Registered number:
AUDITED
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Dzing Finance Ltd is a banking as-a-service (BaaS) payment provider that empowers the UK and EU companies to deliver retail financial services to their clients fast and at scale. The company was established in May 2018, in December 2018 Dzing Finance Ltd submitted the application to the UK Financial Conduct Authority (FCA) and in June 2019 was authorised as an electronic money institution (EMI).
Dzing Finance Ltd provides its services in collaboration with a wide range of partners (service providers), including Mastercard (card issuing), GPS (card processing), Starling Bank (safeguarding), GBG (identity and KYC), etc. In March 2020 the company launched its own mobile wallet service in beta phase. In September 2020 the company obtained Mastercard’s self-issuing licence. At the end of 2021 Dzing Finance Ltd launched its first two white labels and is continuing to launch new projects during 2022 The company presents its strategic report for the period ended 31 December 2021. The company is an FCA regulated entity, registration number 900993.
Dzing Finance Ltd provides a white label BaaS solution to B2B customers, offering the opportunity to use tailormade back-end and front-end solutions. The company also runs its own B2C DZING multi-currency mobile wallet – the project that is designed primarily to test the market with new product offerings and receive live feedback, aiming to improve the company’s white label offering.
Online and offline businesses can drive revenues and customer loyalty by offering branded payment solutions to their customers. Deployment of own fintech platform involves burdensome licensing, extensive up-front capital expenditures, complex IT infrastructure, and integration with a minimum of twenty third party vendors. Dzing Finance Ltd takes care of all requisite licensing, infrastructure, integrations, back-office operations, and compliance. Product portfolio includes branded multi-currency accounts, worldwide payments & transfers, MasterCard plastic and virtual cards and more.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The main finance risks identified by the Directors are dealt with individually below.
Price risk At the present time, the company is not exposed to price risk as it does not hold any financial investments. Credit risk The company does not provide any credit services to customers. It is not therefore currently exposed to credit risk. In terms of the arrangements with third party corporate partners and outsourcing providers, the financial payment processes specifically minimise the possibilities of credit risk occurring, and the due diligence process also takes into account the financial and operational sustainability of our corporate partners prior to any contractual commitment being entered into. Interest rate risk The company has no significant interest bearing debt. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable demands. It does this primarily by managing its cash balances and creditor days in an effective manner. The CFO will further develop a more formalised monthly liquidity management report to the directors to increase even more the control of this risk. Safeguarding risk The company strictly follows regulative requirements regarding safeguarding procedure. The safeguarding audit in 2022 confirmed the company’s correct processes and principles.
The director believes the following to be the company's financial key performance indicators in 2021:
Operating loss 2021 £ (3,215,539) Operating loss previous year £ (2,197,293) Capital and reserves £ 851,611 The company's results are in line with management expectations for the year.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Covid19 did not impact Dzing Finance Ltd as our core product is virtual and accessible online. All our services were already provided online and virtually pre-Covid 19. Covid19 had a positive impact as the company registered a significant increase in its customer base.
According to the EU official payments statistics for 2020, published by the European Central Bank (press release of 23 July 2021), the total number of non-cash payments in the euro area, comprising all types of payment services, increased by 69% from 2010 (60.2 billion) to 2020 (101.6 billion). Yearly increase in 2020 was also significant: number of non-cash payments increased by 3.7% compared with the previous year and the total value of non-cash payments – by 8.7% (to €167.3 trillion). The number of payment cards in the euro area increased in 2020 by 6.5% to 609.3 million. With a total euro area population of 343 million, this represented around 1.8 payment cards per euro area inhabitant. In 2020, the total number of automated teller machines (ATMs) in the euro area decreased by 4.9% to 0.29 million, while the number of point of sale (POS) terminals increased by 4.3% to 12.2 million. COVID-19 has accelerated the transformation of payment habits in the UK, EU and all over the world in 2020 and 2021. The use of payment cards has risen, number and volume of contactless payments and payments using e-money have increased considerably, the use of other non-cash payment services have also grown, while cash payments have continued to decrease. Many experts consider these changes to be permanent and expect them to be the part of a longer transformation in relations between organisations and their customers – from traditional to digital.
Dzing Finance Ltd client base is EU and UK individuals, neither Ukraine nor Russia are important growth markets for the company, and the company does not deal with commodities, so, there is no great impact of the company’s commercial activity. At the same time situation with energy prices increasing and increasing global inflation shows a result - GDP growth reducing impact the client behaviour in general.
