Company registration number 07666629 (England and Wales)
INTERPOLITAN MONEY PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INTERPOLITAN MONEY PLC
COMPANY INFORMATION
Directors
Mr R Patel
Mr S V Thakrar
Ms N Amin
Secretary
Mr J Champion
Company number
07666629
Registered office
Aldgate Tower
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
Business address
33 Cavendish Square
London
UK
W1G 0PW
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
INTERPOLITAN MONEY PLC
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 14
Profit and loss account
15
Statement of comprehensive income
16
Balance sheet
17
Statement of changes in equity
18
Statement of cash flows
19
Notes to the financial statements
20 - 34
INTERPOLITAN MONEY PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The Directors present the Strategic Report for Interpolitan Money PLC for the year ended 31 December 2024. This report focuses exclusively on Interpolitan Money PLC as a standalone entity, outlining the Company’s progress, priorities, and performance over the past financial year, with emphasis on strategic direction, financial resilience, and long-term value creation.
Company Overview
Interpolitan Money PLC is an award-winning provider of alternative banking solutions, offering bespoke financial infrastructure to corporates, private clients, institutions, and family offices. With a core focus on cross-border transactions, high-value payments, and multi-currency account solutions, we serve clients with complex, international requirements that fall outside the traditional banking model.
At the heart of our model is a unique combination of human expertise and scalable technology. Our high-tech, high-touch approach enables us to offer personalised service at scale, backed by advanced compliance protocols, operational efficiency, and strategic agility.
Operating from our newly established London headquarters, Interpolitan Money PLC is proud to be the flagship trading entity within a broader global structure. In 2024, we continued to invest in the systems, governance, and culture that underpin our future growth and operational independence.
Strategic Progress and 2024 Performance
2024 marked a year of continued momentum and strategic execution for Interpolitan Money PLC. Building on the record-breaking performance of 2023, the Company has advanced on multiple fronts – from platform innovation to international expansion – while delivering strong commercial results.
We successfully relocated to new headquarters in London, scaled our operational capacity, and secured key regulatory approvals in international markets. These milestones represent tangible progress toward our vision of becoming the leading alternative banking provider for globally mobile client segments.
The Company was again recognised for its growth trajectory, securing a place on both the FEBE Growth 100 and the London Fast Growth 50 for a second consecutive year – a testament to our consistent delivery, client loyalty, and market positioning.
Financial Highlights
The Company’s financial performance in 2024 reflects disciplined execution, revenue diversification, and ongoing operational investment:
• Total income increased from £4.88 million in FY2023 to £8.22 million in FY2024 – an 68% year-on-year growth, driven by strong client acquisition and expansion across key verticals.
• Operating expenses rose to £2.68 million, up from £2.26 million, reflecting strategic hiring, compliance scaling, and infrastructure upgrades.
• Profit before tax reached £1.9 million, a significant increase from £628k in the prior year.
Interpolitan Money PLC closed the year in a robust financial position, with strong cash flow generation and a well-balanced cost base, setting a solid platform for further expansion in 2025.
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Innovation and Platform Development
One of the year’s most significant achievements was the successful development and internal deployment of our proprietary alternative banking platform. Purpose-built to enhance the client experience and increase operational efficiency, the platform enables faster onboarding, real-time compliance validation, and flexible integration with client systems.
This infrastructure positions the Company to launch new financial products, adapt quickly to regulatory changes, and scale globally with confidence. It also reinforces our market differentiation at a time when digital trust and agility are more valuable than ever.
In 2025, we plan to expand the platform’s capabilities and invest further in our product and technology teams to sustain innovation and support our growing client base.
Market Opportunity and Strategic Positioning
The market for cross-border financial solutions continues to expand. The global services trade grew by 7% in 2024, contributing to a 3.3% overall increase in international trade, according to UNCTAD. For firms like Interpolitan Money PLC, this creates a fertile environment for growth.
