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Registered number: 11910748










CURRENCY SOLUTIONS HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
H Enver 
R Griffith 




Registered number
11910748



Registered office
4th Floor Hobbs Court
2 Jacob Street

London

SE1 2BG




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 34


 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their strategic report for Currency Solutions Holdings Limited ("the parent Company") for the year ended 31 March 2023. 

Business review
 
The Group is pleased to report an increase in revenue by 24%. In 2023 the revenue was up to £7,943,682 compared to £6,399,510 in 2022. Our forecasted movements have been surpassed by the growth in our derivative products.
New products and services
From September 2023 we started promoting our new Global business account solution, which will allow our customers to open up to 28 different currency accounts, in nearly all jurisdictions from the UK, Europe and the rest of the world. This will allow us the opportunity of being able to onboard US and European customers in any state, jurisdiction or country, with the ability to have settlement accounts in those countries. This will allow us the opportunity to grow in different markets that we previously did not have access to.
We have experienced many development delays to our new treasury and front-end solution that will allow us to reconcile quicker and better and streamline our processes front and back end. This will allow us to scale dramatically. A lot of the extra costs in the business have been the result of investment in our development team which we have not yet monetised. This is expected to be released in Quarter 1 of 2024.

Principal risks and uncertainties
 
Our principal risks consist of three main areas. The first is the economic environment. The exposure element has increased as volatility in the market has become more prevalent. As a result, we are monitoring liquidity levels weekly, and are now documenting on a monthly basis. This will typically include our exposure with our counterparties and customers and how the exchange rate impacts this. This allows us to decide how much appetite we have when deciding to give our customers credit when booking a future transaction.
The second principal risk to our business is the regulation and compliance environment. It continues to evolve and there are constantly new regulatory frameworks to adhere to. We have a dedicated team of 9 staff with an additional 3 members that manage the onboarding led by our head of compliance to ensure we are at the forefront of all legal, regulatory and licencing requirements
.
Our third principal risk is our counterparty banks and customer risk. We have daily updates and weekly meetings on amounts being margin called from the bank to us and the margin calls we make to our customers in the cases of adverse currency movements. Our counterparty risk is minimised as we have a balanced book and our client book is monitored daily and margin called accordingly.

Financial key performance indicators
 
This year has seen revenues increase since establishing partnerships with key entrepreneurial groups and accountants. As a result of this, a number of new referrals for corporate customers have been onboarded.

Other key performance indicators
 
Our unique selling point has always been service and it comes as no surprise to the management team that we are ranked in the top 5 on Trust Pilot in the category “Money Transfer service” in the country. We have now developed a strong presence on Linkedin personal profiles, Twitter, Facebook and Google, where we provide daily economic reports and receive excellent reviews from our customers.

Page 1

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Under section 172 of the Companies Act 2006 (“Section 172”), a director of a company must act in a way that they consider, in good faith, and would most likely promote the success of the company for the benefit of its members as a whole, taking into account the non-exhaustive list of factors set out in Section 172.
Section 172 also requires directors to take into consideration the interests of other stakeholders set out in Section 172(1) in their decision making.






This report was approved by the board on 10 November 2023 and signed on its behalf.



H Enver
Director

Page 2

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £203,001 (2022 - £139,970).

During the year the Company paid interim dividends of £532,348 (2022: £624,324). The Directors do not propose any final dividends (2022: £nil). 

Directors

The directors who served during the year were:

H Enver 
R Griffith 

Future developments

The Group is pivoting its target market to higher volume clients, the benefits of this can be seen in increased revenue in the last 12 months. This will allow us to focus on and service higher volume and higher profit customers.
In addition to this, the Company is promoting alongside this its global business accounts proposition that will allow smaller volume customers to self-serve and provide the company with a solid passive income that will aid in growth.

Page 3

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 November 2023 and signed on its behalf.
 





H Enver
Director

Page 4

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURRENCY SOLUTIONS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Currency Solutions Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position,  the Group and Company Statement of Changes in Equity, the Group Statement of Cash Flows, and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's 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 Group 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.


Emphasis of matter


We draw attention to Note 27 of the financial statements, which describes the development and funding of Zoopay Limited ("Zoopay"), a niche FinTech provider to the Travel industry, which has common directors and shareholders to the Group. 
Our opinion is not modified in this respect. 


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 Group's or the parent 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.


