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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
CONTENTS
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OIL BROKERAGE LIMITED
COMPANY INFORMATION
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OIL BROKERAGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his strategic report on the company for the year ended 31 March 2025.
The company is an introducing broker that specialises in broking physical oil and oil derivative products. The
company has clients in Europe, Africa, Asia and the Americas and can list international banks, oil majors, global trading houses and hedge funds amongst them. The business conducted is primarily at the lighter end of the barrel, but the company has increasing relevance across the whole barrel.
The results of the company, for the year ended 31 March 2025, as set out on page 12, show a profit before taxation of £510,745 (31 March 2024: £4,415,901).
As previously reported, the majority of staff previously employed by the company were transferred to a new service entity, Oil Brokerage Services Limited in 2021. Staff and other costs for the employees that were transferred to the service entity are reflected in the profit and loss account as a service recharge. Costs are recharged by Oil Brokerage Services Limited with a mark up on costs. Underlying USD revenue grew by 60% to USD $148,523,051 for the year ended 31 March 2025. Revenue translated into GBP increased from £114,321,518 to £121,785,338 or 6.5%. The company anticipates further improvements in performance as the new hires and corporate acquisition continue to integrate, Overall growth in preexisting business is still strong and justifies the company’s current strategic direction. GBP/USD opened in April 24 at 1.2618 and closed March 2025 at 1.2935, a increase of around 2.5%. In a rising market revaluations of USD balances create an exchange loss with the opposite being true in a falling market. For the year ending 31 March 2025 exchange differences resulted in a loss of £1,643,978 (loss of £1,049,164 for the year ended 31 March 2024). Trade debtor balances as at 31 March 2025 were £42,570,138 (31 March 2024: £40,033,272), which represents an increase of £2,536,866 or 6.3%. The increase is broadly in line with the increase in revenue.
Geopolitical uncertainty continued to remain prevalent throughout the reporting period. Both the Russia/Ukraine and the Israel/Hamas conflict are still ongoing. These, combined with a lack of clarity on the nature and extent of US tariffs, have created a testing international trade environment. Intra period volatility was significant which contributed to high volumes of trading particularly in the derivatives markets.
In uncertain times such as these, market participants require the services of high quality brokers and the company remains well placed to supply a valuable product offering to its clients whilst maintaining the flexibility of a smaller company.
Strategy
The company was successful in its recruitment/acquisition of further Shipping and Refined Product brokers and feels it is well placed to provide full market coverage without any further hires. The company is well positioned should any opportunities present though. Diversification into the Gas and Power market as well as Futures Execution is expected to happen towards the end of the coming reporting period.
The company will continue to review all operational aspects to see if further efficiencies can be achieved, aiming for reductions in cost that lead to increased profitability.
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OIL BROKERAGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The principal risk to the company's revenue is a reduction in the volumes of physical oil and oil derivative products transacted through the company. The company does not anticipate this to be a high risk due to the following factors;
∙The market is expected to have sufficient movement during 2025 to drive trade volumes due to the current structure of the market.
∙The company anticipates geopolitical uncertainty to remain high for the foreseeable future.
∙There is inherent global demand for oil and whilst consumption may currently be lower than previous years, the trend in the short to medium term will continue to increase.
Revenue is earned in US Dollars and the majority of expenses are incurred in British Pounds; consequently, the company has foreign exchange exposure to GBP/USD. Historically the company has always assumed the risk and achieved a good average rate for the year by exchanging currency on a regular basis. Following the British exit from the European Union at the end of the transition period, GBP strengthened against USD and has returned to levels last seen before the referendum. The company has no firm view on the future direction of foreign exchange rates but will continue to monitor the situation and adapt its foreign exchange strategy accordingly.
The company assumes the responsibility of the counterparty credit risk. The company has evaluated the risk and deems it acceptable for the following reasons;
∙Due to the large and varied client base and not placing reliance on any single customer sufficient risk has been spread to mitigate material exposure on the company.
∙The company lists international banks, oil majors, global trading houses and hedge funds amongst its clientele many of whom have ratings from the major credit agencies.
∙Historically the company has suffered very little default, none of which has adversely impacted its continued growth.
Globally, there is increasing regulation in the derivatives market. The company has engaged specialist regulatory/compliance consultants in both the UK and the US to ensure its policies meet requirements and mitigate the risk of the company being non compliant.
Future developments
In the coming year we aim to grow market share in the products that the company brokers. This will be achieved
through continuing to strengthen our existing relationships with clients. We believe this to be key to achieving our targets and providing the necessary support to nurture new customers.
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OIL BROKERAGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Section 172 (1)(a) to (f) requires the directors to act in the way they consider would be most likely to promote the
success of the company for the benefit of its members, as a whole, with regard to the following matters: a) The likely consequences of any decision in the long-term The long term consequences of any decision taken by the director and senior management team at the company (OBL) are paramount in the decision making process to ensure the continued success of the company. This is demonstrated by the factors detailed below that were considered before the main management decision for the year; providing a better working environment for office based staff by relocating to new office premises. b) The interests of the company's employees OBL is a company where its employees are at the heart of everything it does, they are our greatest asset. All business decisions are taken with the interests of our employees at the forefront and employees are informally consulted on a whole range of issues from recruiting new employees to moving to new premises. c) The need to foster the company's business relationships with suppliers, customers and others OBL’s reputation is central to everything it does. The need to foster good working relationships with our clients though their traders and our suppliers who provide our trading platforms are central to everything that is done at the company. d) The impact of the company's operations on the community and environment OBL is very mindful of its responsibility to the community and the environment. This was demonstrated by the charitable donations made by the company throughout the period, ranging from grass roots sports clubs to national suicide prevention charities. e) The desirability of the company maintaining a reputation for high standards of business conduct OBL is regulated by numerous regulatory bodies, the FCA, NFA, CFTC, ICE etc. maintaining a reputation for high standards with these governing bodies and generally in the market place is an essential part of OBL’s continuing success. This is achieved through the use of expertise from both within the company itself and from the wider group of which OBL is a part, additionally outside expertise is brought in where necessary. f) The need to act fairly between members of the company As detailed above all members of the company are considered in any decision making process at Oil Brokerage. Key members considered include employees, clients, shareholders, and suppliers. This consideration of multiple stakeholders is demonstrated by the considerations given to the forthcoming search for new premises.
