Caseware UK (AP4) 2023.0.135 2023.0.135 102023-01-01falseIndigo FX Limited specialises in niche investment products. Its principal risk concern is maintaining adequate capital reserves, market risk on long dated trades and settlement/ credit risk8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08153583 2023-01-01 2023-12-31 08153583 2022-01-01 2022-12-31 08153583 2023-12-31 08153583 2022-12-31 08153583 c:Director1 2023-01-01 2023-12-31 08153583 d:OfficeEquipment 2023-01-01 2023-12-31 08153583 d:OfficeEquipment 2023-12-31 08153583 d:OfficeEquipment 2022-12-31 08153583 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08153583 d:ComputerEquipment 2023-01-01 2023-12-31 08153583 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 08153583 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 08153583 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08153583 d:ComputerSoftware 2023-12-31 08153583 d:ComputerSoftware 2022-12-31 08153583 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 08153583 d:CurrentFinancialInstruments 2023-12-31 08153583 d:CurrentFinancialInstruments 2022-12-31 08153583 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08153583 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08153583 d:ShareCapital 2023-12-31 08153583 d:ShareCapital 2022-12-31 08153583 d:RetainedEarningsAccumulatedLosses 2023-12-31 08153583 d:RetainedEarningsAccumulatedLosses 2022-12-31 08153583 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08153583 c:OrdinaryShareClass1 2023-12-31 08153583 c:OrdinaryShareClass1 2022-12-31 08153583 c:FRS102 2023-01-01 2023-12-31 08153583 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08153583 c:FullAccounts 2023-01-01 2023-12-31 08153583 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08153583 2 2023-01-01 2023-12-31 08153583 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 08153583 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 08153583 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08153583










Indigo FX Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Indigo FX Ltd
Registered number: 08153583

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,763
5,386

Intangible assets
 5 
4,065
7,549

  
10,828
12,935

Current assets
  

Debtors: amounts falling due within one year
 6 
504,113
575,770

Cash at bank and in hand
  
487,964
330,746

  
992,077
906,516

Creditors: amounts falling due within one year
 7 
(235,722)
(307,469)

Net current assets
  
 
 
756,355
 
 
599,047

Total assets less current liabilities
  
767,183
611,982

  

Net assets
  
767,183
611,982


Capital and reserves
  

Called up share capital 
 8 
30,000
30,000

Profit and loss account
  
737,183
581,982

  
767,183
611,982


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 by: 



................................................
Mr K S Ubhoo
Director
Date: 20 August 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Indigo FX Ltd is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 30 Crown Place, London, EC2A 4EB.
The principal activity is disclosed in the directors report.

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 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.
Revenue is the difference between the cost and selling price of currency (foreign currency margin) and the revaluation of open foreign exchange positions to market value, together with commissions on the sale and purchase of currencies. Turnover is recognised after recieving client authorisations to undertake foreign currency transactions for immediate or forward delivery. 

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website development
-
3
years
Software
-
3
years

Page 2

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.4

Impairement of fixed assets

At each reporting period end date the company reviews the carrying amounts of its tangible and intangible assets to determine whether ther is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discontinued to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which cash the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
          33% straight line
Computer equipment
-
          33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

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.

Page 3

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2023
14,884


Additions
5,086



At 31 December 2023

19,970



Depreciation


At 1 January 2023
9,498


Charge for the year on owned assets
3,709



At 31 December 2023

13,207



Net book value



At 31 December 2023
6,763



At 31 December 2022
5,386

Page 5

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Intangible assets




Software
Computer software
Total

£
£
£



Cost


At 1 January 2023
66,950
10,452
77,402



At 31 December 2023

66,950
10,452
77,402



Amortisation


At 1 January 2023
66,950
2,903
69,853


Charge for the year on owned assets
-
3,484
3,484



At 31 December 2023

66,950
6,387
73,337



Net book value



At 31 December 2023
-
4,065
4,065



At 31 December 2022
-
7,549
7,549




6.


Debtors

2023
2022
£
£


Trade debtors
17,989
69,651

Other debtors
469,932
486,442

Prepayments and accrued income
16,192
19,677

504,113
575,770



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
95,261
104,168

Corporation tax
54,599
57,145

Other taxation and social security
23,875
22,974

Other creditors
6,868
6,410

Accruals and deferred income
55,119
116,772

235,722
307,469


Page 6

 
Indigo FX Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary Share shares of £1.00 each
30,000
30,000



9.


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 £6,273 (2022 : £4,654). Contributions totaling £Nil (£2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.  


10.


Related party transactions

During the year, amounts totalling £12,253 that were owed by Indigo FX Holdings LTD were written off. At the balance sheet date, Indigo FX LTD was owed £Nil (2022: £Nil) by its parent company, Indigo FX Holdings LTD.


Page 7