International Personal Finance : Guarantor Accounts - FY 2021 - IPF Digital Group Limited

IPF DIGITAL GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

(Company Number 06032184)

IPF DIGITAL GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

	Page
Strategic report	1-2
8W`SQb]`ah!`S^]`b	3-4
DW`SQb]`ah!`Sa^]aWPWZWbWSa statement	5
?RS^SRSb!OcRWb]`ha!`S^]`b	6-8
Profit and loss account	9
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12-18

IPF DIGITAL GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

1. Principal activities and going concern
   The principal activity of the company is to act as a holding and investment company on behalf of International
   JYfgcbU`!@]bUbWY!d`W+!9g!hY!jUgh!aU^cf]hm!cZ!hY!WcadUbmyg!hfUbgUWh]cbg!UfY!XYhYfa]bYX!]b!?ifcg)!hY!ZibWh]cbU`! and reporting currency of the company is the Euro.
   NY! WcadUbm! dUfh]W]dUhYg! ]b!hY! [fcidyg! WYbhfU`]gYX! hfYUgifm! UffUb[YaYbhg! UbX! VUb_]b[!UffUb[YaYbhg! k]h! ]hg! parent and fellow subsidiaries.
   In considering whether the company is a going concern, the directors have made enquiries of the reviews dYfZcfaYX!Vm!hY!X]fYWhcfg!cZ!hY!i`h]aUhY!dUfYbh!WcadUbm!]b!UggYgg]b[!hY!Afcidyg!/-//!Vig]bYgg!d`Ub and the impacts it is forecast to have on the company, its subsidiary and the Group undertakings from which amounts are due as at 31 December 2021. The financial forecasts in the business plan have been stress tested in a range of
   Xckbg]XY!gWYbUf]cg!hc!UggYgg!hY!]adUWh!hUh!hY!Afcidyg!df]bW]dU`!f]g_g!UbX!ibWYfhU]bh]Yg!']bW`iX]b[!hY!aYX]ia! and long-term impacts of the Covid-19 pandemic on the macro-economic environment) may have on future dfcZ]hUV]`]hm)!ZibX]b[!fYei]fYaYbhg!UbX!WcjYbUbh!Wcad`]UbWY+!Cb!UXX]h]cb)!hY!Afcidyg!XYVh!ZUW]`]h]Yg!UfY!ZcfYWUgh! to be sufficient to fund business requirements for the foreseeable future and The Group is forecast to continue to operate with significant headroom over its key financial covenants.
   As at 31 December 2021)!hY!WcadUbm!Ug!bYh!UggYhg!cZ!{36,596,219 '/-/-7!{01)462).16( and net current assets cZ! {.)5-.)14/! '/-/-7! {1-/(. On the basis of hY]f! UggYggaYbh! cZ! hY! WcadUbmyg! Z]bUbW]U`! dcg]h]cb! UbX! cZ! hY! Ybei]f]Yg!aUXY!cZ!hY!X]fYWhcfg!cZ!CbhYfbUh]cbU`!JYfgcbU`!@]bUbWY!d`W)!hY!WcadUbmyg!X]fYWhcfg!UjY!U!fYUgcbUV`Y! expectation that the company will be able to continue in operational existence in the next 12 months from the date of approval of the financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2. Results and business review
   The profit and loss account for the year is set out on page 9. The profit after tax for the year of {20,746,070 (2020: loss of { 149) has been added to (2020: deducted from) reserves)!k]h!X]j]XYbXg!hchU``]b[!{.6)/--)---!'/-/-7!{b]`(! being declared and paid during 2021. NY! WcadUbmyg! fYgi`h! VYbYZ]hYX! Zfca! hY! fYWY]dh! cZ! X]j]XYbXg! Zfca! ]hg! giVg]X]Ufm! WcadUb]Yg! hchU``]b[! {/.)---)---! '/-/-7!{b]`()! bYh! cZ! ]adU]faYbh! `cggYg! cZ! {/20)---! '/-/-7!{b]`(! fYWc[b]gYX!Zc``ck]b[!U!WUb[Y!]b!hY!Afcidyg!ghfUhY[m+!@ifhYf!XYhails are included in note 7.
3. Principal risks and uncertainties

