Company registration number 06397296 (England and Wales)
BRAZAUK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
BRAZAUK LTD
COMPANY INFORMATION
Directors
M L Sacomori
S Amorim
T Mendes Cruz
(Appointed 7 April 2026)
A Aitken
(Appointed 5 June 2026)
Secretary
M L Sacomori
Company number
06397296
Registered office
Longcroft House
2-4 Victoria Avenue
London
EC2M 4NS
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
Business address
Longcroft House
2-4 Victoria Avenue
London
EC2M 4NS
BRAZAUK LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 25
BRAZAUK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

The company continued to provide money transfer services and undertake activities in financial markets during the year ended 31 October 2025.

Turnover increased to £33,494,218 from £16,137,148 in the previous year, reflecting a significant increase in the level of business activity. Gross profit increased to £7,725,355 from £3,949,643.

Administrative expenses increased to £6,644,911 from £2,676,172, principally as a result of the additional costs incurred in supporting the company’s increased level of activity. Consequently, operating profit decreased to £1,080,444 from £1,286,161.

After net finance costs of £66,555, the company reported profit before taxation of £1,013,889, compared with £1,213,997 in the previous year. Profit after taxation was £760,410, compared with £854,155 in 2024.

The directors consider the company’s financial position at the year end to be satisfactory. Net assets increased to £3,315,100 from £2,554,690, while cash at bank and in hand increased to £7,801,630 from £4,278,221.

As an FCA authorised Electronic Money Institution, the company continues to invest in its governance, operational infrastructure and regulatory framework to support the sustainable growth of its regulated activities.

Principal risks and uncertainties

The company’s activities expose it to a range of operational, financial and regulatory risks. The directors regularly review these risks and maintain an appropriate framework of governance, policies, procedures and internal controls designed to identify, monitor and manage them.

Regulatory and compliance risk

The company operates in the financial services sector and is therefore exposed to the risk of changes in applicable laws, regulations and regulatory expectations. Failure to comply with relevant requirements could result in financial penalties, restrictions on the company’s activities or reputational damage. The company seeks to manage this risk through established compliance policies, ongoing monitoring, staff training, independent oversight and external professional advice where appropriate.

Foreign exchange and market risk

As the company undertakes money transfer services and transactions involving financial markets, its results may be affected by movements in foreign exchange rates and other market conditions. The company manages this exposure through the monitoring of currency positions, transaction activity and relevant market developments.

Liquidity risk

Liquidity risk is the risk that the company may be unable to meet its financial obligations as they fall due. The company manages this risk by monitoring cash flows, maintaining sufficient liquid resources to meet operational requirements and safeguarding obligations, and regularly reviewing its liquidity position.

Operational and technology risk

The company is dependent on the effective operation of its systems, technology infrastructure and external service providers. A systems failure, cyber incident, processing error or interruption to third-party services could disrupt the company’s operations. The company seeks to mitigate these risks through appropriate systems, cyber security controls, business continuity and disaster recovery arrangements, ongoing monitoring and regular review of operational resilience.

BRAZAUK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

Credit and counterparty risk

The company is exposed to the risk that customers, banking partners, financial institutions or other counterparties may fail to meet their obligations. The company manages this risk by monitoring balances and exposures and by conducting business with counterparties considered appropriate by management.

Reputational risk

The company’s ability to maintain the confidence of customers, counterparties and other stakeholders is important to its continuing success. Reputational damage may arise from service disruption, regulatory non-compliance, financial crime, data security incidents or other operational failures. The directors seek to mitigate this risk through appropriate internal controls and oversight.

Third party and outsourcing risk

The company relies on a number of third-party service providers to support its regulated activities. Failure or disruption affecting these providers could adversely impact the company’s operations. The company manages this risk through appropriate due diligence, contractual arrangements, ongoing monitoring and contingency planning.

Development and performance

The company experienced substantial growth in revenue and transaction activity during the year, reflecting increased customer activity and continued expansion of its regulated payments business.

The increase in business activity was accompanied by higher administrative expenses, reflecting continued investment in personnel, technology, regulatory compliance and operational infrastructure to support the company’s growth.

The company continued to generate positive operating cash flows throughout the year.

The directors remain focused on maintaining the quality and reliability of the company’s services, strengthening operational resilience, maintaining appropriate regulatory and financial crime controls, managing costs effectively and supporting the sustainable development of the business.

