,254436,142

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 9,518 51,140
Between one and five years - 9,518
9,518 60,658