Company registration number 14131298 (England and Wales)
INTERPOLITAN MONEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INTERPOLITAN MONEY HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr R Patel
Company number
14131298
Registered office
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
INTERPOLITAN MONEY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 7
Director's report
8 - 9
Director's responsibilities statement
10
Independent auditor's report
11 - 14
Profit and loss account
15
Group statement of comprehensive income
16
Group balance sheet
17
Company balance sheet
18
Group statement of changes in equity
19
Company statement of changes in equity
20
Group statement of cash flows
21
Company statement of cash flows
22
Notes to the financial statements
23 - 40
INTERPOLITAN MONEY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

It is my privilege to present the strategic report for Interpolitan Money Holdings Limited and its subsidiaries (“the Group”) for the financial year ending 31 December 2024. This report is presented with a Group-wide perspective and focuses on matters material to the Group’s long-term performance and strategic direction.

 

Company Overview

 

Interpolitan Money is a leading provider of alternative banking and cross-border financial solutions, serving corporate entities, private clients, family offices, and institutional investors globally. Recognised for our high-tech, high-touch model, we are redefining how complex international banking needs are met – combining advanced technology with specialist service to deliver efficiency, certainty, and long-term value.

 

Our global footprint continues to grow, powered by a team of over 50 professionals across three international offices. This year has been one of meaningful transformation, where a high-performance culture has fuelled both innovation and sustainable expansion.

 

2024: A Year of Acceleration and Strategic Growth

 

Following a record-breaking 2023, 2024 has delivered another exceptional performance. We have advanced on multiple fronts – strategically, operationally, and commercially – solidifying our position as a trusted partner for clients navigating the evolving international financial landscape.

 

Over the course of the year, we relocated our headquarters to a new London office, deepened our presence in existing markets, secured critical international regulatory approvals, and further scaled our team to support future growth. These milestones are a testament to the Group’s strategic discipline, entrepreneurial mindset, and unwavering commitment to our clients.

 

We were proud to be recognised again by the FEBE Growth 100 and the London Fast Growth 50, marking the second consecutive year Interpolitan has featured on both rankings – an external validation of our sustained performance and upward trajectory.

 

Financially, the Group reported 80% year-on-year revenue growth, with FY2024 income increasing from £4.56 million to £8.22 million. Operating expenses rose as expected in line with our growth strategy, increasing to £4.39 million, driven by international expansion and key hires. However, robust margin discipline and a diversification of revenue streams led to a record profit before tax of £2.5 million, up from £600k in the prior year – a near fourfold increase.

 

We enter 2025 from a position of strength, with strong pipeline visibility, a clear growth strategy, and real momentum.

 

Scaling Through Innovation

 

Our continued investment in technology culminated in the launch of our proprietary alternative banking platform in 2024 – a transformative development for both the business and our clients. This new infrastructure allows for seamless integration with external platforms, improved scalability, and enhanced compliance processing across jurisdictions.

 

The platform has already improved onboarding times, increased client engagement, and opened up new product innovation opportunities. Looking ahead, we will be expanding our technology and product teams further to drive the evolution of our offering and ensure we remain at the forefront of digital financial services.

INTERPOLITAN MONEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Expanding Our Global Footprint

 

As global commerce continues to digitalise, the demand for cross-border financial infrastructure is rising – particularly for underserved clients with complex structures who are often overlooked by traditional banks. This presents a compelling growth opportunity for Interpolitan Money.

 

Our differentiated approach – underpinned by strong compliance capabilities and tailored client service – uniquely positions us to serve this expanding market. In 2024, we made significant strides in our global strategy:

 

Regulatory approvals were secured in Canada (FINTRAC), and we formally incorporated Interpolitan Money (Mauritius) Ltd to support regional growth.

Licence applications were submitted in new markets, including Mauritius and India’s GIFT City, with further locations under review for 2025.

Market research indicates our total addressable market now exceeds £1.3 billion, rising to £2.2 billion by 2029 – offering significant headroom for sustained expansion.

 

Our international expansion strategy is firmly underway and we are confident in our ability to serve clients across geographies with speed, integrity and local expertise.

