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REGISTERED NUMBER: 13802565 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FIRST AML UK LIMITED

FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FIRST AML UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: B Behdin





REGISTERED OFFICE: 1st Floor 38-40
Commercial Road
London
E1 1LN





REGISTERED NUMBER: 13802565 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,507 37,618

CURRENT ASSETS
Debtors 5 457,900 249,870
Cash at bank 454,961 64,738
912,861 314,608
CREDITORS
Amounts falling due within one year 6 900,383 346,315
NET CURRENT ASSETS/(LIABILITIES) 12,478 (31,707 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,985

5,911

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Capital contribution reserve 9 303,256 92,566
Retained earnings 9 (265,271 ) (87,655 )
SHAREHOLDERS' FUNDS 38,985 5,911

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





B Behdin - Director


FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

First AML UK Limited 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.

2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has obtained a letter of support from its parent company, First AML Limited. The Directors of First AML Limited have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period of at least 12 months and 1 day from the date of the First AML UK Limited audit report. As a result of these commitments the director has continued to adopt the going concern basis in preparing these financial statements.

Related party exemption
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.

Significant judgements and estimates
With regard to the accounting policies adopted by the company, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. Such estimates are based on historical experience and other relevant factors and may differ from actual results. All estimates, and associated underlying assumptions, are reviewed on an ongoing basis.

Turnover
Turnover represents the fixed and platform fees, additional fees of services provided to the customers not included in the contract and intercompany allocations. All turnover externally generated is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. The fixed and platform fees are recognised over the length of the contract whereas additional revenues are recognised as the services are performed for the customer.

Turnover generated via intercompany represents amounts charged to the company's parent company under an agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - Straight line over 3 years

Financial instruments
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.


FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are granted to employees of the Company by the ultimate parent company in exchange for the rendering of service to the Company. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The share-based payment expense is recognised on a straight-line basis with the cost of equity-settled transactions recognised as an expense with a corresponding increase in the capital contribution reserve over the vesting period. Expense is only recognised by the Company for the period a grantee is employed by the Company. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 52,090
Additions 6,912
Disposals (9,232 )
At 31 March 2024 49,770
DEPRECIATION
At 1 April 2023 14,472
Charge for year 11,098
Eliminated on disposal (2,307 )
At 31 March 2024 23,263
NET BOOK VALUE
At 31 March 2024 26,507
At 31 March 2023 37,618

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 319,420 158,492
Amounts owed by group undertakings 42,646 -
Other debtors 95,834 91,378
457,900 249,870

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,166 4,214
Amounts owed to group undertakings - 95,438
Taxation and social security 93,705 81,977
Other creditors & accruals 805,512 164,686
900,383 346,315

FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 288,000 80,000
Between one and five years 72,000 -
360,000 80,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. RESERVES
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 April 2023 (87,655 ) 92,566 4,911
Deficit for the year (177,616 ) (177,616 )
Share-based payments - 210,690 210,690
At 31 March 2024 (265,271 ) 303,256 37,985

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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."

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

FIRST AML UK LIMITED (REGISTERED NUMBER: 13802565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. SHARE-BASED PAYMENT TRANSACTIONS

The ultimate parent company has issued equity settled share options to employees of the company. These options vest over a period of between 2-5 years and expire after either 10 or 20 years from the vesting commencement date.

The following table summarises the equity settled share options granted to employees of the Company during the period:



Number
of
Options
Weighted average
exercise price
NZD $
Outstanding at the beginning of the period164,03014.10
Granted during the year15,6259.32
Transferred during the year252,55915.04
Exercised during the period--
Forfeited during the year(13,748)14.73
Outstanding at the end of the period418,46610.19

Exercisable at the end of the period226,3096.45

Transferred options relates to option grants to employees whilst they were previously employed by another group member before being employed by the Company.

The net share-based payment expense recognised during the year was £210,690.

Further details over how the fair value of the goods or services received are measured are given in note 2 to the financial statements.

13. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is First AML Limited a company incorporated in the New Zealand. The largest entity preparing consolidated financial statements is First AML Limited. Consolidated accounts are prepared but are not publicly available.