Company Registration No. 04861007 (England and Wales)
E-Money Capital Ltd
Financial statements
for the year ended 31 December 2022
Pages for filing with the registrar
E-Money Capital Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
E-Money Capital Ltd
Statement of financial position
As at 31 December 2022
31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
6,015
2,973
Investments
6
8,004
8,004
14,019
10,977
Current assets
Debtors
8
2,253,039
1,646,728
Cash at bank and in hand
496,748
474,684
2,749,787
2,121,412
Creditors: amounts falling due within one year
9
(321,416)
(512,835)
Net current assets
2,428,371
1,608,577
Total assets less current liabilities
2,442,390
1,619,554
Creditors: amounts falling due after more than one year
10
(25,001)
(34,634)
Net assets
2,417,389
1,584,920
Capital and reserves
Called up share capital
11
69,500
69,500
Share premium account
1,515,420
3,652,594
Profit and loss reserves
832,469
(2,137,174)
Total equity
2,417,389
1,584,920
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
E-Money Capital Ltd
Statement of financial position (continued)
As at 31 December 2022
31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 13 April 2023 and are signed on its behalf by:
Jocelyn Kennard
Director
Company Registration No. 04861007 (England and Wales)
E-Money Capital Ltd
Notes to the financial statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
E-Money Capital Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Fleet Place, London, EC4M 7RD.
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 amounts 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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably
it is probably that the Company will receive the consideration due under the contract
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 4
1.5
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Website costs
33%
1.6
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment
25% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 5
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 6
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
On 1 November 2022, 8,884 options in E-Money Global Limited were granted to an employee of E-Money Capital Limited. During the year, no share options were exercised.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the black scholes model. The fair value of the options determined at the date of grant have not been charged to profit and loss over the vesting period as it has been deemed as immaterial.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 7
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are considered to be no key estimates or judgements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
7
4
Intangible fixed assets
Website costs
£
Cost
At 1 January 2022 and 31 December 2022
365,209
Amortisation and impairment
At 1 January 2022 and 31 December 2022
365,209
Carrying amount
At 31 December 2022
At 31 December 2021
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 8
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
5,296
Additions
5,046
At 31 December 2022
10,342
Depreciation and impairment
At 1 January 2022
2,323
Depreciation charged in the year
2,004
At 31 December 2022
4,327
Carrying amount
At 31 December 2022
6,015
At 31 December 2021
2,973
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
8,004
8,004
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of shares held
% Held
Direct
Indirect
E-Money Ltd
England
Ordinary
100.00
-
E-Money Security Trustee Ltd
England
Ordinary
100.00
-
Digital Securities Ltd
England
Ordinary
100.00
-
E-Money Finance Ltd
England
Ordinary
100.00
-
EM113 Ltd
England
Ordinary
0
100.00
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 9
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
163,000
Corporation tax recoverable
72,301
115,969
Amounts owed by group undertakings
1,509,846
446,369
Other debtors
670,892
921,390
2,253,039
1,646,728
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,648
10,648
Trade creditors
71,730
112,923
Amounts owed to group undertakings
78,983
Taxation and social security
53,383
73,690
Other creditors
106,672
315,574
321,416
512,835
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
25,001
34,634
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Voting shares of 10p each
175,950
175,950
17,595
17,595
A Ordinary shares of 10p each
490,000
490,000
49,000
49,000
B Ordinary shares of 0.1p each
10,750
10,750
11
11
Ordinary Non Voting shares of 10p each
28,940
28,940
2,894
2,894
705,640
705,640
69,500
69,500
E-Money Capital Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
11
Called up share capital (continued)
Page 10
The company has four classes of ordinary shares which the profits of the company available for distribution shall be distributed rateably according to the number of shares held by each of them as if the same constituted a single class of shares.
The ordinary non-voting shares are the only share class whereby the holders are not entitled to vote at general meetings of the company.
During the year the Company undertook a share capital reduction supported by a solvency statement and statement of capital. Share premium was reduced by £2,137,174.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Davies
Statutory Auditors:
Saffery Champness LLP
13
Related party transactions
Transactions with related parties
During the year the company paid £649,750 for services by related parties connected by virtue of directors in common.
14
Ultimate controlling party
M A V De Candole is the controlling shareholder of E-Money Capital Limited.
2022-12-312022-01-01false14 April 2023CCH SoftwareCCH Accounts Production 2022.300No description of principal activityThis audit opinion is unqualifiedMark De CandoleJason FerrandoJocelyn KennardJamie Learmonth2023-04-13048610072022-01-012022-12-31048610072022-12-31048610072021-12-3104861007core:OtherPropertyPlantEquipment2022-12-3104861007core:OtherPropertyPlantEquipment2021-12-3104861007core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104861007core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104861007core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3104861007core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3104861007core:CurrentFinancialInstruments2022-12-3104861007core:CurrentFinancialInstruments2021-12-3104861007core:ShareCapital2022-12-3104861007core:ShareCapital2021-12-3104861007core:SharePremium2022-12-3104861007core:SharePremium2021-12-3104861007core:RetainedEarningsAccumulatedLosses2022-12-3104861007core:RetainedEarningsAccumulatedLosses2021-12-3104861007core:ShareCapitalOrdinaryShares2022-12-3104861007core:ShareCapitalOrdinaryShares2021-12-3104861007bus:Director32022-01-012022-12-3104861007core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3104861007core:ComputerSoftware2022-01-012022-12-3104861007core:ComputerEquipment2022-01-012022-12-31048610072021-01-012021-12-3104861007core:IntangibleAssetsOtherThanGoodwill2021-12-3104861007core:IntangibleAssetsOtherThanGoodwill2022-12-3104861007core:IntangibleAssetsOtherThanGoodwill2021-12-3104861007core:OtherPropertyPlantEquipment2021-12-3104861007core:OtherPropertyPlantEquipment2022-01-012022-12-3104861007core:Subsidiary12022-01-012022-12-3104861007core:Subsidiary22022-01-012022-12-3104861007core:Subsidiary32022-01-012022-12-3104861007core:Subsidiary42022-01-012022-12-3104861007core:Subsidiary52022-01-012022-12-3104861007core:Subsidiary112022-01-012022-12-3104861007core:Subsidiary222022-01-012022-12-3104861007core:Subsidiary332022-01-012022-12-3104861007core:Subsidiary442022-01-012022-12-3104861007core:Subsidiary552022-01-012022-12-3104861007core:WithinOneYear2022-12-3104861007core:WithinOneYear2021-12-3104861007core:Non-currentFinancialInstruments2022-12-3104861007core:Non-currentFinancialInstruments2021-12-3104861007bus:PrivateLimitedCompanyLtd2022-01-012022-12-3104861007bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3104861007bus:FRS1022022-01-012022-12-3104861007bus:Audited2022-01-012022-12-3104861007bus:Director12022-01-012022-12-3104861007bus:Director22022-01-012022-12-3104861007bus:Director42022-01-012022-12-3104861007bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP