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Company No: 06538527 (England and Wales)

FINTEC GROUP LIMITED

Unaudited Financial Statements
For the financial period from 01 March 2023 to 31 August 2024
Pages for filing with the registrar

FINTEC GROUP LIMITED

Unaudited Financial Statements

For the financial period from 01 March 2023 to 31 August 2024

Contents

FINTEC GROUP LIMITED

COMPANY INFORMATION

For the financial period from 01 March 2023 to 31 August 2024
FINTEC GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 March 2023 to 31 August 2024
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)
FINTEC GROUP LIMITED

BALANCE SHEET

As at 31 August 2024
FINTEC GROUP LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 31.08.2024 28.02.2023
£ £
Fixed assets
Tangible assets 3 29,939 388,450
Investments 4 1,000 1
30,939 388,451
Current assets
Debtors 5 881,932 811,405
Cash at bank and in hand 35,526 85,551
917,458 896,956
Creditors: amounts falling due within one year 6 ( 155,837) ( 216,561)
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 ( 138,395) ( 139,425)
Net assets 654,165 929,421
Capital and reserves
Called-up share capital 3,128,037 3,128,037
Profit and loss account ( 2,473,872 ) ( 2,198,616 )
Total shareholders' funds 654,165 929,421

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 06538527) were approved and authorised for issue by the Director on 04 April 2025. They were signed on its behalf by:

P J Perkins
Director
FINTEC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2023 to 31 August 2024
FINTEC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2023 to 31 August 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Turnover

Turnover comprises the value of the consideration received or receivable from the lease of office equipment. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

Taxation

Current tax
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.

Group accounts not prepared

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.

Fixed asset investments

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

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

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 and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non- current liabilities.

Trade creditors are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the company is presented 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.

Tangible fixed assets

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

Defined contribution pension obligation

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.

2. Employees

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 3 4

3. Tangible assets

Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 March 2023 3,221 4,032 2,546,361 2,553,614
Additions 100 0 0 100
Disposals 0 0 ( 958,234) ( 958,234)
At 31 August 2024 3,321 4,032 1,588,127 1,595,480
Accumulated depreciation
At 01 March 2023 1,077 2,945 2,161,142 2,165,164
Charge for the financial period 2,243 1,006 333,658 336,907
Disposals 0 0 ( 936,530) ( 936,530)
At 31 August 2024 3,320 3,951 1,558,270 1,565,541
Net book value
At 31 August 2024 1 81 29,857 29,939
At 28 February 2023 2,144 1,087 385,219 388,450

4. Fixed asset investments

31.08.2024 28.02.2023
£ £
Subsidiary undertakings 1,000 1

Investments in subsidiaries

31.08.2024
£
Cost
At 01 March 2023 1
Additions 1,000
Disposals ( 1)
At 31 August 2024 1,000
Carrying value at 31 August 2024 1,000
Carrying value at 28 February 2023 1

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.08.2024
Ownership
28.02.2023
Itec Europe Limited England and Wales Head office activities Ordinary 0.00% 100.00%
Partner Collective Limited England and Wales Head office activities Ordinary 100.00% 0.00%

5. Debtors

31.08.2024 28.02.2023
£ £
Trade debtors 32,869 246,699
Amounts owed by parent undertakings 404,000 4,000
Deferred tax asset 414,517 477,954
Other debtors 30,546 82,752
881,932 811,405

6. Creditors: amounts falling due within one year

31.08.2024 28.02.2023
£ £
Bank overdrafts 0 1,073
Trade creditors 92,285 50,137
Other taxation and social security 15,318 82,202
Other creditors 48,234 83,149
155,837 216,561

7. Creditors: amounts falling due after more than one year

31.08.2024 28.02.2023
£ £
Amounts owed to director 20,000 139,425
Other loans 118,395 0
138,395 139,425

There are no amounts included above in respect of which any security has been given by the entity.

8. Deferred tax

31.08.2024 28.02.2023
£ £
At the beginning of financial period/year 477,954 430,837
(Charged)/credited to the Profit and Loss Account ( 63,437) 47,116
At the end of financial period/year 414,517 477,954

9. Related party transactions

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.

10. Ultimate controlling party

Parent Company:

Investment Fintec Group Limited
Epsilon House The Square, Gloucester Business Park, Brockworth, Gloucester, England, GL3 4AD