Key performance indicators

The directors monitor a range of financial measures to assess the company’s performance and financial position. The principal key performance indicators include:

- Turnover and overall business activity

- Gross profit and gross profit margin

- Operating profit and operating profit margin

- Profit before taxation

- Cash generated from operating activities

- Cash held at bank and in hand

- Net assets and overall balance sheet strength

- Transaction volumes

- Regulatory capital adequacy, where applicable.

These indicators are reviewed against prior-year performance and the directors’ expectations in order to assess the company’s growth, profitability, liquidity and financial resilience.

BRAZAUK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Other performance indicators

In addition to financial performance, the directors place particular emphasis on maintaining a strong compliance culture and an effective system of internal controls.

The company monitors its compliance with applicable legal and regulatory requirements, the effectiveness of its anti-money laundering and financial crime procedures, the quality of customer due diligence, and the timely identification and escalation of unusual or higher risk activity.

The directors also review the operation of key internal controls, including transaction approval and monitoring processes, segregation of duties, reconciliations, access controls, management oversight and the prompt investigation and resolution of control exceptions.

The directors receive regular management information and compliance reporting to support oversight of the company’s financial performance, operational resilience and regulatory obligations.

These indicators assist the directors in assessing whether the company is operating in a controlled, compliant and responsible manner and whether its governance arrangements remain appropriate for the nature and scale of its activities.

Promoting the success of the company

In performing their duties during the year, the directors have acted in good faith to promote the success of the company for the benefit of its member, having regard to the matters set out in section 172(1) of the Companies Act 2006.

The directors have considered the long-term consequences of their decisions, the interests of employees, the company’s relationships with customers, suppliers and other business partners, the impact of the company’s activities on the community and environment, the importance of maintaining high standards of business conduct, and the need to act fairly between members.

Particular emphasis was placed on maintaining regulatory compliance, effective internal controls, financial resilience and sustainable business development.

On behalf of the board

S Amorim
Director
11 August 2026
BRAZAUK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company is the provision of regulated electronic money and payment services, including money transfer services, together with activities in financial markets.

The company is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution and conducts its business in accordance with the applicable regulatory framework.

Dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M L Sacomori
S Amorim
T Mendes Cruz
(Appointed 7 April 2026)
A Aitken
(Appointed 5 June 2026)
Financial instruments
Liquidity risk

The company manages liquidity risk by monitoring cash flows and maintaining sufficient liquid resources to meet its operational requirements and regulatory obligations as they fall due.

Interest rate risk

The company is exposed to interest rate risk in respect of its interest-bearing borrowings and cash deposits. The directors monitor interest rates and the company’s financing arrangements and consider the potential effect of changes in interest rates on the company’s financial position and performance.

The directors consider that the company’s financial risk-management arrangements are appropriate for the nature and scale of its activities.

Foreign currency risk

The company undertakes transactions denominated in currencies other than pounds sterling and is therefore exposed to fluctuations in foreign exchange rates. The company manages this risk by monitoring its currency exposures, maintaining appropriate operational controls and, where considered necessary, limiting or offsetting open currency positions.

Credit risk

Credit and counterparty risk arises from cash balances held with financial institutions, amounts receivable and transactions undertaken with banking partners, payment service providers, customers and other financial counterparties. The company seeks to manage this exposure by dealing with established financial institutions and counterparties, monitoring outstanding balances and applying appropriate customer due diligence and transaction control procedures.

Post reporting date events

There have been no events since the balance sheet date to report.

Future developments

The company intends to continue its existing principal activities and does not anticipate any significant change in the nature of its business in the foreseeable future.

BRAZAUK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -
Auditor

In accordance with the company's articles, a resolution proposing that Glazers be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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; and

- 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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S Amorim
Director
11 August 2026
BRAZAUK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRAZAUK LTD
- 6 -
Opinion

We have audited the financial statements of Brazauk Ltd (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- 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 company 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 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.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

BRAZAUK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRAZAUK LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BRAZAUK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRAZAUK LTD (CONTINUED)
- 8 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

1) Enquiries of management concerning the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

2) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and United Kingdom Generally Accepted Accounting Practice.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the directors and other management are responsible for such internal control as the directors and other management of the company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BRAZAUK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRAZAUK LTD (CONTINUED)
- 9 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Paraskumar Shah FCA (Senior Statutory Auditor)
For and on behalf of Glazers, Statutory Auditor
Chartered Accountants
843 Finchley Road
London
NW11 8NA
12 August 2026
BRAZAUK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
33,494,218
16,137,148
Cost of sales
(25,768,863)
(12,187,505)
Gross profit
7,725,355
3,949,643
Administrative expenses
(6,644,911)
(2,676,172)
Other operating income
-
0
12,690
Operating profit
4
1,080,444
1,286,161
Interest receivable and similar income
8
489
1,778
Interest payable and similar expenses
9
(67,044)
(73,942)
Profit before taxation
1,013,889
1,213,997
Tax on profit
10
(253,479)
(359,842)
Profit for the financial year
760,410
854,155

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 25 form part of these financial statements.