Page 5

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURRENCY SOLUTIONS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURRENCY SOLUTIONS HOLDINGS LIMITED (CONTINUED)


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 Group 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the group, company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the currency services business and FCA regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and payroll tax and VAT.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements(including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

inspecting correspondence with the FCA and HMRC;
discussions with management including consideration of known or suspected instances of non compliance
with laws and regulation and fraud;
evaluating management's controls designed to prevent and detect irregularities;
 identifying and testing journals, in particular journal entries posted with unusual account combinations,  or with unusual descriptions; and
challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that 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 due to 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.


Page 7

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURRENCY SOLUTIONS HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Simon Wilks (Senior Statutory Auditor)
  
for and on behalf of
Haysmacintyre LLP
 
Statutory Auditors
  
10 Queen Street Place
London
EC4R 1AG

10 November 2023
Page 8

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,943,682
6,399,510

Cost of sales
  
(882,559)
(1,012,697)

Gross profit
  
7,061,123
5,386,813

Administrative expenses
  
(6,827,557)
(5,199,188)

Other operating income
 5 
2,160
19,446

Fair value movements
  
(5,322)
(23,420)

Operating profit
 6 
230,404
183,651

Amounts written off investments
 15 
(102)
(9,102)

Interest receivable and similar income
 9 
43,615
1,417

Interest payable and expenses
 10 
(82,562)
(68,265)

Profit before taxation
  
191,355
107,701

Tax on profit
 11 
11,646
32,269

Profit for the financial year
  
203,001
139,970

  

Currency translation differences
  
5,754
(7,491)

Deferred tax (charge)/credit
  
3,846
(12,114)

Other comprehensive income for the year
  
9,600
(19,605)

  

Total comprehensive income for the year
  
212,601
120,365

Profit for the year attributable to:
  

Owners of the parent Company
  
203,001
139,970

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 34 form part of these financial statements.

Page 9

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 11910748

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,323,354
1,531,106

Tangible assets
 14 
1,327,733
1,340,257

Investments
 15 
119,641
121,352

  
2,770,728
2,992,715

Current assets
  

Debtors: amounts falling due within one year
 16 
3,844,832
2,595,218

Cash at bank and in hand
 17 
10,063,328
12,674,268

  
13,908,160
15,269,486

Creditors: amounts falling due within one year
 18 
(11,036,321)
(12,263,951)

Net current assets
  
 
 
2,871,839
 
 
3,005,535

Total assets less current liabilities
  
5,642,567
5,998,250

Creditors: amounts falling due after more than one year
 19 
(1,065,750)
(1,099,308)

Provisions for liabilities
  

Deferred taxation
 22 
(65,803)
(68,181)

Net assets
  
4,511,014
4,830,761


Capital and reserves
  

Called up share capital 
 23 
61,400
61,400

Share premium account
 24 
4,558,600
4,558,600

Revaluation reserve
 24 
15,270
17,620

Foreign exchange reserve
 24 
2,049
(3,705)

Profit and loss account
 24 
(126,305)
196,846

  
4,511,014
4,830,761


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2023.




H Enver
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 11910748

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
6,964,460
6,964,460

Current assets
  

Cash at bank and in hand
 17 
9,000
9,000

Creditors: amounts falling due within one year
 18 
(1,576,730)
(2,353,460)

Net current liabilities
  
(1,567,730)
(2,344,460)

Net assets
  
5,396,730
4,620,000


Capital and reserves
  

Called up share capital 
 23 
61,400
61,400

Share premium account
 24 
4,558,600
4,558,600

Profit and loss account
 24 
776,730
-

  
5,396,730
4,620,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2023.


H Enver
Director

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the period was £776,730 (2021: £345,312).
The notes on pages 17 to 34 form part of these financial statements.

Page 11

 

 
CURRENCY SOLUTIONS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 Apil 2021 (as previously stated
61,400
4,558,600
36,861
3,786
277,943
4,938,590


Prior year adjustment
-
-
-
-
396,040
396,040



At 1 April 2021 (as restated)
61,400
4,558,600
36,861
3,786
673,983
5,334,630





Profit for the year

-
-
-
-
139,970
139,970


Currency translation differences
-
-
-
(7,491)
-
(7,491)


Deferred tax credit
-
-
(12,114)
-
-
(12,114)


Dividends: Equity capital
-
-
-
-
(624,234)
(624,234)


Transfer to/from profit and loss account
-
-
(7,127)
-
7,127
-





At 1 April 2022
61,400
4,558,600
17,620
(3,705)
196,846
4,830,761





Profit for the year

-
-
-
-
203,001
203,001


Currency translation differences
-
-
-
5,754
-
5,754


Deferred tax credit
-
-
3,846
-
-
3,846


Dividends: Equity capital
-
-
-
-
(532,348)
(532,348)


