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EFT Finance (Holdings) Ltd

Annual Report and Unaudited Financial Statements

for the Period from 15 May 2023 to 31 March 2024

Registration number: 14868962

 

EFT Finance (Holdings) Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 4

 

EFT Finance (Holdings) Ltd

(Registration number: 14868962)
Statement of financial position as at 31 March 2024

Note

2024
£

Fixed assets

 

Investments

4

4,534,500

Current assets

 

Debtors

5

1,000

Creditors: Amounts falling due within one year

6

(824,500)

Net current liabilities

 

(823,500)

Total assets less current liabilities

 

3,711,000

Creditors: Amounts falling due after more than one year

6

(3,660,000)

Net assets

 

51,000

Capital and reserves

 

Called up share capital

7

1,000

Retained earnings

50,000

Shareholders' funds

 

51,000

For the financial period ending 31 March 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 3 July 2024 and signed on its behalf by:
 

.........................................
Mr G B Viviers
Director

 

EFT Finance (Holdings) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 3 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

EFT Finance (Holdings) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

2024
£

Investments in subsidiaries

4,534,500

Subsidiaries

£

Cost or valuation

Additions

4,534,500

Provision

Carrying amount

At 31 March 2024

4,534,500

5

Debtors

Current

2024
£

Other debtors

1,000

 

1,000

 

EFT Finance (Holdings) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

280,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

544,500

 

824,500

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

3,660,000

7

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £0.10 each

10,000

1,000