FXWL Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13689661

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		11,093		23,231
Tangible Assets	5		173,713		227,869

			184,806		251,100
CURRENT ASSETS
Stocks	6	5,137,599		2,871,158
Debtors	7	620,749		499,218
Cash at bank and in hand		687,986		302,320

		6,446,334		3,672,696
Creditors: Amounts Falling Due Within One Year	8	(1,545,868 )		(1,220,016 )

NET CURRENT ASSETS (LIABILITIES)			4,900,466		2,452,680

TOTAL ASSETS LESS CURRENT LIABILITIES			5,085,272		2,703,780

Creditors: Amounts Falling Due After More Than One Year	9		(17,244,932 )		(9,143,288 )

NET LIABILITIES			(12,159,660 )		(6,439,508 )

CAPITAL AND RESERVES
Called up share capital	10		5,002,943		5,002,943
Profit and Loss Account			(17,162,603 )		(11,442,451 )

SHAREHOLDERS' FUNDS			(12,159,660)		(6,439,508)

Page 1

Page 2

FXWL Limited

Balance Sheet (continued)

As At 31 January 2025

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Nicolas Charles Roger Pickaerts

Director

09/10/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

FXWL Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13689661 . The registered office is 4th Floor, The George Building, 2 Nicholas Road, London, W11 4AY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are amortised to profit and loss account over its estimated economic life of 3 years.

2.4. Tangible Fixed Assets and Depreciation

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 bases:

Plant & Machinery	3 years straight line
Fixtures & Fittings	3 years straight line
Computer Equipment	3 years straight line

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Investments in subsidiaries

The company holds investments in the following subsidiaries:

Name of subsidiary Country of incorporation Proportion of ownership Held directly/indirectly

Abask Inc. United States 100% Directly held

Abask SAS France 100% Directly held

2.8. Exemption from preparing consolidated financial statements

The company is a parent company and is entitled to exemption from preparing consolidated financial statements under section 398 of the Companies Act 2006, as the group qualifies as a small group. These financial statements are therefore prepared on an individual basis.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 36 (2024: 32)

Page 3

Page 4

FXWL Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 February 2024	36,897

As at 31 January 2025	36,897

Amortisation
As at 1 February 2024	13,666
Provided during the period	12,138

As at 31 January 2025	25,804

Net Book Value
As at 31 January 2025	11,093

As at 1 February 2024	23,231

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 February 2024	158,802	209,003	367,805
Additions	42,243	40,021	82,264

As at 31 January 2025	201,045	249,024	450,069

Depreciation
As at 1 February 2024	56,143	83,793	139,936
Provided during the period	59,900	76,520	136,420

As at 31 January 2025	116,043	160,313	276,356

Net Book Value
As at 31 January 2025	85,002	88,711	173,713

As at 1 February 2024	102,659	125,210	227,869

6. Stocks

	2025	2024
	£	£
Stock	5,137,599	2,871,158

Page 4

Page 5

FXWL Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	73,669	211,690
Prepayments and accrued income	293,348	179,701
Amounts owed by group undertakings	145,905	-

	512,922	391,391
Due after more than one year
Rent deposit	107,827	107,827

	620,749	499,218

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,008,310	623,587
Bank loans and overdrafts	34,478	84,123
Other taxes and social security	90,440	83,280
VAT	102,752	143,536
Accruals and deferred income	309,888	285,490

	1,545,868	1,220,016

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Investor loan notes	7,244,932	6,643,288
Directors loan account	10,000,000	2,500,000

	17,244,932	9,143,288

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	5,002,943	5,002,943

Page 5