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Registered number: 08891879
4T MARKETS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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4T MARKETS LIMITED
COMPANY INFORMATION
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K Arapopoulos - Executive Director
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W Mahmood - Executive Director
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H Ajjour - Non-executive Director
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Chartered Accountants & Statutory Auditor
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4T MARKETS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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4T MARKETS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the year ended 31 March 2025. The Firm’s principal activity is to act as an agency intermediary broker to its clients, who wish to use the Firm's electronic trading platform to trade the financial markets, and in particular Foreign Exchange Over The Counter (OTC) traded instruments.
During the period of 1st of April 2024 to the 31st of March 2025 the Firm continues to provide white label technology services to other brokerage companies, including trading platform management, compliance consulting, training and support. The provision of such services ensure that the Firm has a stable monthly revenue stream.
4T Markets Limited, as a former €125,000 matched principal licence holder, and following the implementation of the IFPR that came into force in 2022, is making use of the MIFID TP 2 Own Funds Transitional Provisions (as per rule 2.18R of the FCA Handbook). The IFPR has increased the Firm's permanent minimum requirement (PMR). For the period of 1st of April 2024 to 31st of December 2024 this stood at £330,000, and as of January 1st 2025 has gone up to £470,000. As there is no matched principal exemption under IFPR, the Firm will move to a PMR of £750,000 over a 5-year period that started in 2022. The Shareholders have injected additional capital to cover the minimum capital requirement, and senior management will ensure that the Firm is adequately capitalised during the remaining transitional period, to comply with the new regime.
Senior Management have been working to ensure that the Firm’s business plan implementation is on track. The shareholders have funded 4T Markets with adequate capital to address not only the minimum regulatory capital necessary for the Firm to comply with the FCA's requirements but also its working capital requirements, and will continue to do so to ensure that it can sustain the business until it is profitable and can operate organically on its own resources.
The Firm has added additional members to its management team, namely a new Head of Operations and Client Services, who will also join the Board of Directors once approved by the FCA as an Executive Director (SMF3). Additional hires include a Senior Business Development Manager to further strengthen the sales and business development function.
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4T MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Principal risks and uncertainties
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The Firm is an FCA regulated company, holding a Limited Licence - matched principal broker and operating a straight-through-processing (STP) model. As per FCA requirements, the Board of Directors has built and annually reviews the Firm’s Internal Capital Adequacy and Risk Assessment (ICARA) process, to ensure all risks are identified and managed appropriately, and to ensure regulatory capital adequacy.
The Directors consider that the key financial risk exposures faced by the Firm mostly relate to:
- the credit risk of the banks the Firm holds its own and its clients’ cash deposits with
- the counterparties that provide liquidity to 4T Markets Limited
- the Firm's liquidity needs to maintain its working capital requirements, and
- the minimum regulatory capital requirements imposed by the FCA.
As the Firm does not take any trade positions that will expose it against the market, the price risk and foreign exchange movements are not considered material risks.
To mitigate the major financial risk the Firm faces against its counterparties and liquidity providers, strict processes relating to any transactions undertaken with them are imposed and clearly defined terms of business are adhered to. In addition, periodic reviews take place, to verify that all counterparties remain in good standing. The Firm also monitors its cash flow continuously to ensure sufficient working capital is available. Management accounts are produced on a monthly basis to make certain that minimum regulatory capital requirements are not breached.
The Firm relies heavily on technology for its business, and the risk of systems failure is the major nonfinancial related risk. The Firm maintains a robust contingency plan that is tested on a yearly basis and has all the required back-up systems in place to ensure business continuity, therefore mitigating that risk.
The Directors continuously monitor all the areas of risk that relate to the Firm’s business. They identify and actively manage these risks based on a risk management framework, ensuring that all necessary actions are taken for them to be mitigated. They also determine the levels of risk that the Firm is willing to accept in managing them, based on the business strategy of the Firm.
The Board of Directors and the Senior Management members meet on a regular basis to discuss business strategy and projections, regulatory capital management and risk management. The Firm’s risks are managed based on policies and procedures that take into consideration all the applicable laws, standards, principles and rules. These are monitored and updated as required. The Firm follows the standardised approach to market risk and the simplified standard approach to credit risk.
Financial key performance indicators
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The key performance indicators are used to assess the company's stability (for example capital and liquidity ratios, cash balances, etc) and growth potential (total number of clients, client deposits and volumes, etc). Turnover has increased for the period by £103,834 and profit stood at £141.
