Foenix Partners Limited Group accounts (Group and Company)

Retained earnings at the start of the year

Retained earnings at the end of the year

COMPANY REGISTRATION NUMBER: 07677978

Foenix Partners Limited

Financial Statements

31 December 2024

Foenix Partners Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Director's report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Foenix Partners Limited

Strategic Report

Year ended 31 December 2024

Overview of the year We continue to provide services to UK companies that have high commodity expenditure that can be subject to volatile market fluctuations. To hedge against movements, we assist our clients by providing commodity futures and options contracts. We also provide foreign exchange services. We historically focused on fixing the price for clients on their expenditure on fuel, gas and diesel. During the year we expanded to support the UK's agricultural sector from seed to shelf and providing hedging services for the metals supply chain at every stage: from miners and smelters to manufacturers and end users. We are regulated by the Financial Conduct Authority.

Strategy and Future Development The Group's strategy is to combine market expertise with technology innovation to scale efficiently and deliver long-term value to clients. Key priorities for the year ahead include: 1. Technology Investment - Continued development of proprietary tools and automation infrastructure to improve operational efficiency, enhance data-driven decision-making, and lower customer servicing costs. 2. Product and Market Expansion - Extending the hedging proposition into new commodity verticals and financial instruments, while exploring opportunities in adjacent risk management markets. 3. Customer Growth and Diversification - Leveraging digital channels and analytical insights to engage a wider customer base, particularly SMEs seeking accessible and transparent hedging solutions. 4. Operational Excellence - Strengthening liquidity provider relationships, refining pricing models, and maintaining rigorous internal controls to support sustainable profitability. 5. People and Culture- Investing in high-calibre talent, training, and leadership to ensure that the organisation remains agile, innovative, and compliant as it scales.

While these initiatives will lead to increased short-term expenditure, particularly in technology and headcount, they are designed to build a more resilient, scalable, and efficient business model capable of supporting sustained growth and market leadership.

Outlook The Directors remain confident in the Group's strategic direction and its ability to capitalise on the growing demand for accessible, transparent, and technology-enabled hedging solutions. Through continued investment in innovation, diversification, and governance, Foenix Partners (trading as Attara) is well positioned to deliver sustainable growth and enduring client value in the years ahead.

Principal Risks and Uncertainties Global Economic and Market Conditions The Group operates in markets that are directly influenced by macroeconomic cycles, geopolitical developments, and sector-specific supply and demand dynamics. These external factors impact customer hedging appetite and transaction volumes. While such conditions are beyond the Group's control, Foenix Partners (trading as Attara) continues to broaden its client base across geographies and industries to mitigate concentration risk and reduce sensitivity to any single sector or commodity. The diversification strategy has proven effective in maintaining activity through varying market conditions.

Customer Acquisition and Engagement Risk The Group's business model targets an under-served customer segment, many of whom are relatively new to structured hedging. Effectively communicating complex concepts within limited attention windows remains a key challenge. Over the year, the Group has made significant progress in addressing this through digital engagement tools, notably the development of our trading portal and the acquisition of a customer acquisition tool- Explore Zone - to enable self-directed customer learning. These innovations have improved conversion efficiency, reduced acquisition costs, and enhanced scalability in the Group's growth model.

Market and Operational Risk The Group continues to operate under a strict back-to-back execution model, whereby every client transaction is mirrored with a corresponding hedge through a regulated liquidity provider. This structure eliminates proprietary market exposure and confines performance to transaction-based revenues, thereby protecting the Group from trading losses. Robust operational processes and trade reconciliation controls ensure the accuracy and integrity of execution across all client and counterparty transactions.

Credit Risk Exposure to customer credit risk arises from the mark-to-market ("MTM") valuation of open hedge positions. In the event of customer default, the Group's exposure is limited to the MTM value of those trades, which can fluctuate with market prices. The Group operates a comprehensive collateral management policy, requiring both Initial and Variation Margin deposits from clients to ensure that obligations to liquidity providers are fully covered at all times. These procedures are periodically reviewed with external advisors to maintain compliance with FCA standards and uphold prudent risk management practices that protect both the business and its clients.

Regulatory and Competitive Environment The Group is authorised and regulated by the Financial Conduct Authority and maintains robust systems and controls in line with regulatory expectations. A dedicated MLRO, supported by an external compliance consultancy, oversees the implementation of anti-money laundering policies and ensures that staff training and oversight remain current and effective.

