Company No: 09969387 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	M A Crisp
	B G Wilson

REGISTERED OFFICE	Floor 4 20 King Street
	London
	EC2V 8EG
	United Kingdom

COMPANY NUMBER

09969387 (England and Wales)

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	40,898		50,250
		40,898		50,250
Current assets
Debtors	5	385,935		247,063
Cash at bank and in hand	6	5,774,038		10,530,557
		6,159,973		10,777,620
Creditors: amounts falling due within one year	7	( 5,658,860)		( 10,547,941)
Net current assets		501,113		229,679
Total assets less current liabilities		542,011		279,929
Provision for liabilities		( 10,032)		( 12,562)
Net assets		531,979		267,367
Capital and reserves
Called-up share capital		378,004		378,004
Profit and loss account		153,975		( 110,637 )
Total shareholders' funds		531,979		267,367

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Millbank FX Limited (registered number: 09969387) were approved and authorised for issue by the Board of Directors on 30 December 2025. They were signed on its behalf by:

B G Wilson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millbank FX Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Floor 4 20 King Street, London, EC2V 8EG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Millbank FX Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.

Turnover

The revenue of the Company is the difference between the cost and the selling price of a currency to clients and is recognised at the point of sale. Point of sale is the contractual agreement to sell one currency and purchase another between the Company and the clients for either immediate or forward delivery.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Office equipment	20 % reducing balance
Computer equipment	20 % reducing balance

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year. Cash and cash equivalents includes client funds disclosed in note 6.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company's financial assets include derivative assets (foreign exchange spots and forwards) as well as amortised cost assets including cash and cash equivalents, other assets and trade and other receivables. The Company's financial liabilities include derivative liabilities (foreign exchange spots and forwards) and trade and other payables.

The Company undertakes matched principal broking involving immediate derivative transactions with counterparties. These transactions are classified as derivative financial assets and liabilities. A derivative with a positive fair value is recognised as a financial asset and a derivative with a negative fair value is recognised as a financial liability. The Company has presented the derivative assets and liabilities with counterparties and with clients on a gross basis.

2. Prior year adjustment

During the preparation of the financial statements for the year ended 31 December 2024, the directors identified a material misstatement in respect of revenue and administrative expenses affecting the financial year ended 31 December 2023. Additionally, several balances have been reclassified. The correction has been applied retrospectively in accordance with FRS 102 section 10, by restating comparative figures and adjusting the opening balances of retained earnings. The value of the misstatements for the year ended 2023 were as follows:

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Revenue		2,443,048		(203,849)		2,239,199
Cost of sales		142,450		79,152		221,602
Administrative expenses		2,106,979		(365,595)		1,741,384
Tax on profit		40,337		(138,485)		(98,148)
Trade debtors		300,357		(300,357)		0
Other debtors		264,005		(35,228)		228,777
Trade creditors		145,774		(81,427)		64,347
Other creditors		9,650,527		575,145		10,225,672
Cash at bank and in hand		10,283,075		247,482		10,530,557
Amounts owed to directors		0		198,242		198,242
Accruals		0		6,000		6,000
Profit and loss account		675,426		(786,063)		(110,637)

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	14		14

4. Tangible assets

	Leasehold improve- ments		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	2,875		68,587		19,491		90,953
Additions	0		855		0		855
At 31 December 2024	2,875		69,442		19,491		91,808
Accumulated depreciation
At 01 January 2024	2,875		29,410		8,418		40,703
Charge for the financial year	0		7,992		2,215		10,207
At 31 December 2024	2,875		37,402		10,633		50,910
Net book value
At 31 December 2024	0		32,040		8,858		40,898
At 31 December 2023	0		39,177		11,073		50,250

5. Debtors

	2024		2023
	£		£
Amounts owed by directors (note 9)	1,758		0
Prepayments	55,609		18,286
Corporation tax	138,485		138,485
Other debtors	190,083		90,292
	385,935		247,063

Other debtors includes an amount of £180,574 (2023: £73,770) representing the fair value of derivative financial assets arising as a result of matched principal transactions.

2023 comparative figures have been restated as per note 2.

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	5,774,038		10,530,557

In accordance with Financial Conduct Authority ("FCA") authorisation, the Company must protect the money it holds and/or controls on behalf of clients. At the year end, the total of client money held in segregated bank accounts amounted to £5,109,897 (2023: £10,094,098), and is not available to the Company for working capital purposes.

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	19,894		64,347
Amounts owed to directors (note 9)	0		198,242
Accruals	28,536		6,000
Corporation tax	301,022		42,253
Other taxation and social security	15,422		11,427
Other creditors	5,293,986		10,225,672
	5,658,860		10,547,941

Other creditors includes £5,109,897 (2023: £10,094,098) of client held funds, as well as an amount of £180,574 (2023: £73,770) representing the fair value of derivative financial liabilities arising as a result of matched principal transactions.

2023 comparative figures have been restated as per note 2.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	54,468		13,500

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Dividends paid	619,560		226,667
Directors consultancy fees paid	176,862		314,231
	796,422		540,898

The Company had outstanding loans due from directors of £1,758 at the year end. (2023: £198,242 owed to directors) These loans are interest free and repayable on demand.