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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
COMPANY INFORMATION
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GC EXCHANGE LIMITED
CONTENTS
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GC EXCHANGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his strategic report on GC Exchange Limited (the “Company”) for the period ended 31 December 2025. All narrative and quantitative information is unaudited unless stated otherwise.
Activities GC Exchange Limited is a financial services broker which specialises in offering professional and institutional customers online trading of FX and contracts for difference (“CFD”) in Indices, Commodities and Cryptoassets. The Company is authorised and regulated by the Financial Conduct Authority (“FCA”) and its permissions allow it to provide services to UK and non UK based customers. The Company is domiciled in the United Kingdom and the address of its registered office is 75 King William Street, London, EC4N 7BE.
Despite a significant decrease in turnover, falling by 26% compared to the previous year to £2.77 million (2024: £3.76 million), the company reported a pre-tax loss of £545,190 (2024: £232,567 loss). This was primarily attributed to a fall in the cost of sales (-42%) and a decrease in operational expenses (-1%), notably from intra-consulting, and foreign exchange revaluation gains.
The revenue growth was largely driven by an increase in the volume of crypto CFDs, reflecting a recovery in the market following the "crypto winter." The company has seen a positive revenue trend since the last quarter of the financial year, which is expected to continue into 2026. In line with its strategy, the company has made efforts to diversify its client base and further develop its execution-only client offering. Additionally, it has enhanced liquidity in its FX and crypto businesses by adding new liquidity providers. On the technological front, the company launched a client portal, which not only improves the client experience but also streamlines internal operations. As of December 31, 2025, shareholders’ funds stood at £4.0 million (2024: £4.7 million). The company remains focused on its growth objectives, with particular emphasis on investing in business development, marketing, and strengthening its compliance team. The company is a subsidiary of a UK group, and risk and audit management is addressed by the board on a continuing basis at group level. The main risks identified by the Director are dealt with individually below.
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GC EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Systems and controls are in place to manage and mitigate risks at all times. The company monitors its potential risk exposure on an on going basis. Where relevant, some of the risks are monitored in real time. Where this is not relevant or practical, these are monitored on a daily, weekly or monthly basis. The following are the key risks impacting the Company: Market risk, Counterparty credit risk, Liquidity risk and Operational risk.
Market risk Market risk is defined as the risk of loss arising from an adverse move in the value of assets or liabilities. The risk is managed through appropriate hedging strategies and prudent risk limits. The company policy is to hedge 100% of it’s clients’ trades and therefore reduces significantly this risk. Counterparty credit risk Counterparty credit risk is the risk of loss due to a counterparty failing to discharge its obligations. The company manages its assets across different institutions and counterparties to minimise the exposure to any one counterparty. Relevant due diligence is performed on all new and existing counterparty relationships to identify any specific risks. Liquidity risk Liquidity risk is the risk that the company will fail to meet its financial obligations as they fall due. The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable demands. It does this primarily by managing its cash balances and creditor days in an effective manner.
The director believe the following to be the company's financial key performance indicators:
2025 2024 Operating profit (loss) (£557,281) (£245,237) Capital and reserves £3,971,037 £4,683,318 Client Balances £14,495,477 £23,323,417 The company's results are in line with management expectations for the period.
As the company's relevant risks are managed at group level, the director believes that analysis using other key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development, performance or market position.
Regulatory changes The regulatory landscape continues to evolve, and the Company need to react and ensure adherence to new regulations in a timely manner. During 2025, the Company has implement the necessary changes for transaction reporting under EMIR Refit.
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GC EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In discharging their duties under section 172 of the Companies Act 2006, the Directors of GC Exchange Limited have acted in a way that they consider, in good faith, promotes the success of the Company for the benefit of its members as a whole. In doing so, they have had regard to, among other matters, the factors set out in section 172(1)(a) to (f).
