Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 13278476 Mr Mykola Bezkrovnyy Mr Yauheni Bialou Mr Dmytro Dubilet Mr Vital Laptenok Mr MIROPOLSKI Eugen iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13278476 2022-12-31 13278476 2023-12-31 13278476 2023-01-01 2023-12-31 13278476 frs-core:CurrentFinancialInstruments 2023-12-31 13278476 frs-core:Non-currentFinancialInstruments 2023-12-31 13278476 frs-core:ComputerEquipment 2023-12-31 13278476 frs-core:ComputerEquipment 2023-01-01 2023-12-31 13278476 frs-core:ComputerEquipment 2022-12-31 13278476 frs-core:CapitalRedemptionReserve 2023-12-31 13278476 frs-core:OtherReservesSubtotal 2023-12-31 13278476 frs-core:SharePremium 2023-12-31 13278476 frs-core:ShareCapital 2023-12-31 13278476 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13278476 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13278476 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13278476 frs-bus:SmallEntities 2023-01-01 2023-12-31 13278476 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13278476 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13278476 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13278476 frs-bus:OrdinaryShareClass1 2023-12-31 13278476 frs-bus:PreferenceShareClass1 2023-01-01 2023-12-31 13278476 frs-bus:PreferenceShareClass1 2023-12-31 13278476 frs-core:UnlistedNon-exchangeTraded 2023-12-31 13278476 frs-core:UnlistedNon-exchangeTraded 2022-12-31 13278476 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 13278476 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 13278476 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 13278476 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 13278476 frs-core:ImpairmentLossProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 13278476 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 13278476 frs-bus:Director1 2023-01-01 2023-12-31 13278476 frs-bus:Director2 2023-01-01 2023-12-31 13278476 frs-bus:Director3 2023-01-01 2023-12-31 13278476 frs-bus:Director4 2023-01-01 2023-12-31 13278476 frs-bus:Director5 2023-01-01 2023-12-31 13278476 frs-core:CurrentFinancialInstruments 2 2023-12-31 13278476 frs-countries:EnglandWales 2023-01-01 2023-12-31 13278476 2021-12-31 13278476 2022-12-31 13278476 2022-01-01 2022-12-31 13278476 frs-core:CurrentFinancialInstruments 2022-12-31 13278476 frs-core:Non-currentFinancialInstruments 2022-12-31 13278476 frs-core:CapitalRedemptionReserve 2022-12-31 13278476 frs-core:OtherReservesSubtotal 2022-12-31 13278476 frs-core:SharePremium 2022-12-31 13278476 frs-core:ShareCapital 2022-12-31 13278476 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 13278476 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 13278476 frs-bus:PreferenceShareClass1 2022-01-01 2022-12-31 13278476 frs-core:CurrentFinancialInstruments 2 2022-12-31
Registered number: 13278476
Fintech Farm Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
More Than Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13278476
2023 2022
Notes $ $ $ $
FIXED ASSETS
Tangible Assets 4 3,126 -
Investments 5 10,076,723 8,245,365
10,079,849 8,245,365
CURRENT ASSETS
Debtors 6 4,245,585 4,334,195
Cash at bank and in hand 4,262,325 3,809,180
8,507,910 8,143,375
Creditors: Amounts Falling Due Within One Year 7 (4,481,810 ) (1,597,381 )
NET CURRENT ASSETS (LIABILITIES) 4,026,100 6,545,994
TOTAL ASSETS LESS CURRENT LIABILITIES 14,105,949 14,791,359
Creditors: Amounts Falling Due After More Than One Year 8 (6,562,500 ) (5,000,000 )
NET ASSETS 7,543,449 9,791,359
CAPITAL AND RESERVES
Called up share capital 9 1,743 1,649
Share premium account 29,673,759 19,573,697
Capital redemption reserve 1,315,655 1,315,655
Other reserves 1,476,258 1,136,115
Profit and Loss Account (24,923,966 ) (12,235,757 )
SHAREHOLDERS' FUNDS 7,543,449 9,791,359
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dmytro Dubilet
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fintech Farm Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13278476 . The registered office is Rwk Goodman Llp, 69 Carter Lane, London, EC4V 5EQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% Straight Line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into USD at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into USD at the rate ruling on the date of the transaction.Realized exchange differences are taken into account in arriving at the operating profit.
2.5. Functional and presentation currency
The Company's functional currency and presentational currency is USD.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Tangible Assets
Computer Equipment
$
Cost
As at 1 January 2023 -
Additions 3,508
As at 31 December 2023 3,508
Depreciation
As at 1 January 2023 -
Provided during the period 382
As at 31 December 2023 382
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 December 2023 3,126
As at 1 January 2023 -
5. Investments
Unlisted
$
Cost
As at 1 January 2023 8,245,365
Additions 2,353,534
As at 31 December 2023 10,598,899
Provision
As at 1 January 2023 -
Impairment losses 522,176
As at 31 December 2023 522,176
Net Book Value
As at 31 December 2023 10,076,723
As at 1 January 2023 8,245,365
6. Debtors
2023 2022
$ $
Due within one year
Prepayments and accrued income 80,400 -
Guarantee Deposit 1,006,345 3,000,000
VAT 32,587 30,026
Amounts owed by group undertakings 3,126,253 1,304,169
4,245,585 4,334,195
7. Creditors: Amounts Falling Due Within One Year
2023 2022
$ $
Trade creditors 711,083 14,751
Bank loans and overdrafts 47 -
Other taxes and social security 173,885 103,770
Other financial liabilities 102,999 -
Accruals and deferred income 92,300 71,000
Directors' loan accounts 95 95
Amounts owed to group undertakings 765,000 1,407,765
Amounts owed to parent undertaking 2,573,579 -
Payments on account 62,822 -
4,481,810 1,597,381
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
$ $
Convertible Loan 6,562,500 5,000,000
6,562,500 5,000,000
9. Share Capital
2023 2022
Allotted, called up and fully paid $ $
1,000,000 Ordinary Shares of £ 0.00100 each 1,354 1,354
Preference Shares
2023 2022
Allotted, called up and fully paid $ $
388,217 Preference Shares of £ 0.00010 each 389 295
Shares issued during the period: $
104,661 Preference Shares of £ 0.00074 each 105
Shares disposed during the period: $
10,962 Preference Shares of £ 0.00074 each (11)
10. Reserves
The other reserves include equity based payments of 1,609,376.64 USD and the translation differences of 133,118.64 USD.
Page 5