BRAZAUK LTD
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,665
3,331
Investments
12
1,797
-
0
4,462
3,331
Current assets
Debtors
15
439,620
116,690
Cash at bank and in hand
7,801,630
4,278,221
8,241,250
4,394,911
Creditors: amounts falling due within one year
16
(3,753,099)
(649,233)
Net current assets
4,488,151
3,745,678
Total assets less current liabilities
4,492,613
3,749,009
Creditors: amounts falling due after more than one year
17
(1,177,513)
(1,194,319)
Net assets
3,315,100
2,554,690
Capital and reserves
Called up share capital
20
718,970
718,970
Profit and loss reserves
2,596,130
1,835,720
Total equity
3,315,100
2,554,690

The notes on pages 14 to 25 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2026 and are signed on its behalf by:
S Amorim
Director
Company registration number 06397296 (England and Wales)
BRAZAUK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2023
718,970
981,565
1,700,535
Year ended 31 October 2024:
Profit and total comprehensive income
-
854,155
854,155
Balance at 31 October 2024
718,970
1,835,720
2,554,690
Year ended 31 October 2025:
Profit and total comprehensive income
-
760,410
760,410
Balance at 31 October 2025
718,970
2,596,130
3,315,100

The notes on pages 14 to 25 form part of these financial statements.

BRAZAUK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
4,034,102
1,489,455
Interest received
489
1,778
Interest paid
(67,044)
(73,942)
Income taxes paid
(442,341)
(83,744)
Net cash inflow from operating activities
3,525,206
1,333,547
Investing activities
Purchase of subsidiaries
(1,797)
-
0
Net cash used in investing activities
(1,797)
-
Net increase in cash and cash equivalents
3,523,409
1,333,547
Cash and cash equivalents at beginning of year
4,278,221
2,944,674
Cash and cash equivalents at end of year
7,801,630
4,278,221

The notes on pages 14 to 25 form part of these financial statements.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
1
Accounting policies
Company information

Brazauk Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Longcroft House, 2-4 Victoria Avenue, London, EC2M 4NS.

The company is authorised and regulated by the Financial Conduct Authority as an electronic money institution under the Electronic Money Regulations 2011.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has not prepared group financial statements, as its subsidiary undertakings are dormant and are considered immaterial, both individually and collectively. These financial statements therefore present the results and financial position of the company only.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents fees and commissions receivable from customers, which is recognised at the point transfer services are provided to the customer. Revenue also includes income relating to transactions in financial markets.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 current liabilities.

1.8
Financial instruments

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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Foreign exchange services
29,235,714
12,325,453
Payment and money transfer services
3,484,707
3,248,141
Interest income
674,752
544,501
Other financial services
99,045
19,053
33,494,218
16,137,148
2025
2024
£
£
Turnover analysed by geographical market
South America
20,096,531
3,550,173
Rest of the World
13,397,687
12,586,975
33,494,218
16,137,148
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Other revenue
Interest income
489
1,778
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(272,733)
420,424
Depreciation of tangible fixed assets
666
833
Operating lease charges
26,743
11,992
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,600
12,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
8
7

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
693,212
414,621
Social security costs
4,044
15,200
Pension costs
41,178
41,571
738,434
471,392
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
136,000
63,000
Company pension contributions to defined contribution schemes
38,963
38,959
174,963
101,959
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
489
152
Other interest income
-
0
1,626
Total income
489
1,778
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
489
152
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Other interest on financial liabilities
62,330
73,942
Other finance costs
Other interest
4,714
-
0
67,044
73,942
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
146,134
146,365
Foreign current tax on profits for the current period
107,345
83,744
Total current tax
253,479
230,109
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
10
Taxation
2025
2024
£
£
Current tax
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
-
0
129,733
Total tax charge
253,479
359,842

