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Registered number: 13366224










DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




















 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
Company Information


Directors
Hans-Juergen Joost 
Stephan Von Massenbach 




Registered number
13366224



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
Registered number: 13366224

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,357
13,281

  
15,357
13,281

Current assets
  

Debtors: amounts falling due within one year
 5 
402,815
34,420

Cash at bank and in hand
  
187,070
38,337

  
589,885
72,757

Creditors: amounts falling due within one year
 6 
(1,997,552)
(888,757)

Net current liabilities
  
 
 
(1,407,667)
 
 
(816,000)

Total assets less current liabilities
  
(1,392,310)
(802,719)

  

Net liabilities
  
(1,392,310)
(802,719)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,392,311)
(802,720)

  
(1,392,310)
(802,719)


Page 1

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
Registered number: 13366224
    
Balance sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




Stephan Von Massenbach
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Digitec Financial Technologies and Services (UK) Ltd is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

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 with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite an excess of liabilities over assets of £1,392,310. The directors consider this to be appropriate as it is the parent undertaking's intention to provide financial support for at least 12 months from the date of approval of these financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 profit or loss 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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period 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 period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33.33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and 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, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 5

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
20,119


Additions
9,756



At 31 December 2023

29,875



Depreciation


At 1 January 2023
6,838


Charge for the year on owned assets
7,680



At 31 December 2023

14,518



Net book value



At 31 December 2023
15,357



At 31 December 2022
13,281


5.


Debtors

2023
2022
£
£


Trade debtors
388,094
-

Other debtors
10,500
26,932

Prepayments and accrued income
4,221
7,488

402,815
34,420


Page 6

 
DIGITEC FINANCIAL TECHNOLOGIES AND SERVICES (UK) LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
278
-

Amounts owed to parent undertaking
1,570,905
861,009

Other taxation and social security
31,220
16,828

Other creditors
2,055
1,541

Accruals and deferred income
393,094
9,379

1,997,552
888,757



7.


Related party transactions

As at 31 December 2023, the company owed £1,570,905 (2022: £861,009) to Digitec GmbH EDV Beratung Soft-Und Hardware, its wholly owned parent undertaking incorporated in Germany. Interest of £19,938 (2022: £8,152) has been charged on the loan during the year. 

 
Page 7