Our addressable market is also expanding. Internal research estimates our current and future serviceable market exceeded £1.3 billion in 2024 and is projected to grow to £2.2 billion by 2029. Our personalised, high-compliance approach allows us to serve clients that many traditional banks overlook – particularly those with multi-jurisdictional structures or elevated due diligence needs.
By focusing on these underserved segments, Interpolitan Money PLC is creating a unique strategic advantage and opening new revenue channels.
Talent, Culture and Leadership
Our people remain at the heart of our success. In 2024, we continued to attract and retain exceptional talent while investing in culture, leadership and well-being.
We were proud to be named one of The Sunday Times Best Places to Work 2024, reflecting strong internal engagement, a sense of purpose, and an inclusive, high-performance culture.
As part of our long-term people strategy, we launched Interpolitan Unplugged, a global wellness initiative and enhanced health and family benefits across all locations. Our leadership team now brings more than 125 years of combined industry experience, helping to guide the next generation of leaders within the business.
In an increasingly competitive global landscape, this culture of excellence, ownership and innovation is a critical differentiator.
Capital Strategy and Forward Outlook
Interpolitan Money PLC continues to take a long-term view on growth, governance and capital efficiency. As part of our roadmap for sustainable scalability, we are reinforcing operational discipline and financial controls while building the systems required for long-term optionality.
Optionality in capital markets refers to the Company’s ability to pursue strategic paths – whether raising capital, forming partnerships, or preparing for potential corporate development events – as and when conditions are optimal. This strategic flexibility allows us to grow on our own terms, while staying responsive to market dynamics and stakeholder expectations.
Looking ahead to 2025, our strategic priorities include:
• Deepening penetration in key global markets
• Advancing platform features and automation
• Strengthening governance and regulatory readiness
• Continuing to scale our client base through high-value acquisition and retention strategies
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Principal risks and uncertainties
Data integrity and security
Description of Risk:
Control / Mitigation:
Dedicated resources with responsibility for data security and data governance
Penetration testing, training and awareness, system access controls and encryption, physical security
Introduced new comprehensive training modules through 'Cyber Security Awareness' covering Cyber/ Security Risk and Data Protection.
Business Continuity / Disaster Recovery
Description of Risk:
Control / Mitigation:
Detailed Business Continuity Plan and Disaster Recovery Plan
Periodic testing of the above plan
Increased adoption of cloud-based services
Fraud
Description of Risk:
Financial loss, reputational risk, potential to lose customers and reduce growth, supplier chain risk
Control / Mitigation:
Senior management awareness
Staff training
Fraud reporting to Risk Committee
Automated transaction monitoring
Appropriate people in fraud roles to oversee and manage risk
Liquidity
Description of Risk:
Control / Mitigation:
Regular reporting of cash movements
Regular cashflow forecasts run with sensitivities
Longer term budgets and forecasts
Governance
Description of Risk:
Control / Mitigation:
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Development and performance
The Company faces market competition
Description of Risk:
Control / Mitigation:
Engineering development to maintain research & development and innovation
New products
Improved CX to enhance usability of products - IT development to maintain research & development and innovation+
Quality of people in business
Maintain the Company’s reputation
Investment in marketing and product development
Increased investment in IT development
Increased sales development
Review of costs to ensure cost efficiency
Key person absence
Description of Risk:
Control / Mitigation:
Failure of key suppliers impacts performance
Description of Risk:
Control / Mitigation:
Macro environment
Description of Risk:
Control / Mitigation:
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Regulatory compliance
Description of Risk:
Control / Mitigation:
Review and update Company policies and procedures.
Review of new statutes and financial regulation.
Annual regulatory audits by expert third parties.
Periodic staff training
Closing Remarks
2024 was a transformative year for Interpolitan Money PLC. We entered the year with ambition and a clear strategic vision – and we leave it with strengthened operations, renewed focus, and continued momentum.
I would like to extend my sincere thanks to our clients, partners and shareholders for their trust and support, and to the entire Interpolitan Money team for their unwavering commitment and performance.
With our foundation firmly in place, and our eyes on the future, Interpolitan Money PLC is well-positioned for another year of progress, innovation, and value creation.
