Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2022 1 January 2022 false 4 June 2025 true true 1 January 2023 31 December 2023 31 December 2023 10334298 Mr Mohamed Omar Mr Saeed Dualeh true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10334298 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 10334298 2022-12-31 10334298 2023-12-31 10334298 2023-01-01 2023-12-31 10334298 frs-core:CurrentFinancialInstruments 2023-12-31 10334298 frs-core:Non-currentFinancialInstruments 2023-12-31 10334298 frs-core:ComputerEquipment 2023-12-31 10334298 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10334298 frs-core:ComputerEquipment 2022-12-31 10334298 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10334298 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 10334298 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10334298 frs-core:FurnitureFittings 2023-12-31 10334298 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10334298 frs-core:FurnitureFittings 2022-12-31 10334298 frs-core:MotorVehicles 2023-12-31 10334298 frs-core:MotorVehicles 2023-01-01 2023-12-31 10334298 frs-core:MotorVehicles 2022-12-31 10334298 frs-core:ShareCapital 2023-12-31 10334298 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10334298 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10334298 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10334298 frs-bus:FullAccounts 2023-01-01 2023-12-31 10334298 frs-bus:MediumEntities 2023-01-01 2023-12-31 10334298 frs-bus:Audited 2023-01-01 2023-12-31 10334298 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10334298 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 10334298 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10334298 frs-bus:OrdinaryShareClass1 2023-12-31 10334298 1 2023-01-01 2023-12-31 10334298 frs-bus:Director1 2023-01-01 2023-12-31 10334298 frs-bus:Director2 2023-01-01 2023-12-31 10334298 frs-countries:EnglandWales 2023-01-01 2023-12-31 10334298 frs-countries:EnglandWales 2023-01-01 2023-12-31 10334298 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 10334298 2021-12-31 10334298 2022-12-31 10334298 2022-01-01 2022-12-31 10334298 frs-core:CurrentFinancialInstruments 2022-12-31 10334298 frs-core:Non-currentFinancialInstruments 2022-12-31 10334298 frs-core:ShareCapital 2021-12-31 10334298 frs-core:ShareCapital 2022-12-31 10334298 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10334298 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 10334298 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 10334298 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31
Registered number: 10334298
TR Technologies 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—18
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
The purpose of the company is to develop and operate electronic money remittance systems in partnership with payment collection and payment payout partners across the world. In 2023 the business invested heavily in software development for its in-house platform to streamline the execution of its remittance systems, strengthen internal control and anti-money-laundering procedures and and expand its relationships with facilitating remittance partners. 
Due to the advances and consolidations made in the remittance capacilites of the company, significant investment was made in marketing to expand the development of the customer base of the group.
Principal Risks and Uncertainties
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
The principal activity continues to be that of the provision of business and software development.
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 covering the period to December 2026. They have reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future.
During the year the Company made a loss of £4.9m (2022: £3.9m) and had net liabilities of £16.4m (2022: £11.5m) as at the balance sheet date.
TR Technologies Limited entered a formal interest free lending facility with Dahabshiil Group Holdings Ltd ("Dahabshiil"), a related entity, with no specific repayment terms. The facility can be used to provide financing relating to expansion and capital expenditure. The Company is operating within the facility at the time of approval of the 2023 financial statements.
The Company has the support of its ultimate controlling party and Dahabshiil, which has provided the majority of the group's funding to date. Dahabshiil Goup Holdings Ltd has confirmed in writing that it will not require repayment of the debt until the company has the resources to repay it and has confirmed in writing its ongoing support for a period of 12 months from the date the financial statements are signed.
Since the year end the Company has continued to require support from Dahabshiil for investments in marketing and IT infrastructure development. Based on the success of market growth and significantly increased transaction volumes, 2025 is expected to be financially break-even.
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 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;
  • 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.
Page 3
Page 4
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
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of TR Technologies 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.
Page 5
Page 6
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
Page 7
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
Page 7
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 3 450,028 667,359
GROSS PROFIT 450,028 667,359
Administrative expenses (5,487,227 ) (4,659,881 )
Other operating income 8 -
OPERATING LOSS AND LOSS BEFORE TAXATION (5,037,191 ) (3,992,522 )
Tax on Loss 8 100,000 108,823
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (4,937,191 ) (3,883,699 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (4,937,191 ) (3,883,699 )
The notes on pages 12 to 18 form part of these financial statements.
