Registered number
12213334
Moneliq Limited
Filleted Accounts
31 December 2022
Moneliq Limited
Registered number: 12213334
Balance Sheet
as at 31 December 2022
Notes 2022 2021
Current assets
Debtors 4 20,898 17,500
Cash at bank and in hand 477,514 521,691
498,412 539,191
Creditors: amounts falling due within one year 5 (52,169) (131,727)
Net current assets 446,243 407,464
Net assets 446,243 407,464
Capital and reserves
Called up share capital 349,719 349,719
Profit and loss account 96,524 57,745
Shareholders' funds 446,243 407,464
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.
J Podbrezskis
Director
Approved by the board on 31 October 2023
Moneliq Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
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).

The accounts are presented in Euros, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover is recognised to the extent that it is probable thatthe economic benefits will flow to the company and the revenue can be realiably measured. The specifics surrounding the company revenue recognition policy are as follows:

Turnover relating to commission income derived from payment processing is recognised on receipt of remittances on behalf of clients in the client account, and upon client authorisations to undertake currency transactions for immediate or forward delivery.

Turnover generated from account maintenance is recognised when the service is provided and the amount received or receivable can be measured reliably.

Turnover from foreign currency exchange relates to the forex earned by the company from execution of foreign currency transactions, commissions and charges from such transactions and revaluation of foreign currency belances. Revenuefrom foreign exchange gain or loss is recognised at the point of execution of such transactions upon authorisations received from the client.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties and investments in non puttable ordinary shares.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the companywould receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the assets and settle the liability simultaneously.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Sajjad Rajan FCCA ACA CTA
Firm: Smartax Limited
Date of audit report: 17 November 2023
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 2
4 Debtors 2022 2021
Other debtors 20,898 17,500
5 Creditors: amounts falling due within one year 2022 2021
Trade creditors 30,086 7,260
Taxation and social security costs 8,654 16,152
Other creditors 13,429 108,315
52,169 131,727
6 Share capital Nominal 2022 2022 2021
value Number
£1.00 each 310,000 349,719 349,719
7 Other financial commitments 2022 2021
Total future minimum payments under non-cancellable operating leases - 5,818
8 Related party transactions
Included in other creditors is amount due to the director of the company, J Podbrezskis was Nil (2021 €80,841). This is interest free loan repayable on demand.
9 Controlling party
The company is controlled by J Podbrezskis by virtue of his holding in the entire share capital of the company.
10 Other information
Moneliq Limited is a private company limited by shares and incorporated in England. Its registered office is:
6-9 The Square
Stockley Park
Uxbridge
Hillingdon
UB11 1FW
11 Client Funds
At the reporting date, the company held client funds amounting to €781,161 (2022 - €2,544,351) which equals the cash and other accounting balances held on behalf of these clients. These amounts are segregated and since they are not beneficially owned by the company, they have not been recognised in the financial statements.
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