| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Audited Financial Statements |
| for the Period |
| 1 March 2024 to 31 December 2024 |
| for |
| Emerald Financial Group (UK) Ltd |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Audited Financial Statements |
| for the Period |
| 1 March 2024 to 31 December 2024 |
| for |
| Emerald Financial Group (UK) Ltd |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Contents of the Financial Statements |
| for the Period 1 March 2024 to 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 |
| Emerald Financial Group (UK) Ltd |
| Company Information |
| for the Period 1 March 2024 to 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Church Court |
| Stourbridge Road |
| Halesowen |
| West Midlands |
| B63 3TT |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Strategic Report |
| for the Period 1 March 2024 to 31 December 2024 |
| The directors present their strategic report for the period 1 March 2024 to 31 December 2024. |
| REVIEW OF BUSINESS |
| Electronic Money Institutions (EMIs) are changing the way financial services work by using technology to offer faster, more flexible payment solutions. They connect traditional banking with the digital world, making it easier for businesses and individuals to manage money. |
| Over the past year, the financial sector has continued to change quickly. This has been driven by more people using digital payments, new rules to protect consumers, and improvements in technology such as open banking, cross-border payments, and AI. At the same time, companies are focusing more on user-friendly services and stronger cybersecurity. |
| Aligned with these market dynamics, Emerald remains focused on delivering robust, scalable, and secure payment solutions tailored to the needs of corporate clients. Throughout the year, we continued to enhance the functionality and convenience of our payment platform, expanding its features and optimising our infrastructure to support faster and more efficient transactions. |
| Emerald supports payments through multiple channels, including Faster Payments, CHAPS, BACS, SEPA, and international SWIFT transfers. During the 2024 financial year, we continued introducing additional payment rails and opened several new safeguarding accounts to strengthen the secure and diversified holding of customer funds. |
| In 2024, a major milestone was achieved with the establishment and regulatory authorisation of our new branch in DIFC (Dubai, UAE) by the Dubai Financial Services Authority (DFSA). This expansion enhances our international footprint and supports our ambition to serve clients across multiple jurisdictions with locally compliant, high-quality services. |
| As part of our brand evolution, we introduced a new company logo in 2024. This updated visual identity reflects our growth, innovation, and forward-looking approach. The refreshed branding is designed to keep our clients engaged, support clearer communication, and ensure our image remains modern and relevant in a modern fast-moving environment. It also helps reinforce trust and recognition as we expand our services in new markets. |
| Looking ahead, our strategic priorities for the coming financial year include: |
| - Expanding our team by attracting brightest talents in customer engagement and product development. |
| - Further developing technical solutions to support both clients and internal operations. |
| - Establishing new relationships with payment partners to enable faster, more secure transactions. |
| - Enhancing internal control system to ensure continued compliance with evolving regulatory frameworks. |
| The Directors of Emerald confirm the successful achievement of most of the operational and financial objectives set for the previous financial year, laying a solid foundation for continued growth. |
| FINANCIAL PERFORMANCE AND KPIs |
| The management of the company sets and regularly reviews business specific KPIs. Below are general KPIs reached in 2024: |
| - Sales £3,770,632 |
| - Profit £789,421 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Strategic Report |
| for the Period 1 March 2024 to 31 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| To support efficient operations and the achievement of business objectives, the company has established a comprehensive internal control system for risk management. Its key aim is the early identification of risks, followed by the development and implementation of appropriate mitigation strategies. The company's management recognises the following risk categories as posing the most significant uncertainty to its business. |
| Regulatory Compliance, Money Laundering and Terrorism Financing Risks |
| Emerald operates within a highly regulated and fast-evolving financial environment. Regulatory frameworks such as GDPR, PSD2, and successive AML Directives continue to develop, adding both complexity and opportunity. The business is inherently exposed to risks linked to non-compliance with these laws and regulations, as well as to potential misuse of its services for money laundering or terrorist financing. |
| To manage these risks, the company's dedicated compliance function monitors regulatory developments closely and ensures that all policies, procedures, and systems are updated accordingly. |
| Sanctions Risk |
| Given our engagement with clients involved in international trade, Emerald remains attentive to both national and international sanctions regimes. Controls are in place to screen clients before onboarding and throughout the lifecycle of the relationship. These controls are deeply embedded into customer due diligence and payment processing workflows to manage exposure to sanctions-related risks. |
| Geopolitical and International Trade Risk |
