Registered number
04168763
SPEED REMIT WORLDWIDE LIMITED
Report and Unaudited Accounts
31 December 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
SPEED REMIT WORLDWIDE LIMITED
Registered number: 04168763
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 5,577,608 3,578,677
Cash at bank and in hand 2,861 28,233
5,580,469 3,606,910
Creditors: amounts falling due within one year 4 (4,223,706) (2,349,036)
Net current assets 1,356,763 1,257,874
Net assets 1,356,763 1,257,874
Capital and reserves
Called up share capital 150,000 150,000
Share premium 4,900,000 4,900,000
Profit and loss account (3,693,237) (3,792,126)
Shareholders' funds 1,356,763 1,257,874
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Yaqoob Iqbal
Director
Approved by the board on 24 September 2025
SPEED REMIT WORLDWIDE LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the commission earned and the gains made on currency exchange and remittance services provided to customers.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 3,093,232 1,868,276
Other debtors 2,484,376 1,710,401
5,577,608 3,578,677
Also included under other debtors is an amount of £1,607,330 ( 2023 - £1,580,566 ) relating to
funds injected into International Trust Exchange on behalf of Speed Remit Limited Hong Kong.
This related to a proposed investment in International Trust Exchange by Speed Remit Limited
(Hong Kong) , a company which is controlled by Mr S Iqbal, a company director, and members
of his immediate family. Speed Remit Limited (Hong Kong) was formed to carry out remittance
business in the Far-East and also to acquire companies in the Middle East.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,542,492 1,080,255
Other creditors 1,681,214 1,268,781
4,223,706 2,349,036
5 Related Party transactions 2024 2023
£ £
ARY Services Limited
An associated company incorporated in the UK
The company above provides management services to Speed Remit Worldwide Limited.
Management services charged during the year 196,820 142,183
Amount due to the related party ( disclosed under other 951,069 761,923
creditors in note 4 above)
Speed Remit Worldwide Ltd - Hong Kong 2024 2023
£ £
An associated company
The company is incorporated in Hong Kong . The balance relates to the transactions between the two companies.
Amount due from the related party for investment purpose 1,607,330 1,580,566
( disclosed and explained under other debtors in note 3 above)
ARY Traders 2024 2023
£ £
An associate partnership based in Dubai.
The partnership is a business in which Mr S Iqbal's father is a partner.
The balance relates to the transactions between the two companies.
entities.
Amount due to the related party 170,480 167,634
( disclosed under other creditors in note 4 above)
6 Other information
SPEED REMIT WORLDWIDE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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