Vane Finance Technology Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09446187 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Vane Finance Technology Limited

Page

Chartered Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vane Finance Technology Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Vane Finance Technology Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vane Finance Technology Limited and state those matters that we have agreed to state to the Board of Directors of Vane Finance Technology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vane Finance Technology Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Vane Finance Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vane Finance Technology Limited. You consider that Vane Finance Technology Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vane Finance Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther Professional Services LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

26 October 2022

FIXED ASSETS

Tangible assets

4

2,337

-

Investments

5

627,256

-

629,593

-

CURRENT ASSETS

Debtors

6

291,326

573,110

Cash at bank

135,579

187,793

426,905

760,903

CREDITORS

Amounts falling due within one year

7

249,712

184,021

NET CURRENT ASSETS

177,193

576,882

TOTAL ASSETS LESS CURRENT LIABILITIES

806,786

576,882

CREDITORS

Amounts falling due after more than one year

8

1,294,068

1,176,514

NET LIABILITIES

(487,282

)

(599,632

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

(487,382

)

(599,732

)

SHAREHOLDERS' FUNDS

(487,282

)

(599,632

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2022 and were signed on its behalf by:

M Byrne - Director

1.	STATUTORY INFORMATION

Vane Finance Technology Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09446187 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, SW6 4TJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable to the Micro-entities Regime.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover consists of interest income recognised using the effective interest method and fees receivable for business support services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

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 makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors consider that the company is a going concern on the basis that the parent company Vane GMBH, a company incorporated in Germany, will continue to provide financial support for the foreseeable future.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,728

At 31 December 2021

2,728

DEPRECIATION

Charge for year

391

At 31 December 2021

391

NET BOOK VALUE

At 31 December 2021

2,337

5.	FIXED ASSET INVESTMENTS

Vane Finance Technology Limited has entered into Class D Series 1 Notes subscription agreement with Fasanara Securitisation S.A. These notes entitle the company to a 12.5% interest with a maturity date 10 November 2024. Vane Finance Technology Limited has entered into a £627,256 commitment as of 31 December 2021.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

232,134

3,108

Other debtors

59,192

570,002

291,326

573,110

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

69,845

6,978

Taxation and social security

14,167

2,018

Other creditors

165,700

175,025

249,712

184,021

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed to group undertakings

609,499

521,571

Other creditors

684,569

654,943

1,294,068

1,176,514

9.

RESERVES

Retained

earnings

£

At 1 January 2021

(599,732

)

Profit for the year

112,350

At 31 December 2021

(487,382

)

10.	RELATED PARTY DISCLOSURES

As at 31 December 2021, the company owed £609,499 (2020: £521,571) to Vane GMBH, the sole shareholder. The outstanding balance is unsecured, subject to interest and payable on demand.

Interest of £59,153 (2020: £57,621) was charged on the outstanding balance during the year and is included within the year end balance.

Of the liabilities with a maturity of more than one year to Other Creditors £684.5K (2020: £654.9K) relate to an investment from a shareholder's investor business network which is subject to a qualified subordination.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Vane GMBH, a company incorporated in Germany.