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REGISTERED NUMBER: 11246175 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Period 9 March 2018 to 31 March 2019

for

Fincofex Limited

Fincofex Limited (Registered number: 11246175)






Contents of the Financial Statements
for the Period 9 March 2018 to 31 March 2019




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Financial Statements 12


Fincofex Limited

Company Information
for the Period 9 March 2018 to 31 March 2019







DIRECTOR: V Remi





REGISTERED OFFICE: 40 Bank Street
Level 18
Canary Wharf
London
E14 5NR





REGISTERED NUMBER: 11246175 (England and Wales)





AUDITORS: Botham Accounting Limited
Chartered Accountants
Statutory Auditors
14 Clarendon Street
Nottingham
Nottinghamshire
NG1 5HQ

Fincofex Limited (Registered number: 11246175)

Strategic Report
for the Period 9 March 2018 to 31 March 2019

The director presents his strategic report for the period 9 March 2018 to 31 March 2019.

REVIEW OF BUSINESS
Fincofex Limited's principal activity during the period was e-money transaction and implementation services.

Fincofex Limited promotes quality, efficiency and innovation. The company's mission is to provide competitive
business payments, which translates into a product roadmap to transform businesses experience of payment
processes. Some examples of the company's planned capabilities include virtual cards, prepaid cards, direct
debits and international payments with 30+ currencies for over than 180 countries.

Fincofex Limited is focused on continual growth of its revenue by expanding its customer base in already
existing markets and to reach for new markets and grow worldwide. In addition, the company continues
development of strategic partnerships with a belief that several industries can benefit from its services.

PRINCIPAL RISKS AND UNCERTAINTIES
Fincofex Limited's operations are exposed to different risks which could potentially affect the company. The
director has carried out a robust assessment of the principal risks facing the group, including those that would
threaten its business model, future performance or liquidity. The main risks and uncertainties that could affect
the company are set out in the following paragraphs.

REGULATORY RISK
The company's regulatory risk is its compliance with applicable regulations for the activities it undertakes,
such as the requirement to have robust governance arrangements or failure to observe money laundering
guidelines. The company ensures that correct policies and procedures are in place with the rules of an
Electronic Money Institution monitored and regulated by the FCA (Financial Conduct Authority).

OPERATIONAL RISK
Fincofex Limited relies heavily on its operational processes and IT and related communication systems.
These processes and systems may not operate as expected, may not fulfil their intended purpose or may be
damaged by disruptive events such as cybercrime or human error.

The company is investing in robust operational systems and controls to be able to respond to unexpected
events in an organised and timely manner and undertakes rigorous planning and testing. In addition, there is
a risk of the bank freezing operational accounts. Banks can freeze the account in case it suspects fraudulent
activities through platform. In order to address this type of risk Fincofex Limited has robust KYC and AML
procedures, and performs ongoing monitoring of transactions.

Fincofex Limited is committed to maintaining a control environment that enables it to respond effectively to
emerging financial crime threats as the company continues to grow.

LIQUIDITY RISK
In order to ensure that sufficient funds are available for ongoing operations and future developments,
Fincofex Limited is reliant on funds from shareholders. The company seeks to manage financial risk by
ensuring sufficient liquidity and is available to meet foreseeable needs and to invest any surplus cash assets
of the company safely and profitably, but based on the cash flow forecasts for Fincofex Limited, the director is
confident that sufficient funds are in place for operations and developments.


Fincofex Limited (Registered number: 11246175)

Strategic Report
for the Period 9 March 2018 to 31 March 2019

BREXIT RISK
Following the result of the UK referendum on membership of the EU, the UK is likely to leave the EU in 2019.
The company relies on the ability to passport its FCA licence through Europe and the UK leaving the EU
might impact those passporting rights. The company has evaluated a number of European jurisdictions in
which to obtain an additional e-money licence so that the company's services can continue to be offered
through Europe after the UK leaves the EU and the company plans to have appropriate additional licensing in
place well in advance of any potential change to passporting rights. If the change to passporting rights is
implemented, Fincofex Limited's customers using its services in the EU, other than in the UK, may need to be
transferred to the newly licensed company's entity. The director continues to monitor developments and will
respond accordingly.

ON BEHALF OF THE BOARD:





V Remi - Director


25 October 2019

Fincofex Limited (Registered number: 11246175)

Report of the Director
for the Period 9 March 2018 to 31 March 2019

The director presents his report with the financial statements of the company for the period 9 March 2018 to 31 March 2019.

INCORPORATION
The company was incorporated on 9 March 2018 .

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of financial intermediation

DIVIDENDS
No dividends will be distributed for the period ended 31 March 2019.

DIRECTORS
The directors who have held office during the period from 9 March 2018 to the date of this report are as
follows:

J Raubiske - appointed 9 March 2018
V Remi - appointed 9 March 2018

J Raubiske ceased to be a director after 31 March 2019 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial
statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the
director has elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company
law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the
Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he
ought to have taken as a director in order to make himself aware of any relevant audit information and to
establish that the company's auditors are aware of that information.

Fincofex Limited (Registered number: 11246175)

Report of the Director
for the Period 9 March 2018 to 31 March 2019


AUDITORS
The auditors, Botham Accounting Limited, will be proposed for re-appointment at the forthcoming Annual
General Meeting.