Page 9
Page 10
Balance Sheet
Registered number: 10334298
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 9 4,262,408 3,466,803
Tangible Assets 10 53,010 26,714
4,315,418 3,493,517
CURRENT ASSETS
Debtors 11 5,233,149 1,499,929
Cash at bank and in hand 182,611 84,432
5,415,760 1,584,361
Creditors: Amounts Falling Due Within One Year 12 (4,676,051 ) (868,793 )
NET CURRENT ASSETS (LIABILITIES) 739,709 715,568
TOTAL ASSETS LESS CURRENT LIABILITIES 5,055,127 4,209,085
Creditors: Amounts Falling Due After More Than One Year 13 (21,512,676 ) (15,729,443 )
NET LIABILITIES (16,457,549 ) (11,520,358 )
CAPITAL AND RESERVES
Called up share capital 15 1 1
Profit and Loss Account (16,457,550 ) (11,520,359 )
SHAREHOLDERS' FUNDS (16,457,549) (11,520,358)
On behalf of the board
Mr Mohamed Omar
Director
02/06/2025
The notes on pages 12 to 18 form part of these financial statements.
Page 10
Page 11
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1 (7,636,660 ) (7,636,659)
Loss for the year and total comprehensive income - (3,883,699 ) (3,883,699)
As at 31 December 2022 and 1 January 2023 1 (11,520,359 ) (11,520,358)
Loss for the year and total comprehensive income - (4,937,191 ) (4,937,191)
As at 31 December 2023 1 (16,457,550 ) (16,457,549)
Page 11
Page 12
Notes to the Financial Statements
1. General Information
TR Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10334298 . The registered office is 20 Eastbourne Terrace, London, W2 6LG.
The principal activity continues to be that of the provision of business and software development.
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 requirements 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 HoldingsLimited as at 31 December 2023 and these financial statements may be obtained from its registered office at 20 Eastbourne Terrace, London, W2 6LG.
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 covering the period to December 2026. They have reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future.
During the year the Company made a loss of £4.9m (2022: £3.9m) and had net liabilities of £16.4m (2022: £11.5m) as at the balance sheet date.
TR Technologies Limited entered a formal interest free lending facility with Dahabshiil Group Holdings Ltd ("Dahabshiil"), a related entity, with no specific repayment terms. The facility can be used to provide financing relating to expansion and capital expenditure. The Company is operating within the facility at the time of approval of the 2023 financial statements.
The Company has the support of its ultimate controlling party and Dahabshiil, which has provided the majority of the group's funding to date. Dahabshiil Goup Holdings Ltd has confirmed in writing that it will not require repayment of the debt until the company has the resources to repay it and has confirmed in writing its ongoing support for a period of 12 months from the date the financial statements are signed.
Since the year end the Company has continued to require support from Dahabshiil for investments in marketing and IT infrastructure development. Based on the success of market growth and significantly increased transaction volumes, 2025 is expected to be financially break-even.
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.
Page 12
Page 13
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 consider the following to be any key sources of estimation uncertainty or significant
judgement areas.
Development expenditure
Development expenditure is recognised at cost and subsequently amortised over its useful economic life
of 5 to 10 years. Management reconsiders the useful economic life at each balance sheet date and if it
has changed, will prospectively alter the rate at which the Development expenditure is written down. The
expenditure incurred relates to a combination of the core infrstrastructure costs and developing the
underlying architecture to build for scale and growth. There is also a small amount of updates and
improvements made to existing assets. Judgement is applied by management and an element of
estimation uncertainty exists in relation to the allocation of time spent by staff and developers between
core infrastructure and ongoing updates and improvements to existing assets. Management expect the
spend relating to core infrastructure and development to be long lasting, and therefore are amortising the
spend over a longer period than any ongoing updates and improvements which are amortised over a
shorter period. The majority of the spend year on year relates to the core infrastructure spend and is
therefore amortised over a longer period.
Management also consider whether there are any indicators of impairment at the balance sheet date, and
if so, will consider whether the recoverable amount is less than the carrying value. Management have
prepared and reviewed forecasts and anticipate that significant profits will be generated from the asset in
the forseeable future and have therefore not impaired any of the balance.
