The directors present the strategic report for the year ended 31 December 2021.
The Company’s principal activity was dealing in investments as principal (matched-principal broker). The Company is authorised and regulated by the Financial Conduct Authority (‘FCA’).
The performance for the year, and the position at 31 December 20 21 , are considered to be satisfactory and the directors are optimistic about the future as the business seeks to continue to grow its client base in the UK.
During the year the Company maintained low cost base strategy. The directors are confident that with the low cost, together with a growing UK client base, the Company will continue to trade successfully in the future.
The company does not rely on any specific KPI's, instead relying on good general financial management with regards to debtors control, working capital levels and cost control. The directors are pleased with the performance over each of these areas in the period.
In accordance with the rules of the Financial Conduct Authority, the Company has published information on its risk management objectives and policies on its regulatory capital requirements and resources. These disclosures can be reviewed at the following website address; https://www.ironfx.co.uk/en
The directors are confident about the future of the Company and its financial position that will allow it to grow its operations in the future.
Following a prudent approach to growth over the years, the directors are satisfied that the Company has maintained a sound business model, driven by the wider group’s experience in the foreign exchange markets, which will allow the Company to provide its products to a wide ranging market.
The directors of the company have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its shareholders, employees and customers as a whole, and in doing so, the directors have considered (amongst other matters):
the likely consequences of any decision in the long term,
the interest of the company's employees,
the need to foster the company's business relationships with customer and others,
the impact of the company's operations on the community and environment,
the desirability of the company maintaining a reputation for high standards of business conduct, and
the need to act fairly among shareholders, employees and customers of the company.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2021.
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Cannon Place, 78 Cannon Street, London EC4N 6HN).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditor of the company as at the year end represent aged trade creditors balances base on the amount invoiced by the suppliers and remain payable to the suppliers until settled either by cash consideration or alternate settlement.
Cash flow risks are that the company does not have sufficient financial resources to meet its obligations as they fall due. The company has controls in place to minimise the risk.
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The Company’s principal foreign currency exposures arise from trading with overseas companies and transactions in currencies other than US Dollar. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in US Dollar.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
Price risk is defined as the risk that exposures to excessive price fluctuations in positions held by the company would cause a material loss to arise. All client positions are simultaneously matched with liquidity providers and hence this risk is mitigated.
There have been no significant events affecting the company since the year end.
The directors are confident about the company's progress and believe the company is well placed to make further progress during the coming year. The company will continue to expand its client size by means of organic growth.
The auditor, Fisher, Sassoon & Marks, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Notesco UK Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies . The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard , and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit :
the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements ; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport .
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements , the directors are responsible for assessing the company ' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements .
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Conduct Authority (FCA), Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates as set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the FCA and reviewing the company’s compliance monitoring procedures and findings.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
The income statement has been prepared on the basis that all operations are continuing operations.
Notesco UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Broadgate Tower, Floor 12, 20 Primrose Street, London, United Kingdom, EC2A 2EW. The company's principal activities and nature of its operations are disclosed in the directors' report.
The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest US $.
The IFRS financial information has been drawn up on the basis of accounting standards, interpretations and amendments effective at the beginning of the accounting period.
IFRS 17 “Insurance Contracts”, effective from 1 January 2023 (deferred from 1 January 2021)
Property, Plant and Equipment: Proceeds before intended use – Amendments to IAS 16 (effective from 1 January 2022)
Reference to the Conceptual Framework – Amendments to IFRS 3 (effective from 1 January 2022)
Onerous Contracts – Cost of Fulfilling a Contract Amendments to IAS 37 (effective from 1 January 2022)
Annual Improvements to IFRS Standards IFRS 9 Financial Instruments, IFRS 16 Leases, IFRS 1 First-time Adoption of International Financial Reporting Standards and IAS 41 (effective from 1 January 2022)
Classification of Liabilities as Current or Non-current – Amendments to IAS 1, 1 January 2023 (deferred from 1 January 2022)
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2 (effective from 1 January 2023)
Definition of Accounting Estimates – Amendments to IAS 8 (effective from 1 January 2023)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 (effective from 1 January 2023)
There have been no new standards, interpretations or amendments effective during the period adopted by the Company as they would not have had a material impact on the Company financial statements .
The Directors do not anticipate that future Standards will have a material impact on the Company financial statements.
Amounts receivable for services provided under a service level agreement, which excludes value added tax. Revenue is recognised as earned when, and to the extent that, the Company obtains the right to consideration. Revenue not billed is included in unbilled receivables and payments on account in excess of the relevant amount of revenue are included in trade and other payables.
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 recognised in the income statement .
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the c ompany uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the c ompany. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either ' financial liabilities at fair value through profit or loss ' or ' other financial liabilities ' .
