REGISTERED NUMBER: 12915952 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

SWAPCARD UK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Boulard

D Courbon

SECRETARY:

Vistra Cosec Limited

REGISTERED OFFICE:

Suite 4

7th Floor 50 Broadway

London

SW1H 0DB

REGISTERED NUMBER:

12915952 (England and Wales)

AUDITORS:

Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Tangible assets

4

-

380

CURRENT ASSETS

Debtors

5

2,038,693

1,376,658

Cash at bank

263,988

349,759

2,302,681

1,726,417

CREDITORS

Amounts falling due within one year

6

(2,124,003

)

(1,672,367

)

NET CURRENT ASSETS

178,678

54,050

TOTAL ASSETS LESS CURRENT LIABILITIES

178,678

54,430

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

178,578

54,330

SHAREHOLDERS' FUNDS

178,678

54,430

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 May 2026 and were signed on its behalf by:

B Boulard - Director

1.	STATUTORY INFORMATION

Swapcard Uk Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest Pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration received or receivable net of VAT and discounts.

Fee income represents revenue earned under a wide variety of contracts to provide services over a period of time. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for the provision of these services under these contracts.

Revenue is generally recognised over the length of the contract with any amounts relating to future periods being shown in creditors as deferred income.

Tangible fixed assets

Tangible fixed assets are stated at cost, or deemed cost, less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Financial instruments

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 entity after deducting all of its financial liabilities.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's financial 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The item in the financial statements where these judgements and estimates have been made include the recoverability of debtors.

Investments

Investments are recognised at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

2,214

DEPRECIATION

At 1 January 2025

1,834

Charge for year

380

At 31 December 2025

2,214

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

380

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

176,885

571,514

Amounts owed by group undertakings

1,620,494

741,585

Corporation tax

16,559

16,559

Prepayments & accrued income

224,755

47,000

2,038,693

1,376,658

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

6,180

2,594

Amounts owed to group undertakings

1,086,981

384,954

Taxation and social security

108,772

153,387

Other creditors

922,070

1,131,432

2,124,003

1,672,367

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Chris Morey (Senior Statutory Auditor)

for and on behalf of Feist Hedgethorne Limited

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with section 444(5B) of the Companies Act 2006.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

There are no other related party transactions requiring disclosure.

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Swapcard Corporation SAS, its parent company and the ultimate controlling party, which is registered in France.

The consolidated financial statements of Swapcard Corporation SAS will be made up to 31 December 2025 and are available for inspection at 17-21 Rue Saint Fiacre Second floor, Office no 231 Paris 75002 France.