Surplus depreciation on revaluation of property
-
-
(6,196)
-
6,196
-



At 31 March 2023
61,400
4,558,600
15,270
2,049
(126,305)
4,511,014



Page 12

 

 
CURRENCY SOLUTIONS HOLDINGS LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


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

£
£
£
£


At 1 April 2021
61,400
4,558,600
-
4,620,000



Profit for the year
-
-
624,234
624,234

Dividends: Equity capital
-
-
(624,234)
(624,234)



At 1 April 2022
61,400
4,558,600
-
4,620,000



Profit for the year
-
-
1,309,078
1,309,078

Dividends: Equity capital
-
-
(532,348)
(532,348)


At 31 March 2023
61,400
4,558,600
776,730
5,396,730


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
203,001
139,970

Adjustments for:

Amortisation of intangible assets
208,195
208,195

Depreciation of tangible assets
25,690
24,747

Government grants
-
(12,660)

Interest payable
82,562
68,265

Interest receivable
(43,615)
(1,417)

Taxation charge
(11,647)
(32,269)

(Increase)/decrease in debtors
(1,249,614)
34,521

(Decrease) in creditors
(1,105,521)
(5,499,131)

Net fair value losses recognised in P&L
6,438
12,901

Corporation tax (paid)
(15,021)
(12,240)

Net cash generated from operating activities

(1,899,532)
(5,069,118)


Cash flows from investing activities

Purchase of intangible fixed assets
(443)
(39,041)

Purchase of tangible fixed assets
(13,166)
(11,915)

Purchase of listed investments
-
(90,130)

Sale of listed investments
1,027
91,294

Government grants received
-
12,660

Interest received
43,615
1,417

Net cash from investing activities

31,033
(35,715)

Cash flows from financing activities

Repayment of other loans
(127,503)
(88,939)

Dividends paid
(532,348)
(624,234)

Interest paid
(82,562)
(68,265)

Net cash used in financing activities
(742,413)
(781,438)

Net (decrease) in cash and cash equivalents
(2,610,912)
(5,886,271)

Cash and cash equivalents at beginning of year
12,674,240
18,560,511

Cash and cash equivalents at the end of year
10,063,328
12,674,240


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,063,328
12,674,268

Bank overdrafts
-
(28)
Page 15

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£


10,063,328
12,674,240



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

12,674,268

(2,610,940)

10,063,328

Bank overdrafts

(28)

28

-

Debt due within 1 year

(1,099,308)

33,558

(1,065,750)

Debt due in more 1 year

(11,636,454)

2,554,262

(9,082,192)


-

-

-


(61,522)
(23,092)
(84,614)

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Currency Solutions Holdings Limited is a private limited company incorporated and domiciled in England and Wales. The address of the registered office and principal place of business is 4th Floor, Hobbs Court, 2 Jacob Street, London, SE1 2BG and the registered number is 11910748.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Going concern

In light of the significant increase in revenue, the Group's cost base has also risen rapidly, as we build our own technology to aid in future growth. Notwithstanding this, the Group has still made a relatively good profit. The Group continues to have sufficient cash available both now and for the forecast period of a year from the date of approval of these financial statements. On this basis, the directors have prepared the financial statements on a going concern basis.

Page 17

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.

 
2.6

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same
period as the related expenditure.

 
2.8

Interest income

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

Page 18

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.14

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:

Long-term leasehold property
-
straight line over 98 years
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

Page 20

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.17

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.

 
2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

Page 21

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.21

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares
are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors consider the following items to be areas subject to estimation and judgement:
Valuation of property:
The valuation of the leasehold property is based on management's judgement and experience. The directors review the valuation of the property on an annual basis to ensure it is reflective of what they consider to be market rate, based on information available to them at the time, including open market values of similar properties. The directors have not identified a material nor significant variance in the property value and therefore no adjustment has been made in respect of this. The directors will continue to review this on an annual basis.
Valuation of complex financial instruments:
The Bloomberg platform has been utilised to value all open options as at the financial year end. More specifically for any Vanilla options the Black Scholes technique is employed by Bloomberg, whilst for Exotic options a Stochastic Valuation technique is applied. These are considered to be industry standard and are consistent with suggested valuation techniques under Financial Reporting Standard 102.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Commission
6,756,638
6,339,001

Options income
1,187,044
60,509

7,943,682
6,399,510


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,649,943
5,114,932

Rest of Europe
862,020
832,780

Rest of the world
431,719
451,798

7,943,682
6,399,510


Page 23

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Other operating income
2,160
6,786

CJRS grant income
-
12,660

2,160
19,446



6.