Other financial liabilities, including borrowings , t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method . For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable and deferred tax.
Client money
The Company holds money on behalf of clients in accordance with the client money rules of the Financial Conduct Authority. Client monies held in segregated bank accounts in accordance with regulations and the corresponding liabilities to these clients are not recognised in the Balance Sheet.
Comparatives
Comparative figures have been re-disclosed to conform with changes in the presentation for the current year. Refer to note 27 for details.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
An analysis of the company's revenue is as follows:
The total revenue of the Company, for both the current and prior financial year, has been derived from its principal activity driven from the United Kingdom, including revenues earned from the provision of online retail foreign exchange trading and related services from the Company’s UK trading platform.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
The company has estimated tax losses of US$ nil (20 20 : US$ 49,269 ) available to carry forward to offset against future profits.
O ther receivables disclosed above are classified as receivables, and are therefore measured at amortised cost.
Amounts of US$ 14,480 (20 20 : US$ 14,574 ), included in other receivables represent rent deposits under short term operating lease commitments.
Amounts due from related parties are unsecured, interest free and re payable on demand . For details relating to the amounts owed by related parties refer to related party transactions note.
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Prepayments for the year and the comparative has been disclosed separately.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
The deferred tax asset at 31 December 20 21 has arisen due to temporary timing differences that have originated on the non-current assets of the Company, resulting in an obligation to pay less tax in the future.
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
The trade payables comprise of amounts outstanding of trade purchases and on-going costs. No interest is charged on the trade payables. The Company has financial risk management policies in place to ensure that all payables are paid.
Amounts due to related parties are unsecured, interest free and payable on demand . For details relating to the amounts owed to related parties refer to related party transactions note.
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
Accruals for the year and the comparative has been disclosed separately .
During the year, the Company assessed the aging of unclaimed balances from old vendors. An amount of US$nil, which has been unclaimed for over six years has been deemed by the Company to have expired based on the applicable statutes of limitation in the relevant jurisdictions since the vendors no longer have the right to legally claim the balances. In accordance with IFRS, liabilities are written off to the Statement of Financial Position when they are waived, cancelled or expired. However, the Board of Directors did not proceeded with any write off since the Company is currently under negotiations with the vendor.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The directors have considered the book values and fair values of the Company’s financial assets and liabilities as at 31 December 2021 and consider them to be approximate to their book value owing to the short term maturity of these instruments and the current low interest rate environment.
The total costs charged to income in respect of defined contribution plans is US $6,177 (2020 - US $8,542).
Financial risk management objectives
The overarching objective of the directors is to have a risk management policy to be able to identify and assess the business risks in achieving the Company’s, and wider group’s, strategic objectives, establishing appropriate internal controls to manage those risks and ensuring that appropriate monitoring and reporting systems are in place. These controls are to be continually reviewed.
Following a variation in its regulatory permissions with the Financial Conduct Authority, allowing the Company from October 2014 to dealing in investments as agent and as principal (matched principal broker), the directors have had regard to the changing business model of the Company. While the existing controls were considered appropriate for the Company’s extended operations, the directors have been conscious of ensuring that the Company’s systems and controls evolve with its change in operations, continually seeking to improve its risk management policy.
Capital risk management
The Company manages its capital to ensure that the Company will be able to continue as a going concern and meet the regulatory capital requirements imposed by the Financial Conduct Authority. The capital structure of the Company consists of the equity of the Company (comprising issued capital plus retained earnings). The Company is currently capitalised at a level comfortably in excess of the minimum regulatory capital required at the end of 31 December 20 21 and it has always been the prudent decision to maintain a healthy capital surplus to cover any unforeseen increases in cost. The directors monitor management accounts on a frequent basis to ensure that an appropriate level of capital and cash resources are maintained to meet regulatory requirements. The cost base of the Company has decreased during 20 21 to a level at 31 December 20 21 which is thought to be reflective of the ongoing cost basis for the foreseeable future.
Therefore the directors are comfortable that the current capitalisation of the Company is appropriate for the operation of the business, but are also aware that further capital would be made available in the event that it is thought prudent to capitalise the Company further for regulatory purposes.
The Company is exposes to foreign exchange risk as certain transactions and balances are mainly in Sterling, Euro, Czech Crown and Japanese Yen and therefore it has currency risk exposure to fluctuations in exchange rates. These fluctuations do not have a material impact on the financial statements at 31 December 2021, and will be continually reviewed by the directors as the business continues to grow its UK client base and operations.