Rishi Patel
Chief Executive Officer
Interpolitan Money PLC
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Under Section 172 of the Companies Act 2006, a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company* for the benefit of its members as a whole, and in doing so have regard
(amongst other matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company’s employees,
(c) the need to foster the company’s business relationships with suppliers, customers and others,
(d) the impact of the company’s operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.
The Company’s stakeholders include, but are not limited to, its employees; suppliers; customers; regulators; and investors.
The Board endeavours to achieve and maintain a reputation for high standards of conduct amongst its stakeholders which it regards as crucial in its ability to successfully achieve its corporate objectives. During the development of the Company’s strategies and decision-making processes, the Board will consider its stakeholders and their interests. The differing interests of stakeholders require the Board to assess and manage the impact of its policies in a fair and balanced manner to the benefit of its stakeholders as a whole.
The Board considers below these different stakeholder groups, their material issues and how the Group engages with them. Relevant board engagement with key stakeholders is detailed in the corporate governance report.
EMPLOYEES
The employees are one of the greatest assets to the Company. Their interests, which include training and development; a safe environment to work; diversity and inclusion; fair pay and benefits; reward and recognition are a high priority. On a day to day basis Directors engage directly with employees promoting an open, non-hierarchical culture, in which employees have an active contribution to the Company’s success. Weekly meetings are conducted and periodic company updates are provided. Feedback is always encouraged. The Board will actively reflect on this when making decisions. Regular management training, personal development and performance reviews all contribute to the development of staff.
INTERPOLITAN MONEY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
SUPPLIERS
Supplier interests include fair trading, payment terms and working towards building a successful relationship. The Company will regularly review its supplier payments and performance alongside its monitoring of its performance. The Company’s Modern Slavery Statement sets out the processes put in place in order to combat modern slavery in the business and its supply chains.
CUSTOMERS
Customers are interested in successful product availability and usage; fair pricing and adherence to regulations. The Company wants to achieve the highest level of customer service and will regularly review feedback and reviews it receives from its customers. The Company operates under an open and transparent pricing model with its customers.
REGULATORS AND COMPLIANCE
The Company holds licenses with the Financial Conduct Authority and must adhere to the regulatory requirements of these licenses. The Company ensures that staff have sufficient knowledge and regular training if necessary, to ensure that these regulations are met.
The nature of the business undoubtedly results in a higher risk of money laundering. All staff receive the relevant Anti-Bribery and Anti-Money Laundering training. Procedures and communications are in place to ensure that staff are able to comply with Anti-Money Laundering should there ever be a case.
INVESTORS
Investors expect to be informed of the financial performance and developments of the Company. This is done by providing trading updated, publication of the annual reports and press releases.
Mr R Patel
Director
28 May 2025
INTERPOLITAN MONEY PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
The Directors present their Annual Report and the audited financial statements for the year ended 31 December 2024.
Business review
An analysis of the Company’s development (including likely future developments) and performance is contained in the strategic report. Information on the financial risk management strategy of the Company and its exposure to its principal risks is on page 2-5.
Principal activities
Interpolitan Money PLC (the ‘Company’) is a private limited company incorporated and domiciled in England and Wales. The registered office of the Company is Aldgate Tower, 2 Leman Street, London, E1W 9US. The registered company number is 07666629.
The Company’s principal activity is the development of alternative banking solutions including: current accounts, FX, interest income generated from client cash balances and mass payments for international businesses from start-ups to publicly-listed global brands.
Interpolitan Money PLC, is Authorised and Regulated by the United Kingdom Financial Conduct Authority under the Electronic Money Regulations and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA registration number 900413.
Equal opportunities
We are committed to ensuring our workplace is equal, diverse and inclusive. We operate a true meritocracy, recruiting and promoting staff based on their attitude, skills and experience. We do not discriminate between employees or prospective employees on the grounds of age, race, disability, religion, gender or any other criteria. We are also committed to ensuring all employees feel respected and are able to perform to the best of their ability.