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OIL BROKERAGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In the reporting period the most significant event that has happened is the Russian invasion of Ukraine and the
international sanctions placed on Russia. The company has implemented policies to ensure it is compliant with those sanctions, in this regard the director has acted in accordance with the Act.
For the foreseeable future the company has no intention of reversing “working from home” functionality which means incurring continued additional licensing costs. Some considerations when making this decision were;
∙Maintaining the level of service that we offer our customers.
∙Having a solution that was regulatory and exchange compliant.
This report was approved by the sole director.
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OIL BROKERAGE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £1,010,745 (2024 - £3,865,570).
No dividend was proposed or paid in the year (2024: £nil)
The director who served during the year was:
As permitted by S414c(11) of the Companies Act 2006, the director has elected to disclose information, required
to be in the director's report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulation 2008' in the strategic report. Streamlined energy and carbon reporting (SECR) The company has taken advantage of the exemption permitted by S20A(2) of Part 7A of the "Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018" from the requirement to prepare an energy and carbon report as the required information is included in the consolidated financial statements of OTC Europe Holdings Limited as at 31 March 2025.
This report was approved by the sole director.
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OIL BROKERAGE LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the company's financial statements 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 company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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OIL BROKERAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIL BROKERAGE LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
We have audited the financial statements of Oil Brokerage Limited (the 'company') for the year ended 31 March 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the notes, including a summary of 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).
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The director is 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.
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OIL BROKERAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIL BROKERAGE LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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OIL BROKERAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIL BROKERAGE LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the oil brokerage sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, NFA regulations and FCA regulations;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims, and
∙reviewing correspondence with HMRC, relevant regulators including the FCA and NFA, and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
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OIL BROKERAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OIL BROKERAGE LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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OIL BROKERAGE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the sole director.
The notes on pages 15 to 26 form part of these financial statements.
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OIL BROKERAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company's principal activity is being an introducing broker that specialises in broking physical oil and oil derivative products.
Oil Brokerage Limited is a private company limited by shares and is incorporated in England. The address of its registered office is 5th Floor, 10 Finsbury Square, London, England, EC2A 1AF. The company's principal place of business is 3rd Floor, 10 Fleet Place, London, EC4 The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 14.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
The company is included in the consolidated financial statements of OTC Europe Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.
The following principal accounting policies have been applied:
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company bases its fees on brokerage agreements. The company also receives incentive fees from ICE and CME, trading platforms utilised by the company. The incentive programmes are both based on a percentage of the exchanges’ total revenues relative to the trading volume submitted by the company. The company estimates incentive fees monthly based on the volume of daily transactions submitted through the platforms using the day-of-trade basis.
At each reporting date the company 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.
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances and intercompany financing, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Ordinary shares are classified as equity.
Functional and presentation currency
Transactions and balances
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is
determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosure" from disclosing transactions with entities which are a wholly owned part of the group.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is
The parent undertaking of the largest group of undertakings of which the company is a member is OTC Global Holdings LP, whose registered office address is 5151 San Felipe, Suite 2200, Houston, Texas 77056, United States of America. Group financial statements are prepared but are not available to the public. See note 20, OTC Global Holdings LP was acquired by BGC Group, Inc. on 1 April 2025.
In the opinion of the director there is no ultimate controlling party.
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OIL BROKERAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Credit risk
The company is subject to credit risk primarily from cash, accounts receivables and incentive fees receivable. The company maintains its cash accounts at one of the big four clearing banks in the UK and has not experienced any losses from maintaining these accounts in the 30 years it has had a banking relationship with them. Management believes that it is not exposed to any significant credit risk on the cash accounts due to the financial strength of the bank. The company provides services to numerous customers located throughout the world. Credit is granted to these customers which encompass Oil Majors, Oil Trading companies, Banks and other financial institutions. The company is continually monitoring accounts receivable balances and as at 31 March 2025 there were no balances of concern to management. The company’s incentive fees receivables are due from an organised exchange which provides the company with incentives to submit trades to its platform. The financial strength of the organised exchange gives management no concern over these balances. Off balance sheet risk With regard to the futures contracts brokered by the company, the responsibility for reporting, clearing and settling the contracts rests with our customer’s general clearing member and the organised exchanges. The company is not a counterparty to any futures transaction and does not act as a principal to any such transaction. The company does not engage in hedging its foreign exchange balances (predominantly United States Dollar) as the ultimate parent undertaking is domiciled in the United States.
On 1 April 2025 BGC Group, Inc. acquired OTC Global Holdings LP. BGC Group, Inc. is listed on the Nasdaq. Prior to the acquisition, OTC Global Holdings, LP was the parent undertaking of the largest group of undertakings of which the company was a member.
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