Traditional financial institutions seek to serve similar client segments. The Group's strategic defence lies in its commitment to innovation, education, and high-touch client service, underpinned by proprietary technology that differentiates its offering and enhances efficiency.

This report was approved by the board of directors on 15 December 2025 and signed on behalf of the board by:

Mr R de Meo
Director

Registered office:

1-3 Worship Street

2nd Floor

C/O Buckworths

London

UK

EC2A 2AB

Foenix Partners Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the group for the year ended 31 December 2024 .

Principal activities

The company provides commodity hedging solutions to UK companies. The principal activity of the company during the year was provision of commodity hedging solutions, as well as foreign exchange services, to UK companies.

Director

The director who served the company during the year was as follows:

Mr R de Meo

Dividends

The director does not recommend the payment of a dividend.

Director's responsibilities statement

The director is responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 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 enable them 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 15 December 2025 and signed on behalf of the board by:

Mr R de Meo
Director

Registered office:

1-3 Worship Street

2nd Floor

C/O Buckworths

London

UK

EC2A 2AB

Foenix Partners Limited

Independent Auditor's Report to the Members of Foenix Partners Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Foenix Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

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 group's or the parent 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.

Emphasis of matter

We draw attention to note 3 to the financial statements, which describes the director's assessment of the Group's ability to continue as a going concern. As stated in note 3, the Group is dependent on the financial support of the director and on the recoverability of amounts due from a related party under common directorship and common control. Our opinion is not modified in respect of this matter.

Other information

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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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. 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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: We have identified the laws and regulations relevant to the company. We have designed procedures to confirm compliance with these laws and regulations including enquiry of management, review of documentation and confirmation to external sources, where possible. 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 on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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 group's or the parent 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 group or the parent company to cease to continue as a going concern. - 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Use of our 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.

Fenton William Higgins

(Senior Statutory Auditor)

For and on behalf of

Higgins Fairbairn & Co

Chartered accountants & statutory auditor

4th Floor

58-59 Great Marlborough Street

London

W1F 7JY

15 December 2025

Foenix Partners Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024			2023
		Continuing operations	Discont'd operations	Total	Continuing operations	Discont'd operations	Total
Note		£	£	£	£	£	£
Turnover	4	2,811,013	–	2,811,013	2,838,084	288,225	3,126,309

Cost of sales	( 32,598)	–	( 32,598)	( 2,942)	1,013,393	1,010,451
	------------	----	------------	------------	------------	------------
Gross profit	2,843,611	–	2,843,611	2,841,026	( 725,168)	2,115,858

Administrative expenses		2,660,385	–	2,660,385	1,727,310	297,065	2,024,375
		------------	----	------------	------------	------------	------------
Operating profit	5	183,226	–	183,226	1,113,716	( 1,022,233)	91,483

Other interest receivable and similar income	8	83,768	–	83,768	78,173	–	78,173
Interest payable and similar expenses	9	22,663	–	22,663	3,313	17,133	20,446
		------------	----	------------	------------	------------	------------
Profit before taxation		244,331	–	244,331	1,188,576	( 1,039,366)	149,210

Tax on profit	10	( 64,466)	–	( 64,466)	92,358	–	92,358
		---------	----	---------	------------	------------	---------
Profit for the financial year and total comprehensive income		308,797	–	308,797	1,096,218	( 1,039,366)	56,852
		---------	----	---------	------------	------------	---------

Foenix Partners Limited

Company Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Profit for the financial year and total comprehensive income	( 171,490)	1,055,884
Retained earnings at the start of the year	1,852,652	796,768
	------------	------------
Retained earnings at the end of the year	1,681,162	1,852,652
	------------	------------

Foenix Partners Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	11	1,246,481	–
Tangible assets	12	7,560	10,080
		------------	--------
		1,254,041	10,080

Current assets

Debtors	14	6,361,513	6,135,233
Cash at bank and in hand		433,559	146,983
		------------	------------
		6,795,072	6,282,216

Creditors: amounts falling due within one year	15	7,342,071	5,854,041
		------------	------------
Net current (liabilities)/assets		( 546,999)	428,175
		------------	---------
Total assets less current liabilities		707,042	438,255

