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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
COMPANY INFORMATION
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GLOBAL MARKETS GROUP LIMITED
CONTENTS
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GLOBAL MARKETS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the year ended 31 March 2025.
Global Markets Group Limited ("the Company") is a private limited Firm incorporated in England and Wales with Firm Registration Number 09493910. It is authorised and regulated by the Financial Conduct Authority ("FCA") as a UK Investment Firm for the conduct of investment and ancillary services and activities under the provisions of the Financial Services and Markets Act 2000 and the Financial Services Act 2021, as subsequently amended or replaced from time to time, and the FCA Rules (Firm Reference Number 744501).
During the financial year in review, the Firm was acting as a principal broker with a matched principal limitation along with an authorisation to hold client money, providing execution-only services operating through the Meta Trader 5 (MT5) platform and accepting orders from clients trading in financial contracts for differences (“CFDs”) based on Forex, Commodities, Indices and Futures. The Firm applied to the FCA on 3 March 2025 for the removal of the match principal limitation, and was granted approval on 2 July 2025. The Company is focused on offering investment services to retail and professional clients through a “Business-to-Consumer” (“B2C”) business segment representing online trading. Clients have direct access and control on the Firm’s trading platform, which is made available through the web page of the Firm (www.gmgmarkets.co.uk ), using the trading platform to submit their orders with the Firm as well as monitor their open positions. The quoted prices are offered through the trading platform, connected directly to the Liquidity Provider’s feed aggregators. The Company acts as the execution venue for client orders, utilising pricing from three FCA-regulated Liquidity Providers, chosen for best execution on an arms-length basis, where the terms coincide with standard industry practices and provisions; it maintains direct feed connections to liquidity aggregators, offering competitive bid/ask spreads. During the financial year under review, the Company’s efforts to expand its operations produced tangible results, evidenced by steady operational growth. Targeted marketing initiatives to promote the GMG brand contributed to increased visibility and client engagement. With the recent removal of the matched principal limitation, the Company is well-positioned to strengthen client outreach and drive further growth in trading volumes. In line with its latest regulatory business plan, the Company remains on course to achieve sustainable and realistic profitability over a three-year horizon. The Company’s source of revenue will continue to be derived through the bid/ask spread, trading commission and overnight financing fees, as well as additional revenue generated from market making activities from July 2025 onwards. The Firm’s own funds and liquid assets as at 31 March 2025 remained stable at £2.209 million and £1.075 million, respectively—both exceeding the applicable regulatory capital and liquid asset requirements.
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GLOBAL MARKETS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In the ordinary course of business, the Company is exposed to a range of risks, threats, and uncertainties. The Company’s Senior Management actively identifies, assesses, mitigates, and monitors these risks through established methodologies and risk management tools. These include incident tracking, key risk indicators, business continuity planning, staff training, and awareness initiatives.
Key areas of risk identified as particularly material to the Company’s operations include: Regulatory Compliance Risk As an FCA-authorised and regulated firm, the Company is exposed to the risk of financial loss or reputational damage resulting from non-compliance with applicable regulations. Changes to the regulatory framework or supervisory expectations could materially impact the Company. Mitigation measures include a dedicated Compliance Function, use of external legal and regulatory advisers as needed and ongoing monitoring and robust internal controls. Economic Sanctions and Financial Crime Compliance Risk The Company is committed to full compliance with sanctions and anti-financial crime legislation. Client onboarding includes screening against global sanctions lists, with regular ongoing checks to detect changes in clients’ status. These practices are designed to prevent engagement with sanctioned or high-risk entities. Litigation Risk Legal or contractual disputes could result in financial loss or operational disruption. The Company manages this risk through strong operational procedure and internal controls to ensure contractual compliance and proper documentation. Liquidity Risk Liquidity risk arises from the potential inability to meet financial obligations as they fall due. This risk becomes more pronounced during abnormal market conditions or financial crises, potentially leading to a liquidity shortfall and restricted access to capital markets. Liquidity shortages expose the Firm to the risk of having insufficient cash to fulfil its duties to creditors/debtors and can result in regulatory sanctions, loss of business and damage to the Company’s reputation. The Company mitigates this through regular liquidity analysis and stress testing, monitoring of funding needs and exposures and effective cash flow and treasury management. Reputational Risk Reputational risk is a concern stemming from negative publicity related to the Company’s operations, whether warranted or not. Such negative exposure can lead to a reduction of its client base, decline in revenue, or legal claims against the Company. The Company maintains high standards of governance and compliance and proactively monitors reputational exposures to safeguard its market standing.
