The Director presents their Strategic Report for Interpolitan Money Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) for the year ended 31 December 2025.

The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and comply with the requirements of the Companies Act 2006.

This Strategic Report provides a fair, balanced and comprehensive review of the Group’s operational performance, financial position, principal risks and uncertainties, and the Director's assessment of the Group’s future prospects. The commentary herein should be read in conjunction with the audited financial statements and accompanying notes, which provide detailed disclosures in accordance with FRS 102.

Chief Executive Review

The year ended 31 December 2025 represented a period of disciplined expansion and structural enhancement for the Group.

Revenue increased to £9.8 million (2024: £8.2 million), reflecting sustained growth in cross-border transactional activity, expansion of institutional mandates and continued geographic penetration. The Group maintained profitability during the year, generating profit before taxation of £1.5 million (2024: £2.5 million), while simultaneously deploying capital into regulatory infrastructure, technology development and jurisdictional diversification.

The Group operates within a specialised segment of the financial services market characterised by structurally constrained risk appetite among traditional banking institutions. As onboarding standards have tightened across incumbent banks, demand for compliant, institutionally governed cross-border infrastructure has continued to expand. This dynamic has particularly affected corporates, funds, family offices and private clients operating multi-jurisdiction structures.

During 2025, the Board deliberately prioritised platform durability and risk-adjusted scalability over short-term margin expansion. Investment was directed toward strengthening transaction monitoring frameworks, enhancing sanctions and Anti-Money Laundering ("AML") screening architecture, upgrading internal control environments and reinforcing governance oversight. These initiatives, while increasing the fixed cost base in the short term, materially enhance the Group’s operational resilience and support sustainable operating leverage.

Geographic diversification progressed through the Canadian platform following Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") approval and the continued development of Interpolitan Money (DIFC) Limited, the Dubai International Financial Centre ("DIFC") operation. The Group’s distributed booking centre model enhances capital efficiency, reduces jurisdictional concentration risk and provides structural flexibility for clients requiring multi-territory banking infrastructure.

The Director considers the Group’s strategic positioning to be increasingly differentiated. Structural demand for specialist cross-border capital infrastructure persists and rising regulatory standards further reinforce the importance of compliance-led operators with robust governance frameworks.

The Group enters 2026 with a strengthened balance sheet, diversified geographic footprint and expanding institutional client base, providing a platform for disciplined long-term value creation.

Principal Activities

The Group is a regulated alternative banking provider delivering cross-border capital infrastructure, multi-currency account solutions and foreign exchange services to internationally active clients.

Core activities include the provision of named multi-currency "IBAN" (International Bank Account Number) accounts, cross-border payment execution, foreign exchange transactions, safeguarding and escrow arrangements, and institutional-grade onboarding and compliance services.

The Group operates across the United Kingdom, the United Arab Emirates (DIFC), Canada and India, with a strategic focus on building a distributed, multi-jurisdiction operating framework.

Revenue is primarily derived from foreign exchange margins, transactional service fees, account structuring charges and institutional service mandates. The business model is capital-light, transaction-driven and characterised by high client retention due to the embedded nature of its services.

Business Model and Revenue Recognition

The Group generates diversified revenue streams arising from the provision of cross-border financial services.

Foreign exchange revenue is recognised in accordance with FRS 102 Section 23 at the point in time when the underlying currency transaction is executed and the performance obligation is satisfied. Transaction fees are recognised when payment services are delivered and control transfers to the client.

Account maintenance and structuring fees are recognised over time, reflecting the continuous transfer of services to customers across the contractual period.

The Group does not recognise safeguarded client funds as assets of the business except where required under FRS 102. Client funds are segregated in accordance with regulatory requirements and held with tier-one banking institutions.

Revenue growth during the year reflects increased transactional throughput, improved revenue mix and institutional client expansion rather than any change in accounting policy or recognition methodology.

Financial Performance

Revenue:

Revenue increased to £9.8 million (2024: £8.2 million), driven by higher cross-border transaction volumes, improved institutional revenue contribution and geographic expansion. Revenue is disaggregated in the notes to the financial statements in accordance with FRS 102 Section 23 to provide transparency over revenue streams and timing of recognition.

