REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
House Of Borse Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
House Of Borse Ltd |
House Of Borse Ltd (Registered number: 09137156) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Statement of Directors' Responsibilities | 6 |
Report of the Independent Auditors | 7 |
Profit and loss and Statement of Comprehensive Income |
11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
House Of Borse Ltd |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Studio 16 |
Cloisters House |
8 Battersea Park Road |
London |
SW8 4BG |
House Of Borse Ltd (Registered number: 09137156) |
Strategic Report |
for the Year Ended 31 July 2023 |
The directors present their strategic report for the year ended 31 July 2023. |
House of Borse Limited ("HoB") is an FCA authorised matched principal intermediary for a range of investment types focusing on professional clients. |
REVIEW OF BUSINESS |
The key financial and other performance indicators during the year were as follows: |
2023 |
2022 |
Change % |
£ | £ |
Turnover | 589,828 | 1,026,148 | - 43 |
(Loss)/profit for the year after tax | (128,449) | 222,323 | - 158 |
Equity shareholders' funds | 773,200 | 901,649 | - 14 |
Turnover consisted mainly of commission earned on foreign exchange trading by clients. In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favourably to improve its future performances. This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations. |
Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post year-end. Management is confident in the company's current strategy and the resources at its disposal, signalling a preparedness to capitalize on available opportunities. This positive outlook suggests a resilience and adaptability in the company's approach, positioning it to navigate challenges and seize potential growth prospects. |
Equity shareholders' fund decreased by 14% in the year. This decrease was due to the loss amounting to £128,449 made in the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are from increased competition and regulatory requirements. |
The company is also exposed to risk in a number of areas including primarily client dealings, funds held at liquidity provider and operational risks. The directors have identified ways in which risk can be monitored and mitigated in a cost effective way. |
House Of Borse Ltd (Registered number: 09137156) |
Strategic Report |
for the Year Ended 31 July 2023 |
SECTION 172(1) STATEMENT |
The company firmly believes in fair treatment of its employees, suppliers, and customers. The management take keen interest in ensuring that in all its procedures, policies, dealings, and decision making the due fairness and honesty toward all stakeholders is reflected and practiced. |
In the year ended 31 July 2023, none of the management decisions discussed or made, had any specific consequences to the firm's employees. |
House of Borse Limited is an FCA regulated firm and thoroughly follows its compliance requirements to ensure that the interest of firm's clients is always upheld to the standard expected and beyond. Likewise, we understand the importance of suppliers and how fairness to them is beneficial to all involved. |
Although the firm's activities do not have any further implications for the community or the environment, as responsible members of society the directors are fully aware of their responsibilities in this regard. |
ON BEHALF OF THE BOARD: |
House Of Borse Ltd (Registered number: 09137156) |
Report of the Directors |
for the Year Ended 31 July 2023 |
The directors present their report with the financial statements of the company for the year ended 31 July 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2023. |
FUTURE DEVELOPMENTS |
Management is confident that they have implemented the necessary measures to ensure the company's robust performance. The senior management is well aware of the challenges faced by the firm and expresses confidence in the company's ability to address these challenges effectively. Additionally, the senior management strongly believes that the company is well-positioned to build upon its current standing. They are fully committed to allocating all necessary resources where required to achieve this improvement, indicating a strong dedication to the company's success. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
See note 21 of the financial statements. |
DIRECTORS' INDEMNITIES |
The Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. |
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. |
House Of Borse Ltd (Registered number: 09137156) |
Report of the Directors |
for the Year Ended 31 July 2023 |
AUDITORS |
Under section 487(2) of the Companies Act 2006, Sawin & Edwards LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar whichever is earlier. |
ON BEHALF OF THE BOARD: |
House Of Borse Ltd (Registered number: 09137156) |
Statement of Directors' Responsibilities |
for the Year Ended 31 July 2023 |
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. |
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), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company 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 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. |
Report of the Independent Auditors to the Members of |
House Of Borse Ltd |
Opinion |
We have audited the financial statements of House Of Borse Ltd (the 'company') for the year ended 31 July 2023 which comprise the Profit and loss and Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2023 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. |
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. |
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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
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 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. |
Report of the Independent Auditors to the Members of |
House Of Borse Ltd |
Opinions 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 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 |
- | the Strategic Report and the Report of the Directors 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 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. |
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: |
- | 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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. |
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. |
Report of the Independent Auditors to the Members of |
House Of Borse Ltd |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations, Tax and Pension legislations. |
- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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. |
Report of the Independent Auditors to the Members of |
House Of Borse Ltd |
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. |
for and on behalf of |
Studio 16 |
Cloisters House |
8 Battersea Park Road |
London |
SW8 4BG |
House Of Borse Ltd (Registered number: 09137156) |
Profit and loss and Statement of Comprehensive Income |
for the Year Ended 31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(180,363 | ) | 236,665 |
Other operating income |
OPERATING (LOSS)/PROFIT | 6 | ( |
) |
Interest receivable and similar income |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
( |
) |
House Of Borse Ltd (Registered number: 09137156) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
House Of Borse Ltd (Registered number: 09137156) |
Statement of Changes in Equity |
for the Year Ended 31 July 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2022 | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 July 2023 | ( |
) |
House Of Borse Ltd (Registered number: 09137156) |
Cash Flow Statement |
for the Year Ended 31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 18 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Purchase of fixed asset investments | (1 | ) | (1 | ) |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
19 |
628,115 |
