Company registration number 14662818 (England and Wales)
FORINVEST TECHNOLOGIES LTD.
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
FORINVEST TECHNOLOGIES LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FORINVEST TECHNOLOGIES LTD.
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
Notes
£
£
Current assets
Debtors
3
5,775
Cash at bank and in hand
3,862
9,637
Creditors: amounts falling due within one year
4
(150,064)
Net current liabilities
(140,427)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(140,527)
Total equity
(140,427)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
E Berkol
Director
Company registration number 14662818 (England and Wales)
FORINVEST TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Forinvest Technologies Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is One Ground Floor, 3 London Square, Cross Lanes, Guildford, Surrey, GU1 1UJ.
1.1
Reporting period
The company was incorporated on 14 February 2023. These are the Company's first set of financial statements and have been prepared for a long period from 14 February 2023 to 29 February 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis.
The directors are aware that the company's balance sheet reflects net current liabilities of £140,427.
Forinvest Yazılım ve Teknoloji Hizmetleri A.Ş. the 100% parent company, has confirmed that it will continue to provide financial support to Forinvest Technologies Ltd to enable it to trade and meet its liabilities as and when they fall due. This support is provided for a period of at least 12 months from the date of signing these financial statements. On this basis, the directors consider that the going concern basis of accounting is appropriate.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
FORINVEST TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
FORINVEST TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 4 -
3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
5,775
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
2,974
Amounts owed to group undertakings
122,744
Other creditors
24,346
150,064
5
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and unpaid
Ordinary shares of £1 each
100
100
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
The company has net liabilities of £140,427 at year end, including £122,744 owed to the parent company.
We draw attention to note 1.3 in the financial statements, which states that the parent company has confirmed in writing its willingness to support the company through its development phase. Repayment of the outstanding balances will be made to the parent company, provided it does not affect the company's current operations.
Senior Statutory Auditor:
Christopher Cairns BSc FCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
14 February 2025
FORINVEST TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 5 -
7
Related party transactions
At the reporting end date the company owed £122,744 to its parent Forinvest Yazılım ve Teknoloji Hizmetleri A.Ş. This includes £2,740 of interest payable for the year.
8
Parent company
The parent company of Forinvest Technologies Ltd is Forinvest Yazılım ve Teknoloji Hizmetleri A.Ş. which has a registered office at Reşitpaşa Mah. Katar Cd. İTÜ Arı Teknokent 3 Binası No: 4, 703 Sarıyer, Istanbul, Turkey.