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GLOBAL MARKETS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Political Risk
The Company may be impacted by political developments, such as regulatory shifts or geopolitical events, increasing the risk of financial loss or interruption of operations. Continuous monitoring of client activity and market conditions is conducted to ensure alignment with clients’ profiles and compliance obligations. Furthermore, the Company and its Directors will continue to closely track regulatory changes from UK, EU, and international bodies, aiming to remain adaptable and manage political risk effectively. Credit and Counterparty Risk The Company maintains partnerships with reputable, FCA-regulated liquidity providers and counterparties for the execution of client orders. All counterparties are subject to rigorous initial due diligence, followed by ongoing risk assessments conducted on both a monthly and annual basis. These assessments include continuous monitoring of order flow, with a specific focus on identifying and investigating anomalies such as elevated rejection rates, price slippage, or other execution irregularities. Where such issues are identified, the Company promptly escalates the matter to the relevant counterparty for further analysis and resolution. This ongoing oversight ensures that counterparties remain suitable and continue to meet the Company's execution and risk standards. Client funds are held with top-rated UK credit institutions in segregated accounts, selected based on credit ratings from agencies such as Moody’s, S&P, or Fitch. Market Risk Market Risk refers to the potential for financial loss due to adverse movements in market prices, which may affect the value of assets over a given period. Such fluctuations often result from economic changes or market-wide events. Market risk is typically categorised into the following key areas: o Interest Rate Risk: The risk that the fair value or future cash flows of financial instruments may fluctuate due to changes in market interest rates. o Commodities Risk: The risk of volatility in market values and future income streams arising from fluctuations in the prices of commodities such as oil, metals, natural gas, and electricity. o Foreign Exchange Risk: The risk associated with financial transactions denominated in a currency other than the Company’s base currency, which can lead to losses due to exchange rate fluctuations. Under the matched principal model, the Company’s exposure to market risk was primarily limited to foreign exchange risk, driven by the impact of currency fluctuations on foreign currency deposits and trading positions. This exposure has historically remained low, as the majority of the Company’s funds are held in sterling pounds. With the transition to the Full Principal Model, the Company is exposed to an increased level of market risk, as it no longer maintains a fully hedged position on client trades. This shift introduces direct exposure to fluctuations in underlying asset prices, particularly in forex and CFD markets. However, the enhanced Risk Management framework and the expanded staff headcount (including a dedicated dealing team) will ensure the Company is well-equipped to effectively manage this increased risk. Crucially, the increased risk has been reflected directly in the Operational Risk Scenarios and Stress Testing analysis conducted by the Company.
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GLOBAL MARKETS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Money Laundering and Terrorist Financing Risk The Company maintains all necessary policies, procedures, and controls with respect to money laundering and terrorist financing to ensure compliance with applicable legislation and incorporates, as applicable, any new information published. Furthermore, it ensures that all personnel receive sufficient relevant training at least annually. Operational Systems/IT Failure Risk The Company uses trading platforms and operational systems provided by well-established, reputable counterparties for clients’ trades, which also provide back-up arrangements in case of main system failure. Furthermore, all clients’ data is securely stored can be readily accessed remotely in the event of a system failure. Cyber Resilience Risk In accordance with FCA guidance and recommendations, the Company has taken steps to enhance its cyber resilience, including staff awareness programmes, and maintaining up-to-date incident management arrangements and business continuity planning.
To assess business performance and financial health, the Company monitors a combination of KPIs, including the number of new client relationships, average client deposits, trading volumes, revenue breakdown by stream and overall profitability.
In alignment with the FCA's Consumer Duty standards, the Company systematically monitors customer outcome data to ensure the consistent delivery of good outcomes for its clients. This monitoring framework enables the early identification of any gaps in service or performance, allowing for timely corrective actions to be implemented where necessary. As the Company continues to scale its operations, it will further enhance its data collection and analysis capabilities to support more robust performance benchmarking and accurate KPI tracking. These efforts will strengthen the Company’s ability to assess client engagement, service quality, and business effectiveness in line with regulatory expectations and internal performance targets.
This report was approved by the board on 18 July 2025 and signed on its behalf.
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GLOBAL MARKETS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £717,748 (2024 - loss £636,065).
The directors who served during the year were:
The Company’s Senior Management and Board of Directors are confident that the revised business strategy, following the successful removal of the matched principal limitation, has strategically positioned the Company to enhance client outreach and accelerate growth in trading volumes. The Company remains firmly on track to achieve steady operational growth and robust revenue generation in the coming year, as outlined in the ‘Post Balance Sheet Events’ section.
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GLOBAL MARKETS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In support of its evolving business model and recent regulatory permission approval, the Company’s Board has committed to allocating additional resources and expanding headcount in line with the growth in operational activities. Recruitment efforts have focused on attracting highly experienced professionals to reinforce key functions, including Risk Management, Brokerage and Dealing Operations, and Customer Support—areas identified as critical under the revised business model.
To address this elevated risk emanating from the full principal model, the Company has implemented a strengthened Risk Management framework to ensure that the Company is well-positioned to actively monitor, assess, and manage its market risk exposures. Importantly, the increase in market risk has been formally incorporated into the Company’s Operational Risk Scenarios and Stress Testing analyses, ensuring that risk exposure is quantitatively assessed and adequately capitalised within its overall risk management strategy. In parallel, the Company has entered into institutional agreements with additional bridge and liquidity providers, aimed at enhancing the efficiency, resilience, and competitiveness of its trading operations. These strategic initiatives are intended to support the Company’s long-term growth objectives and ensure operational readiness as it scales its activities.
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GLOBAL MARKETS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED
We have audited the financial statements of Global Markets Group Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GLOBAL MARKETS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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GLOBAL MARKETS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006); • We obtained an understanding of the nature of the industry and sector, control environment and business performance; • The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures related to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reading minutes of meetings of those charged with governance and reviewing correspondence with ; HMRC and inspection of relevant legal correspondence; • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; • 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;
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GLOBAL MARKETS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
• Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; - knowledge of the industry in which the client operates; - understanding of the legal and regulatory requirements specific to the company including: • the provisions of the applicable legislation • the applicable statutory provisions; As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations, competition and anti-bribery laws, environment regulations. With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditors' report.
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GLOBAL MARKETS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL MARKETS GROUP LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
and Statutory Auditors
30 Orange Street
WC2H 7HF
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GLOBAL MARKETS GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
REGISTERED NUMBER: 09493910
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 23 form part of these financial statements.
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GLOBAL MARKETS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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GLOBAL MARKETS GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Global Markets Group Limited is a private limited company incorporated in England and Wales, registration number 09493910. The registered office is Green Park House, 15 Stratton Street, London, W1J 8LQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. There were no key judgments or estimation uncertainties in the application of the company's accounting policies during the year.
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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GLOBAL MARKETS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Other reserves
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,972 (2023 - £1,871) . Contributions totalling £nil (2023 - £770) were payable to the fund at the reporting date and are included in creditors.
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