Cash and cash equivalents at end of year |
19 |
682,195 |
825,978 |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | GENERAL INFORMATION |
The company's dealing platform, dealing orders and transactions with its clients are all carried out in US$. However the company's operations are run from its UK offices and all the company's costs are incurred in £Sterling. Surplus cash balances are also held in £ Sterling. As these indicators give a mixed result and the functional currency is not obvious, management have used their judgement to choose the currency that most faithfully represents the economic effects of transactions, events and conditions in which the company operates. Management have therefore decided to use £ Sterling as the functional and also the presentational currency. |
The Board of directors has authorised the issue of these financial statements on the date of the statement as set out on page 12. |
2. | STATUTORY INFORMATION |
House Of Borse Ltd is a |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about House Of Borse Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover consists of commission received and represents the value of services supplied by the company. Turnover is measured at the fair value of the consideration received or receivable. |
Other income |
Other income comprises of Government grants. Grants that become receivable as compensation for expenses, or losses incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income, in the period in which it becomes receivable. |
Intangible assets |
Website, dealing platform and software have been capitalised at cost. Amortisation has been provided over three years to write off the assets over its estimated useful life. |
Tangible fixed assets |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account, on a straight line basis over the lease term. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. |
Debtors and creditors |
Basic financial assets and liabilities, including other debtors and creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets and liabilities are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand and at bank. |
Going concern |
After reviewing the company's forecasts and projections which covers a period of twelve months from the date the accounts are approved , the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern. |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 2 | 2 |
Administration | 2 | 2 |
The only Key Management Personnel compensation is directors' remuneration amounting to £144,000 (2022: £136,500). |
2023 | 2022 |
£ | £ |
Directors' remuneration |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Dealing platform and software amortisation |
Statutory audit fees |
Audit-related assurance services |
Taxation compliance services |
Foreign exchange differences | ( |
) |
Operating lease rental |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
Deferred tax | (50,317 | ) | 52,375 |
Tax on (loss)/profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Depreciation in excess of capital allowances |
Corporation tax rate adjustment | (7,866 | ) | - |
Total tax (credit)/charge | (50,317 | ) | 52,375 |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | INTANGIBLE FIXED ASSETS |
Dealing |
platform |
and |
Website | software | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 |
AMORTISATION |
At 1 August 2022 |
Amortisation for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
9. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The company has a wholly owned subsidiary, Noor Capital UK Limited, a company incorporated in England and Wales on 22 May 2023. Noor capital UK Limited year end is 31 May and the company is dormant. |
The address of Noor Capital UK Limited is: Second Floor Berkeley Square House, Berkeley Square, London, W1J 6BD. |
The company had a wholly owned subsidiary, HOB Financial Limited, a company incorporated in England and Wales on 9 March 22. HOB Financial Limited year end was 31 March and the company was dormant. The company was dissolved on 14 March 2023. |
11. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax |
Aggregate amounts |
The key sources of estimation uncertainty regarding the deferred tax asset is the timing of the realisation of future profit. |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
14. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £10 | 1,000,000 | 1,000,000 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 July 2023 | ( |
) |
16. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year ended 31 July 2023, a company in which a shareholder (up to 13 March 2023) of House of Borse Ltd was the ultimate controlling party made charges to the company for Information Technology and customer services support amounting to £54,776 (2022: £78,414). |
During the year ended 31 July 2023, a major shareholder and director of the company (up to 13 March 2023) deposited £1,202 (2022: £229,885) and withdrew £71,221 (2022: £8,610) from his trading accounts. The commission received by the company from the related party on his trading accounts amounted to £11,178 (2022: £6,098). |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
17. | ULTIMATE CONTROLLING PARTY |
The controlling party up to 13 March 2023 was M Alkahtani who was also a director of the company. |
From 13 March 2023 onwards, the parent company and ultimate controlling party of House of Borse Ltd was Noor Capital PSC, a company registered in United Arab Emirates. Consolidated financial statements are prepared by Noor Capital PSC. |
The company's registered office address is as follows: |
311, Zayed The First Street |
Al Bateen |
Abu Dhabi |
United Arab Emirates |
18. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Amortisation of intangible assets | 8,883 | 9,183 |
Depreciation of computer equipment | 2,832 | 2,834 |
Deferred tax movement | 50,317 | (52,375 | ) |
Finance income | (1,597 | ) | - |
(118,331 | ) | 234,340 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
19. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 682,195 | 825,978 |
Year ended 31 July 2022 |
31.7.22 | 1.8.21 |
£ | £ |
Cash and cash equivalents | 825,978 | 628,115 |
House Of Borse Ltd (Registered number: 09137156) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
20. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.22 | Cash flow | At 31.7.23 |
£ | £ | £ |
Net cash |
Cash at bank | 825,978 | (143,783 | ) | 682,195 |
825,978 | ( |
) | 682,195 |
Total | 825,978 | (143,783 | ) | 682,195 |
21. | FINANCIAL INSTRUMENTS |
The company's financial instruments comprise cash and cash equivalents and various items such as other debtors, trade and other creditors, that arise directly from its operations. |
The main purpose of these financial instruments is to finance the company's operations. |
The Board regularly reviews and agrees policies for managing the level of risk arising from the company's financial instruments. These are summarised below: |
Liquidity risk |
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company's policy throughout the period has been to ensure that it has adequate liquidity to meet its liabilities when due by careful management of its working capital. |
Foreign currency risk |
The company undertakes transactions principally in US Dollars and Pounds Sterling. While the company continually monitors its exposure to movements in currency rates, it does not utilise hedging instruments to protect against currency risks. The company's trading platform is denominated in US Dollars. Income received and expenses incurred in US Dollars are main currency exposure risk to the company. |
Interest rate risk |
The company utilises cash deposits at variable rates of interest for a variety of short-term periods, depending on cash requirements. The rates are reviewed regularly and the best rate obtained in the context of the company's needs. |
22. | CAPITAL REQUIREMENT |
The company's capital requirement under the Financial Conduct Authority regulations amounted to £190,000 as at 31 July 2023. |