Littlefish FX Limited 28/02/2020 iXBRL

LITTLEFISH FX LIMITED - Company Information

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Company registration number: 07847854

Littlefish FX Limited

Unaudited filleted financial statements

28 February 2020

Littlefish FX Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Littlefish FX Limited

Directors and other information


	Directors	Mr S Barry
		Mrs C Stent


	Company number	07847854


	Registered office	Newton Hall
		Town Street, Newton
		Cambridge
		CB22 7ZE


	Accountants	Coles Accounting (Cambridge) Limited
		Newton Hall, Town Street
		Newton
		Cambridge
		CB22 7ZE

Littlefish FX Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Littlefish FX Limited

Year ended 28 February 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 Littlefish FX Limited for the year ended 28 February 2020 which comprise the statement of financial position, statement of changes in equity 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 Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Littlefish FX Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Littlefish FX Limited and state those matters that we have agreed to state to the board of directors of Littlefish FX Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Littlefish FX Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Littlefish FX Limited 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 profit of Littlefish FX Limited. You consider that Littlefish FX Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Littlefish FX Limited. 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.

Coles Accounting (Cambridge) Limited

Chartered Certified Accountant

Newton Hall, Town Street

Newton

Cambridge

CB22 7ZE

4 November 2020

Littlefish FX Limited

Statement of financial position

28 February 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	4	2,713		3,437
Tangible assets	5	-		169
		_______		_______
			2,713		3,606

Current assets
Debtors	6	262,311		255,286
Cash at bank and in hand		9,501		5,668
		_______		_______
		271,812		260,954
Creditors: amounts falling due
within one year	7	( 585,201)		( 580,223)
		_______		_______
Net current liabilities			( 313,389)		( 319,269)
			_______		_______
Total assets less current liabilities			( 310,676)		( 315,663)

			_______		_______
Net liabilities			( 310,676)		( 315,663)
			_______		_______

Capital and reserves
Called up share capital			24,000		24,000
Profit and loss account			( 334,676)		( 339,663)
			_______		_______
Shareholders deficit			( 310,676)		( 315,663)
			_______		_______

For the year ending 28 February 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 year 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 Section 1A of 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 04 November 2020 , and are signed on behalf of the board by:

Mr S Barry

Director

Company registration number: 07847854

Littlefish FX Limited

Statement of changes in equity

Year ended 28 February 2020

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 March 2018	24,000	( 308,158)	( 284,158)

Profit/(loss) for the year		( 31,505)	( 31,505)
	_______	_______	_______
Total comprehensive income for the year	-	( 31,505)	( 31,505)

	_______	_______	_______
At 28 February 2019 and 1 March 2019	24,000	( 339,663)	( 315,663)

Profit/(loss) for the year		4,987	4,987
	_______	_______	_______
Total comprehensive income for the year	-	4,987	4,987

	_______	_______	_______
At 28 February 2020	24,000	( 334,676)	( 310,676)
	_______	_______	_______

Littlefish FX Limited

Notes to the financial statements

Year ended 28 February 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 Newton Hall, Town Street, Newton, Cambridge, CB22 7ZE.

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'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Publications	-	50 %	straight line
Trademarks	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 March 2019 and 28 February 2020	47,179	47,179
	_______	_______
Amortisation
At 1 March 2019	43,742	43,742
Charge for the year	724	724
	_______	_______
At 28 February 2020	44,466	44,466
	_______	_______
Carrying amount
At 28 February 2020	2,713	2,713
	_______	_______
At 28 February 2019	3,437	3,437
	_______	_______

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 March 2019 and 28 February 2020	1,394	1,394
	_______	_______
Depreciation
At 1 March 2019	1,225	1,225
Charge for the year	169	169
	_______	_______
At 28 February 2020	1,394	1,394
	_______	_______
Carrying amount
At 28 February 2020	-	-
	_______	_______
At 28 February 2019	169	169
	_______	_______

6. Debtors

	2020	2019
	£	£
Trade debtors	3,474	-
Other debtors	258,837	255,286
	_______	_______
	262,311	255,286
	_______	_______

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	44	1,136
Trade creditors	288	2,850
Social security and other taxes	-	477
Other creditors	584,869	575,760
	_______	_______
	585,201	580,223
	_______	_______

8. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2020	2019
	£	£
Mr S Barry	63,185	63,185
Mrs C Stent	112,800	112,800
	_______	_______
	175,985	175,985
	_______	_______

These balances are shown within other creditors.

9. Related party transactions

At the balance sheet date, there was outstanding balances of £177,590 (2019: £186,699) due from Savernake Technology Limited and £814 (2019: £713) due from Praebeo Limited. All entities share one or more common directors and no repayment terms were agreed. Also, at the balance sheet date, there was outstanding balances of £335,674 (2019: £335,674) due to MCS Advisory Limited. Carla Stent is a director of MCS Advisory.The loan has no fixed date of repayment, is payable on demand and carries a 0% coupon rate.

10. Controlling party

The ultimate controlling party is Malherbe Limited, who owned 90% of the share capital at the balance sheet date.