Currenxie UK Ltd
Notes to the financial statements
For the year ended 31 March 2020
Currenxie UK Ltd (the Company) is a private company, limited by shares, and was incorporated and domiciled in the United Kingdom with the registration number 11014021. The address of its registered office and principal place of business is 3 Beeston Place, Belgravia, London, England, SW1W 0JJ. The company's principal activity is payment services.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The length of the reporting has changed to 12 months ending 31 March 2020. This is due to an extended first period of trade. Therefore, the comparatives are not entirely comparable.
The following principal accounting policies have been applied:
On 11 March 2020, shortly before the year end, the World Health Organisation declared COVID-19 a pandemic. Despite this the financial statements have been prepared on a going concern basis due to the parent company's continued support. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the group and company’s trade, its customers and suppliers. However, taking into consideration multiple factors including the UK Government’s response and the support of the parent company the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is comprised of fees receivable. Expenditure incurred is recharged to the parent company, Currenxie Limited, through a cost plus 10% arrangement.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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