The directors of International Personal Finance plc manage the Afcidyg!risks at a Group level, rather than at an ]bX]j]XiU`!Vig]bYgg!ib]h!`YjY`+!@cf!h]g!fYUgcb)!hY!WcadUbmyg!X]fYWhcrs believe that a discussion of the Afcidyg! risks would not be appropriate for an understanding of the development, performance or position of the companyyg! business. The principal risks and uncertainties of International Personal Finance plc, which include those of the company, are reported within the xPrincipal risks and uncertaintiesy!gYWh]cb!cZ!hY!Afcidyg!annual report, which does not form part of this report, but is publicly available. However, the company has the following risk;

• The company has significant investments in other entities. There is a risk that the value of these investments may deteriorate as a result of the performance of these entities. Performance is reviewed on a regular basis and corrective action to protect the value of these investments is taken as appropriate. During the period, this review has included consideration of the potential impact of volatility in macro-economic factors affecting the businesses including the medium to long term impacts of the Covid-.6!dUbXYa]W! cb! hY! ZihifY! WUgZ`ckg! UbX! dYfZcfaUbWY! cZ! hY! =cadUbmyg! investments UbX!fYgi`hYX!]b!]adU]faYbh!`cggYg!cZ!{/20)---!'/-/-7!{b]`(!VY]b[!fYWc[b]gYX!Xif]b[!hY! period, further details regarding which are included in note 7. A shortfall in profitability compared to current expectations may result in future adjustments to investment in subsidiary balances.

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IPF DIGITAL GROUP LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

1. Key performance indicators (KPIs)
   A]jYb!hY!bUhifY!cZ!hY!Vig]bYgg)!hY!WcadUbmyg!X]fYWhcfg!UfY!cZ!hY!cd]b]cb!hUh!Ub!UbU`mg]g!ig]b[!EJCg!]g!bch! necessary for an understanding of the development, performance or position of the business.
2. Future developments
   The company acts as a holding and investment company, the general level of activity is to remain consistent in the forthcoming year.
   APPROVED BY ORDER OF THE BOARD
   L Dobson Company Secretary
   LEEDS
   17 June 2022

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IPF DIGITAL GROUP LIMITED

8?H97JEHIh!H9FEHJ

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their annual report together with the audited financial statements UbX!hY!UiX]hcfyg!fYdcfh!of the company for the year ended 31 December 2021.

1. Dividend
   The WcadUbm!XYW`UfYX!UbX!dU]X!U!X]j]XYbX!cZ!{.6)/--)---!(2020: {nil).
2. Directors
   The directors of the company at 31 December 2021 and at the date of this report, all of whom were directors for the whole of the year then ended, were:

	F C Collins	(Appointed 24 November 2021)
	D J Kleppen	(Appointed 24 May 2021)
	J A Lockwood	(Resigned 23 July 2021)
	J A Ormrod	(Resigned 24 November 2021)
	P Giycrs	(Appointed 2 February 2022)
	G J Ryan
	R Ryhanen	(Resigned 2 February 2022)
3.	Capital structure
	NY!WcadUbmyg!WUd]hU`!ghfiWhifY!]bW`iXYg!U!WcaV]bUh]cb!cZ!cfX]bUfm!WU``YX-upshare capital and retained earnings.
	>if]b[!hY!mYUf)!hY!WcadUbm!]ggiYX!gUfYg!k]h!U!bca]bU`!jU`iY!cZ!{..3)04-!Zcf!hchU`!dfcWYYXg!cZ!{/22)---)!k]h!
	hY!YlWYgg!cZ!{.05)30-!VY]b[!WfYX]hYX!hc!hY!WcadUbmyg!gUfY!dfYa]ia!fYgYfjY+!@ifhYf!XYhU]`g!UfY!]bW`iXYX!]b!
	Notes 11 and 13.
4.	Events after the balance sheet date
	The directors confirm that there have been no events requiring recognition or disclosure after the balance sheet
	date.

5. Disclosure of information to the auditor

As far as each director is aware, there is no relevant audit information of which the ccadUbmyg!UiX]hcf!is unaware. Each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the ccadUbmyg!UiX]hcf is aware of that information. This statement is given and should be interpreted in accordance with the provision of section 418(2) of the Companies Act 2006.

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