Introduction

We are pleased to present the Group Strategic Report for ACE Money Transfer Limited (the “Group”) as part of our audited annual accounts for the year ended December 31, 2024.

The Group continues to play a pivotal role in facilitating the secure and efficient movement of funds from 28 sending countries, including the UK, European Union, Canada, Switzerland, and Australia, to more than 100 countries worldwide.

In addition to our core remittance services, the Group also has strategic involvement in digital financial services in the UK and other projects. These activities diversify income streams while supporting the Group’s long-term vision of sustainable growth and innovation.

Our focus remains on delivering fast, affordable, and compliant cross-border transactions, while managing diversification initiatives that add value to customers and shareholders alike. This report sets out our business model, key achievements, principal risks, and our future strategic objectives, in line with the requirements of the Companies Act 2006.

Key Achievements

We processed over USD $1.7 billion cross border remittance payments, with the average transaction being delivered in under one minute, reinforcing our reputation for speed and reliability.

Our operations in Australia and the EU continued to perform strongly, contributing positively to overall Group profitability.

The Group achieved turnover growth of 21% year-on-year, supported by higher transaction volumes and the customer trust reflected by the company’s ever-increasing customer base.

In 2024, our ongoing investment in innovation, user experience, and global reach was acknowledged on several international platforms. The Group was honoured with awards including “Best FinTech App” (UK Business Awards 2024), “Best User/Customer Experience Initiative – Consumer Payments” (PayTech Awards 2024), and “Best Global Reach” (Pakistan Digital Awards 2024).

Furthermore, the State Bank of Pakistan recognised ACE as the fourth largest global fintech by remittance volumes to Pakistan. These accolades reflect not only our industry standing but also the trust of our customers and the success of our strategy to deliver secure, user-centric, and globally connected services.

Key Performance Indicators (KPIs)

The Board uses both financial and non-financial KPIs to monitor performance:

ACE Money Transfer Limited earned net profit before tax of £3,791,254 (2023: £2,904,055) (31%↑) for the year ended December 31, 2024.

• Transaction volume growth: +38% year-on-year.

• Average transaction delivery time: <1 minute.

• Customer Retention: 64% (2023: 59%).

• System availability: 99.9% uptime maintained.

The complexity of multi-jurisdictional compliance requires continued investment in systems and staff training. We maintain close relationships with regulators and proactively adapt to evolving AML/CTF and payment service regulations.

As a digitally driven business, safeguarding customer data is paramount. We have strengthened our cybersecurity framework with additional intrusion detection systems and enhanced encryption protocols.

The remittance sector remains highly competitive, with pressure on margins from both fintech entrants and established players. We address this through dynamic corridor pricing, value-added services, and targeted loyalty programmes.

Fluctuations in FX rates and global economic uncertainty can affect profitability. Our treasury function employs active strategies and corridor diversification to mitigate these risks.

The Directors confirm their duty under section 172 of the Companies Act 2006 to act in good faith to promote the success of the Group for the benefit of its members as a whole. In doing so, the Board has taken account of the interests of stakeholders, the impact of decisions on them, and the long-term consequences for the Group.

• Customers remained a central consideration during the year, with the Board focusing on affordability, speed, reliability, and transparency of services. Customer feedback, complaint analysis, and service performance data were regularly reported to the Board and used to guide decision-making. Key decisions such as expanding payout corridors, adjusting corridor pricing, and investing in the EMI platform were taken to improve accessibility and affordability. These actions supported households in emerging markets and built trust and loyalty, with short-term margin pressures offset by strong volume growth.

• For employees, the Board considered fair pay, safe working conditions, and equal opportunities across jurisdictions. Employee matters were escalated through management channels to the Board where appropriate, and feedback mechanisms allowed staff concerns to be raised. These actions reinforced retention and operational resilience while building long-term organisational capacity.

• With respect to suppliers and payout partners, the Board recognised the importance of maintaining long-term, stable relationships that underpin the resilience of the Group’s global payout network and real estate operations. Performance was monitored through management reports, with material matters elevated to the Board. During the year, contracts with key payout partners were reviewed and aligned to match the business scalability. This decision ensured continuity of service in remittances and strengthened delivery capacity in property development.

