Pure FX Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2018
Company Registration No. 05990857 (England and Wales)
Pure FX Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Pure FX Limited
Balance Sheet
As at 31 March 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,082
13,592
Current assets
Debtors
4
3,571
4,392
Cash at bank and in hand
1,000,822
754,442
1,004,393
758,834
Creditors: amounts falling due within one year
5
(284,809)
(270,379)
Net current assets
719,584
488,455
Total assets less current liabilities
733,666
502,047
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
732,666
501,047
Total equity
733,666
502,047
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have 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 and delivered 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 28 November 2018 and are signed on its behalf by:
C Doane
Director
Company Registration No. 05990857
Pure FX Limited
Statement of Changes in Equity
For the year ended 31 March 2018
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2016
1,000
502,973
503,973
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
502,074
502,074
Dividends
-
(504,000)
(504,000)
Balance at 31 March 2017
1,000
501,047
502,047
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
579,619
579,619
Dividends
-
(348,000)
(348,000)
Balance at 31 March 2018
1,000
732,666
733,666
Pure FX Limited
Notes to the Financial Statements
For the year ended 31 March 2018
Page 3
1
Accounting policies
Company information
Pure FX Limited is a
private
company
limited by shares domiciled and
incorporated in England and Wales.
The registered office is
McBride House, 32 Penn Road, Beaconsfield, Buckinghamshire, United Kingdom, HP9 2FY.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents the net value of currency transactions undertaken by the company's foreign currency dealing business. Purchases of currency relating to the above transactions are netted off against turnover to produce net revenue.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bas
i
s:
Fixtures and fittings
3 years straight line
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
.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or
basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Pure FX Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2017 - 10).
Pure FX Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
36,952
Additions
10,335
At 31 March 2018
47,287
Depreciation and impairment
At 1 April 2017
23,360
Depreciation charged in the year
9,845
At 31 March 2018
33,205
Carrying amount
At 31 March 2018
14,082
At 31 March 2017
13,592
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
3,571
4,392
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,728
1,053
Corporation tax
152,713
126,646
Other taxation and social security
20,575
8,496
Other creditors
108,793
134,184
284,809
270,379
Pure FX Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 6
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1
1,000
1,000
1,000
1,000
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
35,725
62,983
Between two and five years
26,794
-
62,519
62,983
8
Related party transactions
During the year, the company owed the directors £2,749 (2017 £nil) for amounts advanced.