Profitability:

Profit before taxation was £1.5 million (2024: £2.5 million). While operating expenses increased in absolute terms due to compliance investment, technology development and leadership strengthening, operating margins remained resilient.

The Group continues to demonstrate operating discipline, balancing investment in infrastructure with sustainable earnings generation. Over time, the Director expects incremental revenue growth to contribute to enhanced operating leverage as fixed infrastructure investment stabilises.

Financial Position:

The Group maintains a conservatively structured balance sheet with no material leverage exposure.

Client funds are held in segregated safeguarding accounts in accordance with applicable regulatory requirements and are not commingled with Group capital.

Liquidity is actively managed through rolling cash flow forecasts, stress testing and conservative capital allocation. The Group maintains adequate working capital to support operational continuity and regulatory obligations.

Key Performance Indicators

The Board monitors a range of financial and operational key performance indicators ("KPIs") aligned with strategic objectives and capital discipline.

These include revenue growth, profit before taxation, revenue quality metrics (including institutional revenue mix), safeguarded balance levels, active client growth and client retention ratios.

After considering these scenarios and the Group’s available liquidity resources, the Director has concluded that there are no material uncertainties that cast significant doubt on the Group’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

Principal risks and uncertainties

The Group operates within a regulated financial services framework and is subject to sector-specific risks.

Regulatory risk arises from potential changes to the Financial Conduct Authority ("FCA") , DIFC, FINTRAC or other applicable regulatory regimes. The Company mitigates this exposure through proactive engagement with regulators, continuous compliance investment and independent advisory support.

Financial crime risk, including exposure to money laundering, sanctions breaches and fraud, remains inherent in cross-border financial services. Enhanced transaction monitoring systems, multi-layer screening controls and governance oversight mitigate this risk.

Liquidity risk is managed through conservative treasury practices and stress-tested cash flow forecasting.

Counterparty risk is mitigated through diversification across established banking institutions with strong credit profiles.

Credit risk is limited primarily to trade receivables. Expected credit losses are assessed in accordance with FRS 102 using an incurred loss model.

Cybersecurity risk is addressed through layered security architecture, access controls and periodic independent penetration testing.

Geographic risk arises from operating across multiple jurisdictions.

Diversification mitigates concentration risk while maintaining regulatory alignment.

The Board undertakes formal risk reviews on a quarterly basis.

Going Concern

The Director has prepared detailed cash flow projections covering a period of not less than twelve months from the date of approval of the financial statements.

Forecasts incorporate downside stress scenarios, including reductions in transaction volumes, delayed revenue realisation and increased compliance expenditure.

After considering these scenarios and the Group’s available liquidity resources, the Director has concluded that there are no material uncertainties that cast significant doubt on the Group’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

Outlook

Structural demand for compliant cross-border capital infrastructure remains robust. International corporates, funds and family offices continue to expand across jurisdictions, while traditional banking risk appetite remains selectively constrained.

The Group’s strategic focus for 2026 includes continued expansion of the distributed booking centre model, enhancement of institutional product capabilities, further investment in compliance and technology architecture and strengthening of regional commercial leadership.

Growth will continue to be pursued within a prudent capital allocation framework, with regulatory integrity and risk management remaining foundational.

The Director believes the Group is positioned for sustained, disciplined expansion within a structurally attractive and increasingly differentiated segment of the financial services market.

Under Section 172 of the Companies Act 2006, a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company* for the benefit of its members as a whole, and in doing so have regard to:

(a) the likely consequences of any decision in the long term,

(b) the interests of the company’s employees,

(c) the need to foster the company’s business relationships with suppliers, customers and others,

(d) the impact of the company’s operations on the community and the environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the company.

*The director considers that references to company extend to both the Company and the Group

The Group’s stakeholders include, but are not limited to, its employees; suppliers; customers; and regulators.

The Board endeavours to achieve and maintain a reputation for high standards of conduct amongst its stakeholders which it regards as crucial in its ability to successfully achieve its corporate objectives. During the development of the Group’s strategies and decision-making processes, the Board will consider its stakeholders and their interests. The differing interests of stakeholders require the Board to assess and manage the impact of its policies in a fair and balanced manner to the benefit of its stakeholders as a whole.

