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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
CONTENTS
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OTC EUROPE LLP
INFORMATION
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OTC EUROPE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of OTC Europe LLP ("the LLP") for the year ended 31 March 2025.
Principal activity
The principal activity of the LLP during the year was that of commodity broking. The LLP is registered with the Financial Conduct Authority.
Designated members
OTC Europe Holdings Limited and OTC Europe LLC were designated members of the LLP throughout the period.
Policy with respect to members' drawings and subscription and repayments of amounts subscribed or otherwise contributed by members
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the year ended 31 March 2025 are set out in the reconciliation of members' interests.
Prudential Regulatory Reporting Disclosures
OTC Europe LLP (“OTC”) is authorised and regulated by the Financial Conduct Authority (“FCA”) and as such is subject to minimum regulatory capital requirements. The FCA introduced a new Investment Firms Prudential Regime ("IFPR”) which came into force on 1 January 2022, replacing the former Prudential regime for all solo FCA regulated firms. The new rules are covered under MIFIDPRU within the FCA’s Handbook.
Under the MIFIDPRU Rules, OTC is categorised as a MIFIDPRU Non Small and Non-Interconnected (“SNI”) MIFIDPRU Investment Firm and OTC’s Permanent Minimum Requirement (“PMR”) is £750,000. OTC is small with a simple operational infrastructure. It does not hold or manage client assets. Operational risk (namely loss resulting from inadequate or failed internal processes, people and systems or from external events) is actively managed through a controls framework. OTC’s designated members determine its business strategy and risk appetite along with designing and implementing a risk management framework that recognises the risks that the business faces. They also assess risk on an ongoing basis and implement the arrangements to manage those risks. The designated members meet on a regular basis and discuss current projections for profitability and regulatory capital management, business planning and risk management. The designated members manage risks through a framework of policy and procedures having regard to relevant laws, standards, principles and rules (including FCA principles and rules) with the aim of operating a defined and transparent risk management framework. These policies and procedures are updated as required. The designated members have identified that business, operational, market and credit risks are the main areas of risk to which OTC is potentially exposed. Annually the designated members formally review their risks, controls and other risk mitigation arrangements and assess their effectiveness. To the extent that the designated members identify material risks, the financial impact of these risks is assessed as part of OTC’s business planning and capital management to determine whether the amount of regulatory capital is adequate.
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OTC EUROPE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Prudential Regulatory Reporting Disclosures (continued)
At the balance sheet date there were no discernible off balance sheet risks. OTC does not engage in hedging of its foreign currency balances. As a financial services firm there is no stock held by the LLP and consequently there are no agreements (such as sale and repurchase or consignment stock) in place. OTC has considered whether it has a market risk resulting from any foreign exchange risk and determined this is not the case. OTC has credit risk from fees receivable and cash held on deposit at large international credit and regulated institutions. OTC follows the standardised approach to market risk and the simplified standard approach to credit risk. OTC is subject to the Fixed Overhead Requirement and is not required to calculate an operational risk capital charge, though, as mentioned above, it considers this as part of its process to identify the level of risk based capital required. Regulatory capital OTC’s regulatory capital as at 31 March 2025 is summarised as follows: £'000 Members' capital and audited reserves 10,857 Total capital resources requirement (2,557) Surplus 8,300 As a limited activity firm, OTC’s capital requirement is the greater of: • Its Permanent Minimum Requirement of £750,000; or • The sum of its market and credit risk requirements; or • Its Fixed Overhead Requirement. We have not identified credit risk exposure classes or the minimum capital requirements for market risk as we believe that they are immaterial. It is OTC’s experience that the Fixed Overhead Requirement establishes its capital requirements and hence market and credit risks are considered not to be material. OTC’s approach to assessing the adequacy of its internal capital to support current and future activities is contained in the Internal Capital Adequacy and Risk Assessment (“ICARA”). This process includes an assessment of the specific risks/harms to OTC’s business (OTC, its customers and the markets) and the internal controls in place to mitigate those risks. Finally, an assessment is made of the probability of occurrence and the potential impact, in order to arrive at a level of required capital. OTC also performs a review of the costs to close, should it be unable to generate sufficient revenue to meets its liabilities as they fall due, which would enable it to be closed in an orderly manner. OTC’s ICARA is formally reviewed by senior management annually, but will be revised in the meantime should there be any material changes to OTC’s business or risk profile. Remuneration Code The implementation of IFPR also introduced changes to the application of the Remuneration Code based on the firms categorisation. OTC is categorised as a Basic firm in respect of the MIFIDPRU Remuneration Code. Therefore only the parts of the MIFIDPRU Remuneration Code that apply to SNI MIFIDPRU Investment Firms are applicable to OTC. The firms policies and practices in respect of the MIFIDPRU Remuneration Code now apply to all staff. The designated members have considered these rules. Having regard to OTC’s business model, risk profile and remuneration arrangements, they are satisfied that the current remuneration arrangements, as outlined below, are consistent with the principles of sound risk management. In particular: • OTC acts on an agency basis and does not take risks onto its own balance sheet; • OTC does not pay risk-related bonuses to members and staff; • OTC’s Individual Capital Adequacy Assessment considers the adequacy of both capital and liquidity on an annual basis, having regard to the range of risks faced by the business.