2.5. Turnover
Revenue comprises income generated from IT tech support and maintenance services, licence fees along with customer and agent support relating to the platform agreement in place with group undertakings.
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; and
  • the costs incurred and the costs to complete the transaction can be measured reliably.
2.6. Research and Development
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.
Intangible assets consist of development expenditure. The amortisation policy used by management
is based on 10% - 20% straight line. The expenditure incurred relates to a combination of the core
infrstrastructure costs as well as developing the underlying architecture to build for scale and growth.
There is also a small amount of updates and improvements made to existing assets. The useful life
has been determined by management as being 5 - 10 years depending on the type of spend incurred.
The majority of the spend does relate to core infrastructure costs, which is written off over 10 years.
Page 13
Page 14
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
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.
2.8. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the
lease term.
2.9. 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.
2.10. 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.
2.11. 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.
2.12. 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 credit / charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
2.13. 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.
2.14. 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.
Long term creditors are measured at fair value using net present value, unless such an adjustment is immaterial.
Page 14
Page 15
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Remittance platform usage fees 450,028 667,359
4. Other Operating Income
2023 2022
£ £
Other operating income 8 -
8 -
5. Operating Loss
The operating loss is stated after charging:
2023 2022
£ £
Bad debts 209,810 195,959
Research and Development Costs 155,949 8,368
Amortisation of intangible fixed assets 514,214 392,155
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 1,480,668 1,251,787
7. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2022: 18)
22 18
8. Tax on Profit
The tax credit on the loss for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 25.0% 19.0% (100,000 ) (108,823 )
Total tax charge for the period (100,000 ) (108,823 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
...CONTINUED
Page 15
Page 16
2023 2022
£ £
Profit before tax (5,037,191) (3,992,522)
Tax on profit at 0% (UK standard rate) - -
Research and Development tax credit (100,000 ) (108,823 )
Total tax charge for the period (100,000) (108,823)
9. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 4,313,879
Additions 1,293,519
As at 31 December 2023 5,607,398
Amortisation
As at 1 January 2023 847,076
Provided during the period 497,914
As at 31 December 2023 1,344,990
Net Book Value
As at 31 December 2023 4,262,408
As at 1 January 2023 3,466,803
10. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 14,500 5,221 37,027 56,748
Additions - 13,621 28,975 42,596
As at 31 December 2023 14,500 18,842 66,002 99,344
Depreciation
As at 1 January 2023 5,925 3,967 20,142 30,034
Provided during the period 3,625 2,527 10,148 16,300
As at 31 December 2023 9,550 6,494 30,290 46,334
Net Book Value
As at 31 December 2023 4,950 12,348 35,712 53,010
As at 1 January 2023 8,575 1,254 16,885 26,714
Page 16
Page 17
11. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 139,359
Amounts owed by group undertakings 4,472,623 576,738
Other debtors 760,526 783,832
5,233,149 1,499,929
12. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 123,485 69,386
Other loans 4,365,640 732,116
Other creditors 2,866 1,156
Taxation and social security 34,006 25,689
Accruals and deferred income 150,054 40,446
4,676,051 868,793
13. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to group undertakings - 15,729,443
Other creditors 21,512,676 -
21,512,676 15,729,443
14. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 4,365,640 732,116
15. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
Page 17
Page 18
16. Related Party Disclosures
Included within other loans is £4,365,640 (2022: £732,116) of loans made by shareholders. These loans are interest free and repayable on demand. £Nil (2022: £5,000) was repaid during the year. During the year the equivalent shareholder loan of £3,633,523 that had been made to Talkremit Limited were novated to TR Technologies.
On 22 December 2023, the debt due to a fellow group company, Talkremit Limited, was set off with a loan to Dahabshiil Group Holdings Limited of £21.5m. Dahabshiil Group Holdings Limited have confirmed that it will not require repayment of the debt until the company has the resources to repay it. The loan is interest free and because there is no set repayment date the loan has not been fair valued.
Included within amounts due from group undertakings are amounts totalling £2,266,730 from Talkremit Limited. In the prior period, the amounts owed to group undertakings included £15,729,443 to Talkremit Limited.
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.
17. 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 .
The ultimate controlling party is deemed to be Saeed Dualeh who owns 100% of the share capital of Talkremit Group Holdings Limited. 
Page 18