2023-01-012023-12-312023-12-31false08870625FinGenius Limited2024-09-20iso4217:GBPxbrli:pure088706252023-01-01088706252023-12-31088706252023-01-012023-12-31088706252022-01-01088706252022-12-31088706252022-01-012022-12-3108870625bus:SmallEntities2023-01-012023-12-3108870625bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3108870625bus:FullAccounts2023-01-012023-12-3108870625bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108870625core:WithinOneYear2023-12-3108870625core:AfterOneYear2023-12-3108870625core:WithinOneYear2022-12-3108870625core:AfterOneYear2022-12-3108870625core:ShareCapital2023-12-3108870625core:SharePremium2023-12-3108870625core:RevaluationReserve2023-12-3108870625core:OtherReservesSubtotal2023-12-3108870625core:RetainedEarningsAccumulatedLosses2023-12-3108870625core:ShareCapital2022-12-3108870625core:SharePremium2022-12-3108870625core:RevaluationReserve2022-12-3108870625core:OtherReservesSubtotal2022-12-3108870625core:RetainedEarningsAccumulatedLosses2022-12-3108870625core:LandBuildings2023-12-3108870625core:PlantMachinery2023-12-3108870625core:Vehicles2023-12-3108870625core:FurnitureFittings2023-12-3108870625core:OfficeEquipment2023-12-3108870625core:NetGoodwill2023-12-3108870625core:IntangibleAssetsOtherThanGoodwill2023-12-3108870625core:ListedExchangeTraded2023-12-3108870625core:UnlistedNon-exchangeTraded2023-12-3108870625core:LandBuildings2022-12-3108870625core:PlantMachinery2022-12-3108870625core:Vehicles2022-12-3108870625core:FurnitureFittings2022-12-3108870625core:OfficeEquipment2022-12-3108870625core:NetGoodwill2022-12-3108870625core:IntangibleAssetsOtherThanGoodwill2022-12-3108870625core:ListedExchangeTraded2022-12-3108870625core:UnlistedNon-exchangeTraded2022-12-3108870625core:LandBuildings2023-01-012023-12-3108870625core:PlantMachinery2023-01-012023-12-3108870625core:Vehicles2023-01-012023-12-3108870625core:FurnitureFittings2023-01-012023-12-3108870625core:OfficeEquipment2023-01-012023-12-3108870625core:NetGoodwill2023-01-012023-12-3108870625core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108870625core:ListedExchangeTraded2023-01-012023-12-3108870625core:UnlistedNon-exchangeTraded2023-01-012023-12-3108870625core:MoreThanFiveYears2023-01-012023-12-3108870625core:Non-currentFinancialInstruments2023-12-3108870625core:Non-currentFinancialInstruments2022-12-3108870625dpl:CostSales2023-01-012023-12-3108870625dpl:DistributionCosts2023-01-012023-12-3108870625core:LandBuildings2023-01-012023-12-3108870625core:PlantMachinery2023-01-012023-12-3108870625core:Vehicles2023-01-012023-12-3108870625core:FurnitureFittings2023-01-012023-12-3108870625core:OfficeEquipment2023-01-012023-12-3108870625dpl:AdministrativeExpenses2023-01-012023-12-3108870625core:NetGoodwill2023-01-012023-12-3108870625core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108870625dpl:GroupUndertakings2023-01-012023-12-3108870625dpl:ParticipatingInterests2023-01-012023-12-3108870625dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3108870625core:ListedExchangeTraded2023-01-012023-12-3108870625dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3108870625core:UnlistedNon-exchangeTraded2023-01-012023-12-3108870625dpl:CostSales2022-01-012022-12-3108870625dpl:DistributionCosts2022-01-012022-12-3108870625core:LandBuildings2022-01-012022-12-3108870625core:PlantMachinery2022-01-012022-12-3108870625core:Vehicles2022-01-012022-12-3108870625core:FurnitureFittings2022-01-012022-12-3108870625core:OfficeEquipment2022-01-012022-12-3108870625dpl:AdministrativeExpenses2022-01-012022-12-3108870625core:NetGoodwill2022-01-012022-12-3108870625core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108870625dpl:GroupUndertakings2022-01-012022-12-3108870625dpl:ParticipatingInterests2022-01-012022-12-3108870625dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3108870625core:ListedExchangeTraded2022-01-012022-12-3108870625dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3108870625core:UnlistedNon-exchangeTraded2022-01-012022-12-3108870625core:NetGoodwill2023-12-3108870625core:IntangibleAssetsOtherThanGoodwill2023-12-3108870625core:LandBuildings2023-12-3108870625core:PlantMachinery2023-12-3108870625core:Vehicles2023-12-3108870625core:FurnitureFittings2023-12-3108870625core:OfficeEquipment2023-12-3108870625core:AfterOneYear2023-12-3108870625core:WithinOneYear2023-12-3108870625core:ListedExchangeTraded2023-12-3108870625core:UnlistedNon-exchangeTraded2023-12-3108870625core:ShareCapital2023-12-3108870625core:SharePremium2023-12-3108870625core:RevaluationReserve2023-12-3108870625core:OtherReservesSubtotal2023-12-3108870625core:RetainedEarningsAccumulatedLosses2023-12-3108870625core:NetGoodwill2022-12-3108870625core:IntangibleAssetsOtherThanGoodwill2022-12-3108870625core:LandBuildings2022-12-3108870625core:PlantMachinery2022-12-3108870625core:Vehicles2022-12-3108870625core:FurnitureFittings2022-12-3108870625core:OfficeEquipment2022-12-3108870625core:AfterOneYear2022-12-3108870625core:WithinOneYear2022-12-3108870625core:ListedExch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FinGenius Limited

