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Registered number: 10283207
Talkremit Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Connected Accounting Ltd
2 Victoria Square
Victoria Street
St Albans
Hertfordshire
AL1 3TF
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Notes to the Financial Statements 12—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
At the core of the Company's value proposition is its ability to move customers' funds fast and at low cost. This is achieved by integration with payment gateways in UK, EEA and North America and integrations with pay-out partners in destination
countries. Customers can fund transfers using a credit/debit card, bank transfers or by topping up an electronic wallet (ewallet) by means of the group issuing the customer with electronic money and storing it in their e-wallet. Once funds have been collected the Group can offer immediate pay-out in the customer's destination country to either bank account, mobile wallet or at a cash pickup location. The Group has a combinaton of credit agreements and pre-funding balances with pay-out partners to allow immediate settlement to beneficiaries.
During the year the Group has continued its focus on product improvement and investing in its technical platform, but with the advances achieved in that field, there has been a significant expansion of its marketing activities to raise brand awareness, better coverage of geographical areas and to create new partnerships.
Principal Risks and Uncertainties
The key risks and uncertainties facing the group are:
Competitor risk: Failure to compete with competitors on areas including price, product range, quality and service could have an adverse effect on the Group's financial result. Price and cost pressure would affect the Group's margin and ability to cover overhead costs;
Regulatory risk: Failure to maintain relevant licenses or compliance with regulatory requirements would force the Group to
cease service offerings to customers;
Payment access risk: The Group operates in an industry perceived as high risk by banks and payment providers. Loss of key partners such as banks through unwarranted de-risking and authorised credit institutions for safeguarding of client funds might have a severe impact on the Group's trading operations;
Fraud/Cyber Security risk: The Group is dedicated and determined to mitigate issues relating to money laundering and the
financing of terrorism and the Group has effective processes and routines to manage this risk.
Sanctions risk: The Group monitors sanctions imposed on countries and individuals to ensure any sanctions are not broken. Breaking sanctions regulations would have regulatory and reputational risks.
Financial key performance indicators
The Board monitors the Company’s progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy, budgets and forecasts using financial and non-financial measures.
Other key performance indicators
The Group has a digital-only offering and is closely monitoring KPI's such as new registration, transaction frequency and average transaction value through the Group's monitoring systems. Since Paid Marketing is one of the Group's drivers in terms of Remittance Volumes and traction of new customers the attention on KPI's such as Customer Acquisition Cost and improving Conversion and Retention rates is key.
Climate Change 
The Board monitors the potential impact of climate change on the business, but there are not expected to be any major detriments in the short to medium term. The main impact is energy use in the offices and limited air travel.
Page 1
Page 2
Section 172(1) Statement
Section 172 of the Companies Act 2006 requires those charged with governance to act in the manner they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its stakeholders. As part of their deliberations and decision making process, the directors have taken into account the following:
  • The likely consequences of any decision in the long term;
  • The interests of the Group's employees;
  • The need to foster the Group's business relationships with suppliers, customers and others;
  • The impact of the Group's operations on the community and the environment;
  • The desirability of the Group maintaining a reputation for high standards of business conduct; and
  • The need to act fairly between members of the Group.
The directors have considered stakeholders to include those who work for and with them, invest in them, regulate them, and live in the societies they serve. Careful consideration has been given to the factors set out above in discharging their duties under Section 172. It is recognised that building strong relationships with stakeholders will help to deliver the Group's business objectives. The directors are committed to effective and fair engagement with all stakeholders.Depending on the issue in question, the relevance of each stakeholder group may differ and, as such, as part of the engagement with stakeholders, the relative interests and priorities of each group are considered. It is acknowledged however that not every decision made will necessarily result in a positive outcome for all stakeholders.
On behalf of the board
Mr Mohamed Omar
Director
02/06/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
Talkremit is a Fintech provider of digital remittance services offering peer to peer international payment services between private individuals both online and via agents using the Company’s in-house developed money transfer platform or mobile app. The primary focus of specialising in cross-border remittances is serving customers located in the UK, EEA and North America who want to make fast and cost-efficient money transfers to the EMEA and APAC. The Company was founded in 2016 and regulated by the UK Financial Conduct Authority (FCA) as an authorized electronic money institution (EMI) and payments service provider (PSP). The in-house developed platform is designed to help people all over the globe to send money to each other without excessive fees.
