| Eris FX Limited |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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 (as applied to small entities by section 1A of the standard). |
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Going concern |
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The accounts are prepared on a going concern basis. The company continues to benefit from the support of its shareholders. There have been further shares issued in 2019 and the directors have an indication of continued support pending a re-capitalisation when the lobbying efforts to achieve regulatory change are rewarded with meaningful action. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
25% staright line |
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Debtors |
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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. |
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Creditors |
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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. |
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Deferred taxation |
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No provision is made for deferred taxation in these accounts on the basis that it is prudent not to recognise a deferred tax asset, resulting from the utilisation of losses, at this stage in the company's development. |
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Accounting policies (cont'd) |
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Foreign currency translation |
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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. |
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Financial instruments |
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| 2 |
Tangible fixed assets |
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Office equipment |
| £ |
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Cost |
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At 1 January 2018 |
39,241 |
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Additions |
432 |
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At 31 December 2018 |
39,673 |
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Depreciation |
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At 1 January 2018 |
31,534 |
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Charge for the year |
7,781 |
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At 31 December 2018 |
39,315 |
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Net book value |
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At 31 December 2018 |
358 |
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At 31 December 2017 |
7,707 |
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| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
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Trade debtors |
2,197 |
|
5,136 |
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Other debtors |
4,695 |
|
1,916 |
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6,892 |
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7,052 |
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| 4 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
1,882 |
|
3,336 |
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Director's loan account |
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|
3,000 |
|
10,000 |
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Taxation and social security costs |
41 |
|
505 |
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Other creditors |
2,252 |
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2,201 |
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7,175 |
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16,042 |
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| 5 |
Controlling party |
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The ultimate controlling party is the director, Ms H D Scott. She hold the majority of the voting rights attached to the called up share capital. |
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| 6 |
Other information |
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Eris FX Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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West One |
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114 Wellington Street |
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Leeds |
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West Yorkshire |
|
LS1 1BA |