The Board considers below these different stakeholder groups, their material issues and how the Group engages with them. Relevant board engagement with key stakeholders is detailed in the corporate governance report.

EMPLOYEES

The employees are one of the greatest assets to the Group. Their interests, which include training and development; a safe environment to work; diversity and inclusion; fair pay and benefits; reward and recognition are a high priority. On a day to day basis the Director engages directly with employees promoting an open, non-hierarchical culture, in which employees have an active contribution to the Group’s success. Weekly meetings are conducted and periodic company updates are provided. Feedback is always encouraged. The Board will actively reflect on this when making decisions. Regular management training, personal development and performance reviews all contribute to the development of staff.

SUPPLIERS

Supplier interests include fair trading, payment terms and working towards building a successful relationship. The Group will regularly review its supplier payments and performance alongside its monitoring of its performance. The Group’s Modern Slavery Statement sets out the processes put in place in order to combat modern slavery in the business and its supply chains.

CUSTOMERS

Customers are interested in successful product availability and usage; fair pricing and adherence to regulations. The Group wants to achieve the highest level of customer service and will regularly review feedback and reviews it receives from its customers. The Group operates under an open and transparent pricing model with its customers.

REGULATORS AND COMPLIANCE

The Group holds licenses and registrations with the Financial Conduct Authority (FCA), the Dubai Financial Services Authority within the DIFC, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the International Financial Services Centres Authority (IFSC) in India, and must adhere to the regulatory requirements of each of these regimes.. The Group ensures that staff have sufficient knowledge and regular training if necessary, to ensure that these regulations are met.

The nature of the business undoubtedly results in a higher risk of money laundering. All staff receive the relevant Anti-Bribery and Anti-Money Laundering training. Procedures and communications are in place to ensure that staff are able to comply with Anti-Money Laundering should there ever be a case.

On behalf of the board

Interpolitan Money Holdings Limited is a company limited by shares. The Director presents their Annual Report and the audited financial statements for the year ended 31 December 2025.

Business review

An analysis of the Group’s development (including likely future developments) and performance is contained in the strategic report. Information on the financial risk management strategy of the Group and its exposure to its principal risks is on page 3.

The principal activity of the Company is as an investment holding company for the Interpolitan Money Group of companies.

Interpolitan Money Holdings Limited (the ‘Company’) is a private limited company incorporated and domiciled in England and Wales. The registered office of the Company is Aldgate Tower, 2 Leman Street, London, E1W 9US. The registered company number is 14131298.

The Group’s principal activity is the development of alternative banking solutions including: current accounts, FX, interest income generated from client cash balances and mass payments for international businesses from start-ups to publicly-listed global brands.

A trading subsidiary, Interpolitan Money PLC, is Authorised and Regulated by the United Kingdom Financial Conduct Authority under the Electronic Money Regulations and the Payment Services Regulations for the issuing of electronic money and the provision of payment services with FCA registration number 900413.

The group also encompasses subsidiariaries who hold licenses and registrations with the Dubai Financial Services Authority within the DIFC, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the International Financial Services Centres Authority (IFSC) in India.

Equal opportunities

We are committed to ensuring our workplace is equal, diverse and inclusive. We operate a true meritocracy, recruiting and promoting staff based on their attitude, skills and experience. We do not discriminate between employees or prospective employees on the grounds of age, race, disability, religion, gender or any other criteria. We are also committed to ensuring all employees feel respected and are able to perform to the best of their ability.

The results for the year are set out on pages 16-17.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

The Director who held office during the year and up to the date of signature of the financial statements was:

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

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 auditor of the company 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 auditor of the company is aware of that information.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations, Sch.7 to be contained in the directors' report.

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Interpolitan Money Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 December 2025 and of the group's 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 group and parent 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 director's 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 group's and parent 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 director 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 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.

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 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

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

• the parent company 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.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the multi-currency e-banking and payments service industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Electronic Money Regulations 2011 as amended by the Payment Service Regulations 2017, the Money Laundering and Terrorist Financing Regulations 2019, European Market Infrastructure Regulations, Financial Conduct Authority (FCA), the Dubai Financial Sevices Authority (DFSA), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), International Financial Services Centres Authority (IFSC), the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the 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 considered there was susceptibility to fraud, 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; and 

• understanding the design of the company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 

• performed analytical procedures to identify any unusual or unexpected relationships; 

• tested journal entries to identify unusual transactions; 

• assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and 

• investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

• agreeing financial statement disclosures to underlying supporting documentation; 

• enquiring of management as to actual and potential litigation and claims; and 

• reviewing correspondence with HMRC, relevant regulators including the FCA and the company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £422,425 (2024 - £0 profit).

Interpolitan Money Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

The group consists of Interpolitan Money Holdings Limited and all of its subsidiaries.

The Group’s principal activity is the development of alternative banking solutions including: current accounts, FX, interest income generated from client cash balances and mass payments for international businesses from start-ups to publicly-listed global brands.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial instruments measured at fair value in accordance with the accounting policies set out below. The principal accounting policies adopted are set out below.

The company has early adopted the Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024 (FRS 102 periodic review amendments 2024) contained within FRS 102 (2024) which, if not early adopted, are applicable for periods beginning on or after 1 January 2026.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Interpolitan Money Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

The financial statements of the parent company and its subsidiary undertakings used in the preparation of the consolidated financial statements are prepared to reporting dates ending on or around 31 December 2025. Where subsidiary undertakings have reporting dates that differ from that of the parent company, appropriate adjustments are made for the effects of significant transactions and events occurring between the subsidiary reporting date and 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover represents the value of work carried out in respect of services provided and translation of foreign currency fees to customers and interest generated on customer cash balances.

The company recognises revenue from the following major sources:

•    FX

•    Account charges

•    Interest income

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

In this instance, the director has not considered it necessary to fair value the shares issued as consideration for the acquisition of the group. They also do not feel it is cost effective to fair value the assets of the group acquired. Hence, negative goodwill has been created. The negative goodwill has been amortised in its entirety in the first year.

Intangible assets, which relate to the costs associated with developing the Interpolitan platform, are acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Amortisation 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:

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:

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 recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Customer cash deposits

The Group recognises financial assets and liabilities for the funds customers hold on their accounts (‘Interpolitan accounts’) and the funds collected from customers, as part of the money transfer settlement process, that have not yet been processed. The liability is recognised upon receipt of cash or capture confirmation (depending on pay-in method), and is derecognised when cash is delivered to the beneficiary. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis, or to settle them simultaneously.

Principles to determine the point of delivery are the same as applied in revenue recognition, see note 1.5.

The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. As safeguarding requirements may vary across the different jurisdictions in which the Group operates, the Group holds customer funds in segregated accounts and other high quality liquid assets such as savings deposit accounts, as allowed by local regulations.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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.

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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, 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 payments 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. Amounts 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.

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 subsequently 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 through 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.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

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 or immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in or 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.

The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

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

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are shown on the Balance sheet separately from other tangible assets.

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 leases asset are consumed.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate or the company’s obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the company is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

In the comparative period, the company classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

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.

The consolidated financial statements are prepared in accordance with FRS 102, which forms the basis for determining and disclosing changes in accounting estimates at the Group level.

Subsidiaries prepare their individual financial statements under their respective local accounting frameworks. For consolidation purposes, their results and financial positions are adjusted, where necessary, to conform to the Group’s accounting policies under FRS 102.

In the current year, the FRS 102 Periodic Review was applied by the company for the first time and affects the financial statements as follows.

Leases

During the year, the company and wholly owned subsidiaries based in the UK early adopted the amendments to FRS 102 Section 20. As a result of applying the amended lease accounting requirements, leases previously classified as operating leases are recognised on the balance sheet through the recognition of a right-of-use asset and corresponding lease liability at the commencement date of the lease or as of the transition date for applying the amendments, whichever is later.

The adoption of the amendments has resulted in an increase in both fixed assets and liabilities recognised in the statement of financial position. Depreciation of right-of-use assets and interest on lease liabilities are recognised within the statement of profit or loss over the lease term, replacing any expenditure recognition for the lease repayments, which are now offset against the lease liability.