Directors
The directors who held office during the year were as follows:
Mr Mohamed Omar
Mr Saeed Dualeh
Going concern
In assessing the Company's ability to continue as a going concern, the directors have considered the liquidity position and reviewed cash flow forecasts and projections. They have reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future.
The company also has the support of its parent company, the ultimate controlling party, and a related entity which has provided the vast majority of its funding to date. The related entity has confirmed that it will not require repayment of the debt until the company has the resources to repay it and has confirmed its ongoing support for a period of 12 months from the date the financial statements are signed.
As a result, the directors believe that the Company is well placed to manage its business risks successfully and meet its liabilities as they fall due. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, TC Group, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Mohamed Omar
Director
02/06/2025
Page 4
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Independent Auditor's Report
Opinion
We have audited the financial statements of Talkremit Ltd for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 or 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 6
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Auditor's 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 auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
  • We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
  • We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
  • We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
  • We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
  • We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's 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.
Michael Marcus FCA FCCA (Senior Statutory Auditor)
for and on behalf of TC Group , Statutory Auditor
04/06/2025
...CONTINUED
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Page 8
TC Group
First Floor, Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX
Page 8
Page 9
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 3 1,342,735 1,343,802
Cost of sales (585,519 ) (689,130 )
GROSS PROFIT 757,216 654,672
Administrative expenses (283,052 ) (654,672 )
OPERATING PROFIT AND PROFIT BEFORE TAXATION 474,164 -
Tax on Profit 8 (1,674 ) -
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 472,490 -
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 472,490 -
The notes on pages 12 to 16 form part of these financial statements.
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Page 10
Balance Sheet
Registered number: 10283207
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 9 59 -
59 -
CURRENT ASSETS
Debtors 10 3,793,073 20,220,555
Cash at bank and in hand 762,503 1,539,267
4,555,576 21,759,822
Creditors: Amounts Falling Due Within One Year 11 (3,732,982 ) (21,409,659 )
NET CURRENT ASSETS (LIABILITIES) 822,594 350,163
TOTAL ASSETS LESS CURRENT LIABILITIES 822,653 350,163
NET ASSETS 822,653 350,163
CAPITAL AND RESERVES
Called up share capital 12 349,001 349,001
Profit and Loss Account 473,652 1,162
SHAREHOLDERS' FUNDS 822,653 350,163
The financial statements were approved by the board of directors on 2 June 2025 and were signed on its behalf by:
Mr Mohamed Omar
Director
02/06/2025
The notes on pages 12 to 16 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 349,001 1,162 350,163
Profit for the year and total comprehensive income - - -
As at 31 December 2022 and 1 January 2023 349,001 1,162 350,163
Profit for the year and total comprehensive income - 472,490 472,490
As at 31 December 2023 349,001 473,652 822,653
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Notes to the Financial Statements
1. General Information
Talkremit Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10283207 . The registered office is 20 Eastbourne Terrace, London, W2 6LG.
The principal activity is the provision of electronic money and payment services.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d)
  • the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d)
  • the requirements of Section 33 Related Party Disclosures paragraph 33.7
This information is included in the consolidated financial statements of Talkremit Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from its registered office at 20 Eastbourne Terrace, London, W2 6LG.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. These financial statements present information about the company as an individual entity and not about its group.
2.3. Going Concern Disclosure
In assessing the Company's ability to continue as a going concern, the directors have considered the liquidity position and reviewed cash flow forecasts and projections. They have reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future.
The company also has the support of its parent company, the ultimate controlling party, and a related entity which has provided the vast majority of its funding to date. The related entity has confirmed that it will not require repayment of the debt until the company has the resources to repay it and has confirmed its ongoing support for a period of 12 months from the date the financial statements are signed.
As a result, the directors believe that the Company is well placed to manage its business risks successfully and meet its liabilities as they fall due. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
2.4. Significant judgements and estimations
In the application of the Company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Management considers there to be one area of estimation uncertainty and significant judgement, relating to the recoverability of intercompany debtors.
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2.5. Turnover
The main trading income for the company is made up of transaction fees and FX profit margins made on the transactions and remittances completed in the year.
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 transaction incurred to provide services is recognised in the period in which the services are provided 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;
  • the costs incurred and the costs to complete the transaction can be measured reliably.
2.6. Investments
Investments in subsidiaries are recognised at cost less impairment. Investments are regularly reviewed for the applicability of any impairment.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to and from related parties and investments in ordinary shares.
