Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Katie Hyman 01/06/2021 Daniel Webber 05/09/2014 07 August 2024 The principal activity of the company during the financial year was that of a money transfer comparison website. 09205110 2023-12-31 09205110 bus:Director1 2023-12-31 09205110 bus:Director2 2023-12-31 09205110 core:CurrentFinancialInstruments 2023-12-31 09205110 core:CurrentFinancialInstruments 2022-12-31 09205110 2022-12-31 09205110 core:ShareCapital 2023-12-31 09205110 core:ShareCapital 2022-12-31 09205110 core:SharePremium 2023-12-31 09205110 core:SharePremium 2022-12-31 09205110 core:RetainedEarningsAccumulatedLosses 2023-12-31 09205110 core:RetainedEarningsAccumulatedLosses 2022-12-31 09205110 bus:OrdinaryShareClass1 2023-12-31 09205110 2023-01-01 2023-12-31 09205110 bus:FilletedAccounts 2023-01-01 2023-12-31 09205110 bus:SmallEntities 2023-01-01 2023-12-31 09205110 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09205110 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09205110 bus:Director1 2023-01-01 2023-12-31 09205110 bus:Director2 2023-01-01 2023-12-31 09205110 2022-01-01 2022-12-31 09205110 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09205110 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09205110 (England and Wales)

FXC INTELLIGENCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FXC INTELLIGENCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FXC INTELLIGENCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
FXC INTELLIGENCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 991,644 840,959
Cash at bank and in hand 4 45,189 23,211
1,036,833 864,170
Creditors: amounts falling due within one year 5 ( 215,344) ( 2,427,951)
Net current assets/(liabilities) 821,489 (1,563,781)
Total assets less current liabilities 821,489 (1,563,781)
Net assets/(liabilities) 821,489 ( 1,563,781)
Capital and reserves
Called-up share capital 6 390 390
Share premium account 1,439,642 1,439,642
Profit and loss account ( 618,543 ) ( 3,003,813 )
Total shareholder's funds/(deficit) 821,489 ( 1,563,781)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of FXC Intelligence Limited (registered number: 09205110) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Daniel Webber
Director

07 August 2024

FXC INTELLIGENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FXC INTELLIGENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FXC Intelligence Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 32 22

3. Debtors

2023 2022
£ £
Trade debtors 109,988 67,892
Amounts owed by group undertakings 588,053 557,576
Accrued income 2,948 206,103
Corporation tax 281,267 0
Other debtors 9,388 9,388
991,644 840,959

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 45,189 23,211

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,589 93,989
Amounts owed to group undertakings 40,678 2,187,881
Accruals and deferred income 27,147 66,905
Other taxation and social security 98,047 68,555
Other creditors 38,883 10,621
215,344 2,427,951

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
390 A ordinary shares of £ 1.00 each 390 390

7. Ultimate controlling party

Parent Company:

FXC Group Inc, an entity incorporated in the USA.