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Registered number: 10396402






ONE GLOBAL MARKET LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ONE GLOBAL MARKET LIMITED
 
 
COMPANY INFORMATION


Directors
N T Karak 
A R Rader 
J M Ronen (appointed 20 March 2024)




Registered number
10396402



Registered office
25 Cabot Square
Canary Wharf

London

E14 4QZ




Independent auditors
Calders (1883) LLP
Chartered Accountants & and Statutory Auditors

30 Orange Street

London

WC2H 7HF





 
ONE GLOBAL MARKET LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12 - 13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 22


 
ONE GLOBAL MARKET LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

INTRODUCTION
 
The principal activity of One Global Market Limited (OGM) is to act as an agency broker for customers who wish to trade OTC financial instruments, CFD via an API or an online platform.
The Company is authorised and regulated by the UK’s Financial Conduct Authority as a €125,000 firm in October of 2017.

PRINCIPAL ACTIVITIES
The principal activities of the Company in the year under review were those of providing online foreign exchange (“FX"), contract for differences (”CFDs") trading and related services to retail and professional clients globally.
The profit or loss for the Company is dependent on the trading volume of its clients.

BUSINESS REVIEW
 
As an agency broker, OGM’s business model remains focused on driving client trading volumes, which directly correlate with company revenues. OGM continues to derive revenue from three primary sources: 
1. Spread mark-up;
2. Commissions; 
3. Swap premiums 
 
In 2024, OGM remained profitable despite global conflicts impacting the UBO’s ability to capitalize as planned. This financial stability ensures continued reinvestment into core business areas and strategic growth initiatives.
OGM made significant advancements in 2024, including the transition to technologies and platforms to align with consumer familiarity, a new banking relationship that offers enhanced fund protection along with a private banker to expedite wire transfers for faster client fund access, OGM increased its liquidity position in 2024, and finally, OGM continues with a refined focus on high-net-worth individuals, targeting seasoned traders with prior market experience and an average account size of $50,000 or more.
With a continued focus on technological enhancements, financial stability, and a refined client acquisition strategy, OGM is well-positioned for sustained growth and long-term success.

PRINCIPAL RISKS AND UNCERTAINTIES
 
As a service provider the directors consider that the key financial risk exposure faced by the company relates to counterparty credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. OGM does not trade on a principle basis and thus is not directly exposed to market risk nor does it have a material exposure to foreign exchange movements.
OGM’s financial risk management objectives are therefore to minimise the key financial risks through having clearly defined terms of business with counterparties and stringent credit and market risk controls over transactions with them, and regular monitoring of cash flow and management accounts to ensure regulatory capital requirements are not breached and the company maintains adequate working capital.
The principal non-financial risks faced by OGM relate to IT failure. This is mitigated by having appropriate backup systems and procedure and disaster recovery plans. The company currently maintains two different setups on the Meta manager with two regulated LPs that adhere to the best execution requirement.

Page 1

 
ONE GLOBAL MARKET LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOREIGN EXCHANGE RISK

The company trade with both clients and liquidity providers as part of the service offering it is exposed to foreign exchange risk mainly from transaction involving more than 2 currencies. Where transactions are traded in one currency (Euro client involving Euro liabilities or US Dollar client involving US Dollar Liabilities) the exchange risk is restricted only to the income valuation. As such, foreign currency exchange risk arises from future commercial transactions and the net exposure between recognized assets and assessed liabilities.

FINANCIAL KEY PERFORMANCE INDICATORS

We consider that our key performance indicators are those that communicate the financial performance and strength of the company, being turnover and net profit/loss. These are the key performance indicators that are most effective in assessing the progress against our objectives and strategy and measure the performance of the entity. The entity adopts having full and direct engagement process between management and team and between the team and OGM’s clients. This engagement develops and strengthens the quality of the performance that will be working directly in leading OGM toward reaching it desired revenue growth. The entity focuses on its Revenue growth strategies that are monitored closely to guarantee that it is done successfully.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY (S172 COMPANIES ACT STATEMENT)
 
Section 172 requires a Director to have regard, among other matters, to: the likely consequences of any decision in the long term; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and the environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly with members of the Company.
The Directors of the One Global Market Limited acknowledge their duty to promote the success of the company for the benefit of shareholder, having regard to a number of broader matters including the likely consequences of decisions for the long term and the company’s wider relationships including the regulator, the financial institutions it cooperates with. This is to ensure that any engagement with the Company’s stakeholders is considered effective and will contribute in a sustainable way to the Company's long- term strategy. The means of communication to the stakeholder include but are not limited to regular updates, communication and disclosures through the official website of the Company. The Board is always alert in identifying and resolving any issues that might arise with customers, or any other stakeholder and receives regular updates to ensure that these issues will not negatively impact the Company.
The directors determine OGM’s business strategy and risk appetite along with designing and implementing a risk management framework that recognises the risks that the business faces. They also determine how those risks may be mitigated and asses on an on-going basis the arrangements to manage profitability and regulatory capital management, business planning and risk management. The directors manage OGM’s risks through a framework of policies and procedures having regards to the relevant laws, standards, principles and rules (including FCA principles and rules) with the aim to operate a defined and transparent risk management framework. These policies and procedures are updated as required. The company follows the standardised approach to market risk and simplified standard approach of credit risk.

Page 2

 
ONE GLOBAL MARKET LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


This report was approved by the board on 20 January 2025 and signed on its behalf.







N T Karak
Director

Page 3

 
ONE GLOBAL MARKET LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £41,273 (2023 - £147,813).

Directors

The directors who served during the year were:

N T Karak 
A R Rader 
J M Ronen (appointed 20 March 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
ONE GLOBAL MARKET LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 January 2025 and signed on its behalf.
 





N T Karak
Director

Page 5

 
ONE GLOBAL MARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE GLOBAL MARKET LIMITED
 

Opinion


We have audited the financial statements of One Global Market Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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.


Page 6

 
ONE GLOBAL MARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE GLOBAL MARKET LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, 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 Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 7

 
ONE GLOBAL MARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE GLOBAL MARKET LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held 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, Tax and Pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the company and therefore may have a material effect on the financial statements include compliance with the Financial Services and Markets Act 2000 and the FCA Handbook.
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; testing the appropriateness of journal entries; and the performance of analytical review 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 Auditors' report.


Page 8

 
ONE GLOBAL MARKET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE GLOBAL MARKET LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





D J Gallagher (Senior statutory auditor)
  
for and on behalf of
Calders (1883) LLP
 
Chartered Accountants
and Statutory Auditors
  
30 Orange Street
London
WC2H 7HF

20 January 2025
Page 9

 
ONE GLOBAL MARKET LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
521,342
791,791

Cost of sales
  
(81,189)
(123,677)

Gross profit
  
440,153
668,114

Administrative expenses
  
(398,880)
(520,304)

Operating profit
 5 
41,273
147,810

Interest receivable and similar income
 8 
-
3

Profit before tax
  
41,273
147,813

Profit for the financial year
  
41,273
147,813

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 22 form part of these financial statements.

Page 10

 
ONE GLOBAL MARKET LIMITED
REGISTERED NUMBER: 10396402

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
5,663
7,403

  
5,663
7,403

Current assets
  

Debtors: amounts falling due within one year
 11 
484,181
318,970

Cash at bank and in hand
 12 
200,071
825,005

  
684,252
1,143,975

Creditors: amounts falling due within one year
 13 
(180,112)
(682,848)

Net current assets
  
 
 
504,140
 
 
461,127

Total assets less current liabilities
  
509,803
468,530

  

Net assets
  
509,803
468,530


Capital and reserves
  

Called up share capital 
 14 
832,000
832,000

Profit and loss account
  
(322,197)
(363,470)

  
509,803
468,530


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 January 2025.




N T Karak
Director

The notes on pages 15 to 22 form part of these financial statements.