Registered Number
08870625
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

FinGenius Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

B Maksak

Registered Address

Building 423 - Sky View (Ro) Argosy Road, Castle Donington
East Midlands Airport
Derby
DE74 2SA

Registered Number

08870625 (England and Wales)
FinGenius Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets443,01621,811
43,01621,811
Current assets
Debtors547,4071,418,390
Cash at bank and on hand19,81810,775
67,2251,429,165
Creditors amounts falling due within one year6(11,942,879)(12,995,267)
Net current assets (liabilities)(11,875,654)(11,566,102)
Total assets less current liabilities(11,832,638)(11,544,291)
Creditors amounts falling due after one year7(19,167)(29,167)
Net assets(11,851,805)(11,573,458)
Capital and reserves
Called up share capital100100
Profit and loss account(11,851,905)(11,573,558)
Shareholders' funds(11,851,805)(11,573,458)
The financial statements were approved and authorised for issue by the Director on 20 September 2024, and are signed on its behalf by:
B Maksak
Director
Registered Company No. 08870625
FinGenius Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on a going-concern basis. The company incurred losses during the year and the director is aware that the statement of financial position shows net liabilities.The parent company will continue to provide financial support to the company to enable it to meet its obligations, if and when, they become due. The director is therefore of the opinion that the company should continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
Share based payments as set out in notes to the accounts have been made to employees of the subsidiary company. The fair value of any vested share option is recognised in the intercompany account and the share option reserve account for the year. The fair value has been estimated as £7.18 per share. This is based on the value of ordinary shares issued after the end of the year. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax, and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Operating leases
Rentals payable under operating leases are charged to the profit or loss account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
The parent company operates an equity-settled employee compensation plan of which the company is a part of. The fair value of the employee services received by the company in exchange for the grant of the options by the parent is recognised as an expense in the income statement of the company. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is posted to intercompany because the share options are equity-settled by the parent.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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 between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments 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 non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
2.Staff Costs
The parent company operates an EMI-qualifying share option scheme for the employees. As of the date of the Statement of Financial Position, the company had granted 1,837,166 EMI qualifying share options to 83 employees of one of its subsidiary companies with exercise prices ranging from £0.001 to £0.72 per share. During the period no share options had vested (2022 – 321,264), no share options were exercised (2022 - nil) and no share options had lapsed (2022 - nil). Share options are vested over 4 years from the grant date. The parent company also operates an unapproved share option scheme for the advisers and has granted 49,137 share options to 4 advisers of this subsidiary with an exercise price of £0.72 per share. During the period no share options had vested (2022 - 14,002), no share options were exercised nor lapsed. Share options vest over a 4-year period from the date of the grant with a 12-month cliff.
3.Average number of employees

20232022
Average number of employees during the year2817
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2328,99428,994
Additions37,85537,855
At 31 December 2366,84966,849
Depreciation and impairment
At 01 January 237,1837,183
Charge for year16,65016,650
At 31 December 2323,83323,833
Net book value
At 31 December 2343,01643,016
At 31 December 2221,81121,811
5.Debtors: amounts due within one year

2023

2022

££
Other debtors6,870-
Prepayments and accrued income40,5371,418,390
Total47,4071,418,390
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables26,53311,132
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties11,440,91412,548,034
Taxation and social security419,410400,863
Other creditors11,04212,494
Accrued liabilities and deferred income34,98012,744
Total11,942,87912,995,267
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts19,16729,167
Total19,16729,167
The company’s bank borrowings due within one year and due after one year totalling £29,167 are guaranteed by the UK government under the Coronavirus Bounce Back Loan scheme. Glif Ld LP holds fixed and floating charges over all of the property and undertaking of the company in connection with a loan provided to the parent company Digital Genius Limited. Further details of the charges can be found at Companies House.
8.Parent-subsidiary relationships
The immediate and ultimate controlling parent is Digital Genius Limited, with its registered office at Building 423 - Sky View (Ro) Argosy Road, Castle Donington, East Midlands Airport, Derby, England, DE74 2SA.