The directors are responsible for managing the Company’s exposure to foreign currency risk by monitoring the exposure on all foreign currency denominated assets and liabilities. Foreign currency risk, as defined by IFRS 7, arises as the value of future transactions fluctuate due to changes in foreign exchange rates. The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows (Other currencies reported in US$):
At 31 December 2021, had the exchange rate between US Dollars and Sterling, Euro, Czech Crown, Zloty, Japanese Yen Swiss Franc, Rupiah and Brazilian real increased or decreased by 5% with all other variables held constant, the increase or decrease respectively in net assets attributable to the Company’s operations would amount to approximately US$ 41,693 (20 20 : US$ 11,716 ).
Price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk and currency risk).
The Company is exposed to price risk by virtue of its financial instruments that are traded as contracts for difference and spread betting contracts. However, the positions at any point are mitigated through matched positions held with counterparties, notably the Company’s liquidity providers.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fluctuations of market interest affect the prices of securities.
The Company’s management monitors the interest rate fluctuations and acts accordingly, however it does not consider interest rate risk as significant since it does not hold any material interest bearing assets and liabilities. Furthermore, the interest rates applying to the UK are currently minimal and therefore have negligible impact.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk is monitored by management on an ongoing basis with respect to trading positions. The directors address credit risk in a number of ways including:
aiming to maintain a diversified client portfolio thus avoiding high concentration and exposure to a small number of clients;
ensuring that clients cannot begin to trade unless money has been deposited into clients’ account; and
ensuring that the necessary margin is tied for any open positions.
Furthermore, the credit risk that arises from client positions is further reduced by the Company’s policies and tools, which include manual and automatic stop loss limits in order to prevent any open positions exceeding the Company’s pre-set margin.
The directors manage cash flow risk by regularly monitoring the amounts outstanding and calling on funds to enable the Company to meet liabilities as they fall due. Any c ash deposits with banks are held with a major international banking group with reported substantial financial strength and high grade credit ratings assigned by international credit-rating agencies.
Liquidity risk
Liquidity risk refers to the risk of not having sufficient resources to enable the Company to meet its obligations as they fall due.
Ultimate responsibility for liquidity risk management rests with the directors, who will manage the Company’s short, medium and long-term funding and liquidity management requirements.
The Company aims to maintain a healthy level of liquidity at all times and the directors regularly monitor cash flow and management accounts to ensure that the Company maintains adequate working capital, therefore the directors do not consider liquidity risk to be significant.
Operational risk
Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external factors. This is considered to be a key risk for management during the year, as the directors have set to put in place controls and systems that are able to deal with both the growing business operations and also the regulatory requirements of the Company.
The directors draw on experience in the industry on a group wide basis and ensure that significant strategic decisions made by management are continually monitored. Management formally communicates duties and responsibilities to employees through regular meetings, seminars and trainings .
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
The remuneration of the directors and key management personnel, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures .
During the year, the company earned management fee revenue amounting to US$ 863,071 (20 20 : US$ 431,449 ) from Notesco Financial Services Ltd under a formal s ervice -l evel a greement (SLA) . Notesco Financial Services Ltd is a company registered in Cyprus and related by virtue of common ownership. At the year end, the Company was owed an amount of US$ 1,938,704 (20 20 : US$ 2,383,366 ) by Notesco Financial Services Ltd, representing trading and service fees due, less advances received. This amount is interest free and repayable on demand.
At the year end, the Company was owed an amount of US$ 2,000 (20 20 : US$ 2,000) from group Company GVS (BVI) Ltd, a company based in British Virgin Islands. This amount represents expenses paid by the company.
At the year end, the Company owed an amount of US$ 46,215 (20 20 : US$ 46,215 ) to group Company Notesco Pty Limited, a company based in Australia. This amount is interest free and repayable on demand .
At the year end, the Company owed an amount of US$ 121,256 (20 20 : US$ 43,348 ) to group Company Noteris Services Ltd, a company based in Cyprus . This amount is interest free and repayable on demand .
At the year end, the Company owed an amount of US$ 1,001 (20 20 : US$ 1,001 ) to Damadah Holding Ltd, a Group company based in Cyprus. This amount is interest free and repayable on demand.
At the year end, the Company was owed an amount of US$ 1,001 (20 20 : US$ 1,001) by group Company 8SAFE (BVI) LTD, a company based in British Virgin Islands. This amount is interest free and repayable on demand.
At the year end, the Company was owed an amount of US$ 188 (2020: US$ nil) from group Company Notesco SA (Pty) Ltd, a company based in South Africa. This amount represents transfer between client’s equity.
At the year end, the Company owed an amount of US$2,715 (2020: US$ nil) to in 8Safe International Limited, its shareholder. This amount represents deposit made from the shareholder.
The most significant subsequent events have been related to the ongoing global pandemic diffusion of COVID-19. Management has considered the possible impact and have taken appropriate measures to mitigate any potential interruption to the business.
There are no other matters to report .