| Increasing geopolitical tensions, trade disputes, and policy unpredictability across key markets have created heightened uncertainty for cross-border financial services. As an institution servicing internationally active clients, Emerald may be indirectly impacted by trade restrictions, tariffs, and shifting regulatory environments. These dynamics may influence transaction volumes, delay settlement flows, or increase operational complexity. |
| Emerald is strengthening its scenario planning and monitoring mechanisms to stay informed about international developments. We continue to assess exposure to these risks and adapt our client engagement and risk management strategies accordingly. |
| Risks Associated with Outsourced Services |
| The company depends on third-party partners for essential services such as payment processing, safeguarding of funds, customer identification, and AML checks. |
| To manage this, Emerald carries out thorough due diligence before entering into partnerships and regularly assesses the performance and financial health of these providers. A contingency plan is in place to ensure service continuity in the event of a failure by a critical vendor. |
| Security Risk |
| Information security and data protection remain top priorities. Emerald has implemented a robust information security framework, including regular cybersecurity training for employees, system stress testing, and audits. These measures help safeguard client information and ensure resilience against cyber threats. |
| Operational Risk |
| This includes risks stemming from internal system failures, human error, or external disruptions. Emerald mitigates these risks through process standardisation, automation, and regular internal reviews. The company has also embedded pandemic-related contingency measures into its broader operational risk framework to ensure preparedness for similar future events. |
| Liquidity Risk |
| Liquidity risk refers to the possibility of the company being unable to meet its financial obligations on time. Emerald addresses this through active balance sheet management, including regular cash flow forecasting, liquidity planning, and stress testing under various scenarios. |
| Credit Risk |
| The risk that a counterparty fails to meet its financial obligations. Emerald works primarily with counterparties of high credit standing and carries out regular assessments of their financial and reputational status. |
| Currency Exchange Risk |
| Given our exposure to multiple currencies, fluctuations in exchange rates pose a potential risk. Emerald mitigates this through the use of multi-currency accounts and by continuously monitoring exchange rate trends to reduce volatility in its operations. |
| ON BEHALF OF THE BOARD: |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Strategic Report |
| for the Period 1 March 2024 to 31 December 2024 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Report of the Directors |
| for the Period 1 March 2024 to 31 December 2024 |
| The directors present their report with the financial statements of the company for the period 1 March 2024 to 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of the provision of a full service payment platform. |
| DIVIDENDS |
| An interim dividend of |
| The total distribution of dividends for the period ended 31 December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| 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). 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. |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Emerald Financial Group (UK) Ltd |
| Opinion |
| We have audited the financial statements of Emerald Financial Group (UK) Ltd (the 'company') for the period ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 2024 and of its profit for the period 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 and the Report of the Directors, 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. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Emerald Financial Group (UK) Ltd |
| 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 five, 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. |
| 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: |
| We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry, control environment and business performance; |
| - results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| - any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006 and the Financial Services Act 2013. |
| As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. We considered that any such opportunities are mitigated by the fact that the company is under the close control of its directors. |
| Our procedures to arrive at this conclusion included the following: |
| - reviewing balance sheet control accounts to ensure properly reconciled; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - enquiring with management concerning actual and potential litigation claims. |
| 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 |
| Emerald Financial Group (UK) 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| Church Court |
| Stourbridge Road |
| Halesowen |
| West Midlands |
| B63 3TT |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Statement of Comprehensive Income |
| for the Period 1 March 2024 to 31 December 2024 |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,023,582 | 1,639,451 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| Prior year adjustment | 8 | ( |
) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
699,757 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2024 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Debtors | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 | 2,055,677 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Statement of Changes in Equity |
