The London Gold Market Fixing Limited
Financial Statements
For Filing with Registrar
For the year ended 31 March 2018
Company Registration No. 02891916 (England and Wales)
The London Gold Market Fixing Limited
Company Information
Directors
Simon Weeks
Vincent Domien
Steven Lowe (alternate director to Simon Weeks)
Xavier Lannegrace (alternate director to Vincent Domien)
Paul Voller
(Appointed 6 October 2017)
Jerzy Bumicz
(Appointed 15 September 2017)
Secretary
Hackwood Secretaries Limited
Company number
02891916
Registered office
One Silk Street
London
EC2Y 8HQ
Auditors
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
United Kingdom
EC1M 7AD
The London Gold Market Fixing Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The London Gold Market Fixing Limited
Balance Sheet
As at 31 March 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
-
Current assets
Debtors
4
46,809
10,809
Cash at bank and in hand
73,495
50,291
120,304
61,100
Creditors: amounts falling due within one year
5
(99,802)
(130,902)
Net current assets/(liabilities)
20,502
(69,802)
Capital and reserves
Profit and loss reserves
20,502
(69,802)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2018 and are signed on its behalf by:
Simon Weeks
Director
Company Registration No. 02891916
The London Gold Market Fixing Limited
Notes to the Financial Statements
For the year ended 31 March 2018
Page 2
1
Accounting policies
Company information

The London Gold Market Fixing Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is One Silk Street, London, EC2Y 8HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors consider that, with the continuing financial support of its members in respect of operating expenses including legal fees, the company will be able to meet its liabilities as and when they fall due for a period of at least twelve months from the date of approval of the financial statements. The accounts have therefore been prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for membership fees net of VAT and trade discounts. Membership fees are recognised as and when they fall due.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2017 - 0).

 

 

 

The London Gold Market Fixing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 3
3
Intangible fixed assets
Trade marks
£
Cost
At 1 April 2017 and 31 March 2018
24,506
Amortisation and impairment
At 1 April 2017 and 31 March 2018
24,506
Carrying amount
At 31 March 2018
-
At 31 March 2017
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
36,000
-
Corporation tax recoverable
10,809
10,809
46,809
10,809
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
21,009
46,503
Other taxation and social security
50,694
28,111
Other creditors
28,099
56,288
99,802
130,902
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :

The auditor's report was unqualified.

The senior statutory auditor was Jonathan Sutcliffe.
The auditor was Kingston Smith LLP.
The London Gold Market Fixing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 4
7
Financial commitments, guarantees and contingent liabilities

The London Gold Market Fixing Limited four member banks have been named as defendants in class action lawsuits pending in the United States Federal Court for the Southern District of New York, the first of which was filed on 3 March 2014 in connection with their roles in setting the London benchmark gold price. The complaints allege, amongst other things, that The London Gold Market Fixing Limited and the member banks collectively violated various provisions of the Sherman Act, the Commodity Exchange Act, the Commodity Futures Trading Commission (CFTC) rule 180.1(a) and various state laws by manipulating the London benchmark gold price. The lawsuit seeks an unspecified amount of damages and trebling of damages under the Sherman Act.

 

The London Gold Market Fixing Limited and its previously five member banks (and certain of their affiliates) have been named as defendants in a class action commenced on 18 th December, 2015, in the Ontario Superior Court of Justice. The plaintiffs allege, among other things, that The London Gold Market Fixing Limited and the member banks conspired, agreed and / or arranged with each other to manipulate the London benchmark gold price, and seek damages of Can$ 1,000,000,000 under the Competition Act and for civil conspiracy, unjust enrichment and waiver of tort.

 

The directors believe that the lawsuits are without grounds and that The London Gold Market Fixing Limited is not liable as a result. They intend to defend the lawsuits vigorously and it is currently not practicable to provide an estimate of the financial impact of the potential exposure of the action described or what effect if any that it might have upon operating results, cash flows or The London Gold Market Fixing Limited’s financial position in any particular period.

The London Gold Market Fixing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2018
Page 5
8
Related party transactions

The following were members of The London Gold Market Fixing Limited during the financial year:

 

Barclays Bank Plc

HSBC Bank USA

The Bank of Nova Scotia

Societe Generale

 

The company's membership income which for the year ended 31 March 2018 was £410,000 (2017: £180,000) is derived from the members in equal shares.

9
Control

The company is limited by guarantee and as such has no share capital. The liability of the members is limited to £10 each.

2018-03-31 2017-04-01 false CCH Software CCH Accounts Production 2018.300 No description of principal activity 03 December 2018 This audit opinion is unqualified Simon Weeks Vincent Domien Peter Drabwell Steven Lowe (alternate director to Simon Weeks) Xavier Lannegrace (alternate director to Vincent Domien) Paul Voller Jerzy Bumicz Hackwood Secretaries Limited 02891916 2017-04-01 2018-03-31 02891916 bus:Director1 2017-04-01 2018-03-31 02891916 bus:Director2 2017-04-01 2018-03-31 02891916 bus:Director9 2017-04-01 2018-03-31 02891916 bus:Director10 2017-04-01 2018-03-31 02891916 bus:CompanySecretary1 2017-04-01 2018-03-31 02891916 bus:Director3 2017-04-01 2018-03-31 02891916 bus:Director4 2017-04-01 2018-03-31 02891916 bus:Director5 2017-04-01 2018-03-31 02891916 bus:Director6 2017-04-01 2018-03-31 02891916 bus:Director7 2017-04-01 2018-03-31 02891916 bus:RegisteredOffice 2017-04-01 2018-03-31 02891916 2018-03-31 02891916 2017-03-31 02891916 core:CurrentFinancialInstruments 2018-03-31 02891916 core:CurrentFinancialInstruments 2017-03-31 02891916 core:Non-currentFinancialInstruments 2018-03-31 02891916 core:RetainedEarningsAccumulatedLosses 2018-03-31 02891916 core:RetainedEarningsAccumulatedLosses 2017-03-31 02891916 core:IntangibleAssetsOtherThanGoodwill 2017-03-31 02891916 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 02891916 bus:FRS102 2017-04-01 2018-03-31 02891916 bus:Audited 2017-04-01 2018-03-31 02891916 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 02891916 bus:FullAccounts 2017-04-01 2018-03-31 xbrli:pure xbrli:shares iso4217:GBP