Comparative information has not been restated in accordance with the transitional provisions of the amendments. The company has applied the modified retrospective approach.

In the comparative period, the company classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

The company’s revised accounting policies for leases are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 in the current period is set out below.

Revenue

There have been no changes to the company's accounting policies for revenue as a result of the early adoption of Periodic Review 2024 and the revised FRS102 Section 23.

In the application of the group’s accounting policies, the director is 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Intangible fixed assets, are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values

The most critical estimates and assumptions for investments relate to the determination of cost of unlisted investments at cost less any accumulated impairment losses through profit and loss. In determining this amount, the investments are assessed for impairment at each reporting date. The nature, facts and circumstance of the investment drives the valuation methodology.

The deferred tax liability arises from timing differences relating to accelerated capital allowances. The calculation is based on the expected reversal of these timing differences and the tax rates enacted or substantively enacted at the reporting date. Changes in tax legislation or the timing of reversal of these differences could affect the amount recognised.

The Group recognises financial assets and corresponding liabilities for the funds customers hold on their Interpolitan accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a right and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis or settle them simultaneously. Therefore, Management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate.

The determination of the discount rate applied to lease assets involves significant estimation uncertainty. Under FRS 102 Section 20, where the interest rate implicit in the lease cannot be readily determined, the company uses its incremental borrowing rate.

The incremental borrowing rate requires judgement in assessing the company’s credit risk, the expected lease term, the nature of any security, and prevailing market interest rates at the commencement of the lease. These assumptions are subject to change and may materially affect the measurement of the right‑of‑use asset and corresponding lease liability.

During the year, the company incurred one-off professional fees in connection with due diligence work undertaken in relation to a potential corporate transaction. In accordance with FRS 102, these costs have been expensed as incurred and presented as an exceptional item due to their size and non-recurring nature.

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

Their aggregate remuneration comprised:

No director received remuneration in excess of £200,000 during the year (2024: one).

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:

Included within tangible fixed assets are right-of-use assets, as follows:

During the year, the group early adopted the FRS102 Periodic Review 2024 amendments for leases, recognising a right of use asset as of 1 January 2025 in respect of an ongoing operating lease for rental properties held by the group.

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

The reporting date for the above group entities is the same as for the parent except for:

• Interpolitan Global Private Limited - year ended 31 March

• Interpolitan Money (IFSC) Private Limited - year ended 31 March

The provision relates to the estimated costs of restoring leased properties to their original condition at the end of the lease terms, as required under the Company’s lease agreements. The provision represents management’s best estimate of the expected outflows required to settle the obligation, based on the current condition of the properties, anticipated repair costs, and expected timing of the works. The provision is reviewed at each reporting date and adjusted to reflect changes in estimates or assumptions.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The deferred tax liability set out above is expected to reverse in over 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Finance lease payments represent rentals payable by the group for leasehold land and buildings. The group is party to rental leases ranging between 2 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The revision to FRS 102 Section 20 is recognised prospectively, meaning that no comparatives are to be recognised. In the prior year, leases were previously accounted for as operating leases under the superceded requirements, with rental costs recognised as an expense as incurred.

There are no events post period end date to report.

The remuneration of key management personnel is as follows.

Remuneration of £nil (2024: £34,185) was paid to close family members of key management

During the year, group entities were recharged £1,193,421 (2024: £828,961) by a company under common control, under a cost-plus expenses agreement. At the year ended 31 December 2025, outstanding invoices of £241,649 (2024: £nil) were owed to this company.

The group also incurred consultancy fee expenses on an arms length basis of £6,000 (2024: £6,000) to a company which is owned by a director of Interpolitan Money PLC, a wholly owned subsidiary. At the year ended 31 December 2025, £1,000 (2024: £500) was owed to this group.

At the year end, the company owed £5,085 (2024: £nil) to a director on behalf of the group. The balance is unsecured, interest-free and repayable on demand.

Disclosure of entities that are part of the group is not required as 100% of the voting rights of the company are controlled within the group.