Registered number
08349498
SOL E MAR Financial Limited
Filleted Accounts
31 January 2023
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
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