| for the Period 1 March 2024 to 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 March 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 29 February 2024 |
| Prior year adjustment | - | ( |
) | ( |
) |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Cash Flow Statement |
| for the Period 1 March 2024 to 31 December 2024 |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) |
| Amount introduced by directors | 11 | - |
| Forex movements on subordinate loans |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
2,957,980 |
| Cash and cash equivalents at end of period |
2 |
2,821,587 |
3,103,247 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Cash Flow Statement |
| for the Period 1 March 2024 to 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | - | 4,294 |
| Finance income | (898,381 | ) | (492,789 | ) |
| 127,808 | 1,148,120 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | 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: |
| Period ended 31 December 2024 |
| 31.12.24 | 1.3.24 |
| £ | £ |
| Cash and cash equivalents | 2,821,587 | 3,103,247 |
| Year ended 29 February 2024 |
| 29.2.24 | 1.3.23 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 3,103,247 | 2,957,980 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.3.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 3,103,247 | (281,660 | ) | 2,821,587 |
| 3,103,247 | ( |
) | 2,821,587 |
| Debt |
| Debts falling due within 1 year | - | (15,596 | ) | (15,596 | ) |
| Debts falling due after 1 year | (93,947 | ) | 15,596 | (78,351 | ) |
| (93,947 | ) | - | (93,947 | ) |
| Total | 3,009,300 | (281,660 | ) | 2,727,640 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements |
| for the Period 1 March 2024 to 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Emerald Financial Group (UK) Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that there are no critical accounting policies where judgements or estimations are necessarily applied in the financial statements. |
| Turnover |
| Turnover from the sale of services is recognised according to the date the service is provided and at the point the amount of revenue can be measured reliably. |
| Tangible fixed assets |
| Computer equipment | - |
| Financial instruments |
| The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| Employees including the directors |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Subordinate loan interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Taxation earlier years | 225 | - |
| Total current tax |
| Deferred tax |
| Tax on profit |
| UK corporation tax was charged at 25%) in 2024. |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
| Effects of: |
| Capital allowances in excess of depreciation | - | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| Charge in tax rate | 456 | (8,795 | ) |
| Effect of PYA | (22,416 | ) | 22,416 |
| Total tax charge | 234,161 | 422,352 |
| 7. | DIVIDENDS |
| Period |
| 1.3.24 |
| to | Year Ended |
| 31.12.24 | 29.2.24 |
| as restated |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 8. | PRIOR YEAR ADJUSTMENT |
| During the period, the directors identified that a VAT liability of £89,664 related to the year ended 29 February 2024 had not been recognised in the financial statements for the year. This omission has been corrected in the current year through a prior year adjustment. |
| The adjustment has resulted in a reduction to the retained earnings as at 1 March 2024, and a corresponding increase in liabilities. There has been no impact on the profit or loss for the period ended 31 December 2024. |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 29 February 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Other loans (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' loan accounts | 149 | 138 |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Other loans (see note 13) |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Subordinate loans |
| Amounts falling due between two and five years: |
| Subordinate loans |
| The subordinate loans are interest free and are repayable between 2025 and 2026. |
| 14. | FINANCIAL INSTRUMENTS |
| Financial assets |
| 2024 | 2023 |
| £ | £ |
| Financial assets measured at fair value through profit and loss | 3,103,247 | 2,957,980 |
| Financial assets that are debt instruments measured at amortised cost | 166,153 | 61,519 |
| 3,269,400 | 3,019,499 |
| Financial liabilities | 2024 | 2023 |
| £ | £ |
| Financial liabilities measured at amortised cost | (644,407 | ) | (689,682 | ) |
| Financial assets measured at fair value through profit and loss comprise of cash at bank. |
| Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and prepayments. |
| Financial liabilities measured at amortised cost comprise of other loans, trade creditors, other creditors, social security and other taxes and accruals. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2024 |
| Provided during period |
| Balance at 31 December 2024 |
| Emerald Financial Group (UK) Ltd (Registered number: 11557885) |
| Notes to the Financial Statements - continued |
| for the Period 1 March 2024 to 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2024 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 480,000 | 480,000 |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 March 2024 |
| Prior year adjustment | ( |
) |
| Profit for the period |
| Dividends | ( |
) |
| At 31 December 2024 |
| 18. | RELATED PARTY DISCLOSURES |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Amount due to related parties |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Services provided by companies with a common director |
| 2024 | 2024 |
| as restated |
| £ | £ |
| Services provided by entities under common control |
| Amount due to related parties |
| During the period, a total of key management personnel compensation of £ |