REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
EFAG LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
38 Craven Street |
London |
WC2N 5NG |
EFAG LIMITED (REGISTERED NUMBER: 07923312) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
EFAG LIMITED (REGISTERED NUMBER: 07923312) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
EFAG Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Other loans |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Other movement | ( |
) |
At 31 January 2024 |
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 |
Other debtors |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2024 |
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 |