Operating profit

The operating profit is stated after charging /(crediting):

2023
2022
£
£

Depreciation
25,690
-

Exchange differences
(40,035)
(34,752)

Other operating lease rentals
160,013
158,667

Amortisation
208,195
-


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Group's auditors for the audit of the Group's financial statements
26,000
23,750

Fees payable to the Group's auditor in respect of:

Audit-related assurance services
12,700
11,500

All other services
7,300
6,750

Page 24

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,063,234
3,366,120
-
-

Social security costs
516,758
353,803
-
-

Cost of defined contribution scheme
43,022
37,802
-
-

4,623,014
3,757,725
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
54
50

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Interest receivable

2023
2022
£
£


Other interest receivable
43,615
1,417


10.


Interest payable and similar expenses

2023
2022
£
£


CBILS loan interest
8,664
13,130

Interest payable
73,689
55,000

Other interest payable
209
135

82,562
68,265

Page 25

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(13,114)
13,140

Adjustments in respect of previous periods
-
(47,733)

Total current tax
(13,114)
(34,593)

Deferred tax


Origination and reversal of timing differences
1,468
2,324

Total deferred tax
1,468
2,324


Taxation on loss on ordinary activities
(11,646)
(32,269)

Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 19%. The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
191,355
107,701


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
36,357
20,463

Effects of:


Non-tax deductible amortisation of goodwill and impairment
39,557
41,267

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,590
8,366

Capital allowances for year less than depreciation
940
1,493

Adjustments to tax charge in respect of prior periods
-
75,247

Adjustment in research and development tax credit leading to a decrease in tax
(181,858)
(133,697)

Changes in provisions leading to a decrease in the tax charge
1,468
(45,408)

Unrelieved tax losses carried forward
88,300
-

Total tax credit for the year
(11,646)
(32,269)

Page 26

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

On 1 April 2023, the standard rate of corporation tax increased to 25%.
Ongoing R&D tax claims will reduce future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
532,348
624,234


13.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2022
39,041
2,081,951
2,120,992


Additions - internal
443
-
443



At 31 March 2023

39,484
2,081,951
2,121,435



Amortisation


At 1 April 2022
-
589,886
589,886


Charge for the year on owned assets
-
208,195
208,195



At 31 March 2023

-
798,081
798,081



Net book value



At 31 March 2023
39,484
1,283,870
1,323,354



At 31 March 2022
39,041
1,492,065
1,531,106



Page 27

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
1,400,000
17,660
224,138
1,641,798


Additions
-
-
13,166
13,166



At 31 March 2023

1,400,000
17,660
237,304
1,654,964



Depreciation


At 1 April 2022
108,416
13,353
179,772
301,541


Charge for the year on owned assets
14,286
1,077
10,327
25,690



At 31 March 2023

122,702
14,430
190,099
327,231



Net book value



At 31 March 2023
1,277,298
3,230
47,205
1,327,733



At 31 March 2022
1,291,584
4,307
44,366
1,340,257




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
1,277,298
1,291,583


The Company's property was valued on the basis of fair value by Glenny LLP, external valuers, as at 1 May 2019. The valuation has been prepared in accordance with the RICS Valuation - Global Standards 2017 which incorporate the International Valuation Standards and the RICS Valuation - Professional Standards UK January 2014 (revised April 2015) ("the Red Book") and has been primarily derived using comparable recent market transactions on arm's length terms.

Page 28

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
792,829
792,829

Accumulated depreciation
(107,974)
(99,884)

Net book value
684,855
692,945


15.


Fixed asset investments

Group





Listed investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 April 2022
35,520
85,832
121,352


Disposals
(1,027)
-
(1,027)


Foreign exchange movement
-
4,638
4,638


Revaluations
(5,322)
-
(5,322)



At 31 March 2023
29,171
90,470
119,641




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
6,964,460



At 31 March 2023
6,964,460




Page 29

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Currency Solutions Limited
2 Jacob Street, London, SE1 2BG
Ordinary
100%
T&E Currency Solutions Cyprus Limited
Louki Akrita 24 Limassol, Cyprus
Ordinary
100%

T&E Currency Solutions Cyprus Limited is indirectly held since it is a subsidiary of Currency Solutions Limited. 


