Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Katie Hyman 01/06/2021 Daniel Webber 01/01/2012 07 August 2024 The principal activities during the year were that of providing foreign currency data. 05881052 2023-12-31 05881052 bus:Director1 2023-12-31 05881052 bus:Director2 2023-12-31 05881052 core:CurrentFinancialInstruments 2023-12-31 05881052 core:CurrentFinancialInstruments 2022-12-31 05881052 2022-12-31 05881052 core:ShareCapital 2023-12-31 05881052 core:ShareCapital 2022-12-31 05881052 core:SharePremium 2023-12-31 05881052 core:SharePremium 2022-12-31 05881052 core:RetainedEarningsAccumulatedLosses 2023-12-31 05881052 core:RetainedEarningsAccumulatedLosses 2022-12-31 05881052 bus:OrdinaryShareClass1 2023-12-31 05881052 2023-01-01 2023-12-31 05881052 bus:FilletedAccounts 2023-01-01 2023-12-31 05881052 bus:SmallEntities 2023-01-01 2023-12-31 05881052 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05881052 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05881052 bus:Director1 2023-01-01 2023-12-31 05881052 bus:Director2 2023-01-01 2023-12-31 05881052 2022-01-01 2022-12-31 05881052 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05881052 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05881052 (England and Wales)

FX COMPARED LIMITED

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

FX COMPARED LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FX COMPARED LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
FX COMPARED LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 204,778 842,996
Cash at bank and in hand 4 23,148 4,224
227,926 847,220
Creditors: amounts falling due within one year 5 ( 67,358) ( 628,955)
Net current assets 160,568 218,265
Total assets less current liabilities 160,568 218,265
Net assets 160,568 218,265
Capital and reserves
Called-up share capital 6 16 16
Share premium account 485,575 485,575
Profit and loss account ( 325,023 ) ( 267,326 )
Total shareholder's funds 160,568 218,265

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 FX Compared Limited (registered number: 05881052) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Daniel Webber
Director

07 August 2024

FX COMPARED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FX COMPARED 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

FX Compared 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

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 9 8

3. Debtors

2023 2022
£ £
Trade debtors 48,308 40,089
Amounts owed by group undertakings 0 692,572
Accrued income 3,980 71,811
Corporation tax 114,490 0
Other debtors 38,000 38,524
204,778 842,996

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 23,148 4,224

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to group undertakings 0 532,834
Accruals 35,635 70,091
Other taxation and social security 21,388 22,797
Other creditors 10,335 3,233
67,358 628,955

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,597 A ordinary shares of £ 0.01 each 16 16

7. Ultimate controlling party

Parent Company:

FXC Group Inc, an entity incorporated in the USA.