 

Our People and Culture: The Foundation of Growth

 

Our people are the driving force behind everything we do. 2024 saw further investment in leadership, learning and culture. With a global leadership team bringing more than 125 years of collective experience, we continue to nurture the next generation of leaders through deliberate talent development and succession planning.

 

We are proud to have been named one of The Sunday Times Best Places to Work 2024 – recognition of our culture of excellence, inclusion and high performance. In response to employee feedback, we launched new global benefits, including enhanced health and family coverage, and introduced Interpolitan Unplugged, our global wellness initiative to support holistic well-being.

 

With high retention and strong engagement scores, we are confident in our ability to grow while maintaining the values and cultural DNA that make Interpolitan Money distinctive.

 

Looking Ahead: Vision, Velocity and Value

 

As we move into 2025, we are focused on deepening client relationships, accelerating platform innovation, and extending our international reach. The macro environment continues to favour agile, tech-enabled financial firms capable of servicing complex, cross-border needs – and Interpolitan Money is positioned to lead.

 

The convergence of rising global mobility, growing demand for banking alternatives, and digital innovation continues to play to our strengths. We see particular opportunity in serving mid-sized corporates and family offices with international operations – a segment where bespoke, high-touch service matters most.

 

Our strategic priorities for 2025 include:

 

Expanding into new jurisdictions, with a particular focus on high-growth markets.

Enhancing our platform capabilities, including automation, data analytics and client-facing tools.

Strengthening governance and scalability, with a view to long-term sustainability and optionality in capital markets.

 

INTERPOLITAN MONEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Principal risks and uncertainties

 

Data integrity and security

 

Description of Risk:

 

Control / Mitigation:

 

 

Business Continuity / Disaster Recovery

 

Description of Risk:

 

Control / Mitigation:

 

Fraud

 

Description of Risk:

 

Control / Mitigation:

 

Liquidity

 

Description of Risk:

 

Control / Mitigation:

 

Governance

 

Description of Risk:

 

Control / Mitigation:

INTERPOLITAN MONEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Development and performance

 

The Group faces market competition

 

Description of Risk:

 

Control / Mitigation:

 

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 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

Regulatory compliance

 

Description of Risk:

 

Control / Mitigation:

 

Final Reflections

 

2024 has been a defining chapter in Interpolitan Money’s journey. None of this success would have been possible without the continued dedication of our talented team, the trust of our clients, and the support of our partners.

 

As we look to the future, we do so with clarity of purpose and confidence in our trajectory. Interpolitan Money is more than a financial services firm – we are a catalyst for global opportunity. And in 2025, we will continue to build, scale and lead with ambition.

 

Rishi Patel

Chief Executive Officer

Interpolitan Money Holdings Limited

 

 

 

 

 

INTERPOLITAN MONEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Promoting the success of the company

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 directors consider that references to company extend to both the Company and the Group

The Group’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 Group’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 Group. 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 Group’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 HOLDINGS LIMITED
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 Group will regularly review its supplier payments and performance alongside its monitoring of its performance. The Group’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 Group wants to achieve the highest level of customer service and will regularly review feedback and reviews it receives from its customers. The Group operates under an open and transparent pricing model with its customers.

REGULATORS AND COMPLIANCE

The Group holds licenses with the Financial Conduct Authority and must adhere to the regulatory requirements of these licenses. The Group 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 Group. This is done by providing trading updated, publication of the annual reports and press releases.

On behalf of the board

Mr R Patel
Director
28 May 2025
INTERPOLITAN MONEY HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

Interpolitan Money Holdings Limited is a company limited by shares. The Director presents their Annual Report and the audited financial statements for the year ended 31 December 2024.

 

Business review

An analysis of the Group’s development (including likely future developments) and performance is contained in the strategic report. Information on the financial risk management strategy of the Group and its exposure to its principal risks is on pages 2-5.

Principal activities

The principal activity of the Company is as an investment holding company for the Interpolitan Money Group of companies.

 

Interpolitan Money Holdings Limited (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 14131298.

 

The Group’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.

 

A trading subsidiary, 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 pages 16-17.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

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 HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
On behalf of the board
Mr R Patel
Director
28 May 2025
INTERPOLITAN MONEY HOLDINGS LIMITED
DIRECTOR'S 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The Directors’ are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INTERPOLITAN MONEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERPOLITAN MONEY HOLDINGS LIMITED
- 11 -
Opinion

We have audited the financial statements of Interpolitan Money Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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:

INTERPOLITAN MONEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY HOLDINGS LIMITED
- 12 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY HOLDINGS LIMITED
- 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: 

 

To address the risk of fraud through management bias and override of controls, we: 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

 

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERPOLITAN MONEY HOLDINGS LIMITED
- 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 HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
Turnover
3
8,218,706
4,558,083
Cost of sales
(1,420,394)
(770,495)
Gross profit
6,798,312
3,787,588
Administrative expenses
(4,388,367)
(3,156,094)
Operating profit
4
2,409,945
631,494
Interest receivable and similar income
8
182,038
55,957
Interest payable and similar expenses
9
(69,551)
(34)
Change in fair value of financial instruments
10
(22,192)
(86,735)
Profit before taxation
2,500,240
600,682
Tax on profit
11
(526,174)
(191,198)
Profit for the financial year
1,974,066
409,484
Profit for the financial year is all attributable to the owners of the parent company.
INTERPOLITAN MONEY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
£
£
Profit for the year
1,974,066
409,484
Other comprehensive income
-
-
Total comprehensive income for the year
1,974,066
409,484
Total comprehensive income for the year is all attributable to the owners of the parent company.
INTERPOLITAN MONEY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
72,960
215,515
Tangible assets
13
185,581
120,498
258,541
336,013
Current assets
Debtors
17
2,337,302
574,671
Cash at bank and in hand
18
73,394,016
57,050,949
75,731,318
57,625,620
Creditors: amounts falling due within one year
19
(70,886,437)
(54,840,262)
Net current assets
4,844,881
2,785,358
Total assets less current liabilities
5,103,422
3,121,371
Provisions for liabilities
Deferred tax liability
20
38,110
30,125
(38,110)
(30,125)
Net assets
5,065,312
3,091,246
Capital and reserves
Called up share capital
22
36,935
36,935
Profit and loss reserves
5,028,377
3,054,311
Total equity
5,065,312
3,091,246
The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
Mr R Patel
Director
Company registration number 14131298 (England and Wales)
INTERPOLITAN MONEY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 18 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
38,044
38,044
Current assets
-
-
Creditors: amounts falling due within one year
19
(1,109)
(1,109)
Net current liabilities
(1,109)
(1,109)
Net assets
36,935
36,935
Capital and reserves
Called up share capital
22
36,935
36,935

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
Mr R Patel
Director
Company registration number 14131298 (England and Wales)
INTERPOLITAN MONEY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
36,935
2,644,827
2,681,762
Year ended 31 December 2023:
Profit and total comprehensive income
-
409,484
409,484
Balance at 31 December 2023
36,935
3,054,311
3,091,246
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,974,066
1,974,066
Balance at 31 December 2024
36,935
5,028,377
5,065,312
INTERPOLITAN MONEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
Share capital
£
Balance at 1 January 2023
36,935
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
Balance at 31 December 2023
36,935
Year ended 31 December 2024:
Profit and total comprehensive income
-
Balance at 31 December 2024
36,935
INTERPOLITAN MONEY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
16,586,195
55,527,488
Interest paid
(69,551)
(34)
Income taxes paid
(147,508)
-
0
Net cash inflow from operating activities
16,369,136
55,527,454
Investing activities
Purchase of intangible assets
(43,550)
(88,862)
Purchase of tangible fixed assets
(164,557)
(76,609)
Interest received
182,038
55,957
Net cash used in investing activities
(26,069)
(109,514)
Net increase in cash and cash equivalents
16,343,067
55,417,940
Cash and cash equivalents at beginning of year
57,050,949
1,633,009
Cash and cash equivalents at end of year
73,394,016
57,050,949
INTERPOLITAN MONEY HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
-
0
6
Investing activities
Purchase of subsidiaries
-
0
(6)
Net cash used in investing activities
-
(6)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
1
Accounting policies
Company information

Interpolitan Money Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

 

The group consists of Interpolitan Money Holdings Limited and all of its subsidiaries.

 

The Group’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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Interpolitan Money Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

Interest generated from client cash balances is due as a result of the increased interest rates. The recognition of interest income on client balances is recognised as revenue on the face of the Consolidated Statement of Comprehensive 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 Group receives from its banking counterparties.

 

Interest generated from group 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 Group 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

In this instance, the directors have not considered it necessary to fair value the shares issued as consideration for the acquisition of the group. They also do not feel it is cost effective to fair value the assets of the group acquired. Hence, negative goodwill has been created. The negative goodwill has been amortised in its entirety in the first year.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.7
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
1.8
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
Fixtures and fittings
Straight line over 3 years
Computers
Straight line over 2 years
Motor vehicles
Straight line over 10 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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 26 -

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

 

Customer cash deposits

The Group 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 Group 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 revenue recognition, see note 1.5.

 

The Group 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 Group operates, the Group holds customer funds in segregated accounts and other high quality liquid assets such as savings deposit accounts, as allowed by local regulations.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 27 -
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.

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 group 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 group 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.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 28 -
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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 or immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in or 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.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 29 -
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 if, and only if, there is 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.

1.16
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 30 -
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 Group recognises financial assets and corresponding liabilities for the funds customers hold on their Interpolitan accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group 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 Group 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
2024
2023
£
£
Turnover analysed by class of business
Commissions
6,422,129
3,851,109
Interest generated from client cash balances
1,796,577
706,974
8,218,706
4,558,083
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 31 -
2024
2023
£
£
Other revenue
Interest income
182,038
55,957
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(62,541)
(12,334)
Depreciation of owned tangible fixed assets
99,474
29,701
Amortisation of intangible assets
106,274
98,715
Loss on write off of intangible assets
79,831
-
Operating lease charges
205,508
169,019
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 group and company
40,500
35,500
For other services
Taxation compliance services
5,000
-
Taxation advisory services
9,615
4,787
Consultancy
19,000
-
33,615
4,787
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
34
18
-
-
Sales staff
23
16
-
-
Total
57
34
-
0
-
0
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 32 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,691,813
1,579,542
-
0
-
0
Social security costs
124,076
95,547
-
-
Pension costs
39,359
14,461
-
0
-
0
2,855,248
1,689,550
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
227,739
75,000
The amounts disclosed above relate to governance and oversight responsibilities and comply with all relevant disclosure obligations under the Companies Act 2006, including those concerning the highest remunerated director.
2024
2023
£
£
Remuneration for qualifying services
227,739
75,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
182,038
55,957
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
182,038
55,957
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
69,551
34
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(22,192)
(86,735)
11
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)
-
0
Total UK current tax
469,750
99,069
Foreign current tax on profits for the current period