• Regulators across the UK, EU, Australia, and Canada remained key stakeholders, and compliance was given sustained attention. Regular compliance and risk reports were presented to the Board, and directors engaged directly with regulators where necessary. Significant investment was approved in compliance staffing, systems, and cybersecurity enhancements. While these decisions increased costs in the short term, they reinforced regulatory trust, reduced compliance risks, and safeguarded the Group’s licence to operate.

• The Board also recognised the Group’s role in the communities it serves, particularly through supporting financial inclusion and contributing to urban development. Consideration was given to how pricing strategies and remittance access affected households in emerging markets, and to the broader social impact of property development projects in select localities where the group operates. Affordable pricing and phased approval of real estate projects were key decisions in 2024, supporting communities both by facilitating essential remittance flows and by contributing to housing capacity. These actions enhanced the Group’s long-term reputation and social licence to operate.

• The Board focused on sustainable growth, diversification, and risk management for shareholders. Capital allocation decisions were carefully debated, with consideration of the balance between short-term profitability and long-term value creation. Approvals for IT and compliance investments, alongside selective real estate funding, reflected this approach. Although such investments carried short-term cost implications, they strengthened resilience, diversified income streams, and enhanced the Group’s long-term prospects.

Employees, Social and Community Matters

The Group recognises the importance of its people and the wider communities in which it operates. The Group continues to provide employees with fair pay, safe working conditions, and equal opportunities across its operations. Day-to-day communication between management and staff supports an open working culture, and local teams are encouraged to raise operational matters directly with management.

The Group’s activities also contribute positively to society by facilitating affordable remittance flows that support families and communities, particularly in emerging markets. In addition, the real estate development subsidiary plays a role in community development, by creating residential capacity and contributing to urban growth.

The Board will continue to ensure that employees and community considerations are factored into decision-making in a way that is proportionate to the scale of operations.

Streamlined Energy and Carbon Reporting (SECR)

In line with the Companies (Directors’ Report) and LLPs (Energy and Carbon Report) Regulations 2018 (SI 2018/1155), the Group has assessed its UK energy use. For the year ended 31 December 2024, annual UK energy consumption was below 40,000 kWh (40 MWh).

Accordingly, the Group qualifies as a low energy user and is exempt from detailed SECR disclosure.

The Group remains committed to minimising environmental impact and continues to promote digital-first solutions, efficient office resource use, and a reduction in paper-based processes.

Future Strategic Objectives

Looking ahead, the Group’s strategy is to build on its strong position in cross-border remittances while carefully managing diversification initiatives. In 2025 and beyond, we plan to expand both our sending and payout networks into new markets, supported by further investment in compliance systems and fraud detection technology to ensure continued regulatory excellence.

A key priority will be enhancing our EMI platform, making transactions more transparent, faster, and easier for customers to access. Alongside the remittance business, the Group will continue to progress its real estate development projects as well, recognising the potential for these to generate long-term value while balancing the risks inherent in property markets.

Our approach remains centred on maintaining financial resilience and operational efficiency, supported by prudent treasury management.

The Board is also committed to strengthening employee engagement and leadership development initiatives in a proportionate way, ensuring the Group retains the talent and capability needed to deliver its growth ambitions.

The Group is well positioned to sustain growth across its remittance, digital services, and real estate development businesses.

By combining operational excellence with diversification, regulatory compliance, and stakeholder engagement, the Group remains confident of delivering sustainable long-term value for shareholders and broader stakeholders.

On behalf of the board

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

The principal activity of the group in the year under review was that of money transfer services.

Interim dividends per share were paid as follows:

Total: £0.5 (£0.024 - 31 March 2024, £0.024 - 29 June 2024, £0.452 - 30 September 2024)

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £500,000.

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

As the group has not consumed more than 40,000 kWh of energy in the United Kingdom in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Aftab Currency Exchange Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, General Data Protection Regulations (GDPR), Money Laundering Regulations 2017, Payment Services Regulations 2017 and Electronic Money Regulations 2011.

• We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular, the estimation of the useful economic life of tangible fixed assets, and the level of provision required for impairment of investments.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation.

• Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant intercompany balances and transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

ACE Money Transfer Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 04502952 and its registered office address is 1 Portland Street, Manchester, M1 3BE.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The group has substantial cash resources and it not dependent on any external finance.

Post year end, the group continues to trade profitably and has no issues in managing cash flow.

