Company Registration No. 10054372 (England and Wales)
Traction Fintech Ltd
Unaudited accounts
for the year ended 30 June 2024
Traction Fintech Ltd
Unaudited accounts
Contents
Traction Fintech Ltd
Company Information
for the year ended 30 June 2024
Directors
Sophie Grace Gerber
Quinn Dylan Neill Perrott
Company Number
10054372 (England and Wales)
Registered Office
28 Queen Street
London
EC4R 1BB
England
Traction Fintech Ltd
Accountants' report
Accountants' report to the board of directors of Traction Fintech Ltd on the preparation of the unaudited statutory accounts for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Traction Fintech Ltd for the year ended
30 June 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Traction Fintech Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Traction Fintech Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Traction Fintech Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Traction Fintech Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Traction Fintech Ltd. You consider that Traction Fintech Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Traction Fintech Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Traction Fintech Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
10,770
5,892
Cash at bank and in hand
66,989
41,811
Creditors: amounts falling due within one year
(302,313)
(301,554)
Net current assets/(liabilities)
45,755
(26,481)
Net assets/(liabilities)
56,525
(20,589)
Called up share capital
100
100
Profit and loss account
56,425
(20,689)
Shareholders' funds
56,525
(20,589)
For the year ending 30 June 2024 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by
Sophie Grace Gerber
Director
Company Registration No. 10054372
Traction Fintech Ltd
Notes to the Accounts
for the year ended 30 June 2024
Traction Fintech Ltd is a private company, limited by shares, registered in England and Wales, registration number 10054372. The registered office is 28 Queen Street, London, EC4R 1BB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
The financial accounts have been prepared on a going concern basis, as the company will continue to be profit making for the foreseeable future.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Total
Traction Fintech Ltd
Notes to the Accounts
for the year ended 30 June 2024
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
6
Operating lease commitments
2024
2023
At 30 June 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
36,000
-
Later than one year and not later than five years
3,000
-
7
Transactions with related parties
At the financial period end date Traction Fintech Pte Ltd owes £211,122 (2023 - £189,288) to Traction Fintech Ltd.
Loan from Traction AU balance at the period end date is nil (2023 - £85,599). Traction Fintech Pty Ltd (AU) and Traction Fintech Pte Ltd are related parties due to common control.
During the financial period, Traction Fintech Ltd was charged for consultancy services from Sophie Grace Compliance Ltd and Perrott Regtech Consulting Ltd amounting to £624,000. These companies are related parties due to common control. There are no outstanding creditors at the financial period end date.
The controlling party is Traction Fintech Holdings PTE Ltd (#19-08 Prudential Tower, 30 Cecil Street, Singapore, 049712) by virtue of its 100% shareholding.
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).