Moneynetint Ltd Filleted Accounts Cover
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Company No. 05246578
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Moneynetint Ltd Directors Report Registrar
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The Directors present their report and the accounts for the year ended 31 October 2021.
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Principal activities
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foreign exchange delivery and other money transactions |
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Directors
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The Directors who served at any time during the year were as follows:
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R. Golan
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L. Isaacs
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Y. Trif
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Statement of Directors' Responsibilities
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The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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
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- select suitable accounting policies and then apply them consistently;
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- make judgements and accounting estimates that are reasonable and prudent;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
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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 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.
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Small Company Exception
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This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
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Signed on behalf of the board
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R. Golan
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Director
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29 August 2022
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Moneynetint Ltd Balance Sheet Registrar
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at
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Company No.
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Notes
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2021
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2020
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£
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£
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Fixed assets
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Intangible assets
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4
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Tangible assets
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5
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Investments
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6
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Current assets
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Debtors
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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(
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(
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Net current assets/(liabilities)
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(
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Total assets less current liabilities
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Net assets
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Capital and reserves
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Called up share capital
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Profit and loss account
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7
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 29 August 2022
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And signed on its behalf by:
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R. Golan
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Director
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29 August 2022
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Moneynetint Ltd Notes to the Accounts Registrar
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for the year ended 31 October 2021
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1
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General information
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Its registered number is: 05246578
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Its registered office is:
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2
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Accounting policies
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Turnover
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Revenue from Foreign Exchange Transactions
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The Company generates revenue based on the difference between the exchange rate set by the Company to the business and the rate at which the Company is able to aquire the currency. This foreign exchange revenue is recorded at the time the related money transfer transaction fee revenue is recognised at the time a customer initiates a transaction through the Company's payment service operations.
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Fee Revenue
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Intangible fixed assets
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Leasehold land and buildings
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Furniture, fittings and equipment
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Taxation
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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 substantially enacted at the reporting date.
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Investments
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Trade and other debtors
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Trade and other creditors
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Provisions
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
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When payments are eventually made, they are charged to the provision in the balance sheet.
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Foreign currencies
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Defined contribution pensions
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The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Judgements and key sources of uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
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Financial instruments
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A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
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Consolidation
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3
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Employees
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2021
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2020
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Number
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Number
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The average monthly number of employees (including directors) during the year was:
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4
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Intangible fixed assets
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Total
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£
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Cost
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At 1 November 2020
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Additions
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At 31 October 2021
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Amortisation and impairment
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At 1 November 2020
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Charge for the year
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At 31 October 2021
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Net book values
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At 31 October 2021
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At 31 October 2020
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5
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Tangible fixed assets
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Total
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£
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Cost or revaluation
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At 1 November 2020
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At 31 October 2021
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Depreciation
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At 1 November 2020
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Charge for the year
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At 31 October 2021
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Net book values
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At 31 October 2021
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At 31 October 2020
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6
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Investments
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Total
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£
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Cost or valuation
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At 1 November 2020
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At 31 October 2021
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Provisions/Impairment
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Net book values
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At 31 October 2021
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At 31 October 2020
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7
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Reserves
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8
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Related party disclosure exemption
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The company has taken advantage of the exemption available according with Section 33 of FRS 102 "Related party disclosure" not to disclose transactions entered into between two or more members of a group that are wholly owned.
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9
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Advances and credits to directors
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Included within Other debtors are the following loans to directors:
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Director
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Description
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At 1 November 2020
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Advanced
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Repaid
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At 31 October 2021
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£
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£
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£
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£
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(
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(
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10
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Related party disclosures
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2021
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2020
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Transactions with related parties
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£
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£
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Name of related party
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Description of relationship between the parties
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Shareholder of the company
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Amount due from/(to) the related party
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Name of related party
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Description of relationship between the parties
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Father of G. Trif and Y. Trif, directors and shareholders of the company
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Amount due from/(to) the related party
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(
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