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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
COMPANY INFORMATION
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LUMON EXCHANGE LTD
CONTENTS
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LUMON EXCHANGE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents the results for the year ended 31 October 2025 and the state of the company's affairs at the reporting date.
The company did not undertake any trading activity during the financial year under review.
The year ended 31 October 2025 saw the Company remain non-trading, following the transfer of its customers and employees to Lumon Pay Ltd on 8 October 2021, with no further changes to its operations during the year.
The Company’s key performance indicators are:
The director has established an Enterprise Risk Management Framework which considers new and emerging risks and the continuous monitoring and assessment of identified business risks. The risk framework and supporting policies and procedures support the Company’s strategy and growth objectives and management of risks within risk appetite. The Board Risk, Assurance and Compliance Committee provides oversight of the Company’s key risks comprising operational risk and liquidity risk.
Operational risk The Company runs operational risk in its day to day business operations. This may arise from failures in internal processes, people or systems which lead to potential or actual loss. The Company’s operational risk management procedures are designed to provide a controlled operating environment and minimise operational risk. Liquidity risk The Company manages its liquidity position to ensure that has sufficient resources to enable it to meet its obligations as they fall due. Stress testing of the Company’s cash generation and funding profile alongside future commitments facilitates a robust approach to liquidity risk management.
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LUMON EXCHANGE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
As the Board of Lumon Exchange Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders.
∙The director has considered the reputation of the company with customers, employees and suppliers in their everyday decision making.
∙The director has taken into account the financial returns and the best interests of the company when making strategic decisions.
The director carefully considers the consequences of all projects, ensuring they are fully planned and costed, taking account of the potential financial returns as well as the wider impacts on the business and the environment. In addition, the company's operations continually strive for the minimum environmental impact.
This report was approved by the board on 1 July 2026 and signed on its behalf.
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LUMON EXCHANGE LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents his report and the financial statements for the year ended 31 October 2025.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 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 to enable him 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.
Going concern assumption
The financial statements have been prepared on a non-going concern basis. Management have plans to liquidate the company in the near future, therefore the accounts have not been prepared on a going concern basis. The director believes that no adjustments are required to the accounts as a result of adopting the non-going concern basis.
The loss for the year, after taxation, amounted to £16,466 (2024 - loss £46,637).
During the year, the company paid £6,495,000 in dividends (2024 - £Nil).
The director who served during the year was:
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LUMON EXCHANGE LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The company has chosen in accordance with the section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be continued in the Directors' report within the Strategic report; financial key performance indicators and future developments in the business.
There have been no significant events affecting the Company since the year end.
The auditors, Barnes Roffe Audit Limited, 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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LUMON EXCHANGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMON EXCHANGE LTD
We have audited the financial statements of Lumon Exchange Ltd (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.2 in the financial statements, which indicates the accounts have not been prepared on a going concern basis and that the director does not believe any adjustment is required to the accounts in respect of that decision as it would not materially alter a user's view of the financial statements. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
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LUMON EXCHANGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMON EXCHANGE LTD (CONTINUED)
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.
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 Director's report.
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LUMON EXCHANGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMON EXCHANGE LTD (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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006. o FRS102. o Employment legislation. o Tax legislation.
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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LUMON EXCHANGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMON EXCHANGE LTD (CONTINUED)
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
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LUMON EXCHANGE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
REGISTERED NUMBER: 03910588
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 19 form part of these financial statements.
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LUMON EXCHANGE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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LUMON EXCHANGE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Lumon Exchange Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 20 Farringdon Road, London, England, EC1M 3HE.
The company did not undertake any trading activity during the financial year under review.
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, and on the assumption that the company is a non-going concern.
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 accounting policies. The following principal accounting policies have been applied:
The financial statements have been prepared on a non-going concern basis. Management have plans to liquidate the company in the near future, therefore the accounts have not been prepared on a going concern basis. The director believes that no adjustments are required to the accounts as a result of adopting the non-going concern basis.
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years if the revision affects both the current and future years.
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
There are no significant factors that may affect future tax charges.
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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LUMON EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Share premium account
On 30 October 2025, the Company completed a reduction of capital, pursuant to which £4,696,396 was transferred from the share premium account to profit and loss account. The reduction was effected in accordance with the Companies Act 2006.
Profit and loss account
The immediate and ultimate parent undertaking is Lumon Acquisitions Limited, a company incorporated in Jersey with registered office, 3rd floor, 44 Esplanade, St Helier, Jersey, JE4 9WG.
The smallest and largest group in which these accounts are consolidated is Lumon Acquisitions Limited. The ultimate controllers of this company at the Statement of financial position date were
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