The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Dahabshiil Transfer Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, EC4A 1JP and their business address is 85 Sidney Street, London, E1 2FN.

These financial statements have been prepared in accordance with Section 1A FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and at least 12 months following the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand, customer balances in segregated bank accounts, 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.

All of the company's financial assets and liabilities are basic and measured at amortised cost.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

The average monthly number of persons (including directors) employed by the company during the year was 30 (2023: 31).

The property was valued to open market value which the directors consider to be materially correct at the balance sheet date. The purchase price of the property was £130,996 and total cost to date is £188,734.

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

Cash at bank and in hand of £2,344,901 includes cash held in a segregated safeguarding account totalling £755,000. At the balance sheet date, £231,998 is owed in respect of customer balances, secured by the safeguarding account. These outstanding customer balances are owed to Dahabshiil PVT Limited, a company related by common ownership.

Included within other debtors is £5,460 (2023: £5,460) due from the Directors of the company.

The amounts owed at the year end relating to the pension creditors was £12,936 (2023: £nil).

T.C. Ziraat Bankasi A.S. holds a fixed and floating charge with a negative pledge over the assets of the company.

The company is currently in dispute with HM Revenue & Customs regarding a potential penalty of up to £1m. The company, with advice from legal counsel, is contesting this penalty and does not expect resolution before late 2026. Dahabshiil Group Holdings LLC, a company related by virtue of common control, has confirmed they will provide sufficient financial support for any amounts payable, should they crystallize.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Ordinary shares hold voting rights, a right to dividends and a right to participate in distributions should the company be wound up.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken the exemption available to not disclose transactions with 100% owned subsidiaries.

Included within other creditors is £2,668,977 (2023: £3,220,013), a company related by common ownership, Dahabshiil PVT Limited. The balance is interest free and at call. During the year, commissions totalling £894,491 (2023: £912,969) were paid to the company.

The company paid rent of £100,000 (2023: £33,333) to Dahabshiil Group Holdings Limited, a company related by common ownership,

The parent company is Dahabshiil Holdings Limited, Company No: 05011753, a company incorporated in England & Wales. The accounts of Dahabshiil Holdings Limited can be obtained from 12 New Fetter Lane, London, EC4A 1JP.