Creditors: amounts falling due after more than one year	16	51,940	91,950
		---------	---------
Net assets		655,102	346,305
		---------	---------

Capital and reserves

Called up share capital	18	100	100
Share premium account	19	209,965	209,965
Profit and loss account	19	445,037	136,240
		---------	---------
Shareholders funds		655,102	346,305
		---------	---------

These financial statements were approved by the board of directors and authorised for issue on 15 December 2025 , and are signed on behalf of the board by:

Mr R de Meo
Director

Company registration number: 07677978

Foenix Partners Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	11	807,857	–
Tangible assets	12	7,560	10,080
Investments	13	100	100
		---------	--------
		815,517	10,180

Current assets

Debtors	14	2,843,231	4,502,751
Cash at bank and in hand		35,705	59,230
		------------	------------
		2,878,936	4,561,981

Creditors: amounts falling due within one year	15	1,751,286	2,417,494
		------------	------------
Net current assets		1,127,650	2,144,487
		------------	------------
Total assets less current liabilities		1,943,167	2,154,667

Creditors: amounts falling due after more than one year	16	51,940	91,950
		------------	------------
Net assets		1,891,227	2,062,717
		------------	------------

Capital and reserves

Called up share capital	18	100	100
Share premium account	19	209,965	209,965
Profit and loss account	19	1,681,162	1,852,652
		------------	------------
Shareholders funds		1,891,227	2,062,717
		------------	------------

The loss for the financial year of the parent company was £ 171,490 (2023: £ 1,055,884 profit).

These financial statements were approved by the board of directors and authorised for issue on 15 December 2025 , and are signed on behalf of the board by:

Mr R de Meo
Director

Company registration number: 07677978

Foenix Partners Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	308,797	56,852

Adjustments for:
Depreciation of tangible assets	2,520	3,361
Amortisation of intangible assets	207,747	–
Other interest receivable and similar income	( 83,768)	( 78,173)
Interest payable and similar expenses	22,663	20,446
Tax on (loss)/profit	( 64,466)	92,358
Accrued (income)/expenses	( 186,757)	2,017,068

Changes in:
Trade and other debtors	( 182,816)	( 5,340,823)
Trade and other creditors	1,657,397	3,148,095
	------------	------------
Cash generated from operations	1,681,317	( 80,816)

Interest paid	( 22,663)	( 20,446)
Interest received	83,768	78,173
Tax received/(paid)	28,392	( 56,284)
	------------	--------
Net cash from/(used in) operating activities	1,770,814	( 79,373)
	------------	--------

Cash flows from investing activities

Purchase of intangible assets	( 1,454,228)	–
	------------	--------
Net cash used in investing activities	( 1,454,228)	–
	------------	--------

Cash flows from financing activities

Proceeds from borrowings	( 30,010)	( 230,000)
	------------	---------
Net cash used in financing activities	( 30,010)	( 230,000)
	------------	---------

Net increase/(decrease) in cash and cash equivalents	286,576	( 309,373)
Cash and cash equivalents at beginning of year	146,983	456,356
	---------	---------
Cash and cash equivalents at end of year	433,559	146,983
	---------	---------

Foenix Partners Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-3 Worship Street, 2nd Floor, C/O Buckworths, London, EC2A 2AB, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the director has considered the Group's current financial position and the level of balances due from a related party under common directorship and common control. The director has prepared financial forecasts for at least 12 months from the date of approval of these financial statements. The director has also provided confirmation of his intention to provide financial support, including making funds available as required, for at least 12 months from the date of approval of these financial statements.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue from the sale of services is recognised upon monthly settlements of the client swap positions and only when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible assets	-	over 7 years on a straight-line basis

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	3-5 years straight-line
Motor vehicles	-	25% reducing balance
Equipment	-	3 years straight-line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Hedging and currency services	2,811,013	3,126,309
	------------	------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	207,747	–
Depreciation of tangible assets	2,520	3,361
Foreign exchange differences	16,216	( 23,360)
	---------	--------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	114,000	–
	---------	----

Included in the above value is the auditor's remuneration of £56,400 relating to the previous years.

