Company No:
Contents
DIRECTOR | P J Perkins |
J B Shah (Resigned 30 April 2024) |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
United Kingdom |
COMPANY NUMBER | 06538527 (England and Wales) |
Note | 31.08.2024 | 28.02.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
30,939 | 388,451 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
917,458 | 896,956 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 761,621 | 680,395 | ||
Total assets less current liabilities | 792,560 | 1,068,846 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fintec Group Limited (registered number:
P J Perkins
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Fintec Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has extended the current accounting period end date from 28 February 2024 to 31 August 2024. The period is 18 months long. This means that the comparative amounts presented in the financial statements (including relating notes) are not entirely comparable.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that no subsidiary of the group of which this is the parent need be included in the consolidation, by virtue of being dormant.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Trade and other debtors are initially recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and 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 profit and loss 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is charges so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives as follows:
Rental equipment - straight line over the term of the rental agreement
Computer equipment - 33.33% straight line
Office equipment - 33.33% straight line
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Period from 01.03.2023 to 31.08.2024 |
Year ended 28.02.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the company during the period, including the director |
|
|
Office equipment | Computer equipment | Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 March 2023 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
Disposals |
|
|
(
|
(
|
|||
At 31 August 2024 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 March 2023 |
|
|
|
|
|||
Charge for the financial period |
|
|
|
|
|||
Disposals |
|
|
(
|
(
|
|||
At 31 August 2024 |
|
|
|
|
|||
Net book value | |||||||
At 31 August 2024 |
|
|
|
|
|||
At 28 February 2023 |
|
|
|
|
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
Subsidiary undertakings |
|
|
Investments in subsidiaries
31.08.2024 | |
£ | |
Cost | |
At 01 March 2023 |
|
Additions |
|
Disposals | (
|
At 31 August 2024 |
|
Carrying value at 31 August 2024 |
|
Carrying value at 28 February 2023 |
|
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.08.2024 |
Ownership 28.02.2023 |
|
England and Wales | Head office activities |
|
|
|
|
England and Wales | Head office activities |
|
|
|
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by parent undertakings |
|
|
|
Deferred tax asset |
|
|
|
Other debtors |
|
|
|
|
|
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
Bank overdrafts |
|
|
|
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
Amounts owed to director |
|
|
|
Other loans |
|
|
|
|
|
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
At the beginning of financial period/year |
|
|
|
(Charged)/credited to the Profit and Loss Account | (
|
|
|
At the end of financial period/year |
|
|
Transactions with the entity's director
31.08.2024 | 28.02.2023 | ||
£ | £ | ||
Loan balance | 20,000 | 139,425 |
A director has a loan to the company, which remains outstanding. During the year an additional loan of £60,000 was made by the director, and the company repaid £179,425 (2023 - £nil). The loan is repayable on demand.
Parent Company:
|
Epsilon House The Square, Gloucester Business Park, Brockworth, Gloucester, England, GL3 4AD |