Results and dividends
The results for the year are set out on page 15.
The Directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023: Nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R Patel
Mr S V Thakrar
Ms N Amin
Auditor
In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations, Sch.7 to be contained in the directors' report.
INTERPOLITAN MONEY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr R Patel
Director
28 May 2025
INTERPOLITAN MONEY PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
The directors are responsible for preparing the annual 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
INTERPOLITAN MONEY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERPOLITAN MONEY PLC
- 11 -
Opinion
We have audited the financial statements of Interpolitan Money PLC (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 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.
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 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.
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
INTERPOLITAN MONEY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY PLC
- 12 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
INTERPOLITAN MONEY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY PLC
- 13 -
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the multi-currency e-banking and payments service industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Electronic Money Regulations 2011 as amended by the Payment Service Regulations 2017, the Money Laundering and Terrorist Financing Regulations 2019, European Market Infrastructure Regulations, the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the FCA and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
INTERPOLITAN MONEY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY PLC
- 14 -
Daniel Rose
Senior Statutory Auditor
For and on behalf of Gravita Audit II Limited
29 May 2025
Chartered Accountants
Statutory Auditor
Aldgate Tower,
2 Leman Street
London
E1 8FA
INTERPOLITAN MONEY PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
Turnover
3
8,218,706
4,878,083
Cost of sales
(3,734,692)
(1,956,803)
Gross profit
4,484,014
2,921,280
Administrative expenses
(2,679,250)
(2,262,282)
Operating profit
4
1,804,764
658,998
Interest receivable and similar income
8
181,982
55,957
Interest payable and similar expenses
9
(69,551)
(34)
Change in fair value of financial instruments
(22,192)
(86,735)
Profit before taxation
1,895,003
628,186
Tax on profit
10
(477,735)
(191,198)
Profit for the financial year
1,417,268
436,988
The profit and loss account has been prepared on the basis that all operations are continuing operations.
INTERPOLITAN MONEY PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
£
£
Profit for the year
1,417,268
436,988
Other comprehensive income
-
-
Total comprehensive income for the year
1,417,268
436,988
INTERPOLITAN MONEY PLC
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
72,960
215,515
Tangible assets
12
152,441
120,498
225,401
336,013
Current assets
Debtors
14
2,804,345
1,785,109
Cash at bank and in hand
16
73,165,550
56,915,529
75,969,895
58,700,638
Creditors: amounts falling due within one year
16
(70,572,545)
(54,839,153)
Net current assets
5,397,350
3,861,485
Total assets less current liabilities
5,622,751
4,197,498
Provisions for liabilities
Deferred tax liability
17
38,110
30,125
(38,110)
(30,125)
Net assets
5,584,641
4,167,373
Capital and reserves
Called up share capital
19
50,600
50,600
Profit and loss reserves
5,534,041
4,116,773
Total equity
5,584,641
4,167,373
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr R Patel
Director
Company registration number 07666629 (England and Wales)
INTERPOLITAN MONEY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
50,600
3,679,785
3,730,385
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
436,988
436,988
Balance at 31 December 2023
50,600
4,116,773
4,167,373
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
1,417,268
1,417,268
Balance at 31 December 2024
50,600
5,534,041
5,584,641
INTERPOLITAN MONEY PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
16,392,965
55,419,576
Interest paid
(69,551)
(34)
Income taxes paid
(99,069)
Net cash inflow from operating activities
16,224,345
55,419,542
Investing activities
Purchase of intangible assets
(43,550)
(88,862)
Purchase of tangible fixed assets
(112,756)
(76,609)
Proceeds on disposal of subsidiaries
1
Interest received
181,982
55,957
Net cash generated from/(used in) investing activities
25,676
(109,513)
Net increase in cash and cash equivalents
16,250,021
55,310,029
Cash and cash equivalents at beginning of year
56,915,529
1,605,500
Cash and cash equivalents at end of year
73,165,550
56,915,529
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
1
Accounting policies
Company information
Interpolitan Money PLC is a private company limited by shares incorporated in England and Wales. The registered office is Aldgate Tower, 2 Leman Street, London, United Kingdom, E1W 9US. The business address is 33 Cavendish Square, London, W1G 0PW.
