Company Registration No. 09361871 (England and Wales)
LONDON FOREIGN MONEY EXCHANGE LTD
Unaudited accounts
for the year ended 31 December 2023
LONDON FOREIGN MONEY EXCHANGE LTD
Unaudited accounts
Contents
LONDON FOREIGN MONEY EXCHANGE LTD
Company Information
for the year ended 31 December 2023
Director
Mohsin Ali Ahmad ZAINI
Company Number
09361871 (England and Wales)
Registered Office
31 Queensway,
London, England,
W2 4QJ
LONDON FOREIGN MONEY EXCHANGE LTD
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
7,623
6,391
Creditors: amounts falling due within one year
(92,796)
(99,346)
Net current liabilities
(12,220)
(19,452)
Net liabilities
(11,768)
(18,887)
Called up share capital
1,000
1,000
Profit and loss account
(12,768)
(19,887)
Shareholders' funds
(11,768)
(18,887)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 September 2024 and were signed on its behalf by
Mohsin Ali Ahmad ZAINI
Director
Company Registration No. 09361871
LONDON FOREIGN MONEY EXCHANGE LTD
Notes to the Accounts
for the year ended 31 December 2023
LONDON FOREIGN MONEY EXCHANGE LTD is a private company, limited by shares, registered in England and Wales, registration number 09361871. The registered office is 31 Queensway, , London, England, , W2 4QJ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Reducing balance Method
The financial statements have been prepared on a going concern basis. The directors have reviewed the company’s financial position, performance, and cash flow forecasts for the foreseeable future and are satisfied that the company has adequate resources to continue its operations for at least the next 12 months. This includes consideration of the company's liquidity, access to financing, and overall market conditions. Based on this assessment, the directors believe there are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern. Therefore, the financial statements are appropriately prepared on this basis.
LONDON FOREIGN MONEY EXCHANGE LTD
Notes to the Accounts
for the year ended 31 December 2023
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Tangible fixed assets
Fixtures & fittings
Finished goods
72,953
73,503
Stock represents goods held for resale and is measured at the lower of cost and net realizable value. Cost is determined on a first-in, first-out (FIFO) basis and includes all costs of purchase, such as transportation and handling, directly attributable to bringing the stock to its present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. At each reporting date, stock is assessed for impairment, and a provision is made where the carrying amount exceeds its recoverable value. Any obsolescence or slow-moving items are written down to reflect their net realizable value.
6
Creditors: amounts falling due within one year
2023
2022
Loans from directors
92,796
99,346
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Average number of employees
During the year the average number of employees was 3 (2022: 3).