16.


Debtors

Group
Group
2023
2022
£
£


Amounts owed by related parties (Note 27)
1,401,007
1,376,746

Other debtors
1,571,550
387,032

Prepayments and accrued income
872,275
831,440

3,844,832
2,595,218


Included within other debtors is £37,500 (2022: £37,500) relating to rental deposits which are due in more than one year. 


17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank deposit accounts
2,734,039
1,058,220
9,000
9,000

Cash balances
7,329,289
11,616,049
-
-

Less: bank overdrafts
-
(28)
-
-

10,063,328
12,674,241
9,000
9,000


Page 30

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
28
-
-

Other loans
33,558
127,503
-
-

Trade creditors
360,044
256,482
-
-

Amounts owed to group undertakings
-
-
1,576,730
2,353,460

Amounts held on behalf of clients
9,048,634
11,508,952
-
-

Corporation tax
-
28,341
-
-

Other taxation and social security
2,957
-
-
-

Other creditors
11,266
10,908
-
-

Accruals and deferred income
340,744
300,017
-
-

Financial instruments
1,239,118
31,720
-
-

11,036,321
12,263,951
1,576,730
2,353,460



19.


Creditors: amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
1,065,750
1,065,750

CBILS loan
-
33,558

1,065,750
1,099,308


The bank loan in unsecured with interest of 5.68%. The loan is repayable in May 2029.

Page 31

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

CBILS loan
33,558
127,503

Amounts falling due 2-5 years

Bank loans
1,065,750
1,065,750

CBILS loan
-
33,558

1,065,750
1,099,308



21.


Financial instruments

Group
Group
2023
2022
£
£



Financial liabilities

Derivative financial instruments measured at fair value through profit or loss
(1,239,118)
(31,720)


Derivative financial instruments measured at fair value through profit or loss comprise open options which have been valued at their net liquidation value. 


22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(68,181)
(53,743)


Charged to profit or loss
(1,468)
(2,324)


Credited/(charged) to other comprehensive income
3,846
(12,114)



At end of year
(65,803)
(68,181)

Page 32

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
22.Deferred taxation (continued)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(65,803)
(68,181)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,800 (2022: 60,800) Ordinary A shares of £1.00 each
60,800
60,800
600 (2022: 600) Ordinary B  shares of £1.00 each
600
600

61,400

61,400



24.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

Includes surpluses arising on the revaluation of the leasehold property, net of deferred taxation. Depreciation charged in excess of that which would have been charged, were the property held at cost, is transferred to the revaluation reserve on an annual basis.

Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into Sterling (£). 

Profit and loss account

Includes all current and prior year retained profits and losses less dividends paid.


25.


Pension commitments

The Group contributes to a defined contribution scheme. The assets and liabilities of the scheme are held separately from those of the Group. Employer's contributions in respect of the scheme for the year were £43,021 (2022: £37,802) and at 31 March 2023 £11,166 (2022: £10,807) remained payable.

Page 33

 
CURRENCY SOLUTIONS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

26.


Commitments under operating leases

At 31 March 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
87,727
131,917

Later than 1 year and not later than 5 years
90,293
11,552

178,020
143,469

27.


Related party transactions

At 31 March 2023, the Directors owed the Group an aggregate balance of £167,257 (2022: £164,976),
this is included within other debtors.
The Directors of the Company are directors and shareholders of Zoopay Limited. The Group has funded the development of Zoopay, a niche FinTech provider for the Travel Industry, which uses technology and payment partners to enable travel companies to manage multi-currency transactions and make multiple payments. It offers automated, state of the art technology, to take away the complexity of managing thousands of transactions on a daily basis. Although the travel sector has been negatively affected by the impact of the Covid-19 pandemic, the Directors are confident that once the current uncertainty over travel is lifted, Zoopay will see significant demand from travel companies and this will enable it to repay its debt to the Group in full. At 31 March 2023 Zoopay Limited owed the Group £1,283,976 (2022: £1,283,976), this is included within amounts owed by related parties.
H Enver is also a director and shareholder of Envers Property Ltd. At 31 March 2023 the Group was owed £72,775 (2022: £72,775) by Envers Property Ltd, this is included within amounts owed by related parties.
Total remuneration paid to key management personnel during the year was £84,281 (2022: £84,222).
The Company has taken advantage of exemptions within Section 33 of FRS 102 to not disclose transactions with its wholly owned subsidiary.


28.


Controlling party

The Directors do not consider there to be one controlling party. 

Page 34