REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
FX DIGITAL LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
FX DIGITAL LTD |
FX DIGITAL LTD (Registered number: 07595370) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FX DIGITAL LTD |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartd Certified Accountant |
34 Wembley Avenue |
Mayland |
Chelmsford |
Essex |
CM3 6AY |
FX DIGITAL LTD (Registered number: 07595370) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FX DIGITAL LTD (Registered number: 07595370) |
Balance Sheet - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FX DIGITAL LTD (Registered number: 07595370) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
FX DIGITAL LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FX DIGITAL LTD (Registered number: 07595370) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Taxation and social security payable includes an R & D tax credit repayment of £50,250 which was received in the prior year. This repayment is a result of an amendment to the company's prior year loss relief claim. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Other creditors |
FX DIGITAL LTD (Registered number: 07595370) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £0.00001 | 2 | 2 |
11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2023 | 1,195,784 | - | 1,195,784 |
Profit for the year | 1,200,463 | 1,200,463 |
Dividends | (166,000 | ) | (166,000 | ) |
Share option reserve | - | 10,790 | 10,790 |
At 30 April 2024 | 2,230,247 | 10,790 | 2,241,037 |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £166,000 (2023 - £138,000) were paid to the directors . |
FX DIGITAL LTD (Registered number: 07595370) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | POST BALANCE SHEET EVENTS |
A Spanish subsidiary was incorporated after the year end and is owned 100% by FX Digital Ltd. |
This event is considered a non-adjusting post balance sheet event as per the requirements of FRS 102 Section 1A. The Spanish subsidiary was incorporated after the balance sheet date and, as such, does not affect the amounts recognised in the financial statements for the year ended 30 April 2024. |
The directors believe that the subsidiary will bring improved operational efficiency, cost savings and enhanced market presence. |
14. | ULTIMATE CONTROLLING PARTY |
It is the opinion of the directors that jointly they are the controlling party. |
15. | SHARE-BASED PAYMENT TRANSACTIONS |
The company operates an EMI share option scheme under which options are granted to employees. |
These options, 22,222 B Shares at a nominal value of £0.00001, vest over a period of 4 years from the grant date. |
The fair value of the options at the grant date has been determined using the Black Scholes valuation method. The total expense recognised in the Profit & Loss Account for the period ended 30 April 2024 is £10,790. |