Our Purpose, Strategy, and Long-Term Decision Making The core purpose of GC Exchange is to deliver sustainable value to shareholders over the medium and long term by offering best-in-class brokerage services across financial products to institutional and professional clients. Our strategy is founded on cultivating strong client relationships and delivering tailored technology, execution, and liquidity solutions in the foreign exchange and contracts for differences (CFD) markets. The Board remains confident that this strategy is appropriately positioned to continue generating stable and positive outcomes amid a continuously evolving global financial environment. Decisions made during the year were assessed not only for their immediate outcomes but also for their alignment with our long-term objectives and their impact on the Company’s sustainability and shareholder value. Long-Term Impact of Decisions In setting strategy and making decisions, the Board actively considers the likely consequences on the long-term success of the Company. All significant initiatives and operational decisions are evaluated with this perspective, ensuring alignment with our strategic priorities and commitment to delivering long-term returns. Our Culture GC Exchange fosters an inclusive, transparent, and supportive culture where opportunities are accessible to all. We place a strong emphasis on integrity, ethical conduct, and sustainability, recognising that our reputation and long-term success are underpinned by these values. The Company is committed to conducting its business in accordance with high environmental and social responsibility standards. Employee and Community Engagement As a compact and collaborative organisation, GC Exchange maintains open communication between the Board and all employees, facilitating quick decision-making and fostering a strong sense of unity. Our values—honesty, integrity, and a family-oriented approach—are deeply embedded in our workplace culture. We value the contributions of our team and actively seek their input in shaping the business. The Directors recognise the importance of maintaining a motivated and engaged workforce to achieve our strategic goals. Fostering Business Relationships GC Exchange places great importance on maintaining high-quality, long-standing relationships with our clients and service providers. Regular formal reviews and continuous informal engagement enable us to anticipate client needs and deliver services efficiently and effectively. The Board believes that nurturing these relationships is vital to the Company’s operational resilience and high standards of business conduct. We are committed to maintaining trusted partnerships that reflect our values and commercial expectations. Regulatory and Legal Compliance The Company operates in full compliance with its regulatory and legal obligations and strives to uphold the highest standards of governance and accountability in all areas of its operations.
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GC EXCHANGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Engaging with Shareholders
GC Exchange maintains a close and transparent relationship with its shareholders. Shareholders receive timely and regular financial and management information and are actively involved in both strategic discussions and the daily operational oversight of the business. This engagement ensures that shareholder views are considered in decision-making and supports the Company’s commitment to long-term success.
This report was approved by the board on 24 April 2026 and signed on its behalf.
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GC EXCHANGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £510,410 (2024 - loss £172,789).
No dividends were paid to the holding company during the current or previous year.
The directors who served during the year were:
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GC EXCHANGE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company aims to reinvest profits to allow for continued client acquisition, investment in trading platform technology, and expansion into wider markets.
There were no significant events post year end.
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GC EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC EXCHANGE LIMITED
We have audited the financial statements of GC Exchange Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GC EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC EXCHANGE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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GC EXCHANGE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC EXCHANGE LIMITED (CONTINUED)
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 Auditors' 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:
Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
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 Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
30 Orange Street
WC2H 7HF
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GC EXCHANGE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
REGISTERED NUMBER: 11382809
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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GC EXCHANGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GC Exchange Limited is a private company limited by share capital, incorporated in England and Wales, registration number 11382809. The address of the registered office is 75 King William Street, 2nd Floor, London, United Kingdom, EC4N 7BF.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The director considers that it is appropriate for the accounts to be prepared on a going concern basis for this period.
Functional and presentation currency
Transactions and balances
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company also holds money on behalf of clients under Title Transfer Collateral Arrangements, by which a client agrees that full ownership of such monies is unconditionally transferred to the company. These are included in cash and cash equivalents. The corresponding liability for title of transfer funds is included in other creditors. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Prepayments & Accrued Expenditure The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
Analysis of turnover by country of destination:
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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GC EXCHANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,825 (2024 - £5,680). contributions totalling £1,598 (2024 - £1,026) were payable to the fund at the balance sheet date and are included in creditors.
The immediate and ultimate parent of the company is GCEX Holding Limited, a company incorporated in England and Wales, which prepares consolidated financial statements. On the basis of these consoldiated financial statements and as per paragraph 1.12 of FRS102, the company has taken advantage of certain disclosure exemptions, notably from preparing a Statement of Cash Flows. The ultimate controlling party is Lars Holst.
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