Company Information
Contents
Directors' report
For the year ended 31 December 2025
The directors present their report and the financial statements of EMFI Securities Limited ('the company') for the year ended 31 December 2025. The company is a member of the group headed by EMFI Group Limited ('EMFI').
The directors who served during the year were:
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 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;
∙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 profit for the year, after taxation, amounted to $10,879 (2024 - $950,740).
The director did not recommend any dividends during the year (2023 - $nil).
The director did not recommend any dividends during the year (2023 - $nil).
The company has chosen, in accordance with s.414C(II) of the Companies Act 2006, to set out in the company's Strategic
report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the
Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers,
customers and others.
report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the
Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers,
customers and others.
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Directors' report (continued)
For the year ended 31 December 2025
information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 27 April 2026 and was signed on its behalf by:
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Strategic report
For the year ended 31 December 2025
The directors presents the Strategic report of the company for the year ended 31 December 2025.
EMFI Securities is a wholesale broker-dealer specializing in emerging markets fixed-income trading. The Company provides research and execution services, primarily focused on Latin American (LATAM) issuers, while also covering African, Middle Eastern, and South Asian sovereign and quasi-sovereign debt markets.
During 2025, EMFI Securities Limited continued to stabilize its business activities with the forecast of increased trade volumes contributing to a strong financial performance in 2026 and beyond.
During 2025, EMFI Securities Limited continued to stabilize its business activities with the forecast of increased trade volumes contributing to a strong financial performance in 2026 and beyond.
The Company’s trading operations follow a matched principal broking model. As a mature business line, its overhead costs are well understood and remain stable, eliminating the need for financing costs. This is reflected in the Company’s strong Cash Ratio and Gross Profit Margin.
Key drivers of this financial strength include:
Efficient cost management: Maintaining access to a diverse range of settlement agents and execution venues helps optimize costs and limit reliance on commission-sharing agreements.
Robust counterparty relationships: A well-established network of counterparties ensures seamless trade execution and settlement, enhancing operational resilience.
Strong research capabilities: EMFI Securities leverages in-depth research on emerging and frontier markets to capitalize on trading opportunities.
Given the ongoing global high-interest-rate environment, capital inflows into international bond markets are expected to increase. The Company’s expertise in emerging markets, combined with the strength of its trading desk, positions it well to benefit from these trends.
Key drivers of this financial strength include:
Efficient cost management: Maintaining access to a diverse range of settlement agents and execution venues helps optimize costs and limit reliance on commission-sharing agreements.
Robust counterparty relationships: A well-established network of counterparties ensures seamless trade execution and settlement, enhancing operational resilience.
Strong research capabilities: EMFI Securities leverages in-depth research on emerging and frontier markets to capitalize on trading opportunities.
Given the ongoing global high-interest-rate environment, capital inflows into international bond markets are expected to increase. The Company’s expertise in emerging markets, combined with the strength of its trading desk, positions it well to benefit from these trends.
The Company acknowledges several key risks that may impact on its business operations:
Macroeconomic Risk: A prolonged global economic downturn or an extended period of USD strength could lead to a wave of emerging market defaults, reducing trade flows.
Market Volatility: While economic stresses may pose risks, they can also create opportunities by increasing trading volumes, benefiting the Company’s trading desk.
Regulatory and Compliance Risk: The evolving regulatory landscape in financial markets requires continuous monitoring to ensure compliance with international and local market regulations.
Macroeconomic Risk: A prolonged global economic downturn or an extended period of USD strength could lead to a wave of emerging market defaults, reducing trade flows.
Market Volatility: While economic stresses may pose risks, they can also create opportunities by increasing trading volumes, benefiting the Company’s trading desk.
Regulatory and Compliance Risk: The evolving regulatory landscape in financial markets requires continuous monitoring to ensure compliance with international and local market regulations.
Looking ahead, EMFI Securities remains optimistic about its growth prospects. The Company will continue to enhance its research capabilities, deepen its counterparty relationships, and optimize execution strategies.
With its established market presence and strong financial fundamentals, EMFI Securities is well-positioned to navigate market fluctuations while capitalizing on emerging opportunities in the global fixed-income sector. The Board of Directors remains confident in the Company’s strategic direction and commitment to delivering long-term value to stakeholders.
With its established market presence and strong financial fundamentals, EMFI Securities is well-positioned to navigate market fluctuations while capitalizing on emerging opportunities in the global fixed-income sector. The Board of Directors remains confident in the Company’s strategic direction and commitment to delivering long-term value to stakeholders.
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Strategic report (continued)
For the year ended 31 December 2025
This report was approved by the board on 27 April 2026 and signed on its behalf by:
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Independent auditor's report to the members of EMFI Securities Limited
For the year ended 31 December 2025
We have audited the financial statements of EMFI Securities 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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Independent auditor's report to the members of EMFI Securities Limited (continued)
For the year ended 31 December 2025
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report and the Strategic 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 Directors' report and the Strategic report.
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Independent auditor's report to the members of EMFI Securities Limited (continued)
For the year ended 31 December 2025
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.
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 laws and regulations, was as follows:
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Independent auditor's report to the members of EMFI Securities Limited (continued)
For the year ended 31 December 2025
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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the year ended 31 December 2025
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Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board of directors on 27 April 2026 and were signed on its behalf by:
The notes on pages 12 to 20 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales with registration number 10447140. The registered office address and principal place of business of the company is 25-26 Dering Street, London, England, W1S 1AW.
2.Accounting policies
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' ('FRS 102') 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 judgement in applying the company's
accounting policies (see note 3).
The following principal accounting policies have been applied:
The company, as a qualifying entity, has taken advantage of the reduced disclosures for subsidiaries set out in
section 1 of FRS 102. The company has elected not to prepare a statement of cash flows. This information is disclosed in the consolidated financial statements of EMFI Group Limited and can be obtained from Companies House.
section 1 of FRS 102. The company has elected not to prepare a statement of cash flows. This information is disclosed in the consolidated financial statements of EMFI Group Limited and can be obtained from Companies House.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
All revenue is measured at the fair value of consideration received or receivable, and is recognised only when it is probable that the economic benefits will flow to the company and can be measured reliably.
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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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The company only enters into transactions that result in the recognition of basic financial instruments like
trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or
financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market
rate, the financial asset or liability is measured, initially, at the present value of the future cash flow
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or
financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market
rate, the financial asset or liability is measured, initially, at the present value of the future cash flow
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
involved in the preparation of these financial statements.
All turnover was derived from the company's principal activity.
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
Profit and loss account
There were no contingent liabilities at 31 December 2025 or 31 December 2024.
The company had no capital commitments at 31 December 2025 or 31 December 2024.
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Notes to the financial statements
For the year ended 31 December 2025
The immediate and ultimate parent undertaking of the company is EMFI Group Limited.
The largest and smallest group of undertakings for which group accounts are prepared which include the company
is that headed by EMFI Group Limited, whose registered office is 25-26 Dering Street, London, W1S 1AW. These
accounts are publicly available from Companies House at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party isUsman Sheikh .
The largest and smallest group of undertakings for which group accounts are prepared which include the company
is that headed by EMFI Group Limited, whose registered office is 25-26 Dering Street, London, W1S 1AW. These
accounts are publicly available from Companies House at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is
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