Global Financial Innovations Ltd Accounts Cover
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Company No. 11311307
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Global Financial Innovations Ltd Contents
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Pages
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Company Information
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2
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Directors' Report
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3
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Profit and Loss Account
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4
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Statement of Comprehensive Income
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5
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Balance Sheet
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6
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Statement of Changes in Equity
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7
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Notes to the Accounts
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8 to 13
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Global Financial Innovations Ltd Company Information
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Directors
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Registered Office
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Accountants
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2 Kingdom Street
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Office 679
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London
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W2 6JP
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Global Financial Innovations Ltd Directors Report
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The Directors present their report and the accounts for the year ended 30 April 2021.
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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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Signed on behalf of the board
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P. Kozyakov
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Director
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31 January 2022
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Global Financial Innovations Ltd Profit and Loss Account
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for the year ended 30 April 2021
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2021
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2020
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€
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€
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Turnover
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Cost of Sales
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(
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(
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Gross profit
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Distribution costs and selling expenses
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(
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Administrative expenses
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(
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Other operating income
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Operating profit
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Other interest receivable
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Profit on ordinary activities before taxation
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Taxation
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(
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(
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Profit for the financial year after taxation
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Global Financial Innovations Ltd Statement of Comprehensive Income
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STATEMENT OF COMPREHENSIVE INCOME
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for the year ended 30 April 2021
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2021
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2020
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€
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€
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Profit for the financial year after taxation
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Total comprehensive income for the period
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Global Financial Innovations Ltd Balance Sheet
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at
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Company No.
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Notes
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2021
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2020
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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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(
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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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Total equity
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Approved by the board on 31 January 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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31 January 2022
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Global Financial Innovations Ltd Statement of Changes in Equity
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for the year ended 30 April 2021
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Share Capital
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Retained earnings
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Total equity
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€
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€
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€
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At 1 May 2019
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150,000
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(1,720)
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148,280
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Profit for the period
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At 30 April 2020 and 1 May 2020
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Profit for the period
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Dividends
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(
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(
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At 30 April 2021
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Global Financial Innovations Ltd Notes to the Accounts
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for the year ended 30 April 2021
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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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2
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Accounting policies
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Turnover
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receipt of client authorisation to transfer funds. Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
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Taxation
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Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted. Current tax: Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Deferred tax: Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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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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Leased assets
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Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. |
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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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Provisions
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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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3
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Employees
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2021
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2020
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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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2021
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2020
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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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2021
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2020
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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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Accruals and deferred income
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6
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Reserves
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7
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Dividends
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2021
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2020
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€
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€
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Dividends for the period:
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Dividends paid in the period
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135,000
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-
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135,000
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-
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Dividends by type:
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Equity dividends
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135,000
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-
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8
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Client money held
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At the balance sheet date the company held client money amounting to € 23,483,323 (2020: € 23,077,193)
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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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