THE FOREMOST CURRENCY GROUP LTD

Company Registration Number:
05544575 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

THE FOREMOST CURRENCY GROUP LTD

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

THE FOREMOST CURRENCY GROUP LTD

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The principal activity of the Company in the year under review was the provision of foreign currency exchange and international payments for corporate and private clients

Political and charitable donations

There were no political and charitable donations during the year.



Directors

The directors shown below have held office during the whole of the period from
1 July 2023 to 30 June 2024

Neil Cooper
Arnaud Loiseau


The director shown below has held office during the period of
1 July 2023 to 28 February 2024

Leo Markides


The director shown below has held office during the period of
1 July 2023 to 31 July 2023

Jon Beddell


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
6 December 2024

And signed on behalf of the board by:
Name: Neil Cooper
Status: Director

THE FOREMOST CURRENCY GROUP LTD

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 423,000 1,507,000
Cost of sales: ( 69,000 ) ( 265,000 )
Gross profit(or loss): 354,000 1,242,000
Distribution costs: 0 0
Administrative expenses: ( 189,000 ) ( 520,000 )
Other operating income: 104,000 125,000
Operating profit(or loss): 269,000 847,000
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 269,000 847,000
Tax: 0 0
Profit(or loss) for the financial year: 269,000 847,000

THE FOREMOST CURRENCY GROUP LTD

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 5,000
Investments:   0 0
Total fixed assets: 0 5,000
Current assets
Stocks:   0 0
Debtors: 4 8,386,000 7,117,000
Cash at bank and in hand: 0 7,893,000
Investments: 5 205,000 205,000
Total current assets: 8,591,000 15,215,000
Prepayments and accrued income: 0 5,000
Creditors: amounts falling due within one year: 6 0 ( 6,903,000 )
Net current assets (liabilities): 8,591,000 8,317,000
Total assets less current liabilities: 8,591,000 8,322,000
Total net assets (liabilities): 8,591,000 8,322,000
Capital and reserves
Called up share capital: 1,000 1,000
Share premium account: 272,000 272,000
Other reserves: 0 0
Profit and loss account: 8,318,000 8,049,000
Total Shareholders' funds: 8,591,000 8,322,000

The notes form part of these financial statements

THE FOREMOST CURRENCY GROUP LTD

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 6 December 2024
and signed on behalf of the board by:

Name: Neil Cooper
Status: Director

The notes form part of these financial statements

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue from contracts with customers is the difference between the cost and selling price of currency (foreign currency margin) and the revaluation of open foreign exchange positions to market value, together with commissions on the sale and purchase of currencies. Revenue is recognised after receiving the client’s legally binding agreement to undertake foreign currency transactions for immediate or forward delivery. Where the Company enters into contracts for forward delivery with its clients, the Company also enters into separate matched forward contracts with its bankers. The forward contracts with customers may have variable delivery dates; such contracts are matched with forwards with a fixed delivery date which falls on the expiry date of the customer contract. Any resulting timing differences are immediately hedged.

    Tangible fixed assets depreciation policy

    Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows: Right of use assets – over expected period of lease Leasehold property improvements – over expected period of lease Equipment – 25% straight line per annum No depreciation is charged on any assets until they are in use. The carrying values of tangible assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

    Other accounting policies

    Investments values, Leases, Tax

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 5

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 2,000 10,000 12,000
Additions
Disposals ( 2,000 ) ( 10,000 ) ( 12,000 )
Revaluations
Transfers
At 30 June 2024 0 0 0
Depreciation
At 1 July 2023 2,000 5,000 7,000
Charge for year 1,000 1,000
On disposals ( 2,000 ) ( 6,000 ) ( 8,000 )
Other adjustments
At 30 June 2024 0 0 0
Net book value
At 30 June 2024 0 0 0
At 30 June 2023 0 5,000 5,000

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

2024 2023
£ £
Trade debtors 207,000
Prepayments and accrued income 5,000
Other debtors 8,386,000 6,905,000
Total 8,386,000 7,117,000
Debtors due after more than one year: 0 0

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Current assets investments note

Investments in subsidiaries Shares in company £000 Cost and net book value: At 1 July 2022 205 At 30 June 2023 205 At 30 June 2024 205

THE FOREMOST CURRENCY GROUP LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 6,562,000
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 0 341,000
Total 0 6,903,000