The Company’s principal activity is the development of alternative banking solutions including: current accounts, FX, interest income generated from client cash balances and mass payments for international businesses from start-ups to publicly-listed global brands.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover represents the value of work carried out in respect of services provided and translation of foreign currency fees to customers and interest generated on customer cash balances.
Spot and forward revenue is recognised when a binding contract is entered into by a client and the rate is fixed and determined. Revenue represents the difference between the rate offered to clients and the rate the Company receives from its banking counterparties.
Interest generated from compnay and client cash balances is recognised using the effective interest rate method on corporate ‘cash and cash equivalents’. The recognition of interest income on client balances is recognised as turnover on the face of the Profit and Loss Account.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.4
Intangible fixed assets other than goodwill
Intangible assets, which relate to the costs associated with developing the Interpolitan platform, are acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Straight line over 5 - 10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
Customer cash deposits
The company recognises financial assets and liabilities for the funds customers hold on their accounts (‘Interpolitan accounts’) and the funds collected from customers, as part of the money transfer settlement process, that have not yet been processed. The liability is recognised upon receipt of cash or capture confirmation (depending on pay-in method), and is derecognised when cash is delivered to the beneficiary. Additionally, pursuant to IAS 32, the company considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis, or to settle them simultaneously.
Principles to determine the point of delivery are the same as applied in turnover recognition, see note 1.3.
The company is subject to various regulatory safeguarding compliance requirements with respect to customer funds. As safeguarding requirements may vary across the different jurisdictions in which the company operates, the company holds customer funds in segregated accounts and other high quality liquid assets such as savings deposit accounts, as allowed by local regulations.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values
Intangible fixed assets
Intangible fixed assets, are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values
Investments
The most critical estimates and assumptions for investments relate to the determination of cost of unlisted investments at cost less any accumulated impairment losses through profit and loss. In determining this amount, the investments are assessed for impairment at each reporting date. The nature, facts and circumstance of the investment drives the valuation methodology.
Deferred tax
A deferred tax liability is provided on accelerated capital allowances and and deferred tax asset on carried forward tax losses. It is expected that the tax losses will be relieved against future profits, therefore the decision has been made to recognise this asset in the current period.
Client balances
The company recognises financial assets and corresponding liabilities for the funds customers hold on their Interpolitan accounts and the funds the company receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the company becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, pursuant to IAS 32, the company considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis or settle them simultaneously. Therefore, Management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Commissions
6,422,129
4,171,109
Interest generated from client cash balances
1,796,577
706,974
8,218,706
4,878,083
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 27 -
2024
2023
£
£
Other significant revenue
Interest income
181,982
55,957
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
4,828
17,849
Depreciation of owned tangible fixed assets
80,813
29,701
Amortisation of intangible assets
106,274
98,715
Loss on write off of intangible assets
79,831
-
Operating lease charges
76,426
155,000
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to a loss of £4,828 (2023: £17,849).
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
40,500
35,500
All other non-audit services
33,615
1,195
74,115
36,695
For other services
Taxation compliance services
5,000
Taxation advisory services
9,615
1,195
Consultancy
19,000
33,615
1,195
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administrative staff
12
10
Sales staff
8
6
Total
20
16
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 28 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
912,231
885,516
Social security costs
101,368
95,547
Pension costs
39,359
14,461
1,052,958
995,524
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
77,669
112,546
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
The directors' remuneration disclosed relates to the total amounts paid to the three directors.
