Contents of the Financial Statements
for the Period Ended 31 December 2023
Balance sheet
As at
31 December 2023
|
Notes
|
2023
|
2022
|
|
|
£
|
£
|
Fixed assets |
Intangible assets: |
3 |
191,467
|
241,255
|
Tangible assets: |
4 |
92,617
|
101,735
|
Total fixed assets: |
|
284,084
|
342,990
|
Current assets |
Debtors: |
|
890,662
|
1,651,378
|
Cash at bank and in hand: |
|
1,375,969
|
1,552,574
|
Total current assets: |
|
2,266,631
|
3,203,952
|
Creditors: amounts falling due within one year: |
|
(1,870,068)
|
(2,973,417)
|
Net current assets (liabilities): |
|
396,563
|
230,535
|
Total assets less current liabilities: |
|
680,647
|
573,525
|
Total net assets (liabilities): |
|
680,647
|
573,525
|
Capital and reserves |
Called up share capital: |
|
17,323,972
|
13,180,972
|
Profit and loss account: |
|
(16,643,325)
|
(12,607,447)
|
Shareholders funds: |
|
680,647
|
573,525
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2023 the company was entitled to exemption 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 this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
30 December 2024
and signed on behalf of the board by:
Name:
Konstantin Zaripov
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Revenue Recognition
Revenue is recognised when control of the services provided is transferred to the customer. The amount of revenue recognised is the amount the company expects to be entitled to in exchange for these services.
Revenue over time: Revenue is recognised over time if the performance obligations specified in the contract are satisfied over time.
Revenue at a point in time: Revenue is recognised at a specific point in time when the performance obligations specified in the contract have been fulfilled.
Rendering of Services
Revenue is recognised over time if any of the following criteria are met:
The customer simultaneously receives and consumes the benefits provided by the company as it performs its obligations.
The company creates or enhances an asset that is controlled by the customer.
The company does not create an asset with alternative use and has an enforceable right to payment for performance completed to date.
For performance obligations that do not meet the criteria for recognition over time, revenue is recognised at a point in time when control is transferred to the customer.Tangible fixed assets and depreciation policy
Tangible Fixed Assets Depreciation Policy
Tangible Fixed Assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to its intended operational state.
Depreciation
Depreciation is charged to allocate the cost of assets, less their residual value, over their estimated useful lives using the straight-line method.
Depreciation rate:
Office equipment: 33%.
The residual values, useful lives, and depreciation methods are reviewed and adjusted prospectively if necessary, or when significant changes occur since the last reporting date.
Disposals
Gains or losses on disposals are calculated as the difference between the proceeds and the carrying amount and are recognised in profit or loss.Intangible fixed assets and amortisation policy
Intangible Fixed Assets Amortisation Policy
Intangible Assets
Intangible assets are initially recognised at cost. Subsequently, under the cost model, intangible assets are measured at cost less accumulated amortisation and impairment losses.
Intangible assets are considered to have a finite useful life.
If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 (ten) years.Other accounting policies
Other Accounting Policies
Foreign Currency Translation
Functional and Presentation Currency: The functional and presentation currency of the company is GBP.
Transactions and Balances:
Foreign currency transactions are translated into GBP at spot exchange rates at the date of the transaction.
At each period end, monetary items are translated using the closing rate, while non-monetary items measured at historical cost are translated using the exchange rate at the transaction date.
Operating Leases: The Company as Lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest Income
Interest income is recognised in profit or loss using the effective interest method.
Finance Costs
Finance costs are recognised in profit or loss over the term of the debt using the effective interest method, ensuring a consistent rate on the carrying amount.
Pensions: Defined Contribution Plan
The company operates a defined contribution pension plan, where fixed contributions are made to a separate entity. Once contributions are made, the company has no further payment obligations. Unpaid contributions are recorded as liabilities, while the plan assets are held independently.
Taxation
Tax is recognised in profit or loss unless it relates to items recognised in other comprehensive income or directly in equity. The current tax charge is calculated based on enacted or substantively enacted tax rates by the reporting date.