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OTC EUROPE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Remuneration Code (continued)
The designated members have noted that basic Non SNI MIFIDPRU Investment Firms are not required to have a Remuneration Committee. 1. Remuneration principles In setting remuneration the following overarching principles are applied, such that it: • Rewards performance at the individual, team and corporate level; • Is sufficient to attract, motivate and retain high calibre individuals; and • Is aligned to the long term performance of the business. 2. Determination of fixed and variable remuneration Fixed salary is competitive and based on the individual’s responsibilities and performance. It is sufficient to allow for no variable component being paid. OTC will not award, pay or provide guaranteed variable remuneration save in the exceptional circumstances allowed for by, and then only in accordance with, FCA rules. 3. Other considerations In considering remuneration structures, the designated members will seek to ensure that arrangements take account of potential risks and: • Do not give rise to conflicts of interest, particularly as between the actions of employees and the interests of designated members, investors and other stakeholders; and • Are designed to comply with applicable laws and regulations. 4. Governance The designated members are responsible for monitoring OTC’s remuneration policy to ensure it operates as intended and continues to be appropriate. This policy will be subjected to review at least annually. These reviews will take account of relevant FCA and industry guidance, including that relating to the MIFIDPRU Remuneration Code.
Disclosure of information to auditor
Each of the persons who are members at the time when this members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
This report was approved by the members and signed on their behalf by:
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OTC EUROPE LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under LLP law, as applied to LLPs, the members 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP'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 entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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OTC EUROPE LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTC EUROPE LLP
FOR THE YEAR ENDED 31 MARCH 2025
We have audited the financial statements of OTC Europe LLP (the 'LLP') for the year ended 31 March 2025, which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests 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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.
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OTC EUROPE LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTC EUROPE LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
In the light of the knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' report.
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:
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OTC EUROPE LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTC EUROPE LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
∙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 LLP 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 LLP, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment legislation and specific regulatory requirements required by the NFA and FCA.
∙we assess the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 LLP's financial statement 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;
∙assess 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; and
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more moved that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
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.
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OTC EUROPE LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTC EUROPE LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP'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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OTC EUROPE LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
BALANCE SHEET
AS AT 31 MARCH 2025
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OTC EUROPE LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by
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OTC EUROPE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
OTC Europe LLP is a limited liability partnership, incorporated and registered in England. The address of its registered office and its principal place of business is 5th Floor, 10 Finsbury Square, London, EC2A 1AF.
The financial statements are presented in Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ('FRS 102') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The LLP is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the LLP as an individual undertaking and not about its group. The LLP 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 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(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 LLP 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 accounting principles have been applied.
After making enquiries, the members have a reasonable expectation that the LLP 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, they continue to adopt the going concern basis in preparing the financial statements.
The LLP receives incentive fees from ICE and CME, trading platforms utilised by the LLP. The incentive programmes are both based on a percentage of the exchanges’ total revenues relative to the trading volume submitted by the LLP. The LLP estimates incentive fees monthly based on the volume of daily transactions submitted through the platforms using the day-of-trade basis.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Tangible fixed assets 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.
At each reporting date the LLP 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 bases:
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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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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, intercompany working capital 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, 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 LLP 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. 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.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial instruments (continued)
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. If a transfer does not result in derecognition because the LLP has retained significant risks and rewards of ownership of the transferred asset, the LLP continues to recognise the transferred asset in its entirety and recognised a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the LLP recognises any income on the transferred asset and any expense incurred on the financial liability. 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.
Functional and presentation currency
The LLP's functional and presentational currency is Sterling (£). 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income or interest payable and similar expenses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are charged as an expense to the profit and loss account in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Provisions are made for dilapidations in respect of property leases which contain requirements for the premises to be returned to their original state prior to conclusion of the lease term. These costs are recognised within tangible fixed assets and consequently released to the profit and loss account over the length of the lease term. When payments are eventually made, they are charged to the provision carried in the balance sheet.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the balance sheet. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet. Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
OTC Europe LLP has agreed to provide financial support to a subsidiary, Asia Commodities PTE Ltd., until such a date that the company is able to meet its liabilities as and when they fall due. The unaudited financial statements for Asia Commodities PTE Ltd. show that the company made a pre-tax profit of £29,609 for the year ended 31 March 2025 and had a net asset position of £31,310 at 31 March 2025.
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OTC EUROPE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The parent undertaking of the smallest group of undertakings of which the LLP is a member is
The parent undertaking of the largest group of undertakings of which the LLP is a member is, 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 18, OTC Global Holdings LP was acquired by BGC Group, Inc. on 1 April 2025. In the opinion of the members there is no ultimate controlling party.
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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