Company Registration No. 12973786 (England and Wales)
FIINU BANK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
FIINU BANK LTD
COMPANY INFORMATION
Directors
J J Liow Yune Loy
K I M Arnold
D Hopton
H A Evans
(Appointed 8 August 2022)
C F Sweeney
(Appointed 1 May 2022)
C Resnick
(Appointed 8 December 2022)
Secretary
AMBA Secretaries Limited
Company number
12973786
Registered office
Meadows Business Park
Station Approach
Camberley
Surrey
GU17 9AB
Accountants
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
FIINU BANK LTD
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 6
Management information
Detailed trading profit and loss account
7
FIINU BANK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company is banking services, currently in the mobilisation phase.
The company changed its name from Fiinu 2 Ltd to Fiinu Bank Ltd on 11 August 2022.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Sjoblom
(Resigned 31 March 2022)
J J Liow Yune Loy
K I M Arnold
W M Evans
(Resigned 19 July 2022)
D Hopton
H A Evans
(Appointed 8 August 2022)
C F Sweeney
(Appointed 1 May 2022)
C Resnick
(Appointed 8 December 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C F Sweeney
Director
22 December 2022
FIINU BANK LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Year
Period
ended
ended
31 March
31 March
2022
2021
£
£
Administrative expenses
(315,986)
(116,824)
Loss before taxation
(315,986)
(116,824)
Tax on loss
Loss for the financial year
(315,986)
(116,824)
FIINU BANK LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
17,807
17,994
Creditors: amounts falling due within one year
4
(450,616)
(134,817)
Net current liabilities
(432,809)
(116,823)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(432,810)
(116,824)
Total equity
(432,809)
(116,823)
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
C F Sweeney
Director
Company Registration No. 12973786
FIINU BANK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Fiinu Bank Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Meadows Business Park, Station Approach, Camberley, Surrey, GU17 9AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis dependent on the continued support of its related parties.
true
The ultimate parent company is in process of raising sufficient capital to support the
principal activities of the group as it looks to exit mobilisation in 2023. If this capital is not raised or conditions to exit mobilisation are not met, this would put a material uncertainty on the ability to continue to trade.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
FIINU BANK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
8
5
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
17,807
17,994
4
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
430,323
88,326
Taxation and social security
13,035
39,029
Other creditors
7,258
7,462
450,616
134,817
FIINU BANK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Retirement benefit schemes
Amounts due in relation to the defined contribution pension scheme as at 31 March 2022 were £1,951 (2021:£2,563)
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1