Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30truefalsefalse2022-12-01information provided to financial markets2true2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08605676 2022-12-01 2023-11-30 08605676 2021-12-01 2022-11-30 08605676 2023-11-30 08605676 2022-11-30 08605676 c:Director1 2022-12-01 2023-11-30 08605676 d:CurrentFinancialInstruments 2023-11-30 08605676 d:CurrentFinancialInstruments 2022-11-30 08605676 d:Non-currentFinancialInstruments 2023-11-30 08605676 d:Non-currentFinancialInstruments 2022-11-30 08605676 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 08605676 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 08605676 d:ShareCapital 2023-11-30 08605676 d:ShareCapital 2022-11-30 08605676 d:RetainedEarningsAccumulatedLosses 2023-11-30 08605676 d:RetainedEarningsAccumulatedLosses 2022-11-30 08605676 c:OrdinaryShareClass1 2022-12-01 2023-11-30 08605676 c:OrdinaryShareClass1 2023-11-30 08605676 c:OrdinaryShareClass1 2022-11-30 08605676 c:FRS102 2022-12-01 2023-11-30 08605676 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 08605676 c:AbridgedAccounts 2022-12-01 2023-11-30 08605676 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08605676 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08605676









ITC FX LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


 
ITC FX LIMITED
REGISTERED NUMBER:08605676

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 4 
249,584
210,756

Cash at bank and in hand
 5 
306,883
130,873

  
556,467
341,629

Creditors: amounts falling due within one year
 6 
(295,440)
(226,693)

Net current assets
  
 
 
261,027
 
 
114,936

Total assets less current liabilities
  
261,027
114,936

Net assets
  
261,027
114,936


Capital and reserves
  

Called up share capital 
 7 
118
118

Profit and loss account
  
260,909
114,818

Shareholders' funds
  
261,027
114,936


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2024.




Mr R G Belec
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1


 
ITC FX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The Company is incorporated in England and Wales and is limited by shares.
The principal activity of the company is the provision of information on foreign currency markets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2


 
ITC FX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

Page 3


 
ITC FX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
106,994
106,180

106,994
106,180


2023
2022
£
£

Due within one year

Trade debtors
118,668
86,516

Prepayments and accrued income
23,922
18,060

142,590
104,576



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
306,883
130,873

306,883
130,873



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
43,665
33,332

Other taxation and social security
43,789
31,594

Other creditors
40,091
28,651

Accruals and deferred income
167,895
133,116

295,440
226,693


Page 4


 
ITC FX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



118 (2022 -118) Ordinary shares of £1.00 each
118
118



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,642 (2022 - £3,192) . 


9.


Related party transactions

In Touch Capital Markets Limited owns 83.1% of the shares in ITC FX Limited.
At the year end, an amount of £106,994 [2022 - £106,180] was due from In Touch Capital Markets Limited and is included under debtors.


10.


Controlling party

The ultimate controlling party is In Touch Capital Markets Limited by virtue of the fact that they own the majority of the company's ordinary issued share capital. 
 
Page 5