Registered number:
09595951
THE FINANCE GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
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THE FINANCE GROUP LIMITED
REGISTERED NUMBER:
09595951
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
20 February 2019
.
................................................
E Kerimovs
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THE FINANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
The Finance Group Limited is a private company limited by shares and registered in England & Wales. The address of it's registered office is 63 St Mary Axe, London, EC3A 8AA.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue comprises interest receivable and other services and is recognised in the statement of comprehensive when income is probable and can be reliably measured.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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THE FINANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was
1
(2017 -
1
)
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THE FINANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
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Charge for the year on owned assets
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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THE FINANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
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Allotted, called up and fully paid
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100
(2017 -
100
)
Ordinary shares of €
0.01
each
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500,000
(2017 - Nil)
)
Ordinary Euro shares of €
1.00
each
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During the year, 500,000 Ordinary Euro shares were issued at par for a cash consideration.
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Transactions with directors
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Included in other directors is an amount of €6,742 (2017: €Nil) owed by the director E Kerimovs. The balance was repaid within 9 months after the year end.
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Related party transactions
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During the year, the company repaid €228,000 of the loan from SIA The Finance Group, a company of which the director E Kerimovs is also a member of the board. Interest amounting to €13,047 (2017: €4,327) was accrued on the loan during the year. At the statement of financial position date, the company owed SIA The Finance Group €272,000 (2017: €500,000).
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During the year the company was controlled by E Kerimovs, the director of the company.
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