Company Registration No. 10233512 (England and Wales)
FINETHICA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
FINETHICA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FINETHICA LTD
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,455
Investments
4
3,000
3,000
3,000
10,455
Current assets
Debtors
5
3,295
60,975
Cash at bank and in hand
10
4,093
3,305
65,068
Creditors: amounts falling due within one year
6
(105,442)
(90,852)
Net current liabilities
(102,137)
(25,784)
Total assets less current liabilities
(99,137)
(15,329)
Creditors: amounts falling due after more than one year
7
(409,830)
(415,003)
Net liabilities
(508,967)
(430,332)
Capital and reserves
Called up share capital
8
3,500
3,500
Profit and loss reserves
(512,467)
(433,832)
Total equity
(508,967)
(430,332)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FINETHICA LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 November 2021
Mr A Sosso
Director
Company Registration No. 10233512
FINETHICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2
Going Concern Disclosure
The director confirms that they consider that the going concern basis remains appropriate. The director has taken steps following the trading impact of Covid19 to ensure financial facilities remain available to the company to enable it to continue to meet it’s liabilities as they fall due, and to best position itself for a period of at least 12 months from the balance sheet date. The company is supported via loans received from private individuals shown in other creditors. The holders of the loan notes have confirmed it is their intention to keep these available for at least 12 months from the balance sheet date. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts
added taxes. Turnover includes revenue earned from the sale of goods and from the rendering
of services.
Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods
has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The
stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the
total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the
outcome of a contract cannot be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual
value, over their expected useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
1.5
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in
the statement of comprehensive income because of items of income or expense that are taxable or deductible in
other year and items that are never taxable or deductible. The company's liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of the reporting period.
FINETHICA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised
for all deductible temporary differences to the extent that it is probable that taxable profits will be available against
which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for
liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the
tax consequences that would follow from the manner in which the Company expects, at the end of the reporting
period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also
recognised in other comprehensive income or directly in equity respectively.
1.6
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date
of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
FINETHICA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2019
4,274
5,010
9,284
Disposals
(4,274)
(5,010)
(9,284)
At 30 June 2020
Depreciation and impairment
At 1 July 2019
890
939
1,829
Depreciation charged in the year
1,068
1,253
2,321
Eliminated in respect of disposals
(1,958)
(2,192)
(4,150)
At 30 June 2020
Carrying amount
At 30 June 2020
At 30 June 2019
3,384
4,071
7,455
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
3,000
3,000
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
598
Other debtors
141
2,897
141
3,495
2020
2019
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
4
47,923
Other debtors
3,150
9,557
3,154
57,480
Total debtors
3,295
60,975
FINETHICA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
39,663
39,663
Amounts owed to group undertakings
18,322
Taxation and social security
80
80
Other creditors
47,377
51,109
105,442
90,852
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
409,830
415,003
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Allotted, Called up and fully paid of £1 each
3,500
3,500
3,500
3,500
9
Related party transactions
During the year amounts were received from Digit Hub Ltd, a company under common control and ownership totalling £3,120. As at 30 June 2020 the company owed Digit Hub Ltd £2,472 (2019: Finethica Ltd was owed £822
).
During the year amounts were received from Digit Hub SRL, a company under common control totalling £36,367. As at 30 June 2020 the company owed Digit Hub SRL £36,121 (2019: Finethica Ltd was owed £2,075
).
10
Ultimate Controlling Party
The company's ultimate controlling party is Mr Paolo Scarpari by virtue of his ownership of 75% or more of the issued
share capital in the company.