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REGISTERED NUMBER: 09137156 (England and Wales)















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: W Ahmed
S Bajwa
M Al Zoubi
M Ghosheh





REGISTERED OFFICE: Berkeley Square House 2nd Floor
Berkeley Square
Mayfair
London
W1J 6BD





REGISTERED NUMBER: 09137156 (England and Wales)





INDEPENDENT AUDITORS: Sawin & Edwards LLP Statutory 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:





W Ahmed - Director


15 November 2023

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.

W Ahmed
S Bajwa

Other changes in directors holding office are as follows:

M Alkahtani - resigned 13 March 2023
M Al Zoubi - appointed 14 March 2023
M Ghosheh - appointed 13 March 2023

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:





W Ahmed - Director


15 November 2023

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.




Witold Sawin (Senior Statutory Auditor)
for and on behalf of Sawin & Edwards LLP Statutory Auditors
Studio 16
Cloisters House
8 Battersea Park Road
London
SW8 4BG

15 November 2023

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 4 589,828 1,026,148

Cost of sales (322,359 ) (326,605 )
GROSS PROFIT 267,469 699,543

Administrative expenses (447,832 ) (462,878 )
(180,363 ) 236,665

Other operating income - 38,033
OPERATING (LOSS)/PROFIT 6 (180,363 ) 274,698

Interest receivable and similar income 1,597 -
(LOSS)/PROFIT BEFORE TAXATION (178,766 ) 274,698

Tax on (loss)/profit 7 50,317 (52,375 )
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(128,449

)

222,323

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR

(128,449

)

222,323

House Of Borse Ltd (Registered number: 09137156)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 8 5,454 14,337
Tangible assets 9 2,682 5,514
Investments 10 1 1
8,137 19,852

CURRENT ASSETS
Debtors 11 3,159,013 1,572,838
Cash at bank 682,195 825,978
3,841,208 2,398,816
CREDITORS
Amounts falling due within one year 12 (3,076,145 ) (1,517,019 )
NET CURRENT ASSETS 765,063 881,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

773,200

901,649

CAPITAL AND RESERVES
Called up share capital 14 1,000,000 1,000,000
Retained earnings 15 (226,800 ) (98,351 )
SHAREHOLDERS' FUNDS 773,200 901,649

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





S Bajwa - Director


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 1,000,000 (320,674 ) 679,326

Changes in equity
Total comprehensive income - 222,323 222,323
Balance at 31 July 2022 1,000,000 (98,351 ) 901,649

Changes in equity
Total comprehensive loss - (128,449 ) (128,449 )
Balance at 31 July 2023 1,000,000 (226,800 ) 773,200

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 (145,380 ) 203,788
Net cash from operating activities (145,380 ) 203,788

Cash flows from investing activities
Purchase of tangible fixed assets - (5,924 )
Purchase of fixed asset investments (1 ) (1 )
Sale of fixed asset investments 1 -
Interest received 1,597 -
Net cash from investing activities 1,597 (5,925 )

(Decrease)/increase in cash and cash equivalents (143,783 ) 197,863
Cash and cash equivalents at
beginning of year

19

825,978

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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
£    £   
Commission received 589,828 1,026,148
589,828 1,026,148

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 218,459 204,716
Social security costs 26,018 20,404
Other pension costs 2,593 2,490
247,070 227,610

The average number of employees during the year was as follows:
2023 2022

Management 2 2
Administration 2 2
4 4

The only Key Management Personnel compensation is directors' remuneration amounting to £144,000 (2022: £136,500).

2023 2022
£    £   
Directors' remuneration 144,000 136,500

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 2,832 2,834
Dealing platform and software amortisation 8,883 9,183
Statutory audit fees 10,000 9,900
Audit-related assurance services 4,400 4,400
Taxation compliance services 600 600
Foreign exchange differences 5,390 (28,533 )
Operating lease rental 52,420 61,141

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 (50,317 ) 52,375

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 (178,766 ) 274,698
(Loss)/profit multiplied by the standard rate of corporation tax in
the UK of 25% (2022 - 19%)

(44,692

)

52,193

Effects of:
Depreciation in excess of capital allowances 2,241 182
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 3,845 90,599 94,444
AMORTISATION
At 1 August 2022 3,845 76,262 80,107
Amortisation for year - 8,883 8,883
At 31 July 2023 3,845 85,145 88,990
NET BOOK VALUE
At 31 July 2023 - 5,454 5,454
At 31 July 2022 - 14,337 14,337

9. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022
and 31 July 2023 21,872
DEPRECIATION
At 1 August 2022 16,358
Charge for year 2,832
At 31 July 2023 19,190
NET BOOK VALUE
At 31 July 2023 2,682
At 31 July 2022 5,514

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 1
Additions 1
Disposals (1 )
At 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At 31 July 2022 1

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 9,503 -
Other debtors 2,993,715 1,446,605
Prepayments and accrued income 80,567 101,322
3,083,785 1,547,927

Amounts falling due after more than one year:
Deferred tax 75,228 24,911

Aggregate amounts 3,159,013 1,572,838

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 7,595 7,374
Other creditors 3,028,885 1,492,577
Accrued expenses 39,665 17,068
3,076,145 1,517,019

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,762 32,248

14. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary shares £10 1,000,000 1,000,000

15. RESERVES
Retained
earnings
£   

At 1 August 2022 (98,351 )
Deficit for the year (128,449 )
At 31 July 2023 (226,800 )

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 (178,766 ) 274,698
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 (1,586,175 ) 254,110
Increase/(decrease) in trade and other creditors 1,559,126 (284,662 )
Cash generated from operations (145,380 ) 203,788

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 (143,783 ) 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.