REGISTERED NUMBER: |
Digital RFQ Limited |
Financial Statements |
for the Period 1st April 2021 to 30th September 2022 |
REGISTERED NUMBER: |
Digital RFQ Limited |
Financial Statements |
for the Period 1st April 2021 to 30th September 2022 |
Digital RFQ Limited (Registered number: 12103258) |
Contents of the Financial Statements |
for the Period 1st April 2021 to 30th September 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Digital RFQ Limited |
Company Information |
for the Period 1st April 2021 to 30th September 2022 |
Director: |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Accountants & Statutory Auditor |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Digital RFQ Limited (Registered number: 12103258) |
Statement of Financial Position |
30th September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Digital RFQ Limited (Registered number: 12103258) |
Notes to the Financial Statements |
for the Period 1st April 2021 to 30th September 2022 |
1. | Statutory information |
Digital RFQ Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the group that they will continue to give financial support to the company for twelve months from the date of signing of these financial statements. |
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
The company's accounting date was changed from 31st March to 30th September 2022 to align it with the accounting date of other group companies. Some comparative figures presented in the financial statements and related notes are not entirely comparable. |
Preparation of consolidated financial statements |
The financial statements contain information about Digital RFQ Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Nukkleus Inc, 525 Washington Blvd, Jersey City, NJ, 07310-1606, United States. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Revenue comprises the invoiced value for services supplied net of sales taxes, rebates and discounts. Revenue is based on the completion of the performance obligations that constitute the delivery of financial services. The performance obligation is recognised as complete at the point in time when an identifiable service has been delivered to the customer, the customer can benefit from that service and the transfer of the service to the customer is accepted as relatively assured. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Digital RFQ Limited (Registered number: 12103258) |
Notes to the Financial Statements - continued |
for the Period 1st April 2021 to 30th September 2022 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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 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. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the period was |
4. | Fixed asset investments |
Shares in |
group |
undertakin |
£ |
Cost |
Additions |
At 30th September 2022 |
Net book value |
At 30th September 2022 |
Digital RFQ Limited (Registered number: 12103258) |
Notes to the Financial Statements - continued |
for the Period 1st April 2021 to 30th September 2022 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Other debtors includes £2,038,798 of funds held on behalf of clients. |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Other creditors includes £2,038,798 liability due to clients. |
7. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | Post balance sheet events |
On 26th October 2022 the company established a joint venture business in Dubai by becoming a 51% shareholder in DRFQ Emerging Markets DMCC. |
On 18th February 2023 the company agreed to purchase 100% of the issued share capital of Decona Finance Limited, a business incorporated in Canada. |
9. | Ultimate controlling party |
The immediate parent company is Match Financial Limited, a company incorporated in England and Wales, whose registered office address is the same as that of Digital RFQ Limited. Match Financial Limited is a subsidiary of Nukkleus Inc, a company registered in the USA, which is the ultimate parent undertaking and whose registered address is, 525 Washington Blvd, Jersey City, NJ, 07310-1606, United States.The ultimate controlling party is Emil Assentato, an American citizen. |