| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Fxify Solutions Limited |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Fxify Solutions Limited |
| Fxify Solutions Limited (Registered number: 14451720) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Statement of Financial Position | 10 |
| Statement of Changes in Equity | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 |
| Fxify Solutions Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Certified Accountants |
| Unit 1 |
| Shrine Barn |
| Sandling Road |
| Hythe |
| Kent |
| CT21 4HE |
| Fxify Solutions Limited (Registered number: 14451720) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| The director presents his strategic report for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| Financial position |
| The Company has generated a revenue of £30 million and a profit of £504,000 for the financial year ended 31.10.2024. This is a significant increased both in revenue and profit compared to previous period, where the company achieved a revenue of £3.4 million and a loss of £595,178. We have also achieved a positive balance sheet of £8,335 compared to previous year a negative of £585,178. |
| GOING CONCERN ASSESSMENT |
| In accordance with company law and accounting standards, we have conducted a thorough assessment of the company's ability to continue as a going concern. This assessment considers our current financial position and the company’s strategic plans. |
| 1. Financial Projections: |
| Our detailed financial forecasts for the years ahead reflect our expectations for continued revenue growth, cost management and profitability. The projections demonstrate that we have sufficient financial resources and a viable path to achieve operational stability and profitability. |
| 2. Strategic Plan: |
| Our strategic plan includes initiatives aimed at increasing revenue by way of introduction of expanding our marketing plans and campaigns, adding new platforms and tools, which will increase overall sales. We are also cutting costs by negotiating new contracts with some of our 3rd party providers. |
| We are actively pursuing opportunities to expand our market presence and enhance our product offerings, which are expected to contribute to improve financial performance. Furthermore, as demonstrated in our financial forecast we are optimizing operational efficiency and managing costs. |
| 3. Management Commitment: |
| The management team is fully committed to executing the strategic plan and addressing any financial challenges. We are closely monitoring financial performance and will take necessary actions to mitigate risks and ensure the long-term viability of the company. The shareholder is committed to provide working capital if necessary. |
| Based on our assessment, we believe that the company has the financial resources and strategic direction necessary to continue as a going concern. We are taking necessary steps to strengthen our business position and ability to operate effectively to increase revenue and profitability. We remain confident in the company’s prospects and are committed to delivering on our business objectives. |
| ON BEHALF OF THE BOARD: |
| Fxify Solutions Limited (Registered number: 14451720) |
| Report of the Director |
| for the Year Ended 31 October 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 October 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 October 2024. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Fxify Solutions Limited |
| Opinion |
| We have audited the financial statements of Fxify Solutions Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 October 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. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the 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 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Fxify Solutions Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 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 company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Fxify Solutions Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
| We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
| With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
| We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
| We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Fxify Solutions Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Certified Accountants |
| Unit 1 |
| Shrine Barn |
| Sandling Road |
| Hythe |
| Kent |
| CT21 4HE |
| Fxify Solutions Limited (Registered number: 14451720) |
| Income Statement |
| for the Year Ended 31 October 2024 |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT/(LOSS) | 5 | ( |
) |
| Income from participating interests |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 6 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Fxify Solutions Limited (Registered number: 14451720) |
| Other Comprehensive Income |
| for the Year Ended 31 October 2024 |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Fxify Solutions Limited (Registered number: 14451720) |
| Statement of Financial Position |
| 31 October 2024 |
| 31/10/24 | 31/10/23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Other reserves | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| Fxify Solutions Limited (Registered number: 14451720) |
| Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up |
| share | Retained | Other | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | - | - |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 October 2023 | ( |
) | ( |
) |
| Changes in equity |
| Capital contribution | - | - | 90,000 | 90,000 |
| Total comprehensive income | - |
| Balance at 31 October 2024 | ( |
) |
| Fxify Solutions Limited (Registered number: 14451720) |
| Statement of Cash Flows |
| for the Year Ended 31 October 2024 |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Dividends received |
| Net cash from investing activities |
| Cash flows from financing activities |
| Amount introduced by directors | - | 9,653 |
| Amount withdrawn by directors | (9,653 | ) | - |
| Share issue |
| Capital contribution |
| Net cash from financing activities |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
- |
| Cash and cash equivalents at end of year |
2 |
2,691,641 |
485,317 |
| Fxify Solutions Limited (Registered number: 14451720) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 October 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Profit/(loss) before taxation | ( |
) |
| Depreciation charges |
| Finance income | (112,853 | ) | - |
| 391,561 | (595,178 | ) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 October 2024 |
| 31/10/24 | 1/11/23 |
| £ | £ |
| Cash and cash equivalents | 2,691,641 | 485,317 |
| Period ended 31 October 2023 |
| 31/10/23 | 31/10/22 |
| £ | £ |
| Cash and cash equivalents | 485,317 | - |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/11/23 | Cash flow | At 31/10/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 485,317 | 2,206,324 | 2,691,641 |
| 485,317 | 2,691,641 |
| Total | 485,317 | 2,206,324 | 2,691,641 |
| Fxify Solutions Limited (Registered number: 14451720) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Fxify Solutions Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Amounts are rounded to the nearest Pound Sterling. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The Company meets its day to day working capital requirements through the financial support of related entities that provide working cashflow as and when required. The director expects that this financial support will continue for the foreseeable future and therefore considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that may be required should this financial support no longer continue. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Fxify Solutions Limited (Registered number: 14451720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| The average number of employees during the year was as follows: |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| Management | 1 | 1 |
| Production | 2 | 1 |
| Within wages and salaries are salary costs recharged from related entities for the provision of services to the Company. These amounted to £ |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Directors' remuneration |
| 5. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging/(crediting): |
| Period |
| 31/10/22 |
| Year Ended | to |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 October 2024 nor for the period ended 31 October 2023. |
| Fxify Solutions Limited (Registered number: 14451720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| LP Trading account | 4,503,141 | - |
| Amounts due from related parties | 5,721,941 | 512,993 |
| Chargeback/rolling Reserve | 1,355,411 | 624,735 |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Amounts due to related parties | 3,399,102 | 723,257 |
| Directors' current accounts | - | 9,653 |
| Accrued expenses |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/10/24 | 31/10/23 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |
| Fxify Solutions Limited (Registered number: 14451720) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 11. | RESERVES |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 November 2023 | ( |
) | (595,178 | ) |
| Profit for the year |
| Capital contribution | - | 90,000 | 90,000 |
| At 31 October 2024 | ( |
) | (1,665 | ) |
| 12. | RELATED PARTY DISCLOSURES |
| 31/10/24 | 31/10/23 |
| £ | £ |
| Transfers | 2,533,103 | (210,264 | ) |
| Amount due from related party |
| Amount due to related party |
| 13. | ULTIMATE CONTROLLING PARTY |
| The Company's ultimate parent company is Briarwood Ventures Limited, a company incorporated in Hong Kong, its registered address being Suite A, 19/F, Two Chinachem Plaza, 68 Connaught Road, Central Hong Kong. |