Global Financial Innovations Ltd Filleted Accounts Cover
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(formerly Aeloria Limited)
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Company No. 11311307
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Global Financial Innovations Ltd Directors Report Registrar
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The Directors present their report and the accounts for the year ended 30 April 2020.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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M.A. Alam
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(Resigned 1 July 2019)
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P. Kozyakov
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S. Pantazi
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Signed on behalf of the board
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P. Kozyakov
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Director
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28 April 2021
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Global Financial Innovations Ltd Balance Sheet Registrar
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at
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Company No.
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Notes
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2020
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2019
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€
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€
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Current assets
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Debtors
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4
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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5
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(
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Net current assets
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Total assets less current liabilities
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Net assets
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Capital and reserves
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Called up share capital
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Profit and loss account
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6
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(
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 28 April 2021
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And signed on its behalf by:
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P. Kozyakov
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Director
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28 April 2021
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Global Financial Innovations Ltd Notes to the Accounts Registrar
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for the year ended 30 April 2020
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1
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General information
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Its registered number is: 11311307
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Its registered office is:
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Going concern
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2
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Accounting policies
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Turnover
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Revenue is generated from payments processing and merchant acquiring services and is recognised on receipt of client authorisation to transfer funds. |
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Provisions
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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Taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years 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. 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. Current or deferred tax for the year is recognised in profit or loss, except when they relate 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. |
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Trade and other debtors
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Trade and other creditors
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Foreign currencies
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Defined contribution pensions
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The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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3
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Employees
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2020
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2019
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Number
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Number
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The average monthly number of employees (including directors) during the year was:
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4
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Debtors
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2020
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2019
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€
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€
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Other debtors
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Prepayments and accrued income
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5
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Creditors:
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amounts falling due within one year
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2020
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2019
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€
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€
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Trade creditors
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Corporation tax
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Other taxes and social security
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Other creditors
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6
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Reserves
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7
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Client money held
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At the balance sheet date the company held client money amounting to € 23,077,193 (2019: € 0)
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8
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Subsequent events
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In December 2020, interim dividend for the reporting period was declared in amount of € 135,000, and paid in full in February 2021.
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In December 2020, the name of the company was changed from Aeloria Limited to Global Financial Innovations Ltd.
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9
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Related parties
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The ultimate controlling party is Mr Petr Kozyakov.
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