ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

E-MONEY CAPITAL LTD - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2020-01-01false55false 04861007 2020-01-01 2020-12-31 04861007 2019-01-01 2019-12-31 04861007 2020-12-31 04861007 2019-12-31 04861007 2019-01-01 04861007 c:Director1 2020-01-01 2020-12-31 04861007 c:Director2 2020-01-01 2020-12-31 04861007 c:Director3 2020-01-01 2020-12-31 04861007 c:RegisteredOffice 2020-01-01 2020-12-31 04861007 d:ComputerEquipment 2020-01-01 2020-12-31 04861007 d:ComputerEquipment 2020-12-31 04861007 d:ComputerEquipment 2019-12-31 04861007 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 04861007 d:ComputerSoftware 2020-12-31 04861007 d:ComputerSoftware 2019-12-31 04861007 d:CurrentFinancialInstruments 2020-12-31 04861007 d:CurrentFinancialInstruments 2019-12-31 04861007 d:Non-currentFinancialInstruments 2020-12-31 04861007 d:Non-currentFinancialInstruments 2019-12-31 04861007 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04861007 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 04861007 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 04861007 d:Non-currentFinancialInstruments d:AfterOneYear 2019-12-31 04861007 d:ShareCapital 2020-01-01 2020-12-31 04861007 d:ShareCapital 2020-12-31 04861007 d:ShareCapital 2019-12-31 04861007 d:ShareCapital 2019-01-01 04861007 d:SharePremium 2020-01-01 2020-12-31 04861007 d:SharePremium 2020-12-31 04861007 d:SharePremium 2019-12-31 04861007 d:SharePremium 2019-01-01 04861007 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 04861007 d:RetainedEarningsAccumulatedLosses 2020-12-31 04861007 d:RetainedEarningsAccumulatedLosses 2019-01-01 2019-12-31 04861007 d:RetainedEarningsAccumulatedLosses 2019-12-31 04861007 d:RetainedEarningsAccumulatedLosses 2019-01-01 04861007 c:OrdinaryShareClass1 2020-01-01 2020-12-31 04861007 c:OrdinaryShareClass1 2020-12-31 04861007 c:OrdinaryShareClass1 2019-12-31 04861007 c:OrdinaryShareClass2 2020-01-01 2020-12-31 04861007 c:OrdinaryShareClass2 2020-12-31 04861007 c:OrdinaryShareClass2 2019-12-31 04861007 c:OrdinaryShareClass3 2020-01-01 2020-12-31 04861007 c:OrdinaryShareClass3 2020-12-31 04861007 c:OrdinaryShareClass3 2019-12-31 04861007 c:OrdinaryShareClass4 2020-01-01 2020-12-31 04861007 c:OrdinaryShareClass4 2020-12-31 04861007 c:OrdinaryShareClass4 2019-12-31 04861007 c:FRS102 2020-01-01 2020-12-31 04861007 c:Audited 2020-01-01 2020-12-31 04861007 c:FullAccounts 2020-01-01 2020-12-31 04861007 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 04861007 d:Subsidiary1 2020-01-01 2020-12-31 04861007 d:Subsidiary1 1 2020-01-01 2020-12-31 04861007 d:Subsidiary2 2020-01-01 2020-12-31 04861007 d:Subsidiary2 1 2020-01-01 2020-12-31 04861007 d:Subsidiary3 2020-01-01 2020-12-31 04861007 d:Subsidiary3 1 2020-01-01 2020-12-31 04861007 d:Subsidiary4 2020-01-01 2020-12-31 04861007 d:Subsidiary4 1 2020-01-01 2020-12-31 04861007 d:Subsidiary5 2020-01-01 2020-12-31 04861007 d:Subsidiary5 1 2020-01-01 2020-12-31 04861007 d:Subsidiary6 2020-01-01 2020-12-31 04861007 d:Subsidiary6 1 2020-01-01 2020-12-31 04861007 2 2020-01-01 2020-12-31 04861007 6 2020-01-01 2020-12-31 04861007 d:ComputerSoftware d:OwnedIntangibleAssets 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04861007













E-MONEY CAPITAL LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

 
E-MONEY CAPITAL LIMITED
 

 
COMPANY INFORMATION


Directors
M A V De Candole 
J S Ferrando 
J M Kennard 




Registered number
04861007



Registered office
5 Fleet Place

London

England

EC4M 7RD




Independent auditors
Warrener Stewart

Chartered Accountants & Statutory Auditors

Harwood House

43 Harwood Road

London

SW6 4QP





 
E-MONEY CAPITAL LIMITED
 


CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 5
Statement of Comprehensive Income
 
6
Balance Sheet
 
7
Statement of Changes in Equity
 
8
Notes to the Financial Statements
 
9 - 17


 
E-MONEY CAPITAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020

The directors present their report and the financial statements for the year ended 31 December 2020.

Directors

The directors who served during the year were:

J M Kennard 
J S Ferrando 
M A V De Candole 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of the provision of financial intermediary services. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
E-MONEY CAPITAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020


Auditors

The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J M Kennard
Director

Date: 23 April 2021

Page 2

 
E-MONEY CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E-MONEY CAPITAL LIMITED

Opinion


We have audited the financial statements of E-Money Capital Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2020 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

 
E-MONEY CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E-MONEY CAPITAL LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility of the entity's financial statements is considered to be low. We reached this
conclusion after consideration of the following:
 
∙Because of the regulated nature of the business, there are strong controls in place and adequate high level monitoring such that any unexpected items would be identified and enquired into by management; and
∙There is a number of individuals which comprise "management" and therefore there is no single individual
Page 4

 
E-MONEY CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E-MONEY CAPITAL LIMITED (CONTINUED)

who is likely to be able to override controls to effect fraud.

We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements.  Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:

∙The review of control accounts and journal entries for large, unusual or unauthorised entries;
∙The analytical review of the detailed profit and loss account for unexpected variances or items that fell outside our understanding of the business;
∙Obtaining and reviewing a list of connected persons and entities and reviewing ledgers for undisclosed related party transactions; and
∙Reviewing compliance with the rules and guidelines set out by the Financial Conduct Authority.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more the compliance with a law or regulation is removed from  the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring because of fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Colin Edney (Senior Statutory Auditor)
  
for and on behalf of
Warrener Stewart
 
Chartered Accountants & Statutory Auditors
Harwood House
43 Harwood Road
London
SW6 4QP

23 April 2021
Page 5

 
E-MONEY CAPITAL LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020

2020
2019
£
£

  

Turnover
 2 
1,688,762
801,051

Administrative expenses
  
(1,639,988)
(1,824,171)

Other operating income
  
8,410
-

Operating profit/(loss)
  
57,184
(1,023,120)

Income from shares in group undertakings
  
100,000
100,000

Interest receivable and similar income
 2 
9,974
16,864

Interest payable
 2 
(857)
(7)

Profit/(loss) before tax
  
166,301
(906,263)

Tax on profit/(loss)
  
102,704
-

Profit/(loss) for the financial year
  
269,005
(906,263)

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 9 to 17 form part of these financial statements.

Page 6

 
E-MONEY CAPITAL LIMITED
REGISTERED NUMBER:04861007


BALANCE SHEET
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

Fixed assets
  

Intangible assets
 5 
35,209
155,209

Tangible assets
 6 
859
1,520

Investments
 7 
8,006
8,006

  
44,074
164,735

Current assets
  

Debtors: amounts falling due within one year
 8 
1,245,051
857,631

Cash at bank and in hand
 9 
36,184
33,880

  
1,281,235
891,511

Creditors: amounts falling due within one year
 10 
(256,026)
(348,741)

Net current assets
  
 
 
1,025,209
 
 
542,770

Creditors: amounts falling due after more than one year
  
(42,901)
-

  

Net assets
  
1,026,382
707,505


Capital and reserves
  

Called up share capital 
 12 
68,753
68,727

Share premium account
  
3,652,594
3,602,748

Profit and loss account
  
(2,694,965)
(2,963,970)

  
1,026,382
707,505


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J M Kennard
Director

Date: 23 April 2021

The notes on pages 9 to 17 form part of these financial statements.

Page 7

 
E-MONEY CAPITAL LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2019
68,727
3,602,748
(2,057,707)
1,613,768


Comprehensive income for the year

Loss for the year
-
-
(906,263)
(906,263)



At 1 January 2020
68,727
3,602,748
(2,963,970)
707,505


Comprehensive income for the year

Profit for the year
-
-
269,005
269,005

Shares issued during the year
26
49,846
-
49,872


At 31 December 2020
68,753
3,652,594
(2,694,965)
1,026,382


The notes on pages 9 to 17 form part of these financial statements.

Page 8

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

E-Money Capital Ltd (company number 04861007) is a private company limited by shares and incorporated in England. Its registered office is 5 Fleet Place, London, England, EC4M 7RD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis.
The Company moved into profit during the year and with an increasing level of platform investments under management, profits are expected to increase over the medium term.  In the mean time, the company enjoys a strong capital base sufficient to enable it to fund its anticipated future growth.
In view of the above, the directors consider the going concern basis to be applicable to the preparation of the Company's financial statements,

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 9

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 10

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 11

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Other operating income

2020
2019
£
£

Government grants receivable
8,410
-



4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2019 - 5).

Page 12

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

5.


Intangible assets




Website costs

£



Cost


At 1 January 2020
365,209



At 31 December 2020

365,209



Amortisation


At 1 January 2020
210,000


Charge for the year on owned assets
120,000



At 31 December 2020

330,000



Net book value



At 31 December 2020
35,209



At 31 December 2019
155,209



Page 13

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

6.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2020
1,983



At 31 December 2020

1,983



Depreciation


At 1 January 2020
463


Charge for the year on owned assets
661



At 31 December 2020

1,124



Net book value



At 31 December 2020
859



At 31 December 2019
1,520

Page 14

 
E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2020
8,006



At 31 December 2020
8,006





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

E-Money Limited
England
Ordinary
100%
euroFX Capital Ltd
England
Ordinary
100%
Regulated Ventures Ltd
England
Ordinary
100%
E-Money Security Trustee Ltd
England
Ordinary
100%
Digital Securities Ltd
England
Ordinary
100%
E-Money Franchise Ltd
England
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Capital & reserves
£

E-Money Limited
1

euroFX Capital Ltd
1

Regulated Ventures Ltd
1

E-Money Security Trustee Ltd
1

Digital Securities Ltd
1

E-Money Franchise Ltd

1

euroEX Capital Ltd, Regulated Ventures Ltd, E-Money Security Trustee Ltd, Digital Securities Ltd and E-Money Franchise Ltd did not trade during the year. The companies received no income and incurred no expenditure and therefore made neither profit or loss.

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E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

8.


Debtors

2020
2019
£
£


Amounts owed by group undertakings
147,250
46,000

Other debtors
257,882
361,363

Prepayments and accrued income
737,215
450,268

Tax recoverable
102,704
-

1,245,051
857,631



9.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
36,184
33,880



10.


Creditors: amounts falling due within one year

2020
2019
£
£

Trade creditors
40,080
140,768

Amounts owed to group undertakings
5
5

Other taxation and social security
22,415
12,486

Other creditors
7,727
483

Accruals and deferred income
185,799
194,999

256,026
348,741



11.


Creditors: amounts falling due after more than one year

2020
2019
£
£

Other creditors
42,901
-


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E-MONEY CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

12.


Share capital

2020
2019
£
£
Authorised, allotted, called up and fully paid



168,484 (2019 - 168,222) Ordinary Voting shares of £0.100 each
16,848
16,822
490,000 (2019 - 490,000) A Ordinary shares of £0.100 each
49,000
49,000
10,750 (2019 - 10,750) B Ordinary shares of £0.001 each
11
11
28,940 (2019 - 28,940) Ordinary Non Voting shares of £0.100 each
2,894
2,894

68,753

68,727

During the year, 262 Ordinary Voting shares were issued at a premium of £190.25 per share. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,043 (2019 - £2,442). Contributions totalling £628 (2019 - £483) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Included in other debtors is £147,250 (2019: £46,000) payable to E-money Ltd, the subsidiary of E-Money Capital Limited.


15.


Controlling party

M A V De Candole is the controlling shareholder of E-Money Capital Ltd. 

 
Page 17