2.9. Foreign Currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
2.11. 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.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
FX profit margin at remittance 1,342,735 1,175,802
Management charges - 168,000
1,342,735 1,343,802
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4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 23,301 533
Research and Development Costs 89,766 116,606
Amortisation of intangible fixed assets - 10,358
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 48,500 23,750
Other Services
Auditing accounts of associates 25,000 -
Audit fees for associated companies relate to the audit of the parent company, Talkremit Group Holdings Limited. Fees include £35,000 of audit fees accrued payable to TC Group, newly appointed as auditors for the period 31 December 2023, the balance of fees were payable to the predecessor auditors, Haysmacintyre LLP.
The Company claims the exemption not to disclose amounts paid for non audit services to the auditors as these are disclosed in the group accounts of the parent company. 
6. Staff Costs
The company made payments to directors and key personnel, the cost of which was borne by a fellow subsidiary. In the prior year there were no staff costs except for director costs as follows:
2023 2022
£ £
Wages and salaries - 230,908
7. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
8. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 1,674 -
Total tax charge for the period 1,674 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2023 2022
£ £
Profit before tax 474,164 -
Tax on profit at 25% (UK standard rate) 118,541 -
Goodwill/depreciation not allowed for tax - 1,968
Expenses not deductible for tax purposes 92 -
Short term timing differences 1,674 -
Group relief (118,633 ) (1,968 )
Total tax charge for the period 1,674 -
9. Investments
Unlisted
£
Cost
As at 1 January 2023 -
Additions 59
As at 31 December 2023 59
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 59
As at 1 January 2023 -
The investment is in a subsidiary company, Talkremit Canada Inc. Registered office: 14505 Bannister Rd SE Calgary AB, T2X 3J3. The direct shareholding is 100% and was incorporated during the reporting period.
The share capital was £59. The aggregate capital and reserves and the result for the year of the subsidiary was as follows:
Capital and Reserves
Profit/(loss)
£
£
Talkremit Canada Inc
(211,894)
(211,953)
10. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 466,598 16,014,345
Other debtors 3,326,475 4,206,210
3,793,073 20,220,555
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11. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 361,357 6,620
Amounts owed to group undertakings 3,303,792 -
Other creditors 59 21,366,589
Accruals and deferred income 67,774 36,450
3,732,982 21,409,659
12. Share Capital
2023 2022
Allotted, called up and fully paid £ £
349,001 Ordinary Shares of £ 1.00 each 349,001 349,001
13. Related Party Disclosures
Included within intercompany group balances are costs for key management personnel (including directors) who received consultancy fees of £351,429 (2022: £228,309), the cost of which in the reporting year was borne by a fellow subsidiary company.
351,429 228,309
A fellow group company, TR Technologies Limited is meeting certain expenditure which enables the company to maintain its net asset position whilst in its growth stage. The impact of which has resulted in a significant intercompany creditor at the balance sheet date in relation to the provision of the working capital necessary for operations.
On 14 February 2024, with effect from 22 December 2023, the company was released from its debt due to the shareholder (2022: £3,633,523) as part of a novation agreement whereby a fellow group company, TR Technologies Limited, became the new borrower and the appropriate amounts due from TR Technologies Limited to the company were reduced accordingly.
Amounts owed by group include £220,000 (2022: £220,000) by Talkremit Group Holdings Limited, and £211,696 (2022: £Nil) from Talk Remit Canada.
Amounts owed to group undertakings include £1,037,062 (2022: £nil)  from Talkremit AB, a Swedish group company, and £2,266,730 to TR Technologies Limited. These loans are interest free and considered as repayable on demand. The related entities have however confirmed that repayment of the debts will not be required until the company has the resources to repay it, and at least 12 months from the date of the audit report.
Other than the items already disclosed in order to show a true and fair view, the company has taken advantage of the exemption available to not disclose the transactions between the company and its group undertakings as is it part of a wholly owned group.
14. Controlling Parties
The company's immediate parent undertaking is Talkremit Group Holdings Limited .
The ultimate parent undertaking is Talkremit Group Holdings Limited (incorporated in England & Wales). Its registered office is 20 Eastborne Terrace Eastborne Terrace, London, E2 6LG .
Copies of the group accounts may be obtained from the company's registered office.
The ultimate controlling party is deemed to be Saeed Dualeh who owns 100% of the share capital of Talkremit Group Holdings Limited.
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