| Instant Cash Worldwide Limited |
| Registered number: |
04650037 |
| Balance Sheet |
| as at 31 December 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| $ |
$ |
| Current assets |
| Debtors |
2 |
|
761,795 |
|
|
875,755 |
|
| Creditors: amounts falling due within one year |
3 |
|
- |
|
|
(79,365) |
|
| Net current assets |
|
|
|
761,795 |
|
|
796,390 |
|
| Net assets |
|
|
|
761,795 |
|
|
796,390 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
15,535 |
|
|
15,535 |
| Profit and loss account |
|
|
|
746,260 |
|
|
780,855 |
|
| Shareholders' funds |
|
|
|
761,795 |
|
|
796,390 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. |
|
|
|
|
| Mr S S A M AlMahmoud |
| Director |
| Approved by the board on 6 August 2019 |
|
| Instant Cash Worldwide Limited |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
|
Turnover |
|
Turnover represents the net commission earned and the gains made on currency exchange and remittance services provided to customers. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Fellow Group Undertaking |
2018 |
|
2017 |
| $ |
$ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
761,795 |
|
875,755 |
|
|
|
|
|
|
|
|
|
|
Amounts due from fellow group undertakings are repayable |
|
within twelve months. |
|
| 3 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| $ |
$ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
73,940 |
|
Other creditors |
- |
|
5,425 |
|
|
|
|
|
|
- |
|
79,365 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Related party transactions |
|
|
Instant Cash FZE (ICFZE) is a 100% subsidary of Wall Street Exchange Centre LLC. The company is owed $nil (2017-$875,755) by ICFZE at the year end as disclosed in note 2 above.
Wall Street Exchange Centre LLC (WSEC) is a 100% subsidary of Emirates Post Group. The company is owed $761,795 (2017-$nil) by Wall Street Exchange Centre LLC (WSEC) at the year end as disclosed in note 2 above.
Wall Street Forex London Ltd is a 100% subsidary of Wall Street Exchange Centre LLC. The company owed $nil (2017-$73,940) to Wall Street Forex London Ltd at the year end as disclosed in note 3 above. |
|
|
| 5 |
Ultimate Parent Company |
|
|
The smallest group in which the results of Instant Cash Worldwide Limited are consolidated is that headed by Wall Street Exchange Centre LLC, a company incorporated in the United Arab Emirates.
The largest group in which the results of Instant Cash Worldwide Limited are consolidated is that headed by Emirates Post Group, a company incorporated in the United Arab Emirates and wholly owned by the UAE Government. |
|
|
| 6 |
Other information |
|
|
Instant Cash Worldwide Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
309 Hoe Street |
|
Walthamstow |
|
London |
|
E17 9BG |