Other key performance indicators
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The Directors monitor different metrics to ensure that the Firm is run in an efficient manner. Capital reserves are monitored and managed on a continuous basis, and all payments to suppliers are processed within deadlines. The Directors also ensure that the Firm’s employees are happy in the working environment provided and that low turnover is maintained. Additionally, client satisfaction is monitored to achieve the high servicing standards the company wishes to maintain and to comply with the Firm’s Consumer Duty principle.
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4T MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Directors' statement of compliance with duty to promote the success of the Company
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The Directors of the Firm are acutely aware of the requirement for them to act in the way they consider, in good faith, would be most likely to promote the success of the Firm for the benefit of its members as a whole. In considering this duty the Directors consider the following stakeholders:
Shareholders
As a private company, the firm is 100% owned by 4T Global (Cyprus) Ltd, a holding company which is registered in Cyprus. 4T Global (Cyprus) Ltd’s majority shareholder is Mr. Wael el Far, with Mr. Hamzeh Ajjour and Regalis Trading Solution (whose sole Ultimate Beneficial Owner and Director is Mr. Waqas Mahmood) holding the remaining shares. Mr. Mahmood is also an active Director of 4T Markets Limited, and participates in the day to day operations. Mr. Ajjour is also a Non Executive Director for 4T Markets.
The Directors have regular contact with all the shareholders which ensures that the business strategy of the Firm is completely aligned with the strategic objectives of the shareholders.
Employees
The Executive Directors and the rest of the senior management team meet on a regular basis to provide information for heads of departments to cascade to their teams and to enable Executive Directors to interact freely with employees. The company also provides internal communications and regular staff and management meetings as well as a whistleblowing policy with clear guidelines.
Customers
During the year ending on March 31st, 2025, the Firm has targeted a range of clients, from high net worth individuals to professional and institutional investors, with extensive knowledge in the trading industry. The company has always been a customer needs led organisation and treating customers fairly is ingrained in its culture. The behaviour of employees towards customers is governed by the company’s Consumer Duty policies and the FCA's requirements.
Suppliers
The Firm’s key suppliers have not changed in the last years, with a very few exceptions. The supplier relationships formed work more as partnerships, which ensures stability and the smooth running of 4T Markets Limited business.
Community and the environment
As a company, our responsibility to the community and the environment is a priority. We ensure that the Firm’s carbon footprint is reduced wherever possible and also encourage and provide sponsorship to employees to take part in various charity events.
This report was approved by the Board of Directors and signed on its behalf.
W Mahmood - Executive Director
Director
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4T MARKETS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' 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 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 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The Firm’s principal activity is to act as an agency intermediary broker to its clients, who wish to use the Firm’s electronic trading platform to trade the financial markets, and in particular Foreign Exchange Over The Counter (OTC) traded instruments.
The profit for the year, after taxation, amounted to £141 (2024 - loss £17,380).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
K Arapopoulos - Executive Director
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W Mahmood - Executive Director
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H Ajjour - Non-executive Director
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4T MARKETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4T Markets Limited has applied to the FCA for a Variation of Permissions in June 2025. The Firm will be relinquishing its permissions for Retail Clients and will also revoke permissions for certain products and services that are out of its business scope. These include Structured Deposits and Commodity Option and Option on Commodity Future, as well as the permission for Arranging safeguarding and administration of assets.
The business will be focussed on offering services to Professional Clients (per-se and elective), Eligible counterparties and Institutional clients. On the completion of this, 4T Markets will apply for a Variation of Permissions to the FCA to add Contracts for Differences (CFDs) to its offering to align with our strategy and business objectives.
The Firm will also be activating a second trading platform that is able to handle an extensive range of financial instruments, to complement its existing offering and to ensure that it can provide its clients with additional functionalities and top-of-class service.
From a corporate governance perspective, and in order to enhance the management structure of 4T Markets Limited, it is in the shareholder's plan to add an additional member to the Board of Directors, namely an independent Non-Executive Director.
Liquidity risk
The Firm manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Foreign currency risk
The Firm's principal foreign currency exposures arise from trading foreign currency. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.
Regulatory risk
The Firm's main business activity is regulated by the FCA and the Company provides its services strictly according to current UK legislation, but there is always the risk of a changing regulatory landscape which can affect the Firm's business. The Firm aims to be very flexible and react immediately in case of any significant changes in legislation and other regulatory issues, in order to adapt quickly to new business environments.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
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4T MARKETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events
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There have been no post balance sheet events.