48,439
-
0
Total current tax
518,189
99,069
Deferred tax
Origination and reversal of timing differences
7,985
92,129
Total tax charge
526,174
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
2,500,240
600,682
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
625,060
141,160
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
-
0
(75,578)
Adjustments in respect of prior years
(7,307)
-
0
Permanent capital allowances in excess of depreciation
(7,309)
(11,257)
Deferred tax
7,985
92,129
Profit/loss activity from subsidiaries outside the UK
(151,309)
6,464
Foreign tax
48,439
-
0
Taxation charge
526,174
191,198
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
12
Intangible fixed assets
Group
Negative goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
(2,814,884)
353,411
(2,461,473)
Additions - internally developed
-
0
43,550
43,550
Disposals
-
0
(289,311)
(289,311)
At 31 December 2024
(2,814,884)
107,650
(2,707,234)
Amortisation and impairment
At 1 January 2024
(2,814,884)
137,896
(2,676,988)
Amortisation charged for the year
-
0
106,274
106,274
Disposals
-
0
(209,480)
(209,480)
At 31 December 2024
(2,814,884)
34,690
(2,780,194)
Carrying amount
At 31 December 2024
-
0
72,960
72,960
At 31 December 2023
-
0
215,515
215,515
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
13
Tangible fixed assets
Group
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
162,308
-
0
-
0
-
0
162,308
Additions
146,519
2,827
7,559
7,652
164,557
At 31 December 2024
308,827
2,827
7,559
7,652
326,865
Depreciation and impairment
At 1 January 2024
41,810
-
0
-
0
-
0
41,810
Depreciation charged in the year
97,264
622
1,174
414
99,474
At 31 December 2024
139,074
622
1,174
414
141,284
Carrying amount
At 31 December 2024
169,753
2,205
6,385
7,238
185,581
At 31 December 2023
120,498
-
0
-
0
-
0
120,498
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
38,044
38,044
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
38,044
Carrying amount
At 31 December 2024
38,044
At 31 December 2023
38,044
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Interpolitan Money PLC
Aldgate Tower, 2 Leman Street, London, England, E1 8FA
Development of alternative banking solutions
Ordinary
100.00
Wirepayer Technologies (DIFC) Limited
Level 1 Gate Avenue, South Zone, DIFC UAE
Technology research & development
Ordinary
100.00
Interpolitan Global Private Limited
2905 Marathon Futurex, NM Joshi Marg, Lower Parel, Mumbai, 400013
Technology research & development
Ordinary
100.00
Wirepayer Limited
2 Leman Street, London, England, E1 8FA
Dormant
Ordinary
100.00
The Currency Account Limited
2 Leman Street, London, England, E1 8FA
Dormant
Ordinary
100.00
Interpolitan Money (Mauritius) Limited
Sayed Hossen Road Unit 13, Socota Phoenicia Phoenix, Mauritius
Dormant
Ordinary
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
560
22,752
-
-
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Derivative financial instruments
560
22,752
-
-
Other debtors
1,815,691
509,064
-
0
-
0
Prepayments and accrued income
521,051
42,855
-
0
-
0
2,337,302
574,671
-
-
18
Cash and cash equivalents
2024
2023
£
£
Own cash and cash equivalents held at bank
3,673,230
2,536,800
Client cash deposits held on behalf of the customers
69,720,786
54,514,149
73,394,016
57,050,949
Cash and cash equivalents comprise cash balances for the group 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 holding 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 group changed its strategy of holding customer cash deposits to generate revenue for the group. As a result it generated interest on customer deposits of £1,796,577 (2023 : £706,974) which is included in turnover.
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
39,609
585
-
0
-
0
Corporation tax payable
469,750
99,069
-
0
-
0
Other taxation and social security
141,499
20,932
-
-
Client cash deposit liabilities
69,720,786
54,514,149
-
-
Other creditors
7,008
32,475
1,109
1,109
Accruals and deferred income
507,785
173,052
-
0
-
0
70,886,437
54,840,262
1,109
1,109
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
38,110
30,125
The company has no deferred tax assets or liabilities.
Group
Company
2024
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 asset set out above is expected to reverse in over 12 months and relates to the utilisation of tax losses against future expected profits of the same period. 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.

