Fintechos Technology UK Ltd
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 11857916 (England and Wales)
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Company Information
Director
T Blidarus
(Appointed 14 February 2024)
Company number
11857916
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Cooper Parry Group Limited
Chartered Accountants and Statutory Auditors
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Fintechos Technology UK Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,480
67,949
Current assets
Debtors
4
5,004,135
3,495,255
Cash at bank and in hand
108,598
270,055
5,112,733
3,765,310
Creditors: amounts falling due within one year
5
(30,206,498)
(21,268,271)
Net current liabilities
(25,093,765)
(17,502,961)
Net liabilities
(25,058,285)
(17,435,012)
Capital and reserves
Called up share capital
7
20,000
20,000
Share premium account
5,607,195
5,607,195
Profit and loss reserves
(30,685,480)
(23,062,207)
Total equity
(25,058,285)
(17,435,012)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
T  Blidarus
Director
Company Registration No. 11857916
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

FintechOS Technology UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of FintechOS Holding B.V. These consolidated financial statements are available from its registered office, Jan van Goyenkade 8, 1075HP Amsterdam.

1.2
Going concern

During the year, the company made losses of £7,623,273 (2022: £11,600,243) with net liabilities of £25,058,285 (2022: £17,435,012).

 

Within creditors falling due within one year is an amount of £26,473,655 (2022: £19,213,716) due to the parent entity. The parent company has confirmed it will not seek repayment of monies due to it until the company has sufficient funds.

 

The parent company has also confirmed it will provide continued financial support to the company, as required, for the foreseeable future and the group remain a going concern for at least 12 months from approval of these accounts. Consequently, the directors have prepared the financial statements on the going concern basis.

FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, cash in hand and deposits.

1.6
Financial instruments

All of the company's financial assets and liabilities are basic and measured at amortised cost.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Average employees
24
44
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
123,075
Additions
7,533
Disposals
(3,665)
At 31 December 2023
126,943
Depreciation and impairment
At 1 January 2023
55,126
Depreciation charged in the year
39,329
Eliminated in respect of disposals
(2,992)
At 31 December 2023
91,463
Carrying amount
At 31 December 2023
35,480
At 31 December 2022
67,949
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
429,640
2,913,237
Amounts owed by group undertakings
3,694,086
356
Other debtors
147,515
57,189
Prepayments and accrued income
732,894
524,473
5,004,135
3,495,255
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
477,584
205,005
Amounts owed to group undertakings
26,473,655
19,213,716
Taxation and social security
474,137
431,700
Other creditors
73,182
360,997
Accruals and deferred income
2,707,940
1,056,853
30,206,498
21,268,271
6
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,852
53,708

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,852 (2022: £53,708).

 

There were no contributions outstanding at the balance sheet date (2022: £Nil).

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
20,000
20,000
20,000
20,000
8
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 was unqualified.

The auditor was Jacqueline Biggs FCCA ACA (Senior Statutory Auditor) for and on behalf of Haines Watts.
FintechOS Technology UK Ltd
Fintechos Technology UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
140,592
136,346
Between two and five years
35,148
72,600
In over five years
-
0
208,946
175,740
417,892
10
Related party transactions

The Company has taken advantage of the exemption under paragraph 33.1A of FRS102 not to disclose transactions with other wholly owned group members.

11
Ultimate parent company and beneficial owner

The company is a wholly owned subsidiary of Fintech OS SRL, a company incorporated in Romania, which is the ultimate parent company. The registered office is Oregon Park, 46D-46E-48 Pipera Road, Entrance B, 4th Floor, Burcharest, 2nd District, Romania.

2023-12-312023-01-01falsefalsefalse27 February 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityI CostacheT BlidarusOpinion of auditors on entity118579162023-01-012023-12-3111857916bus:Director22023-01-012023-12-3111857916bus:Director12023-01-012023-12-3111857916bus:RegisteredOffice2023-01-012023-12-31118579162023-12-31118579162022-12-3111857916core:OtherPropertyPlantEquipment2023-12-3111857916core:OtherPropertyPlantEquipment2022-12-3111857916core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111857916core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111857916core:ShareCapital2023-12-3111857916core:ShareCapital2022-12-3111857916core:SharePremium2023-12-3111857916core:SharePremium2022-12-3111857916core:RetainedEarningsAccumulatedLosses2023-12-3111857916core:RetainedEarningsAccumulatedLosses2022-12-3111857916core:ComputerEquipment2023-01-012023-12-31118579162022-01-012022-12-3111857916core:OtherPropertyPlantEquipment2022-12-3111857916core:OtherPropertyPlantEquipment2023-01-012023-12-3111857916core:CurrentFinancialInstruments2023-12-3111857916core:CurrentFinancialInstruments2022-12-3111857916core:WithinOneYear2023-12-3111857916core:WithinOneYear2022-12-3111857916core:BetweenTwoFiveYears2023-12-3111857916core:BetweenTwoFiveYears2022-12-3111857916core:MoreThanFiveYears2023-12-3111857916core:MoreThanFiveYears2022-12-3111857916bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111857916bus:FRS1022023-01-012023-12-3111857916bus:Audited2023-01-012023-12-3111857916bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111857916bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP