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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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EXNESS (UK) LTD |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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EXNESS (UK) LTD |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Statement of Financial Position | 7 |
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Statement of Changes in Equity | 8 |
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Statement of Cash Flows | 9 |
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Notes to the Statement of Cash Flows | 10 |
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Notes to the Financial Statements | 11 |
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EXNESS (UK) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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REVIEW OF BUSINESS |
The principal activity of Exness (UK) Ltd ("the Company") is that of the provision of investments services in relation to |
foreign exchange and contracts for difference ("CFDs"). |
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The company is authorised and regulated by the Financial Conduct Authority ("FCA"). |
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In February 2018, the ultimate beneficial owners of The Company injected capital of one and a half million GBP in |
preparation for the launch of operations in April 2018. |
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The company has ensured it fulfilled all its regulatory responsibilities with regard to MiFID II which came into force in |
January 2018. Due to ESMA enforcement measures on the CFD industry beginning on 1 August 2018, including |
leverage caps on retail business, the Directors adopted a cautious approach to the launch of the business to monitor |
and absorb the effects of the new leverage rules before further expanding the business. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks arising from the Company's business activities are identified as operational risk, liquidity risk, market risk, |
counterparty and credit risk. |
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The company remains capitalised well in excess of the regulatory capital requirements. |
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The risk management undertaken mitigates the risks as detailed in the company's Internal Capital Adequacy |
Assessment Process (ICAAP). The ICAAP provides an ongoing assessment of the risks that the Company believes |
have the potential to have a significant detrimental impact on its financial performance. The board sets the strategy and |
policies for the management of these risks and assigns the management and monitoring of these risks as appropriate. |
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The principal risks are further detailed in the Company's Pillar 3 statement. |
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FUTURE DEVELOPMENT |
Although the regulatory challenges ahead remain, the Directors feel the strength of the Exness brand will continue to |
attract clients and with a strong balance sheet the Company is well positioned for growth. New CFD asset classes will |
be launched in Q3 and plans for B2B growth are well advanced.B2B is expected to be a strong source of revenue for |
rest of 2019. |
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KEY PERFORMANCE INDICATORS |
As the company is still in its early stages of launching its business there are currently no meaningful key performance |
indicators. |
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ON BEHALF OF THE BOARD: |
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report. |
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DISCLOSURE IN THE STRATEGIC REPORT |
Information relating to the following areas have been disclosed in the strategic report: |
- Review of the business |
- Principal activities of the company |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
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; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
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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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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have |
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, AGK Partners, have signified their willingness to continue in office as auditors. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EXNESS (UK) LTD |
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Opinion |
We have audited the financial statements of Exness (UK) Ltd (the 'company') for the year ended 31 December 2018 |
which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in |
Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, |
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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss 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. |
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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 UK, including the FRC'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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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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 Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EXNESS (UK) LTD |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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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. |
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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 a Report of the Auditors 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. |
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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 Report of the Auditors. |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
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REVENUE | 3 | ( |
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Cost of sales |
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GROSS LOSS | ( |
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Administrative expenses |
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OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
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Tax on loss | 8 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR |
( |
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( |
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | 14 | ( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2017 |
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( |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 31 December 2017 |
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( |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive loss | - | ( |
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Balance at 31 December 2018 |
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( |
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
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Net cash from operating activities | ( |
) | ( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Share issue |
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Net cash from financing activities |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning
of year |
2 |
1,478,835 |
2,279,709 |
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Cash and cash equivalents at end of year | 2 | 2,163,963 | 1,478,835 |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2018 | 2017 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
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(773,047 | ) | (660,868 | ) |
Increase in trade and other debtors | ( |
) | ( |
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Decrease in trade and other creditors | ( |
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Cash generated from operations | ( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect |
of these Statement of Financial Position amounts: |
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Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 2,163,963 | 1,478,835 |
Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 1,478,835 | 2,279,709 |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Exness (UK) Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The Financial Statements of the company are presented in its functional currency, Sterling, on the basis that this |
represents the currency of the primary economic environment in which it operates. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal activity of Exness (UK) Limited ("the Company") is that of the provision of investments services in |
relation to foreign exchange and contracts for difference ("CFDs"). |
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Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that |
are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period. or in the period of the revision and future periods where the revision affects both current and future |
periods. |
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There are no significant judgements and estimates in the accounts for the year ended 31 December 2018. |
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Revenue recognition |
Revenue represents profits and losses and commissions charged on foreign exchange trading,options, futures |
and CFDs (contracts for difference), together with gains or losses on financial instruments measured at fair |
value. |
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Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and |
costs directly attributable to bringing the assets to working condition. |
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Depreciation is provided in order to write down the cost less estimated residual value of all tangible fixed assets |
over their estimated useful life, using the straight-line method. The rates of depreciation for each asset class are |
as follows: |
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Computer equipment - 20% on cost |
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Upon disposal of a tangible fixed asset, the gain or loss is calculated as the difference between the sales |
proceeds and the carrying value of the asset, and is recognised in the income statement. |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes a party to the contractual provisions of the instrument. |
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Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised |
at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial |
assets that are receivable within one year are not amortised. At the end of each reporting period financial assets |
carried at amortised cost are remeasured to their fair value with the resulting gain or loss being recognised in the |
income statement immediately. |
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At the end of the reporting period financial assets are assessed for indicators of impairment. A provision for |
impairment of financial assets is established when there is objective evidence that the company will not be able |
to collect all amounts due according to the original terms of the contract.The amount of the provision is the |
difference between the carrying amount and the recoverable amount, being the present value of estimated future |
cash flows, discounted at the effective interest rate. The carrying amount of the asset is reduced through the use |
of an allowance account, and the amount of the loss is recognised in the income statement. Subsequent |
recoveries of amounts previously written off are recognised in profit or loss. |
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Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Trade |
payables are obligations to pay for goods or services that have been acquired in the ordinary course of business |
from suppliers. Accounts payables are classified as current liabilities if the payment is due within one year. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
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Deferred tax is recognised on all timing differences at the reporting date. 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. |
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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. |
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Foreign currencies |
Transactions in foreign currencies are translated into sterling at the spot exchange rate ruling at the date of |
transaction. |
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Assets and liabilities (monetary items) denominated in foreign currencies are retranslated into sterling at the |
rates of exchange ruling at the statement of financial position date. Non-monetary items measured at historical |
cost are translated using the exchange rate at the date of the transaction. |
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Foreign exchange gains and losses resulting from the settlement of transactions and the retranslation at |
period-end exchange rates of monetary items denominated in foreign currency are recognised in the income |
statement. |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Client money |
The Company holds client money in behalf of clients in accordance with the Client Asset (CASS) rules of the |
Financial Conduct Authority. Such client monies and the corresponding amounts due to clients are not shown on |
the face of the Statement of Financial Position as the Company is not beneficially entitled thereto. |
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Employee benefits and Pension cost |
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The company provides a range of benefits to employees, including paid holiday arrangements and a defined |
contribution pension scheme. |
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Short term benefit, including holiday pay and other similar non-monetary benefits, are recognised as an expense |
in the period in which the service is received. |
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The company operates a defined contribution pension scheme, which is a pension scheme under which the |
company pays fixed contributions to a separate entity. Contributions payable to the company's pension scheme |
are charged to the income statement in the period to which they relate. Amounts not paid are shown in creditors |
in the statement of financial position. The assets of the plan are held separately from the company in |
independently administered funds. |
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Going concern |
The directors have reasonable expectation that on the basis of the financial support from its owners, the |
company can continue to be in operational existence for the foreseeable future and to continue to adopt the |
going concern basis of accounting in preparing the financial statements. |
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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. |
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3. | REVENUE |
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The revenue and loss before taxation are attributable to the one principal activity of the company. |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Management, Finance and administrative | 4 | 2 |
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5. | DIRECTORS' EMOLUMENTS |
2018 | 2017 |
£ | £ |
Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | OPERATING LOSS |
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The operating loss is stated after charging/(crediting): |
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2018 | 2017 |
£ | £ |
Depreciation - owned assets |
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Foreign exchange differences | ( |
) |
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7. | AUDITORS' REMUNERATION |
2018 | 2017 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
6,000 |
5,160 |
Other non- audit services |
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8. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2018 nor for the year ended |
31 December 2017. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2018 | 2017 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of
(2017 - |
( |
) |
( |
) |
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Effects of: |
Tax effect of tax losses carried forward | 147,201 | 127,255 |
Total tax charge | - | - |
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As at 31 December 2018, the company had unrelieved tax losses of £1,926,574 (2017: £1,148,311). |
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The tax rate for the current year is lower than the prior year, due to changes in the UK corporation tax rate, which |
decreased from 20% to 19% from 1 April 2017. Changes to the UK corporation tax rates were substantively |
enacted as part of Finance Bill 2016 (on 6 September 2016). These include reductions to the main rate to reduce |
the rate to 17% from 1 April 2020. |
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | EXPENSE BY NATURE |
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Description | Notes | 2018£ | 2017£ |
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Staff costs | 4 | 523,339 | 438,005 |
Legal and professional | 48,598 | 71,631 |
Rent | 54,780 | 58,530 |
IT expenses | 51,066 | 58,530 |
Travel expenses | 21,040 | 12,338 |
Insurance | 13,621 | 11,226 |
Accountancy fees | 7,031 | 10,134 |
Recruitment fees | 20,674 | 7,380 |
Auditors remuneration for non-audit services | 3,145 | 6,520 |
Other expenses | 926 | 6,206 |
License and membership fees | 147 | 4,208 |
Bank charges | 2,617 | 3,066 |
Staff training and welfare | 1,234 | 3,054 |
Office expenses | 2,531 | 3,035 |
Auditors remuneration for audit services | 6,000 | 2,700 |
Entertainment expenses | 1,022 | 808 |
Foreign expenses | (309 | ) | 793 |
Depreciation | 7 | 1,696 | 196 |
Total | 759,158 | 661,064 |
|
10. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 January 2018 |
|
Additions |
|
At 31 December 2018 |
|
DEPRECIATION |
At 1 January 2018 |
|
Charge for year |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
|
|
Prepayments |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
EXNESS (UK) LTD (REGISTERED NUMBER: 08861481) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
13. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | 1.00 | 4,248,014 | 2,748,014 |
|
|
|
The ordinary shares have full voting rights, full rights to participate in any dividends declared and full rights to |
participate in any distribution on winding up. |
|
14. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2018 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2018 | ( |
) |
|
15. | PENSION COMMITMENTS |
|
The company operates a defined contribution 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 £28,673 (2017: £4,178). |
|
16. | OTHER FINANCIAL COMMITMENTS |
|
The company's premises are under a licence agreement. The terms of the agreement are such that a 3 months |
notice would be required to terminate the agreement and as such a commitment of £16,423 would arise. |
|
17. | RELATED PARTY DISCLOSURES |
|
|
2018 | 2017 |
£ | £ |
Amount due from related party |
|
|
Amount due to related party |
|
|
|
|
|
No compensation was paid to key management personnel during the year. However during the year ended |
31 December 2017 a total of key management personnel compensation of £
|
|
18. | ULTIMATE CONTROLLING PARTY |
|
During the year under review, there was no single ultimate controlling party. |