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Registration number: 06445887

Mercury Foreign Exchange Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Mercury Foreign Exchange Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 22

 

Mercury Foreign Exchange Limited

Company Information

Directors

M Collins

A Constance

Registered office

5 East Lane
London
SE16 4UD

Auditors

Steward & Co
Chartered Accountants
5 East Lane
London
SE16 4UD

 

Mercury Foreign Exchange Limited

Strategic Report for the Year Ended 31 December 2022

The directors present their strategic report for the year ended 31 December 2022.

Principal activity

The principal activity of the company is that of a foreign exchange broker and payment service provider and is registered with the Financial Conduct Authority under electronic money regulations 2011.

Fair review of the business

Income declined by 2% compared to 2021 but gross profit increased by 32%. The latter is due to lower platform costs and lower commissions to third parties. Administrative expenses increased to £833,569 (2021: £714,693). The increase in costs was partly due to increased salary costs and also increased professional fees. The results of the company are shown on page 8. The company's reserves declined by £220,203 to reserves for the year (2021: £227,625 added to reserves). The company continues to invest in its online platform and has no corporate tax liability as a result of an R&D claim. The Directors are satisfied withthe company's performance.

The company's main key performance indicator is the company's revenue. The company constantly reviews its income from trading activities.

Principal risks and uncertainties

The company faces the following risks: foreign currency, operational, regulatory, credit and liquidity.

Foreign currency risk: the company constantly manages its risk to foreign currency fluctuations. It does not undertake proprietary trading. All currency deals are matched back to back with banking counterparts.

Operational risk: the company constantly reviews its procedures and processes. The Directors monitor operations and take steps to mitigate risks on an ongoing basis.

Regulatory risk: the company is exposed to changes in regulation & legislation, Brexit and compliance risks. The company constantly engages with regulatory advisers at Director level and develops IT systems to mitigate risks of breaches.

Credit risk: the company constantly monitors the risk of both client and institutional credit risk both pre and during transactions with clients. The company reviews where it holds its assets to prevent concentration of risk with any counterparty.

Liquidity risk: the company has accounts with numerous banks and counterparties with systems and procedures to ensure that the company has sufficient resources and access to currency to meet its obligations.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
A Constance
Director

 

Mercury Foreign Exchange Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

M Collins

A Constance

Financial instruments

Objectives and policies

The company's financial statements comprise foreign currency forward and spot contracts, cash at bank and in hand and receivables and payables arising from the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The Directors set risk management policies and objectives to ensure that any risk from exchange rates is mitigated. The company hedges with banking counterparties. Other risks have been discussed within the strategic report.
The Directors have made enquiries and have assessed that the company has adequate resources to meet its obligations as they fall due; therefore the company has prepared its financial statements on a going concern basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
A Constance
Director

 

Mercury Foreign Exchange Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Mercury Foreign Exchange Limited

Independent Auditor's Report to the Members of Mercury Foreign Exchange Limited

Opinion

We have audited the financial statements of Mercury Foreign Exchange Limited (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Mercury Foreign Exchange Limited

Independent Auditor's Report to the Members of Mercury Foreign Exchange Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Mercury Foreign Exchange Limited

Independent Auditor's Report to the Members of Mercury Foreign Exchange Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all regularities, including those which lead to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removerd from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
John Steward (Senior Statutory Auditor)
For and on behalf of Steward & Co, Statutory Auditor

5 East Lane
London
SE16 4UD

29 September 2023

 

Mercury Foreign Exchange Limited

Profit and Loss Account for the Year Ended 31 December 2022

Note

31 December
2022
£

31 December
2021
£

Turnover

3

810,696

823,516

Cost of sales

 

(96,505)

(285,473)

Gross profit

 

714,191

538,043

Administrative expenses

 

(833,569)

(714,693)

Operating loss

4

(119,378)

(176,650)

Other interest receivable and similar income

5

362

-

Interest payable and similar expenses

6

(141,187)

404,275

   

(140,825)

404,275

(Loss)/profit before tax

 

(260,203)

227,625

Tax on (loss)/profit

10

40,000

-

(Loss)/profit for the financial year

 

(220,203)

227,625

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mercury Foreign Exchange Limited

Statement of Comprehensive Income for the Year Ended 31 December 2022

31 December
2022
£

31 December
2021
£

(Loss)/profit for the year

(220,203)

227,625

Total comprehensive income for the year

(220,203)

227,625

 

Mercury Foreign Exchange Limited

(Registration number: 06445887)
Balance Sheet as at 31 December 2022

Note

31 December
2022
£

31 December
2021
£

Fixed assets

 

Intangible assets

11

-

29,667

Tangible assets

12

11,732

15,643

Investments

13

1,000

1,000

 

12,732

46,310

Current assets

 

Debtors

14

687,226

697,068

Cash at bank and in hand

 

333,462

704,228

 

1,020,688

1,401,296

Creditors: Amounts falling due within one year

16

(74,219)

(225,030)

Net current assets

 

946,469

1,176,266

Total assets less current liabilities

 

959,201

1,222,576

Creditors: Amounts falling due after more than one year

16

(375,237)

(418,409)

Net assets

 

583,964

804,167

Capital and reserves

 

Called up share capital

2,455

2,455

Share premium reserve

214,045

214,045

Retained earnings

367,464

587,667

Shareholders' funds

 

583,964

804,167

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
A Constance
Director

 

Mercury Foreign Exchange Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

2,455

214,045

587,667

804,167

Loss for the year

-

-

(220,203)

(220,203)

At 31 December 2022

2,455

214,045

367,464

583,964

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2021

2,455

214,045

360,042

576,542

Profit for the year

-

-

227,625

227,625

At 31 December 2021

2,455

214,045

587,667

804,167

 

Mercury Foreign Exchange Limited

Statement of Cash Flows for the Year Ended 31 December 2022

Note

31 December
2022
£

31 December
2021
£

Cash flows from operating activities

(Loss)/profit for the year

 

(220,203)

227,625

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

33,577

34,881

Finance income

5

(362)

-

Finance costs

6

-

125

Income tax expense

10

(40,000)

-

 

(226,988)

262,631

Working capital adjustments

 

Decrease/(increase) in trade debtors

14

32,610

(32,546)

(Decrease)/increase in trade creditors

16

(133,579)

11,669

Net cash flow from operating activities

 

(327,957)

241,754

Cash flows from investing activities

 

Interest received

5

362

-

Cash flows from financing activities

 

Interest paid

6

-

(125)

Repayment of other borrowing

 

(43,171)

(388,115)

Net cash flows from financing activities

 

(43,171)

(388,240)

Net decrease in cash and cash equivalents

 

(370,766)

(146,486)

Cash and cash equivalents at 1 January

 

704,228

850,714

Cash and cash equivalents at 31 December

 

333,462

704,228

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 East Lane
London
SE16 4UD

These financial statements were authorised for issue by the Board on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.


Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

Group accounts have not been prepared because consolidation of the sole subsidiary would have no material effect on the consolidated accounts..

Going concern

The financial statements have been prepared on a going concern basis.

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Changes in accounting policy

The following have been applied for the first time from 1 January 2022 and have had an effect on the financial statements:

There has been a change in accounting policy concerning Revenue Recognition which is described below. As a resultof this change in policy the Turnover and Cost of sales comparative figures have both changed by the same amount but the gross profit is unaffected.

 

Relating to the current period disclosed in these financial statements

£

Relating to the prior period disclosed in these financial statements

£

Relating to periods before the prior period disclosed in these financial statements

£

Turnover

-

(81,648,652)

(80,280,547)

Cost of sales

-

(81,648,652)

(80,280,547)

    

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

The company enters into foreign exchange transactions with its clients, The company also enters into contracts with its clients and Turnover is recognised on the value date as the difference between the price agreed between the client and the price agreed with banking partners.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangibles

3 yesr straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

31 December
2022
£

31 December
2021
£

Rendering of services

810,696

823,516

4

Operating loss

Arrived at after charging/(crediting)

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

31 December
2022
£

31 December
2021
£

Depreciation expense

3,911

5,215

Amortisation expense

29,666

29,666

5

Other interest receivable and similar income

2022
 £
 

2021
 £
Unaudited

Interest income on bank deposits

362

-

6

Interest payable and similar expenses

31 December
2022
£

31 December
2021
£

Interest on bank overdrafts and borrowings

-

125

Foreign exchange gains/(losses)

141,187

(404,400)

141,187

(404,275)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

31 December
2022
£

31 December
2021
£

Wages and salaries

445,177

395,367

Social security costs

53,011

45,733

Pension costs, defined contribution scheme

3,639

2,824

Other employee expense

6,241

4,774

508,068

448,698

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

31 December
2022
No.

31 December
2021
No.

Administration and support

4

4

4

4

8

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

31 December
2022
£

31 December
2021
£

Remuneration

234,122

249,450

9

Auditors' remuneration

31 December
2022
£

31 December
2021
£

Audit of the financial statements

8,000

8,000


 

10

Taxation

Tax charged/(credited) in the profit and loss account

31 December
2022
£

31 December
2021
£

Current taxation

UK corporation tax

(40,000)

-

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

11

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

89,000

89,000

At 31 December 2022

89,000

89,000

Amortisation

At 1 January 2022

59,333

59,333

Amortisation charge

29,667

29,667

At 31 December 2022

89,000

89,000

Carrying amount

At 31 December 2022

-

-

At 31 December 2021

29,667

29,667

12

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

60,624

60,624

At 31 December 2022

60,624

60,624

Depreciation

At 1 January 2022

44,981

44,981

Charge for the year

3,911

3,911

At 31 December 2022

48,892

48,892

Carrying amount

At 31 December 2022

11,732

11,732

At 31 December 2021

15,643

15,643

13

Investments

31 December
2022
£

31 December
2021
£

Investments in subsidiaries

1,000

1,000

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Subsidiaries

£

Cost or valuation

At 1 January 2022

1,000

Provision

Carrying amount

At 31 December 2022

1,000

At 31 December 2021

1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Ethical Currency Limited

5 East Lane
London
SE16 4UD

England

Ordinary shares

100%

100%

Subsidiary undertakings

Ethical Currency Limited

The principal activity of Ethical Currency Limited is a foreign exchange company.

The investment in Ethical Currency Ltd cost £90,000 when purchased in 2013. This consisted of £1,000 share capital and £89,000 Goodwill. The Goodwill element has been re-characterised as an Intangible Asset (Note 10).

14

Debtors

Current

Note

31 December
2022
£

31 December
2021
£

Trade debtors

 

-

37,037

Other debtors

 

664,458

660,031

Income tax asset

10

22,768

-

   

687,226

697,068

 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

15

Cash and cash equivalents

31 December
2022
£

31 December
2021
£

Cash at bank

333,462

704,228

16

Creditors

Note

31 December
2022
£

31 December
2021
£

Due within one year

 

Trade creditors

 

23,880

60,162

Social security and other taxes

 

42,339

37,936

Accruals

 

8,000

109,700

Income tax liability

10

-

17,232

 

74,219

225,030

Due after one year

 

Other non-current financial liabilities

 

375,237

418,409

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £3,639 (2021 - £2,824).

18

Share capital

Allotted, called up and fully paid shares

 

31 December
2022

31 December
2021

 

No.

£

No.

£

Ordinary shares of £1 each

2,455

2,455

2,455

2,455

         
 

Mercury Foreign Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

19

Dividends

20

Related party transactions

Summary of transactions with entities with joint control or significant interest

Common control
 Additional Loan
 

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

599,734

599,734

Advanced

241,878

241,878

At end of period

841,612

841,612

2021

Entities with joint control or significant influence
£

Total
£

At start of period

599,734

599,734

At end of period

599,734

599,734

Loans from related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

836,189

836,189

Repaid

(387,159)

(387,159)

At end of period

449,030

449,030

2021

Entities with joint control or significant influence
£

Total
£

At start of period

836,189

836,189

At end of period

836,189

836,189