Due to the above factors, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

The consolidated financial statements incorporate the results of Ace Money Transfer Limited and all of its subsidiary undertakings as at 31 December 2024 using the acquisition method of accounting.

The results of subsidiary undertakings are included from the date of acquisition.

Joint ventures

Joint venture investments are recognised using the equity method of accounting.

The group's share of profit / (loss) is recorded in the consolidated income statement.

Associates

Investments in associates are recognised using the equity method of accounting.

The group's share of profit / (loss) is recorded in the consolidated income statement.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is primarily derived from consumer money transfer transaction administration fees that are based on the principal amount of the money transfer and the locations from and to which which the funds are transferred. Transaction administration fees are set by the group and recorded as turnover at the time of sale.

In consumer money transfers transactions involving different currencies, the group generates turnover based on the difference between the exchange rate set by the group to the customer and the rate as which the group is able to acquire the currency. This foreign exchange turnover is recorded at the time the related consumer money transfer transaction fee is recognised.

The group also receives income from beneficiary banks receiving funds, based on the on the value of transactions processed during the year. This is accounted for on an accruals basis.

Goodwill is the difference between the amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities acquired. Goodwill is amortised over its useful economic life and has been fully amortised in the financial statements.

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.

Negative goodwill, which has arisen on the acquisition of a business in 2023, represents the fair value of the identifiable net assets acquired in excess of the purchase consideration paid, is being amortised evenly over its useful economic life of five years.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

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.

Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment.

Property stock held for development and eventual sale is valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

Cost represents all direct expenses in bringing the property to its present condition at the statement of financial position date.

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.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Rentals paid under operating leases are charged to profit or loss on straight line basis over the period of the lease.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Subsidiary companies that are reported in foreign currencies are retranslated as follows:-

(a) assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;

(b) income and expenses for each statement of comprehensive income are translated at an average rate for the period; and

(c) all resulting exchange differences are recognised in other comprehensive income.

Derivatives financial instruments

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the income statement in finance costs or income as appropriate.

The company does not currently apply hedge accounting for foreign exchange derivatives.

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Making judgement based on historical experience on the level of provision required for impairment of stocks. Further information received after the statement of financial position date may impact on the level of provision required.

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

The turnover generated by the UK established parent company in the year amounted to £17,412,065 (2023 - £14,609,072).

The average number of employees during the year was as follows:

Their aggregate remuneration comprised:

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Tax effects relating to effects of other comprehensive income:

Foreign exchange losses on the retranslation of subsidiaries £37,829 (2023: £98,592) (Gross & Net).

The directors are not aware of any factors that will materially affect the future tax charge.

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

Included in freehold property for both Group & Company is land of £677,175 (2023 - £677,175) which is not depreciated.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Details of associates at 31 December 2024 are as follows:

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

Amounts contracted for but not provided in the financial statements:

The capital commitment related to the acquisition of investment properties which are expected to complete in 2025 and 2027. Deposits had been paid in advance of the year end.

Included within debtors falling due within one year are directors' current balances of £nil and £3,000 (2023 - £157,736 and £3,000) owed by Aftab Ashraf and Tariq Mehmood respectively.

These advances are unsecured, interest free and repayable upon demand.

During the year, total dividends of £500,000 were paid, £250,000 of which was to a director.

Awaz Ad Pvt Ltd ("Awaz") is a related party by virtue of being under common control. During the year, the company engaged on commercial terms with the related party with purchases of £28,634 (2023 - £28,947) and at the year end the Company owed Awaz £101,281 (2023 - £70,020).

ACE EUROPE SPÓLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA ("ACE Europe") is an associated company to Ace Money Transfer Limited. During the year, the company engaged on commercial terms with the associated company with sales of £42,000 (2023 - £42,000) and purchases of £755,549 (2023 - £ 594,987) and at the year end the Company owed ACE Europe £75,484 (2023 - £63,344).

Canel Valley is a related party by virtue of being under common control. At the year end the subsidiary company, ACE Properties (Private) Limited, owed Canel Valley £424,052 (2023: £99,533). This loan is unsecured, interest free and repayable upon demand.

As at 31 December 2024, ACE Money Transfer Limited had a net payable balance to shareholders of £51,708 (2023 - Receivable balance from its shareholders of £188,792). This advance is unsecured, interest free and repayable upon demand.

The group is jointly controlled by its shareholders; Aftab Ashraf (director) and Rashid Ashraf.