Company registration number 03760285 (England and Wales)
FIX PROTOCOL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIX PROTOCOL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
FIX PROTOCOL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,750
1,413
Current assets
Debtors
5
1,317,908
1,085,975
Cash at bank and in hand
1,560,512
1,503,027
2,878,420
2,589,002
Creditors: amounts falling due within one year
6
(1,661,057)
(1,478,772)
Net current assets
1,217,363
1,110,230
Net assets
1,219,113
1,111,643
Reserves
Income and expenditure account
1,219,113
1,111,643
Members' funds
1,219,113
1,111,643

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Ms E C Quinn
Director
Company registration number 03760285 (England and Wales)
FIX PROTOCOL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Income and expenditure
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
904,717
Year ended 31 December 2022:
Surplus and total comprehensive income
206,926
Balance at 31 December 2022
1,111,643
Year ended 31 December 2023:
Surplus and total comprehensive income
107,470
Balance at 31 December 2023
1,219,113
See note 9 for further information on the restatement.
FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Fix Protocol Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Tmf Group 13th Floor, One Angel Court, London, EC2R 7HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company too. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Prior period error

There have been two adjustments in respect of the prior period, these are as follows:

 

The first is in relation to a material purchase invoice received late. An adjustment has been made to recognise the accrual. The effect on both cost of sales and accruals is £33,510.

 

The second has nil impact on reserves or net profit. In the prior year, a transaction was presented net in the income and expenditure account on the basis that the company was acting as an agent. Information has subsequently come to light that the company was acting as a principal in this transaction. Accordingly, the income and expenditure for the corresponding figures have been grossed up to reflect this. The effect on both turnover and cost of sales is £325,596.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Income and expenditure

Sales comprise the fair value of consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of VAT, rebates and discounts.

 

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that the future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

 

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customer in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 

Expenses are recognised in relation to the period where the service is provided, net of VAT.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, 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 statement of financial position date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Principal vs Agent Judgement

In preparing these financial statements, management has made a significant judgement regarding the classification of the entity as either a principal or an agent in certain transactions. This judgement is crucial as it determines whether revenue is recognised on a gross or net basis.

 

After careful consideration of the terms and conditions of the relevant contracts, management has concluded that the entity acts as a principal in these transactions. This conclusion was based on the following factors:

 

 

As a result, revenue is recognised on a gross basis in accordance with FRS 102, Section 23.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
13
FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
2,260
Additions
959
At 31 December 2023
3,219
Depreciation and impairment
At 1 January 2023
847
Depreciation charged in the year
622
At 31 December 2023
1,469
Carrying amount
At 31 December 2023
1,750
At 31 December 2022
1,413
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
991,989
927,932
Other debtors
325,919
137,785
1,317,908
1,065,717
Deferred tax asset
-
0
20,258
1,317,908
1,085,975
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
96,201
89,383
Corporation tax
7,644
-
0
Other taxation and social security
20,040
42,577
Other creditors
1,537,172
1,346,812
1,661,057
1,478,772
FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Zoe Plowman
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
25 September 2024
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
25,002
25,200

 

9
Parent company

The company is limited by guarantee and has no share capital. FIX Protocol Holdings (Jersey) Limited is the sole guarantor member. Fix Protocol Holdings (Jersey) Limited has a liability not exceeding £100 (2021: £100).

 

FIX Protocol Holdings (Jersey) Limited is a Jersey, Channel Islands, holding company. The two subscriber shares in FIX Protocol Holdings (Jersey) Limited are held by Accuro Trust (Jersey) Ltd, as trustees of FIX Protocol Purpose Trust, a Jersey Law Purpose Trust established to promote cooperation between bodies and corporations engaged in the conduct of global securities trading and transaction settlement processing and the doing of all such things as are or may be incidental or conducive to the attainment of that object, including without limitation:

 

 

An enforcer recommended by the company's Global Steering Committee and approved by the directors is empowered to ensure that the aforementioned Trustees act in pursuance of the trust deed.

10
Prior period adjustment
FIX PROTOCOL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Prior period adjustment
-
(33,510)
Equity as previously reported
904,717
1,145,153
Equity as adjusted
904,717
1,111,643
Analysis of the effect upon equity
Profit and loss reserves
-
(33,510)
Reconciliation of changes in surplus for the previous financial period
2022
£
Adjustments to prior year
Prior period adjustment
(33,510)
Surplus as previously reported
240,436
Surplus as adjusted
206,926
2023-12-312023-01-01false25 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr S P AtwellMr K HoustounMr J E NortheyMs E C QuinnMr L RosatoMr L SabaMs J MorrisonTMF Corporate Administration Services Limitedfalsefalse037602852023-01-012023-12-31037602852023-12-31037602852022-12-3103760285core:OtherPropertyPlantEquipment2023-12-3103760285core:OtherPropertyPlantEquipment2022-12-3103760285core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103760285core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103760285core:CurrentFinancialInstruments2023-12-3103760285core:CurrentFinancialInstruments2022-12-3103760285core:RetainedEarningsAccumulatedLosses2023-12-3103760285core:RetainedEarningsAccumulatedLosses2022-12-3103760285core:RetainedEarningsAccumulatedLosses2021-12-3103760285bus:Director42023-01-012023-12-3103760285core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103760285core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103760285core:ComputerEquipment2023-01-012023-12-31037602852022-01-012022-12-3103760285core:OtherPropertyPlantEquipment2022-12-3103760285core:OtherPropertyPlantEquipment2023-01-012023-12-3103760285core:WithinOneYear2023-12-3103760285core:WithinOneYear2022-12-3103760285bus:CompanyLimitedByGuarantee2023-01-012023-12-3103760285bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103760285bus:FRS1022023-01-012023-12-3103760285bus:Audited2023-01-012023-12-3103760285bus:Director12023-01-012023-12-3103760285bus:Director22023-01-012023-12-3103760285bus:Director32023-01-012023-12-3103760285bus:Director52023-01-012023-12-3103760285bus:Director62023-01-012023-12-3103760285bus:Director72023-01-012023-12-3103760285bus:CompanySecretary12023-01-012023-12-3103760285bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP