Effective FX Limited - Accounts to registrar (filleted) - small 18.2

Effective FX Limited - Accounts to registrar (filleted) - small 18.2

EFFECTIVE SOLUTIONS CONSULTANCY LIMITED - Company Information

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REGISTERED NUMBER: 08167620 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31st August 2020

for

Effective FX Limited
Effective FX Limited (Registered number: 08167620)






Contents of the Financial Statements
for the Year Ended 31st August 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Effective FX Limited

Company Information
for the Year Ended 31st August 2020







DIRECTOR: A Mehrad





REGISTERED OFFICE: 1 Royal Exchange Avenue
London
EC3V 3LT





REGISTERED NUMBER: 08167620 (England and Wales)





ACCOUNTANTS: Sigma Partners
Gloucester House
Church Walk
Burgess Hill
West Sussex
RH15 9AS
Page 1
Effective FX Limited (Registered number: 08167620)

Balance Sheet
31st August 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,551 7,102

CURRENT ASSETS
Debtors 5 290,393 269,975
Cash at bank and in hand 156,074 92,045
446,467 362,020
CREDITORS
Amounts falling due within one year 6 326,097 250,462
NET CURRENT ASSETS 120,370 111,558
TOTAL ASSETS LESS CURRENT
LIABILITIES
123,921
118,660

CREDITORS
Amounts falling due after more than one
year
7
(88,796
)
(116,724
)

PROVISIONS FOR LIABILITIES (675 ) (1,204 )
NET ASSETS 34,450 732

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 34,350 632
SHAREHOLDERS' FUNDS 34,450 732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The notes form part of these financial statements

Page 2 continued...
Effective FX Limited (Registered number: 08167620)

Balance Sheet - continued
31st August 2020


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st September 2020 and
were signed by:





A Mehrad - Director


The notes form part of these financial statements

Page 3
Effective FX Limited (Registered number: 08167620)

Notes to the Financial Statements
for the Year Ended 31st August 2020

1. STATUTORY INFORMATION

Effective FX Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information
page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

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.

Page 4 continued...
Effective FX Limited (Registered number: 08167620)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2020

2. ACCOUNTING POLICIES - continued

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 3 (2019 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st September 2019
and 31st August 2020 15,400
DEPRECIATION
At 1st September 2019 8,298
Charge for year 3,551
At 31st August 2020 11,849
NET BOOK VALUE
At 31st August 2020 3,551
At 31st August 2019 7,102

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 111,443 69,212
Other debtors 178,950 200,763
290,393 269,975

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 2,500 -
Taxation and social security 106,382 73,584
Other creditors 217,215 176,878
326,097 250,462

Page 5 continued...
Effective FX Limited (Registered number: 08167620)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2020

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2020 2019
£    £   
Bank loans 47,500 -
Trade creditors 19,657 26,576
Other creditors 21,639 90,148
88,796 116,724

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,500 -

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2020
and 31st August 2019:

2020 2019
£    £   
A Mehrad
Balance outstanding at start of year 16,647 (914 )
Amounts advanced - 109,061
Amounts repaid - (91,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 16,647

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Mehrad.

Page 6