Debtors
Short-term debtors are measured at the transaction price, less impairment. Loans receivable are initially recognised at fair value and subsequently at amortised cost using the effective interest method.
Cash and Cash Equivalents
Cash includes cash in hand and deposits repayable on demand. Cash equivalents are highly liquid investments with a maturity of three months or less from the acquisition date.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, such as bank loans, are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.
Financial Instruments
The company applies the provisions of Section 11 (Basic Financial Instruments) of FRS 102 to all financial instruments and recognises them when it becomes party to the contractual provisions.
Basic Financial Assets: Includes trade receivables, cash, and bank balances, measured at amortised cost using the effective interest method, less impairment.
Basic Financial Liabilities: Includes trade payables, bank loans, and other loans, initially recognised at transaction price and subsequently measured at amortised cost.
For trade payables, discounting is omitted where the effect is immaterial.
Notes to the Financial Statements
for the Period Ended 31 December 2023
2. Employees
|
2023 |
2022 |
Average number of employees during the period |
40
|
20
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
3. Intangible Assets
|
Total |
Cost |
£ |
At 01 January 2023 |
409,712
|
Additions |
15,753
|
At 31 December 2023 |
425,465
|
Amortisation |
|
At 01 January 2023 |
168,457
|
Charge for year |
65,541
|
At 31 December 2023 |
233,998
|
Net book value |
|
At 31 December 2023 |
191,467
|
At 31 December 2022 |
241,255
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
4. Tangible Assets
|
Total |
Cost |
£ |
At 01 January 2023 |
121,878
|
Additions |
1,025
|
Disposals |
(1,429)
|
At 31 December 2023 |
121,474
|
Depreciation |
|
At 01 January 2023 |
20,143
|
Charge for year |
9,032
|
Other adjustments |
(318)
|
At 31 December 2023 |
28,857
|
Net book value |
|
At 31 December 2023 |
92,617
|
At 31 December 2022 |
101,735
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
5. Post balance sheet events
POST BALANCE SHEET EVENTS
On the 27 Oct 2023 company the Company has agreed with the Authority that it will not without prior written consent of the Authority, on-board any new retail customers or allow new incoming funds from retail customers for the purposes of the issuance of electronic money or providing payment services (as defined under the Electronic Money Regulations 2011)
On the 28th of March 2024, the company with immediate effect, undertook:
a. Not to onboard any new corporate customers;
b. To refrain from accepting any new funds from existing corporate customers for the purposes of the issuance of electronic money or providing payment services, except where specifically agreed with the Authority;
c. To ensure that all relevant funds are appropriately ringfenced in a designated safeguarding account(s);
d. To place in a prominent place on its website and any other communication channels (including, but not limited to, social media) by noon on Monday 8 April 2024 a notice setting out the terms and effects of the Voluntary Undertaking in a form to be agreed in advance with the Authority;
e. By noon on Monday 8 April 2024, to notify in writing all its corporate customers of the imposition and effect of the Voluntary Undertaking in a form to be agreed in advance with the Authority;
f. To secure and preserve all records and/or information (physical or electronic) relating to electronic money services from its systems in their original form, or in a copy proved to be identical to the source material. These must be retained in a form and at a location within the United Kingdom, to be notified to the Authority in writing by noon on Monday 8
April 2024 such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request;
g. To provide the Authority with a list of the Firm’s existing corporate customers at the time of signing the Voluntary Undertaking, followed by weekly updates by 3pm every Friday (except public holidays) specifying the Firm’s number of corporate customers, overall corporate customer balance held (in aggregate) and value of any refunds received by
corporate customers; and
h. That the Firm’s CEO will provide written confirmation fortnightly to the Authority by 3pm on Fridays (except public holidays) that it is in compliance with this Voluntary Undertaking. The Firm will remain bound by the Voluntary Undertaking until such time as it is notified in writing by the Authority that they cease to apply.
Company was acquired by Nebeus Group in 2024, following Change of Control approval by FCA issued in Dec 2024. Since then Company has undergone an extensive remediation program across all functions.