ON BEHALF OF THE BOARD:




V Remi - Director


25 October 2019

Report of the Independent Auditors to the Members of
Fincofex Limited

Opinion
We have audited the financial statements of Fincofex Limited (the 'company') for the period ended
31 March 2019 which comprise the Statement of Comprehensive Income, Statement of Financial Position,
Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, 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).

In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the
period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to
report to you where:
- the director's use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or
- the director has not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for
a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information
The director is responsible for the other information. The other information comprises the information in the
Strategic Report and the Report of the Director, but does not include the financial statements and our Report
of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements.

Report of the Independent Auditors to the Members of
Fincofex Limited


Matters on which we are required to report by exception
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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to
prepare a Strategic Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the director determines necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the director either intends to liquidate the company or to cease
operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

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
Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Andrew Botham ACA (Senior Statutory Auditor)
for and on behalf of Botham Accounting Limited
Chartered Accountants
Statutory Auditors
14 Clarendon Street
Nottingham
Nottinghamshire
NG1 5HQ

25 October 2019

Fincofex Limited (Registered number: 11246175)

Statement of Comprehensive Income
for the Period 9 March 2018 to 31 March 2019

Notes £   

TURNOVER 3 12,510

Cost of sales 50,452
GROSS LOSS (37,942 )

Administrative expenses 55,419
OPERATING LOSS and
LOSS BEFORE TAXATION (93,361 )

Tax on loss 7 -
LOSS FOR THE FINANCIAL PERIOD (93,361 )

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(93,361

)

Fincofex Limited (Registered number: 11246175)

Statement of Financial Position
31 March 2019

Notes £   
CURRENT ASSETS
Debtors 8 19,024
Cash at bank 270,839
289,863
CREDITORS
Amounts falling due within one year 9 68,224
NET CURRENT ASSETS 221,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

221,639

CAPITAL AND RESERVES
Called up share capital 11 315,000
Retained earnings 12 (93,361 )
SHAREHOLDERS' FUNDS 221,639

The financial statements were approved by the director on 25 October 2019 and were signed by:





V Remi - Director


Fincofex Limited (Registered number: 11246175)

Statement of Changes in Equity
for the Period 9 March 2018 to 31 March 2019

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 315,000 - 315,000
Total comprehensive income - (93,361 ) (93,361 )
Balance at 31 March 2019 315,000 (93,361 ) 221,639

Fincofex Limited (Registered number: 11246175)

Statement of Cash Flows
for the Period 9 March 2018 to 31 March 2019

Notes £   
Cash flows from operating activities
Cash generated from operations 15 (91,584 )
Net cash from operating activities (91,584 )

Cash flows from financing activities
New loans in year 46,922
Amount introduced by directors 501
Share issue 315,000
Net cash from financing activities 362,423

Increase in cash and cash equivalents 270,839
Cash and cash equivalents at
beginning of period

16

-

Cash and cash equivalents at end of
period

16

270,839

Fincofex Limited (Registered number: 11246175)

Notes to the Financial Statements
for the Period 9 March 2018 to 31 March 2019

1. STATUTORY INFORMATION

Fincofex Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information
page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies
Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of Fincofex Limited is considered to be pounds sterling.
The financial statements are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of
Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the statement of financial position date. Transactions in foreign currencies are translated into sterling
at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account
in arriving at the operating result.

Fincofex Limited (Registered number: 11246175)

Notes to the Financial Statements - continued
for the Period 9 March 2018 to 31 March 2019

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

£   
United Kingdom 6,064
Europe 2,500
Asia 1,250
Rest of the World 2,696
12,510

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the period ended 31 March 2019.

The average number of employees during the period was NIL.

£   
Directors' remuneration -

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

£   
Foreign exchange differences (330 )

6. AUDITORS' REMUNERATION
£   
Fees payable to the company's auditors for the audit of the
company's financial statements

4,020

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The
difference is explained below:

£   
Loss before tax (93,361 )
Loss multiplied by the standard rate of corporation tax in the UK of
19 %

(17,739

)

Effects of:
Tax losses carried forward 17,739
Total tax charge -

Fincofex Limited (Registered number: 11246175)

Notes to the Financial Statements - continued
for the Period 9 March 2018 to 31 March 2019

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 1,681
Prepayments and accrued income 17,343
19,024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other loans (see note 10) 46,922
Trade creditors 14,381
Directors' current accounts 501
Accruals and deferred income 6,420
68,224

10. LOANS

An analysis of the maturity of loans is given below:

£   
Amounts falling due within one year or on demand:
Other loans 46,922

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
315,000 Ordinary £1 315,000

315,000 £1 shares were issued during the year at par.

12. RESERVES
Retained
earnings
£   

Deficit for the period (93,361 )
At 31 March 2019 (93,361 )

13. RELATED PARTY DISCLOSURES

At the year-end, there was an amount due to a related party of £46,922.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T Baitaziyev by nature of his shareholding.

Fincofex Limited (Registered number: 11246175)

Notes to the Financial Statements - continued
for the Period 9 March 2018 to 31 March 2019

15. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Loss before taxation (93,361 )
Increase in trade and other debtors (19,024 )
Increase in trade and other creditors 20,801
Cash generated from operations (91,584 )

16. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in
respect of these Statement of Financial Position amounts:

Period ended 31 March 2019
31.3.19 9.3.18
£    £   
Cash and cash equivalents 270,839 -