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REGISTERED NUMBER: 07923312 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

EFAG LIMITED

EFAG LIMITED (REGISTERED NUMBER: 07923312)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EFAG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: G Addessi
A Orru





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 07923312 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG

EFAG LIMITED (REGISTERED NUMBER: 07923312)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,505 2,918
Investments 5 63,612 65,862
66,117 68,780

CURRENT ASSETS
Debtors 6 93,105 74,791
Cash at bank and in hand 254,047 361,193
347,152 435,984
CREDITORS
Amounts falling due within one year 7 (30,611 ) (40,292 )
NET CURRENT ASSETS 316,541 395,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,658

464,472

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 382,558 464,372
SHAREHOLDERS' FUNDS 382,658 464,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 profit or loss 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.

EFAG LIMITED (REGISTERED NUMBER: 07923312)

BALANCE SHEET - continued
31 JANUARY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





G Addessi - Director


EFAG LIMITED (REGISTERED NUMBER: 07923312)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

EFAG Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Revenues from rendering of services are recognized when it is probable that an economic benefit associated with the transaction will flow to the entity and the amount of revenue can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment: 33.33% SL basis

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

EFAG LIMITED (REGISTERED NUMBER: 07923312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

EFAG LIMITED (REGISTERED NUMBER: 07923312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 10,007
Additions 1,506
At 31 January 2024 11,513
DEPRECIATION
At 1 February 2023 7,089
Charge for year 1,919
At 31 January 2024 9,008
NET BOOK VALUE
At 31 January 2024 2,505
At 31 January 2023 2,918

5. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Shares in group undertakings 6,811 6,811
Other investments not loans 38,737 38,737
Other loans 18,064 20,314
63,612 65,862

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 6,811
NET BOOK VALUE
At 31 January 2024 6,811
At 31 January 2023 6,811

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Alicorn IV (KNF IV) LLP 38,737 38,737

EFAG LIMITED (REGISTERED NUMBER: 07923312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. FIXED ASSET INVESTMENTS - continued
Other
loans
£   
At 1 February 2023 20,314
Other movement (2,250 )
At 31 January 2024 18,064

The company has irrevocably and unconditionally subscribed for US $25,000 in nominal amount of Class C unsecured convertible loan notes 2021 in Mocha Technology Holdings Limited.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 84,378 74,611
Other debtors 8,007 -
VAT 720 180
93,105 74,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,729 -
Tax 24,769 32,328
Other creditors 214 214
Accrued expenses 3,899 7,750
30,611 40,292

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

9. RESERVES
Retained
earnings
£   

At 1 February 2023 464,372
Profit for the year 188,731
Dividends (270,545 )
At 31 January 2024 382,558

EFAG LIMITED (REGISTERED NUMBER: 07923312)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. RELATED PARTY DISCLOSURES

As at year end, the company was due £54,959 (2023: £53,078) from EFG IT Solutions Limited, a company under common control. A provision for bad debt of £46,952 was made against this amount. The loan is payable on demand and bears no interest.

At the end of the reporting period the company was owed £84,378 (2023: £68,484) from EFG ITALIA Srl, a subsidiary undertaking registered in Italy. The amount represents the outstanding balance from trading transactions.

During the reporting year the company supplied consultancy services to EFG Italia srl for £208,946 (2023: £203,929) and received dividend income of £136,524 (2023: £136,070 ).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Addessi.