7. Staff costs

The average number of persons employed by the group during the year, including the director, amounted to:

	2024	2023
	No.	No.
Administrative staff	14	13
Management staff	5	4
	----	----
	19	17
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	859,945	975,278
Social security costs	131,728	115,706
Other pension costs	13,276	16,337
	------------	------------
	1,004,949	1,107,321
	------------	------------

8. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	83,768	78,173
	--------	--------

9. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	16,733	17,133
Other interest payable and similar charges	5,930	3,313
	--------	--------
	22,663	20,446
	--------	--------

10. Tax on (loss)/profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax expense	( 27,659)	92,358
Adjustments in respect of prior periods	( 36,807)	–
	--------	--------
Total current tax	( 64,466)	92,358
	--------	--------
Tax on (loss)/profit	( 64,466)	92,358
	--------	--------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 21.30 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	244,331	149,210
	---------	---------
Profit on ordinary activities by rate of tax	46,423	36,074
Adjustment to tax charge in respect of prior periods	( 36,807)	56,284
Effect of expenses not deductible for tax purposes	65,191	–
Utilisation of tax losses	( 133,262)	–
Unused tax losses	31,492	–
Other adjustments	(9,844)	–
R&D tax credit repayment	(27,659)	–
	---------	---------
Tax on (loss)/profit	( 64,466)	92,358
	---------	---------

11. Intangible assets

Group	Intangible assets
	£
Cost
At 1 January 2024	–
Additions	1,454,228
	------------
At 31 December 2024	1,454,228
	------------
Amortisation
At 1 January 2024	–
Charge for the year	207,747
	------------
At 31 December 2024	207,747
	------------
Carrying amount
At 31 December 2024	1,246,481
	------------
At 31 December 2023	–
	------------

Company	Intangible assets
	£
Cost
At 1 January 2024	–
Additions	942,500
	---------
At 31 December 2024	942,500
	---------
Amortisation
At 1 January 2024	–
Charge for the year	134,643
	---------
At 31 December 2024	134,643
	---------
Carrying amount
At 31 December 2024	807,857
	---------
At 31 December 2023	–
	---------

12. Tangible assets

Group and company	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	73,686	42,485	4,385	120,556
	--------	--------	-------	---------
Depreciation
At 1 January 2024	73,686	32,405	4,385	110,476
Charge for the year	–	2,520	–	2,520
	--------	--------	-------	---------
At 31 December 2024	73,686	34,925	4,385	112,996
	--------	--------	-------	---------
Carrying amount
At 31 December 2024	–	7,560	–	7,560
	--------	--------	-------	---------
At 31 December 2023	–	10,080	–	10,080
	--------	--------	-------	---------

13. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	100
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 1 January 2024 and 31 December 2024	100
	----
At 31 December 2023	100
	----

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Attara Limited (formerly FP Commodities Ltd), 1-3 Worship Street, 2nd Floor, C/O Buckworths, London, United Kingdom EC2A 2AB	Ordinary	100

14. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	2,801,487	2,610,761	218,850	1,037,888
Amounts owed by group undertakings	–	–	782,437	1,200,006
Prepayments and accrued income	92,482	58,369	92,482	58,369
Corporation tax repayable	27,659	–	–	–
Other debtors	3,439,885	3,466,103	1,749,462	2,206,488
	------------	------------	------------	------------
	6,361,513	6,135,233	2,843,231	4,502,751
	------------	------------	------------	------------

Other debtor includes £901,456 (2023: £1,242,406) owed by FNX Technologies Limited , a company in which Mr R de Meo is a sole director and shareholder.

15. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	40,000	30,000	40,000	30,000
Trade creditors	249,866	8,543	100,626	8,543
Accruals and deferred income	58,615	201,908	36,000	200,000
Corporation tax	–	36,074	–	16,424
Social security and other taxes	737,970	431,527	56,871	166,874
Other creditors - Client deposit held	6,255,620	5,145,989	1,517,789	1,995,653
	------------	------------	------------	------------
	7,342,071	5,854,041	1,751,286	2,417,494
	------------	------------	------------	------------

16. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	51,940	91,950	51,940	91,950
	--------	--------	--------	--------

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 13,276 (2023: £ 16,337 ).

18. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

19. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

20. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:

	2024
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R de Meo	–	–	–
	----	----	----

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R de Meo	198,248	( 198,248)	–
	---------	---------	----

21. Related party transactions

Company

During the year, the group acquired a software platform developed by FNX Ltd, a related undertaking under common control, for £942,500. The transaction was carried out at arm’s length and on normal commercial terms.