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,359
14,461

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
36,935
36,935
36,935
36,935
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under two operating leases, for which one has a 6 month notice period, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
249,247
106,301
-
-
Between two and five years
171,212
399,012
-
-
420,459
505,313
-
-
24
Events after the reporting date

There are no events post period end date to report.

25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
264,739
112,546
Other information

Remuneration of £34,185 (2023: £nil) was paid to close family members of key management

 

During the year, the group incurred consultancy fee expenses on an arms length basis of £6,000 (2023: £6,000) to a director of Interpolitan Money PLC, a wholly owned subsidiary. At the year ended 31 December 2024, £500 (2023: £500) was owed to this group.

 

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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,974,066
409,484
Adjustments for:
Taxation charged
526,174
191,198
Finance costs
69,551
34
Investment income
(182,038)
(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
99,474
29,701
Other gains and losses
22,192
86,735
Movements in working capital:
(Increase)/decrease in debtors
(1,784,823)
83,984
Increase in creditors
468,857
169,445
E-money increase in the year
15,206,637
54,514,149
Cash generated from operations
16,586,195
55,527,488
27
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
-
-
Movements in working capital:
Increase in creditors
-
6
Cash generated from operations
-
6
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
57,050,949
16,343,067
73,394,016
INTERPOLITAN MONEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
29
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
-
-
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr R Patelfalse14131298bus:Consolidated2024-01-012024-12-31141312982024-01-012024-12-3114131298bus:Director12024-01-012024-12-3114131298bus:RegisteredOffice2024-01-012024-12-31141312982024-12-3114131298bus:Consolidated2023-01-012023-12-3114131298bus:Consolidated2024-12-3114131298core:OtherResidualIntangibleAssetsbus:Consolidated2024-12-3114131298core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3114131298core:NegativeGoodwillbus:Consolidated2024-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-12-3114131298core:NegativeGoodwillbus:Consolidated2023-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3114131298bus:Consolidated2023-12-3114131298core:PlantMachinerybus:Consolidated2024-12-3114131298core:FurnitureFittingsbus:Consolidated2024-12-3114131298core:ComputerEquipmentbus:Consolidated2024-12-3114131298core:MotorVehiclesbus:Consolidated2024-12-3114131298core:PlantMachinerybus:Consolidated2023-12-3114131298core:FurnitureFittingsbus:Consolidated2023-12-3114131298core:ComputerEquipmentbus:Consolidated2023-12-3114131298core:MotorVehiclesbus:Consolidated2023-12-31141312982023-12-3114131298core:ShareCapitalbus:Consolidated2024-12-3114131298core:ShareCapitalbus:Consolidated2023-12-3114131298core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3114131298core:ShareCapital2024-12-3114131298core:ShareCapital2023-12-3114131298core:ShareCapitalbus:Consolidated2022-12-31141312982022-12-3114131298core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3114131298core:ShareCapital2022-12-31141312982023-01-012023-12-3114131298bus:Consolidated2022-12-3114131298core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3114131298core:PlantMachinery2024-01-012024-12-3114131298core:FurnitureFittings2024-01-012024-12-3114131298core:ComputerEquipment2024-01-012024-12-3114131298core:MotorVehicles2024-01-012024-12-3114131298core:UKTaxbus:Consolidated2024-01-012024-12-3114131298core:UKTaxbus:Consolidated2023-01-012023-12-3114131298core:ForeignTaxbus:Consolidated2024-01-012024-12-3114131298core:ForeignTaxbus:Consolidated2023-01-012023-12-3114131298bus:Consolidated12024-01-012024-12-3114131298bus:Consolidated12023-01-012023-12-3114131298bus:Consolidated22024-01-012024-12-3114131298bus:Consolidated22023-01-012023-12-3114131298bus:Consolidated32024-01-012024-12-3114131298bus:Consolidated32023-01-012023-12-3114131298core:NegativeGoodwillbus:Consolidated2023-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3114131298bus:Consolidated2023-12-3114131298core:NegativeGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2024-01-012024-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2024-01-012024-12-3114131298core:InternallyGeneratedIntangibleAssetsbus:Consolidated2024-01-012024-12-3114131298core:NegativeGoodwillbus:Consolidated2024-01-012024-12-3114131298core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-01-012024-12-3114131298core:PlantMachinerybus:Consolidated2023-12-3114131298core:FurnitureFittingsbus:Consolidated2023-12-3114131298core:ComputerEquipmentbus:Consolidated2023-12-3114131298core:MotorVehiclesbus:Consolidated2023-12-3114131298core:PlantMachinerybus:Consolidated2024-01-012024-12-3114131298core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3114131298core:ComputerEquipmentbus:Consolidated2024-01-012024-12-3114131298core:MotorVehiclesbus:Consolidated2024-01-012024-12-3114131298core:Subsidiary12024-01-012024-12-3114131298core:Subsidiary22024-01-012024-12-3114131298core:Subsidiary32024-01-012024-12-3114131298core:Subsidiary42024-01-012024-12-3114131298core:Subsidiary52024-01-012024-12-3114131298core:Subsidiary62024-01-012024-12-3114131298core:Subsidiary112024-01-012024-12-3114131298core:Subsidiary222024-01-012024-12-3114131298core:Subsidiary332024-01-012024-12-3114131298core:Subsidiary442024-01-012024-12-3114131298core:Subsidiary552024-01-012024-12-3114131298core:Subsidiary662024-01-012024-12-3114131298core:CurrentFinancialInstruments2024-12-3114131298core:CurrentFinancialInstruments2023-12-3114131298core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3114131298core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3114131298core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3114131298core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3114131298core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3114131298core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114131298bus:PrivateLimitedCompanyLtd2024-01-012024-12-3114131298bus:FRS1022024-01-012024-12-3114131298bus:Audited2024-01-012024-12-3114131298bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3114131298bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP