SOL E MAR Financial Limited |
Registered number: |
08349498 |
Balance Sheet |
as at 31 January 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
3,938 |
|
|
5,214 |
Investments |
4 |
|
|
1,000 |
|
|
1,000 |
|
|
|
|
4,938 |
|
|
6,214 |
|
Current assets |
Debtors |
5 |
|
68,494 |
|
|
354,412 |
Cash at bank and in hand |
|
|
163 |
|
|
628 |
|
|
|
68,657 |
|
|
355,040 |
|
Creditors: amounts falling due within one year |
6 |
|
(110,554) |
|
|
(170,316) |
|
Net current (liabilities)/assets |
|
|
|
(41,897) |
|
|
184,724 |
|
Total assets less current liabilities |
|
|
|
(36,959) |
|
|
190,938 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(11,600) |
|
|
(16,400) |
|
Provisions for liabilities |
|
|
|
(951) |
|
|
(990) |
|
|
Net (liabilities)/assets |
|
|
|
(49,510) |
|
|
173,548 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
8 |
|
|
1,000 |
|
|
1,000 |
Profit and loss account |
|
|
|
(50,510) |
|
|
172,548 |
|
Shareholders' funds |
|
|
|
(49,510) |
|
|
173,548 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
L De Souza |
Director |
Approved by the board on 19 October 2023 |
|
SOL E MAR Financial Limited |
Notes to the Accounts |
for the year ended 31 January 2023 |
|
|
1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small companies regime). The significant accounting policies applied to these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Group accounts exemption |
|
The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provided by 399(2A) Companies Act 2006 not to prepare group accounts. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services and revenue from the value of the company's share of technology fees charged following the introduction of customers to foreign exchange dealer platforms. 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. Revenue from technology fees charged is recognised when the associated deal contract is accepted by the trading platform. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20 % straight line |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Government Grants |
|
Revenue grants are accounted using the accrual method and are recognised in income on a systematic basis over the period in which the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support, with no future related costs, are recognised in income in the period in which it becomes receivable. |
|
|
Employee benefits |
|
When employees have rendered service to the company, short term employees benefits to which the employees are entitled are recognised at the undiscounted amount to be paid in exchange for that service. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
£ |
|
Cost |
|
At 1 February 2022 |
7,657 |
|
Additions |
1,032 |
|
Disposals |
(1,599) |
|
At 31 January 2023 |
7,090 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2022 |
2,443 |
|
Charge for the year |
1,229 |
|
On disposals |
(520) |
|
At 31 January 2023 |
3,152 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2023 |
3,938 |
|
At 31 January 2022 |
5,214 |
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 February 2022 |
1,000 |
|
|
At 31 January 2023 |
1,000 |
|
The company holds 20 % or more of the share capital of Divergency FX Limited. |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
1,383 |
|
16,290 |
|
Other debtors |
67,111 |
|
338,122 |
|
|
|
|
|
|
68,494 |
|
354,412 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
11,626 |
|
12,375 |
|
Trade creditors |
13,907 |
|
9,249 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
547 |
|
4,915 |
|
Taxation and social security costs |
27,008 |
|
95,238 |
|
Other creditors |
57,466 |
|
48,539 |
|
|
|
|
|
|
110,554 |
|
170,316 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
11,600 |
|
16,400 |
|
|
|
|
|
|
|
|
|
|
8 |
Share Capital |
Nominal |
|
2022 |
|
2023 |
|
2022 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
9 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
L De Souza |
|
Interest free loan to director, repayable on demand. |
243,792 |
|
164,681 |
|
(343,393) |
|
65,080 |
|
|
|
243,792 |
|
164,681 |
|
(343,393) |
|
65,080 |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
During the year various amounts were loaned to the subsidiary company. This is an interst free loan repayable on demand. At the year end the balance owed to the subsidiary was £547 (2022 - £4,915). |
|
|
11 |
Other information |
|
|
SOL E MAR Financial Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 137, Wey House |
|
15 Church Street |
|
Weybridge |
|
Surrey |
|
KT13 8NA |