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
181,982
55,957
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
181,982
55,957
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
69,551
34
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
477,057
99,069
Adjustments in respect of prior periods
(7,307)
Total current tax
469,750
99,069
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
7,985
92,129
Total tax charge
477,735
191,198
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,895,003
628,186
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
473,751
147,624
Tax effect of expenses that are not deductible in determining taxable profit
69,395
41,064
Tax effect of income not taxable in determining taxable profit
(58,780)
(2,784)
Tax effect of utilisation of tax losses not previously recognised
(75,578)
Adjustments in respect of prior years
(7,307)
Permanent capital allowances in excess of depreciation
(7,309)
(11,257)
Deferred tax
7,985
92,129
Taxation charge for the year
477,735
191,198
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
803,193
Additions - internally developed
43,550
Disposals
(739,093)
At 31 December 2024
107,650
Amortisation and impairment
At 1 January 2024
587,678
Amortisation charged for the year
106,274
Disposals
(659,262)
At 31 December 2024
34,690
Carrying amount
At 31 December 2024
72,960
At 31 December 2023
215,515
12
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2024
211,021
Additions
112,756
At 31 December 2024
323,777
Depreciation and impairment
At 1 January 2024
90,523
Depreciation charged in the year
80,813
At 31 December 2024
171,336
Carrying amount
At 31 December 2024
152,441
At 31 December 2023
120,498
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
13
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
560
22,752
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
654,014
1,215,897
Derivative financial instruments
560
22,752
Other debtors
1,750,620
503,605
Prepayments and accrued income
399,151
42,855
2,804,345
1,785,109
15
Cash and cash equivalents
2024
2023
£
£
Own cash and cash equivalents held at bank
3,444,764
2,401,380
Client Cash Deposits held on behalf of the customers
69,720,786
54,514,149
73,165,550
56,915,529
Cash and cash equivalents comprise cash balances for the company held at call with the banks.
Client cash deposits held represents safeguarded funds held on behalf of customers in relation to regulatory safeguarding compliance requirements. Client funds are held in accounts specifically opened with authorised credit institutions to safeguard Interpolitan clients client deposits only in line with the FCA's Payment Services. The corresponding Client Cash Deposit liability is recognised in the financial statements.
During 2023 the company changed its strategy of holding client cash deposits to generate revenue for the company. As a result it generated interest on customer deposits of £1,796,577 (2023: £706,974) which is included in Turnover.
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,876
585
Corporation tax
469,750
99,069
Other taxation and social security
92,019
20,932
Other creditors
69,726,685
54,545,515
Accruals and deferred income
258,215
173,052
70,572,545
54,839,153
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
38,110
30,125
2024
Movements in the year:
£
Liability at 1 January 2024
30,125
Charge to profit or loss
7,985
Liability at 31 December 2024
38,110
The deferred tax liability set out above is expected to reverse in over 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,359
14,461
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
5,059,958
5,059,958
50,600
50,600
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under two operating leases. These fall due as follows:
2024
2023
£
£
Within one year
123,624
58,776
Between two and five years
171,212
277,824
294,836
336,600
21
Events after the reporting date
There are no events post period end date to report.
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
77,669
112,546
Other information
During the year, the company incurred consultancy fee expenses on an arms length basis of £6,000 (2023: £6,000) to a company which is owned by a director of Interpolitan Money PLC. At the year ended 31 December 2024, £500 (2023: £500) was owed to this company.
At the year ended 31 December 2024, £nil (2022: £nil) was owed to the company by a director.
Disclosure of entities that are part of the group is not required as 100% of the voting rights of the company are controlled within the group.
INTERPOLITAN MONEY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
23
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,417,268
436,988
Adjustments for:
Taxation charged
477,735
191,198
Finance costs
69,551
34
Investment income
(181,982)
(55,957)
Loss on write off of intangible assets
79,831
-
Amortisation and impairment of intangible assets
106,274
98,715
Depreciation and impairment of tangible fixed assets
80,813
29,701
Other gains and losses
22,192
86,735
Movements in working capital:
Increase in debtors
(1,041,428)
(55,279)
Increase in creditors
156,074
173,292
E-money increase in the year
15,206,637
54,514,149
Cash generated from operations
16,392,965
55,419,576
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
56,915,529
16,250,021
73,165,550
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