Under section 487 (2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
W Mahmood - Executive Director
Director
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4T MARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 4T MARKETS LIMITED
We have audited the financial statements of 4T Markets Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related 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).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its 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.
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.
Conclusions relating to going concern
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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 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.
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4T MARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 4T MARKETS LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
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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 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, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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4T MARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 4T MARKETS LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
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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:
∙Enquiring of management and those charged with governance around actual and potential litigation and claims;
∙Enquiring of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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4T MARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 4T MARKETS LIMITED (CONTINUED)
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Nick Bishop FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
18 July 2025
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4T MARKETS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit/(loss) for the financial year
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 15 to 25 form part of these financial statements.
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4T MARKETS LIMITED
REGISTERED NUMBER: 08891879
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
W Mahmood - Executive Director
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The notes on pages 15 to 25 form part of these financial statements.
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4T MARKETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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The notes on pages 15 to 25 form part of these financial statements.
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4T MARKETS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit/(loss) for the financial year
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Depreciation of tangible assets
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Decrease/(increase) in debtors
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Net cash generated from operating activities
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Cash flows from investing activities
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 15 to 25 form part of these financial statements.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the Company is to act as an agency intermediary broker to its clients, who wish to use the company's electronic trading platform to trade the financial markets, and in particular Foreign Exchange Over The Counter (OTC) traded instruments.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is Office Suite 3.15, St Clement's House, 27 Clement's Lane, London, EC4N 7AE.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
As at 31 March 2025, the Company had net current assets of £563,608 and net assets of £563,937. The company has made a profit of £141 in the year and is dependent on the continued support of the parent company to allow it to meet its financial obligations as they fall due.
The directors have reviewed forecasts and budgets and are confident that the support from the shareholders will continue for at least the next 12 months from the date of signature of these accounts and believe that this support will be sufficient to cover all ongoing cash requirements. Based on all of the above, the directors believe that the Company has access to adequate resources to continue being in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Where payments are received from customers in advance of services provided, the amounts are received as deferred income and released as services are provided. Where services have already been provided, but not invoiced, the amounts receivable are estimated and recorded as accrued income. Initial set-up fees are recognised upon contract signing or when services are performed.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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.
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
There are no judgements or estimates which materially effect the amounts in the accounts.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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The operating profit/(loss) is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Fees payable to the Company's auditor and its associates in respect of:
Other non-audit services
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits of £294 (2024: £294) were accruing to the director in respect of defined contribution pension schemes.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
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Unrelieved tax losses carried forward
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Total tax charge for the year
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Factors that may affect future tax charges
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The company has trading losses of £3,981,463 (2024: £3,964,000) that can be offset against future
taxable profits. A deferred tax asset has not been recognised due to the uncertainty of future profits. The
amount not provided for is approximately £995,366 (2024: £991,000).
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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Included within cash and cash equivalents is £36,711 (2024 - £36,711) held with the company's liquidity providers.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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5,810,350 (2024 - 5,646,716) Ordinary shares of £1.00 each
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During the year 163,635 (2024: 200,000) Ordinary shares of £1.00 each were issued at par.
Profit and loss account
Includes all current period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,320 (2024 - £1,320). Included in other creditors are contributions of £294 (2024: £294) payable to the fund at the Statement of Financial Position date.
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4T MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Commitments under operating leases
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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Where possible, the company has taken advantage of the exemption within s33.1A of FRS 102 not to disclose related party transactions with other wholly owned group undertakings.
Included within other creditors are amounts owing to a director of £0 (2024: £9,853).
The directors are considered key management and their remuneration is disclosed in note 8 to the accounts.
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Post balance sheet events
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No post balance sheet events have been noted.
The immediate parent company is 4T Global Ltd, a company incorporated in Cyprus. The address and registered office of the parent company is Themistokli Dervi, 3 Julia House, 1066, Lefkosia, Cyprus.
At the balance sheet date the ultimate controlling party is Wael El Far.
The company is included in the consolidated financial statements of 4T Global Ltd. Copies of the consolidated financial statements are publicly available.
The company holds money on behalf of retail clients. These funds are held separately from money belonging to the company and are subject to the client money rules as prescribed by the Financial Conduct Authority. At no time does the company have any legal title to the monies. Accordingly, they are not reflected in the company's balance sheet. As at 31 March 2025, the balance held in client accounts was £6,012 (2024: £6,012).
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