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,013,889
1,213,997
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
253,472
303,499
Effects of:
Expenses that are not deductible in determining taxable profit
-
0
5,574
Utilisation of tax losses not previously recognised
-
0
(66,558)
Depreciation on assets not qualifying for tax allowances
167
208
Deferred tax adjustments in respect of prior years
-
0
129,733
Other
(160)
(12,614)
Taxation charge in the financial statements
253,479
359,842
11
Tangible fixed assets
Computer equipment
£
Cost
At 1 November 2024 and 31 October 2025
13,261
Depreciation and impairment
At 1 November 2024
9,930
Depreciation charged in the year
666
At 31 October 2025
10,596
Carrying amount
At 31 October 2025
2,665
At 31 October 2024
3,331
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
1,797
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2024
-
Additions
1,797
At 31 October 2025
1,797
Carrying amount
At 31 October 2025
1,797
At 31 October 2024
-
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Braza Pt, Unipessoal Lda
Praca de Alvalade 6-8 Esq., 1700-036 Lisbon Portugal
Ordinary
100.00
Braza HK Limited
RM 1406, 14/F Solo Bldg 41-43 Carnarvon Rd Tsim Sha Tsui Hong Kong
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Braza Pt, Unipessoal Lda
832
-
0
Braza HK Limited
965
-
0

Both of the above subsidiaries have been dormant since incorporation.

14
Financial instruments
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
14
Financial instruments
(Continued)
- 23 -

The company’s financial instruments comprise cash, receivables, payables, related-party balances and borrowings, which are measured at amortised cost. The carrying amounts of short-term financial assets and liabilities approximate their fair values.

The company is exposed principally to credit, liquidity, foreign currency and interest-rate risks. Credit risk arises mainly from cash held with financial institutions and amounts receivable. Liquidity risk is managed by monitoring cash flows and maintaining sufficient liquid resources to meet liabilities as they fall due. Foreign currency exposures arising from the company’s activities are monitored and, where appropriate, limited or offset. Interest-rate risk arises principally from the company’s variable-rate borrowing.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
42,497
-
0
Other debtors
353,628
99,098
Prepayments and accrued income
43,495
17,592
439,620
116,690
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,680,284
47,666
Amounts owed to group undertakings
5,368
16,752
Corporation tax
-
0
146,365
Other taxation and social security
7,893
2,973
Other creditors
588,243
185,154
Accruals and deferred income
471,311
250,323
3,753,099
649,233
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
18
1,177,513
1,194,319
BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
18
Loans and overdrafts
2025
2024
£
£
Other loans
1,177,513
1,194,319
Payable after one year
1,177,513
1,194,319
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,178
41,571

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
718,970
718,970
718,970
718,970
21
Related party transactions

At the balance sheet date the amount due to the parent company, Hotwire Holdings Ltd, was £3,571 (20 24 - £16,752 ). There are no terms of interest on this balance and this amount is repayable on demand.

At the balance sheet date there is an amount due to the parent company, Hotwire Holdings Ltd of £1,177,513 (2024 - £1,194,319) for a loan taken out in the previous year. The loan is in US dollars and the movement in the balance in the year relates to the movement in foreign exchange rates. The interest incurred on the loan is an annual interest rate based on the 3 month SOFR (Secured Overnight Financing Rate) plus 1%. Interest payable in the year was £62,330 (2024: £73,942). The amount due at the balance sheet date has been included in the creditors due in more than one year.

22
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

The rate of interest is based the Secured Overnight Financing Rate SOFR plus 1% and the interest on the amount advanced was £2,749.

The amount advanced in the year has been repaid within 9 months after the balance sheet date.

23
Ultimate controlling party

The parent company of Brazauk Ltd is Hotwire Holdings Ltd and its registered office is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, VG1110 British Virgin Islands.

BRAZAUK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
23
Ultimate controlling party
(Continued)
- 25 -

The parent company is not required to prepare and file group accounts.

24
Cash generated from operations
2025
2024
£
£
Profit after taxation
760,410
854,155
Adjustments for:
Taxation charged
253,479
359,842
Finance costs
67,044
73,942
Investment income
(489)
(1,778)
Depreciation and impairment of tangible fixed assets
666
833
Movements in working capital:
Increase in debtors
(280,433)
(21,614)
Increase in creditors
3,233,425
224,075
Cash generated from operations
4,034,102
1,489,455
25
Analysis of changes in net funds
1 November 2024
Cash flows
Market value movements
Exchange rate movements
31 October 2025
£
£
£
£
£
Cash at bank and in hand
4,278,221
3,523,409
-
-
7,801,630
Borrowings excluding overdrafts
(1,194,319)
16,806
(1,177,513)
3,083,902
3,523,409
-
16,806
6,624,117
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