REGISTERED NUMBER: 12790370 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Foreign Currency Partners Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A M Bobroff

R W McEwen

REGISTERED OFFICE:

Sutton Court

Church Yard

Tring

Hertfordshire

HP23 5BB

REGISTERED NUMBER:

12790370 (England and Wales)

AUDITORS:

DUX Advisory Limited

Chartered Accountants and

Statutory Auditors

Kennel Club House

Gatehouse Way

Aylesbury

Buckinghamshire

HP19 8DB

FIXED ASSETS

Intangible assets

4

10,560

15,840

Tangible assets

5

15,851

11,867

26,411

27,707

CURRENT ASSETS

Debtors

6

6,403,944

1,431,474

Cash at bank

747,985

183,100

7,151,929

1,614,574

CREDITORS

Amounts falling due within one year

7

6,579,523

1,485,577

NET CURRENT ASSETS

572,406

128,997

TOTAL ASSETS LESS CURRENT LIABILITIES

598,817

156,704

CREDITORS

Amounts falling due after more than one year

8

-

130,000

NET ASSETS

598,817

26,704

CAPITAL AND RESERVES

Called up share capital

10

254,500

124,500

Retained earnings

344,317

(97,796

)

SHAREHOLDERS' FUNDS

598,817

26,704

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

A M Bobroff - Director

1.	STATUTORY INFORMATION

Foreign Currency Partners Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 on a going concern basis. The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from contracts with customers is the difference between the cost and selling price of currency (foreign currency margin) together with commissions on the sale and purchase of currencies. Turnover is recognised when a binding contract is entered into by a customer, the profit is fixed, determined and it is probable that the economic benefits will flow to the company. When the company enters into a contract for a forward delivery with a customer it also enters into a separate matched forward contract with its institutional counterparties.

Where a contract for forward delivery is open at the year-end, the contract is recognised in the balance sheet.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are branding costs. They are amortised to the profit and loss account over the estimated economic life of 4 years.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant & Machinery

25% straight line

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of an 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

26,400

AMORTISATION

At 1 April 2024

10,560

Charge for year

5,280

At 31 March 2025

15,840

NET BOOK VALUE

At 31 March 2025

10,560

At 31 March 2024

15,840

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

21,111

Additions

12,349

At 31 March 2025

33,460

DEPRECIATION

At 1 April 2024

9,244

Charge for year

8,365

At 31 March 2025

17,609

NET BOOK VALUE

At 31 March 2025

15,851

At 31 March 2024

11,867

6.

DEBTORS

31.3.25

31.3.24

as restated

(Unaudited)

£

£

Amounts falling due within one year:

Trade debtors

6,239,231

1,251,803

Other debtors

164,713

113,053

6,403,944

1,364,856

Amounts falling due after more than one year:

Other debtors

-

66,618

Aggregate amounts

6,403,944

1,431,474

At the year-end, total trade debtors comprised amounts owed by clients in respect of spot and forward foreign exchange deals, which amounted to £6,239,231 (2024: £1,251,803).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

as restated

(Unaudited)

£

£

Trade creditors

6,239,880

1,354,511

Taxation and social security

154,240

12,441

Other creditors

185,403

118,625

6,579,523

1,485,577

At the year-end, trade creditors included amounts owed to currency providers in respect of spot and forward foreign exchange deals, which amounted to £6,148,410 (2024: £1,245,198).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

as restated

(Unaudited)

£

£

Other creditors

-

130,000

The other loan included in Other Creditors relates to a subordinated loan from the directors and attracts no interest and is unsecured.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

as restated

(Unaudited)

£

£

Within one year

16,375

19,375

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

239,560

Ordinary A1 shares

£1

239,560

109,560

12,450

Ordinary A2 shares

£1

12,450

12,450

2,490

Ordinary A3 shares

£1

2,490

2,490

254,500

124,500

130,000 Ordinary A1 shares shares of £1 each were allotted and fully paid for cash at par during the year.

All classes of shares rank pari passu in all respects except for Class A3 shares that do not have the rights to vote at any general meetings of the company.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Bianca Permal FCA (Senior Statutory Auditor)

for and on behalf of DUX Advisory Limited

12.	RELATED PARTY DISCLOSURES

As at the year end, the directors were owed £0 (2024: £49,754).

13.	CLIENT MONEY BALANCES

At the year end, amounts held on behalf of clients within client funds accounts totalled £783,075 (2024: £3,810,926). These balances are not included within these financial statements as they are held in trust on behalf of clients.