Eris FX Limited - Abbreviated accounts

Registered number

05244316

Eris FX Limited

Unaudited Abbreviated Accounts

31 December 2015

Eris FX Limited

Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Eris FX Limited for the year ended 31 December 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Eris FX Limited for the year ended 31 December 2015 which comprise of the balance sheet and the 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 icaew.com/membershandbook.
This report is made solely to the Board of Directors of Eris FX Limited, as a body, in accordance with the terms of our engagement letter dated 1 July 2016. Our work has been undertaken solely to prepare for your approval the accounts of Eris FX Limited and state those matters that we have agreed to state to the Board of Directors of Eris FX Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eris FX Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Eris FX Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Eris FX Limited. You consider that Eris 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 accounts of Eris 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 abbreviated accounts.

Becketts
Chartered Accountants
Unit 1 Waterside
Old Boston Road
Wetherby
West Yorkshire
LS22 5NB

28 September 2016

Eris FX Limited
Registered number:		05244316
Abbreviated Balance Sheet
as at 31 December 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		26,266			35,558

Current assets
Debtors		3,388			533
Cash at bank and in hand		11,721			186,191
		15,109			186,724

Creditors: amounts falling due within one year		(8,175)			(155,856)

Net current assets			6,934			30,868

Net assets			33,200			66,426

Capital and reserves
Called up share capital	3		723,682			625,000
Profit and loss account			(690,482)			(558,574)

Shareholders' funds			33,200			66,426

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Ms H D Scott
Director
Approved by the board on 28 September 2016

Eris FX Limited
Notes to the Abbreviated Accounts
for the year ended 31 December 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of services provided to customers and is recognised on the date the currency transaction becomes legally binding.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Office equipment			20% straight line

	Deferred taxation
	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.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Financial instruments
	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 expense in the profit and loss account.


2	Tangible fixed assets					£

	Cost
	At 1 January 2015					39,139
	At 31 December 2015					39,139

	Depreciation
	At 1 January 2015					3,581
	Charge for the year					9,292
	At 31 December 2015					12,873

	Net book value
	At 31 December 2015					26,266
	At 31 December 2014					35,558


3	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		625,000		-		625,000
	Ordinary shares A	£0.001 each		783,006		783		-
	Ordinary shares B	£0.001 each		32,784		33		-
	Ordinary shares C	£0.001 each		789,473		789		-
	Deferred shares	£0.001 each		381,076,537		381,077		-
	Redeemable shares	£1 each		341,000		341,000		-
						723,682		625,000


	During the year the company issued £98,682 ordinary shares. On 22nd September 2015 the company undertook a reorganisation of its share capital to create the share structure detailed above. The A ordinary shares carry voting rights whereas the B ordinary shares are non-voting shares. The C ordinary shares benefit from enhanced rights on a return of capital; they are voting shares subject to the class carrying a maximum of 45% of the votes available to be cast. The holders of C ordinary shares are entitled to appoint a director to the Board of the company. The A, B and C ordinary shares rank pari passu for dividends. The redeemable shares and the deferred shares are not entitled to participate in dividends. The redeemable shares are redeemable in full on a realisation or return of capital after the C ordinary shareholders have received the issue price of their shares and prior to any amount being receivable by the A and B ordinary shareholders. Thereafter, up to a valuation of £100m, the deferred shares do not participate in any proceeds. Beyond a valuation of £100m the redeemable shares participate on the basis that 1m deferred shares equate to one A, B or C ordinary share.