Page 11

 
ONE GLOBAL MARKET LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
832,000
(363,470)
468,530


Comprehensive income for the year

Profit for the year
-
41,273
41,273


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
41,273
41,273


At 30 September 2024
832,000
(322,197)
509,803


The notes on pages 15 to 22 form part of these financial statements.

Page 12

 
ONE GLOBAL MARKET LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
832,000
(511,283)
320,717


Comprehensive income for the year

Profit for the year
-
147,813
147,813
Total comprehensive income for the year
-
147,813
147,813


At 30 September 2023
832,000
(363,470)
468,530


The notes on pages 15 to 22 form part of these financial statements.

Page 13

 
ONE GLOBAL MARKET LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
41,273
147,814

Adjustments for:

Depreciation of tangible assets
1,740
1,297

Interest received
-
(3)

Decrease/(increase) in debtors
31,040
(627)

(Increase)/decrease in amounts owed by groups
(196,254)
33,810

(Decrease)/increase in creditors
(186,861)
60,030

(Decrease)/increase in amounts owed to groups
(401,407)
-

(Decrease)/Increase in amounts owed to groups
-
401,406

Net cash generated from operating activities

(710,469)
643,727


Cash flows from investing activities

Purchase of tangible fixed assets
-
(8,700)

Net cash from investing activities

-
(8,700)

Cash flows from financing activities

Other new loans
85,534
-

Net cash used in financing activities
85,534
-

Net (decrease)/increase in cash and cash equivalents
(624,935)
635,027

Cash and cash equivalents at beginning of year
825,006
189,979

Cash and cash equivalents at the end of year
200,071
825,006


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
200,071
825,006

200,071
825,006


The notes on pages 15 to 22 form part of these financial statements.

Page 14

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

One Global Market Limited is a private company, limited by shares, incorporated in England and Wales, registration number 10396402. The registered office is Third Floor, Kingsbourne House, 229-231 High Holborn, London, WC1V 7DA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The ultimate controlling party is willing to support the company to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements.  On this basis, the directors are satisified that these financial statements can be prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Borrowing costs

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

Page 16

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Management has applied the following judgements in the preparation of these financial statements:
Deferred tax asset
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted.


4.


Turnover

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


2024
2023
£
£

Commissions
237,612
352,711

Reimbursment
-
439,080

Technology fees
283,730
-


All turnover arose within the United Kingdom.

Page 18

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
35,316
130,417


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,850
14,367

Fees payable to the company's auditors for non audit services
4,650
6,157

7.


Employees




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


        2024
        2023
            No.
            No.







Directors
3
2


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
3


9.


Taxation


2024
2023
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The company has tax losses of approximately £308,285 (2023 - £344,500) available to use against future trading profits.

Page 19

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2023
8,700



At 30 September 2024

8,700



Depreciation


At 1 October 2023
1,297


Charge for the year on owned assets
1,740



At 30 September 2024

3,037



Net book value



At 30 September 2024
5,663



At 30 September 2023
7,403


11.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
482,674
286,421

Other debtors
160
31,201

Prepayments and accrued income
1,347
1,348

484,181
318,970



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
200,071
825,005


Page 20

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
85,534
-

Payments received on account
26,554
170,961

Trade creditors
4,360
6,525

Amounts owed to group undertakings
-
401,407

Other creditors
45,016
84,306

Accruals and deferred income
18,648
19,649

180,112
682,848



14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



832 (2023 - 832) Ordinary shares shares of £1,000.00 each
832,000
832,000



15.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


2024
2023

£
£


Not later than 1 year
12,000
12,000

12,000
12,000


16.


Related party transactions

The company has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the company is not required to disclose transactions with other wholly owned group undertakings.
As at the year end £34,986 (2023 - £81,834) was payable to a director.

Page 21

 
ONE GLOBAL MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Controlling party

The immediate and ultimate parent company at 30 September 2024 was Efinn Global Limited, a company incorporated in the United Kingdom. Efinn Global Limited, by virtue of its shareholding, exercises control over the company, holding more than 50% of the total voting rights. As such, it is considered the controlling partty as defined by relevant accounting and financial reporting standards.

 
Page 22