Fintechxchange Ltd 31/03/2020 iXBRL

Fintechxchange Ltd 31/03/2020 iXBRL

FINTECHXCHANGE LIMITED - Company Information

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Company registration number: 11616536
Fintechxchange Ltd
Unaudited filleted financial statements
31 March 2020
Fintechxchange Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Fintechxchange Ltd
Directors and other information
Directors S J Tweddle
S J Ismail
Company number 11616536
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Fintechxchange Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fintechxchange Ltd
Period ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fintechxchange Ltd for the period ended 31 March 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fintechxchange Ltd, as a body, in accordance with the terms of our engagement letter dated 11 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Fintechxchange Ltd and state those matters that we have agreed to state to the board of directors of Fintechxchange Ltd as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fintechxchange Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fintechxchange Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fintechxchange Ltd. You consider that Fintechxchange Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Fintechxchange Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
11 June 2020
Fintechxchange Ltd
Statement of financial position
31 March 2020
31/03/20
Note £ £
Current assets
Debtors 5 1,320
Cash at bank and in hand 1,284
_______
2,604
Creditors: amounts falling due
within one year 6 ( 2,873)
_______
Net current liabilities ( 269)
_______
Total assets less current liabilities ( 269)
_______
Net liabilities ( 269)
_______
Capital and reserves
Called up share capital 100
Profit and loss account ( 369)
_______
Shareholders deficit ( 269)
_______
For the period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 June 2020 , and are signed on behalf of the board by:
S J Tweddle
Director
Company registration number: 11616536
Fintechxchange Ltd
Notes to the financial statements
Period ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the company's directors.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2
5. Debtors
31/03/20
£
Trade debtors 1,200
Other debtors 120
_______
1,320
_______
6. Creditors: amounts falling due within one year
31/03/20
£
Trade creditors 253
Other creditors 2,620
_______
2,873
_______
7. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/03/20
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
S J Tweddle - ( 950) ( 950)
S J Ismail - ( 950) ( 950)
_______ _______ _______
- ( 1,900) ( 1,900)
_______ _______ _______