Dzing Finance Ltd has also considered The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) made under the Sanctions and Anti-Money Laundering Act 2018, which provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine ('sanctions targets'). The company understands that the country risk generally for Russia, Ukraine and potentially neighboring countries may heighten and limitations may be imposed by financial institutions on (1) the on-boarding customers from those territories (2) the size of funds that can be held for them and (3) the ability to execute their transactions. Dzing Finance Ltd continues to monitor the situation with banking and payments partners so the company is aware not just of legal but also of market developments. Dzing Finance Ltd does not envisage any current need to amend its terms of business or other customer facing communications, whether physical or digital, in light of developments in Russia and Ukraine.
This report was approved by the board on 30 September 2022
and signed on its behalf.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £
3,212,753
(2020 -
loss
£
1,971,331
)
.
No dividend was paid during the year.
The directors who served during the year were:
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Looking to the future Dzing Finance Ltd plans to sign and implement 50 BaaS white label contracts and attract and retain 6,000,000 individual clients (including both – Dzing Finance Ltd own wallet clients and clients generated from our white label partners) with a target timeline of 2026. This assumption has considered, and takes into account a rejection rate of all new applications (5% on average) and a client retention reduction (10% on average).
The number of active clients (regular users of the service) is planned to be between 45% and 50% of the total number or clients. In 2023 the company expects an increased trend in terms profit which will provide a platform for growth over the coming years. To develop the products £1,200,000 were invested in authorised capital in 2020 and £4,300,000 in 2021. To accelerate growth £4,200,000 will be invested in 2022 and £2,900,000 more in 2023. The company expects positive net cash flows during the whole period from 2022 to 2026.
Dzing Finance Ltd is cooperating with a number of well known industry suppliers in order to provide a high quality service for the company’s clients. The company perceives these are established cooperations based on the most suitable technical solutions.
Dzing Finance Ltd supports a communication with customers via mobile application, chat and email. All the important news are sent through email, other useful information can be found on the company’s web-page. Information on web-page and in mobile app is constantly updated providing clients with the latest terms of service.
There have been no significant events affecting the Company since the year end.
The auditors, Calder & Co, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DZING FINANCE LTD
We have audited the financial statements of Dzing Finance Ltd (the 'Company') for the year ended 31 December 2021, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DZING FINANCE LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report 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 identified material misstatements in the Strategic report or the Directors' report.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DZING FINANCE LTD (CONTINUED)
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 Auditors' 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.
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:
Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax and Pensions legislation.
∙
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business include FCA regulations and GDPR.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations, enquiries with the same concerning any actual or potential litigation or claims, testing the appropriateness of entries in the nominal ledger, including journal entries, reviewing transactions around the end of the reporting period and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DZING FINANCE LTD (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
30 Orange Street
WC2H 7HF
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
REGISTERED NUMBER:
11380591
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Dzing Finance Ltd is a private company limited by share capital, incorporated in England & Wales, registration number 11380591. The address of the registered office is Amlbenson, The Long Lodge, 265-269 Kingston Road, Wimbledon, London, SW19 3NW.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors consider that it is appropriate for the accounts to be prepared on a going concern basis for this period and that the company is able to continue in business for a period in excess of 12 months from the signing of these financial statements. They are actively working towards new investment in the comapny which will ensure its future.
Functional and presentation currency
Transactions and balances
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
Depreciation is provided on the following basis:
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 profit or loss.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Prepayments & Accrued Expenditure The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11.
Taxation (continued)
The company has total tax losses available to carry forward for use against future taxable profits of £6,468,959 (2020 - £3,300,855).
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
On 8 January 2021, the comapny issued 18,200 Ordinary shares of £1.00 at par. On 17 June 2021, a further 65,490 Ordinary shares of £1.00 each were issued at a premium of £33.00 per share. This was followed on 18 November 2021 with a further issue of 501,000 Ordinary shares of £1.00 at par. Finally, on 30 December 2021, 50,000 Ordindary shares of £1.00 each were issued at a premium of £33.00 per share.
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,595 (2020 - £8,516). Contributions totalling £3,932 (2020 - £Nil) were owed by the fund at the reporting date and are included in creditors.
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DZING FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The ultimate controlling party is Dzing Finance Group Limited.
Page 27
|