0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 710,035 710,035 178,953 178,953 531,082 xbrli:pure xbrli:shares iso4217:GBP 12773734 2023-03-01 2024-02-28 12773734 2024-02-28 12773734 2023-02-28 12773734 2022-03-01 2023-02-28 12773734 2023-02-28 12773734 2022-02-28 12773734 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-28 12773734 bus:Director1 2023-03-01 2024-02-28 12773734 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-28 12773734 core:WithinOneYear 2024-02-28 12773734 core:WithinOneYear 2023-02-28 12773734 core:ShareCapital 2024-02-28 12773734 core:ShareCapital 2023-02-28 12773734 core:SharePremium 2024-02-28 12773734 core:SharePremium 2023-02-28 12773734 core:RetainedEarningsAccumulatedLosses 2024-02-28 12773734 core:RetainedEarningsAccumulatedLosses 2023-02-28 12773734 bus:SmallEntities 2023-03-01 2024-02-28 12773734 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 12773734 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 12773734 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 12773734 bus:FullAccounts 2023-03-01 2024-02-28 12773734 core:AllAssociates 2023-03-01 2024-02-28 12773734 core:KeyManagementPersonnel 2023-03-01 2024-02-28
COMPANY REGISTRATION NUMBER: 12773734
Financial Tech Services Ltd.
Filleted Unaudited Financial Statements
28 February 2024
Financial Tech Services Ltd.
Financial Statements
Year ended 28 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Financial Tech Services Ltd.
Statement of Financial Position
28 February 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
531,082
Current assets
Debtors
6
125,858
405,605
Cash at bank and in hand
1,602
61,600
---------
---------
127,460
467,205
Creditors: amounts falling due within one year
7
3,322,612
2,225,446
------------
------------
Net current liabilities
3,195,152
1,758,241
------------
------------
Total assets less current liabilities
( 2,664,070)
( 1,758,241)
------------
------------
Net liabilities
( 2,664,070)
( 1,758,241)
------------
------------
Capital and reserves
Called up share capital
346
346
Share premium account
1,485,202
1,485,202
Profit and loss account
( 4,149,618)
( 3,243,789)
------------
------------
Shareholders deficit
( 2,664,070)
( 1,758,241)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Financial Tech Services Ltd.
Statement of Financial Position (continued)
28 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr F Alblehed
Director
Company registration number: 12773734
Financial Tech Services Ltd.
Notes to the Financial Statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Cannon Street, 4th Floor, London, EC4M 5SB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2023 : 2).
5. Intangible assets
Development costs
£
Cost
Additions
710,035
---------
At 28 February 2024
710,035
---------
Amortisation
Charge for the year
178,953
---------
At 28 February 2024
178,953
---------
Carrying amount
At 28 February 2024
531,082
---------
At 28 February 2023
---------
6. Debtors
2024
2023
£
£
Other debtors
125,858
405,605
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
509,569
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,508,111
736,740
Other creditors
814,501
979,137
------------
------------
3,322,612
2,225,446
------------
------------
8. Related party transactions
At the year end, the company owed £2,508,111 (2023 : £736,740) to a company within common control. At the year end, the company owed a director £736,817 (2023 : £736,817).
9. Controlling party
The company is a wholly owned subsidiary of Onmo Holdings , which is the parent entity incorporated in the Cayman Islands, whose registered office is P.O.BOX 309 Ugland House, Grand Cayman, KY1-1104, KY .