REGISTERED NUMBER: 07379137 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

IFIC MONEY TRANSFER (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Md Mehmood Husain - Chairman

Mr Mohammed Ebtadul Islam

Mr Kazi Md Mahboob Kasem

Mr Md Golam Mostofa

Mr Md Monzorul Haque

Mr Md Monwar Hussain

SECRETARY:

Mr Mohammad Mokammel Hoque

REGISTERED OFFICE:

18 Brick Lane

LONDON

E1 6RF

REGISTERED NUMBER:

07379137 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tofail Ahmed M.Com , FCA , CTA

AUDITORS:

Ahmed & Co

284 Station Road

Harrow

Middlesex

HA1 2EA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

785

1,231

785

1,231

CURRENT ASSETS

Debtors

6

278,421

160,176

Cash at bank and in hand

477,218

785,733

755,639

945,909

CREDITORS

Amounts falling due within one year

7

29,811

206,802

NET CURRENT ASSETS

725,828

739,107

TOTAL ASSETS LESS CURRENT LIABILITIES

726,613

740,338

CAPITAL AND RESERVES

Called up share capital

300,000

300,000

Retained earnings

426,613

440,338

726,613

740,338

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 21 February 2025 and were signed on its behalf by:

Mr Md Mehmood Husain - Chairman - Director

1.	STATUTORY INFORMATION

IFIC MONEY TRANSFER (UK) LIMITED 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.

Turnover

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

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost and 15% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

15,000

AMORTISATION

At 1 January 2024

and 31 December 2024

15,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

75,006

66,709

141,715

Additions

-

800

800

At 31 December 2024

75,006

67,509

142,515

DEPRECIATION

At 1 January 2024

75,006

65,478

140,484

Charge for year

-

1,246

1,246

At 31 December 2024

75,006

66,724

141,730

NET BOOK VALUE

At 31 December 2024

-

785

785

At 31 December 2023

-

1,231

1,231

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

3,574

Amounts owed by group undertakings

268,444

150,852

Other debtors

9,977

5,750

278,421

160,176

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,743

2,647

Taxation and social security

1,516

154,392

Other creditors

24,552

49,763

29,811

206,802

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

The Report of the Auditors was unqualified.

Tofail Ahmed M.Com , FCA , CTA (Senior Statutory Auditor)

for and on behalf of Ahmed & Co