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COMPANY REGISTRATION NUMBER: 10574930
Prostream FX Limited (Formerly SAB Corporate Finance Limited)
Filleted Financial Statements
31 December 2021
Prostream FX Limited (Formerly SAB Corporate Finance Limited)
Financial Statements
Year ended 31 December 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Prostream FX Limited (Formerly SAB Corporate Finance Limited)
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
1,837
3,505
Investments
6
5,144
5,144
-------
-------
6,981
8,649
Current assets
Debtors
7
137,648
79,471
Cash at bank and in hand
38,751
59,342
---------
---------
176,399
138,813
Creditors: amounts falling due within one year
8
138,868
21,850
---------
---------
Net current assets
37,531
116,963
--------
---------
Total assets less current liabilities
44,512
125,612
--------
---------
Net assets
44,512
125,612
--------
---------
Capital and reserves
Called up share capital
2,310,000
2,110,000
Profit and loss account
( 2,265,488)
( 1,984,388)
------------
------------
Shareholders funds
44,512
125,612
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr M Farsky
Director
Company registration number: 10574930
Prostream FX Limited (Formerly SAB Corporate Finance Limited)
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 St Mary Axe, Level 28/29, London, EC3A 8BF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors undertook specific analysis into the potential business impact of COVID-19 on costs and revenue and how they might be managed and mitigated. As the business was still in its initial growth phase the Directors decided that it was appropriate to pause trade as at 1st April 2020 and to make redundancies to limit the cost base through this time. The cost saving would considerably greater than the lost revenues. The business has decided to not renew its licences and therefore would need to to reapply when it is decided to resume trading. The directors will restart trading once they feel that the market conditions are right. They believe that this is attainable. The Directors have considered the support available from the parent company to manage the reduced cost base and believe it appropriate to adopt the going concern basis for preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 4 ).
5. Tangible assets
Computer equipment
£
Cost
At 1 January 2021 and 31 December 2021
6,990
-------
Depreciation
At 1 January 2021
3,485
Charge for the year
1,668
-------
At 31 December 2021
5,153
-------
Carrying amount
At 31 December 2021
1,837
-------
At 31 December 2020
3,505
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2021 and 31 December 2021
5,144
-------
Impairment
At 1 January 2021 and 31 December 2021
-------
Carrying amount
At 31 December 2021
5,144
-------
At 31 December 2020
5,144
-------
7. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
136,655
44,093
Other debtors
993
35,378
---------
--------
137,648
79,471
---------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
127,830
10,878
Social security and other taxes
3,110
2,612
Other creditors
7,928
8,360
---------
--------
138,868
21,850
---------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
33,451
----
--------
10. Summary audit opinion
The auditor's report for the year dated 19 August 2022 was unqualified .
The senior statutory auditor was Andrew Collyer , for and on behalf of Burgess Hodgson LLP .
11. Related party transactions
The company has taken advantage of the exemption permitted by FRS 102 section 33 Related Party Disclosures and not disclosed transactions with group companies on the grounds that 100% of the voting rights in the company are controlled within the group and the company is included in the consolidated financial statements of the group.
12. Controlling party
On 16 December 2019 100% of the ordinary share capital of the company was sold by the previous shareholder, SAB Finance a.s., to the new shareholder, SAB Financial Group a.s. SAB Financial Group a.s, is a company incorporated in the Czech Republic with its headquarter in Praque, Senovážné nám. 1375/19, 110 00 Nové Mesto. The smallest and largest group to consolidate the company's financial statements is SAB Financial Group a.s., a company incorporated in the Czech Republic, whose financial statements are publicly available.