Registration number:
Griffin Financial Technology Ltd
for the Year Ended 30 June 2021
Griffin Financial Technology Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Griffin Financial Technology Ltd
Company Information
Directors |
A Rohner W Jarvis P Forster J Weguelin A J Kirk D Maclennan T L M Gutfreund N Trickey |
Company secretary |
OHS Secretaries Limited |
Registered office |
|
Griffin Financial Technology Ltd
(Registration number: 10842931)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
8 |
5 |
|
Share premium reserve |
9,565,973 |
3,122,978 |
|
Profit and loss account |
(4,976,861) |
(1,200,888) |
|
Shareholders' funds |
4,589,120 |
1,922,095 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less 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 receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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 Account 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.
Share capital
Ordinary shares are classified 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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year ended 30 June 2021 was
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 30 June 2021 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 30 June 2021 |
|
|
Carrying amount |
||
At 30 June 2021 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2020 |
|
|
Additions |
|
|
At 30 June 2021 |
|
|
Depreciation |
||
At 1 July 2020 |
|
|
Charge for the year |
|
|
At 30 June 2021 |
|
|
Carrying amount |
||
At 30 June 2021 |
|
|
At 30 June 2020 |
|
|
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Debtors |
2021 |
2020 |
|
Prepayments |
|
- |
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
Accruals |
|
- |
|
Other creditors |
|
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Director's loan |
- |
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
3.02 |
|
3.02 |
|
|
2.43 |
|
2.43 |
|
|
2.35 |
- |
- |
|
|
|
|
New shares allotted
During the year |
Griffin Financial Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Control |
No controlling party identified