FX EDGE LIMITED
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Notes to the Accounts |
for the year ended 30 June 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Fixtures, fittings, tools and equipment |
over 5 years |
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Going Concern |
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The accounts have been prepared on the going conern basis notwithstnding the fact that the accounts show accumulated lossed on the balance sheet, The director os the company have assured that he will not recall the ampounts owed by him to the company untill it returns to profits and able to sustain on its own. |
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Tangible fixed assets |
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Office Equipment |
£ |
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Cost |
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At 1 July 2019 |
6,052 |
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At 30 June 2020 |
6,052 |
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Depreciation |
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At 1 July 2019 |
5,253 |
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Charge for the year |
267 |
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At 30 June 2020 |
5,520 |
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Net book value |
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At 30 June 2020 |
532 |
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At 30 June 2019 |
799 |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Amounts owed by companies under control |
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- |
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2,183 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Amounts owed to companies under common control |
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10,923 |
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- |
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Other creditors |
92,716 |
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99,818 |
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103,639 |
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99,818 |
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6 |
Other information |
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FX EDGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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39 Halkingcroft, |
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Langley |
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Slough |
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Berkshire |
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SL3 7BB |