for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
Additional information
The Board of Directors presents its report together with the audited financial statements of the Company for the year ended 31 December 2023. General Information FxPro UK Limited is incorporated and domiciled in the England and Wales as a private company with limited liability under the UK Company Law. Its registered office is at 13-14 Basinghall Street, EC2V 5BQ, London. The Company is directly controlled by FxPro Group Limited, registered in Guernsey, which owns 100% of the Company’s shares and is controlled by a number of individuals, none of whom has a controlling interest. The Company operates under the license no. 509956 granted by the UK Financial Services Authority (“FSA” now Financial Conduct Authority or “FCA”). Branches The Company did not operate through any branches during the year ended 31 December 2023 (2022: none). Future developments of the Company The Board of Directors do not expect any significant changes or developments in the operations and financial position of the Company in the foreseeable future other than discussed elsewhere. The Company is expected to offer to its clients the dealing of physical shares in 2024. Results and dividends The Company’s results for the year ended 31 December 2023 are shown on page 11. During the year 2023, the Company did not declare any dividends to its sole shareholder. Capital management The Company is required by the FCA to prepare an Internal Capital Adequacy and Risk Assessment (“ICARA”) which replaced the Internal Capital Adequacy Assessment Process (“ICAAP”). As at the statement of financial position date the Company’s regulatory capital resources were £3,561,445 (2022: £3,408,342) which comprise solely of issued share capital and retained earnings. The Company held adequate capital resources and did not breach any regulatory capital requirements during the year. Remuneration policy The Company employed 4 employees at the end of 2023 (2022: 5 employees). The principles of the Company's remuneration policy adhere to the FCA's Remuneration Code which was introduced with effect from 1 January 2011. The Company's policy is to ensure that executive rewards are linked to performance, to provide an incentive to achieve the key business aims and deliver an appropriate link between reward and performance whilst ensuring base salary levels are not set at an artificially low level. The Company operates a discretionary bonus policy correlated, amongst others, to the annual profitability of the Company. Share capital The Company has 1,400,000 ordinary shares in issue as at 31 December 2023. No change in the authorised or issued share capital of the Company took place during the year ended 31 December 2023 (2022: 1,400,000 ordinary shares, no changes). Board of Directors The directors of the Company who were in office during the year and up to the date of signing the financial statements are shown on page 1. All of them were directors of the Company throughout the year 2023, except Mr Pavlos Argyrou who resigned on 11 April 2023. Events after the statement of financial position date There were no post statement of financial position events that require adjustments or disclosure in these financial statements. Statement of Directors’ responsibilities in respect of the financial statements The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with UK- adopted international accounting standards. Under Company Law, 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 the financial statements, the directors are required to: -select suitable accounting policies and then apply them consistently; -state whether applicable UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; -make judgements and accounting estimates that are reasonable and prudent; and -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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are also 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. Directors’ confirmations In the case of each director in office at the date the Directors’ Report is approved: so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information. Independent Auditors The Independent Auditors, PricewaterhouseCoopers LLP, have expressed their willingness to continue in office. A resolution giving authority to the Board of Directors concerning their reappointment will be proposed at the Annual General Meeting.
Directors
The directors shown below have held office during the whole of the period from
1 January 2023
to
31 December 2023
The director shown below has held office during the period of
1 January 2023
to
11 April 2023
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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Turnover: |
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Cost of sales: |
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Gross profit(or loss): |
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Distribution costs: |
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Administrative expenses: |
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Other operating income: |
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Operating profit(or loss): |
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Interest receivable and similar income: |
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Interest payable and similar charges: |
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Profit(or loss) before tax: |
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Tax: |
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Profit(or loss) for the financial year: |
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As at
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Fixed assets | |||
Intangible assets: | 3 |
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Tangible assets: | 4 |
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Investments: |
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Total fixed assets: |
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Current assets | |||
Stocks: |
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Debtors: | 5 |
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Cash at bank and in hand: |
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Total current assets: |
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Prepayments and accrued income: |
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Creditors: amounts falling due within one year: | 6 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: |
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Provision for liabilities: |
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Accruals and deferred income: |
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Total net assets (liabilities): |
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Capital and reserves | |||
Called up share capital: |
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Share premium account: |
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Other reserves: |
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Profit and loss account: |
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Total Shareholders' funds: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Other accounting policies
for the Period Ended 31 December 2023
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Average number of employees during the period |
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for the Period Ended 31 December 2023
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At 31 December 2023 |
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At 31 December 2023 |
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At 31 December 2022 |
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for the Period Ended 31 December 2023
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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Cost | £ | £ | £ | £ | £ | £ |
At 1 January 2023 |
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At 31 December 2023 |
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At 31 December 2022 |
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for the Period Ended 31 December 2023
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Other debtors |
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Total |
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for the Period Ended 31 December 2023
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Amounts due under finance leases and hire purchase contracts |
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Trade creditors |
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Total |
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for the Period Ended 31 December 2023