Security Exchange Limited

(Registration number: 05719651)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	334	-
Current assets
Debtors	5	224,114	154,081
Cash at bank and in hand		9,806	7,789
		233,920	161,870
Creditors: Amounts falling due within one year	6	(805,371)	(484,254)
Net current liabilities		(571,451)	(322,384)
Total assets less current liabilities		(571,117)	(322,384)
Creditors: Amounts falling due after more than one year	6	(8,626)	(19,098)
Provisions for liabilities		-	(1,057)
Net liabilities		(579,743)	(342,539)
Capital and reserves
Called up share capital	7	100	100
Retained earnings		(579,843)	(342,639)
Shareholders' deficit		(579,743)	(342,539)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

......................................... Mr K L Hallatt Director

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
63 St Mary Axe
St Mary Axe
London
EC3A 8AA

These financial statements were authorised for issue by the Board on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent on the continuing financial support of its parent company. The directors of the parent company, R.W. Chelsea Holdings Ltd (a company registered in Cyprus) have confirmed that, for a period of at least twelve months following the date of approval of these financial statements, they will continue to provide financial support to the company to enable it to meet its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. We draw attention to note 2 in the financial statements, which indicates that losses in previous years and reliance on the support of the parent company may cast significant doubt on the entity’s ability to continue as a going concern. As stated in note 2, this indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report..

The name of the Senior Statutory Auditor who signed the audit report on 26 September 2025 was Danny King ACA, who signed for and on behalf of Young & Co (Hereford) Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
• The amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the company's activities.

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33% of cost per annum
Fixtures and fittings	20% of cost per annum

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in
interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 4).

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	57,502	57,502
Additions	462	462
At 31 December 2024	57,964	57,964
Depreciation
At 1 January 2024	57,502	57,502
Charge for the year	128	128
At 31 December 2024	57,630	57,630
Carrying amount
At 31 December 2024	334	334

5

Debtors

Current	2024 £	2023 £
Trade debtors	178,494	120,276
Prepayments	45,620	33,805
	224,114	154,081

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	10,438	10,000
Trade creditors		91,535	11,715
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	419,128	262,030
Taxation and social security		48,861	36,689
Accruals and deferred income		233,930	161,707
Other creditors		1,479	2,113
		805,371	484,254

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	8,626	19,098

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	8,626	19,098

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,438	10,000

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £31,188 (2023 - £11,336).

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

10	Related party transactions

Loans from related parties

2024	Parent £	Total £
At start of period	262,030	262,030
Advanced	172,098	172,098
Repaid	(15,000)	(15,000)
At end of period	419,128	419,128

2023	Parent £	Total £
At start of period	53,000	53,000
Advanced	209,030	209,030
At end of period	262,030	262,030

Terms of loans from related parties

The loans from parent company are interest free, unsecured and have no fixed repayment terms.
 

11	Parent and ultimate parent undertaking

The most senior parent entity producing publicly available financial statements is R.W. Chelsea Holdings Ltd. These financial statements are available upon request from Registrar of Companies - Cyprus, Corner Makarios Avenue and Karpenisiou, "Xenios" Building, 1427 Nicosia, Cyprus.

 The company's immediate parent is R.W. Chelsea Holdings Ltd, incorporated in Cyprus.

 

Security Exchange Limited

Notes to the Financial Statements for the Year Ended 31 December 2024
(continued)

12	Events after the reporting period

The company has had no events since the balance sheet date which required disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.