REGISTERED NUMBER: 09603083 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

KEY CURRENCY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr C J Cooke

Mr J C Pinkney

Mr J S Pinkney

Mr A J Gibson

REGISTERED OFFICE:

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

REGISTERED NUMBER:

09603083 (England and Wales)

AUDITORS:

Whitemoor Audit LLP

5th Floor

111 Charterhouse Street

London

EC1M 6AW

Fair review of the Company's business

The business maintained the the level of sales the year to 31 December 2025, the previous period being 7 months to 31 December 2024..

Principal risks and uncertainties

The major company risks and uncertainties result from the unpredictable nature of the business environment, including foreign fluctuation, and uncertainty in the economy.

Cyber and data security risks

The Company constantly monitors how it captures, holds and uses customer data to ensure that it is protected to the highest standards.

The Company has implemented security policies to manage data security risk, including disaster recovery planning and implemented various security policies throughout the organisation such as password security, firewalls, scheduled back-ups, and antivirus protection.

The Company is clear on how it uses customer data in its published privacy policy and has implemented internal policies to ensure data is used appropriately and any breaches are addressed in a thorough and timely manner.

Analysis using financial key performance indicators.

For financial period to 2025, the Group generated revenue of £20.9m, compared to £11.7m, for the 7 month prior period. On a like for like basis the results are comparable fro the 12 months period.

Expenditure is also in line with the prior period when compared to a 12 month period. Higher costs in relation to advertising and marketing, which are incurred to maintain online presence in the competitive currency exchange market.

The Group recorded a pre tax profit of £9.1m (2024: £5.5m 7 month period).

Cash held in the bank at the end of the year was £19.5m, of which £16.5m (2024 - £20.6m) relates to safeguarded balances, which represent the monies held on behalf of clients on active transactions.

The directors have made contributions to the Employee Ownership Trust of £6.7m during the year (2024: £3.2m).

Future developments

The directors intend for the company to continue to trade profitably and to maintain and develop the company's reputation as a trusted and independent currency specialist.

ON BEHALF OF THE BOARD:

Mr A J Gibson - Director

16 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr C J Cooke

Mr J C Pinkney

Mr J S Pinkney

Mr A J Gibson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Whitemoor Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A J Gibson - Director

16 September 2026

Opinion

We have audited the financial statements of Key Currency Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

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:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

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 on 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;

- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override 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 that were

indicative of potential bias.

- Performed substantive testing on management expenses and 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 available correspondence with HMRC 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 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Neal Brand (Senior Statutory Auditor)

for and on behalf of Whitemoor Audit LLP

5th Floor

111 Charterhouse Street

London

EC1M 6AW

16 September 2026

TURNOVER

20,936,508

11,713,224

Cost of sales

5,411,957

2,758,105

GROSS PROFIT

15,524,551

8,955,119

Administrative expenses

6,353,215

3,476,368

OPERATING PROFIT

4

9,171,336

5,478,751

Interest payable and similar expenses

5

-

3,232

PROFIT BEFORE TAXATION

9,171,336

5,475,519

Tax on profit

6

2,287,628

1,373,527

PROFIT FOR THE FINANCIAL YEAR

6,883,708

4,101,992

Profit attributable to:

Owners of the parent

6,883,708

4,101,992

PROFIT FOR THE YEAR

6,883,708

4,101,992

OTHER COMPREHENSIVE INCOME

EOT Distribution

(6,661,352

)

(3,256,697

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(6,661,352

)

(3,256,697

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

222,356

845,295

Total comprehensive income attributable to:

Owners of the parent

222,356

845,295

FIXED ASSETS

Intangible assets

8

-

282

Tangible assets

9

13,396

7,370

Investments

10

5,236

-

18,632

7,652

CURRENT ASSETS

Debtors

11

1,147,925

812,952

Cash at bank

19,462,729

21,580,537

20,610,654

22,393,489

CREDITORS

Amounts falling due within one year

12

18,709,222

20,703,433

NET CURRENT ASSETS

1,901,432

1,690,056

TOTAL ASSETS LESS CURRENT LIABILITIES

1,920,064

1,697,708

CAPITAL AND RESERVES

Called up share capital

14

37,005

37,005

Retained earnings

15

1,883,059

1,660,703

SHAREHOLDERS' FUNDS

1,920,064

1,697,708

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

Mr A J Gibson - Director

FIXED ASSETS

Intangible assets

8

-

282

Tangible assets

9

13,121

7,370

Investments

10

39,676

37,638

52,797

45,290

CURRENT ASSETS

Debtors

11

661,660

806,442

Cash at bank

18,953,383

21,250,349

19,615,043

22,056,791

CREDITORS

Amounts falling due within one year

12

18,138,954

20,544,395

NET CURRENT ASSETS

1,476,089

1,512,396

TOTAL ASSETS LESS CURRENT LIABILITIES

1,528,886

1,557,686

CAPITAL AND RESERVES

Called up share capital

14

37,005

37,005

Retained earnings

1,491,881

1,520,681

SHAREHOLDERS' FUNDS

1,528,886

1,557,686

Company's profit for the financial year

6,632,552

4,085,366

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

Mr A J Gibson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2024

37,005

815,408

852,413

Changes in equity

Total comprehensive income

-

845,295

845,295

Balance at 31 December 2024

37,005

1,660,703

1,697,708

Changes in equity

Total comprehensive income

-

222,356

222,356

Balance at 31 December 2025

37,005

1,883,059

1,920,064

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2024

37,005

692,012

729,017

Changes in equity

Profit for the period

-

4,085,366

4,085,366

Other comprehensive income

-

(3,256,697

)

(3,256,697

)

Total comprehensive income

-

828,669

828,669

Balance at 31 December 2024

37,005

1,520,681

1,557,686

Changes in equity

Profit for the year

-

6,632,552

6,632,552

Other comprehensive income

-

(6,661,352

)

(6,661,352

)

Total comprehensive income

-

(28,800

)

(28,800

)

Balance at 31 December 2025

37,005

1,491,881

1,528,886

Cash flows from operating activities

Cash generated from operations

1

6,652,673

3,915,993

Interest paid

-

(3,232

)

Tax paid

(2,090,689

)

(1,328,974

)

Net cash from operating activities

4,561,984

2,583,787

Cash flows from investing activities

Purchase of tangible fixed assets

(13,204

)

(2,702

)

Purchase of fixed asset investments

(5,236

)

-

Net cash from investing activities

(18,440

)

(2,702

)

Cash flows from financing activities

EOT Distribution

(6,661,352

)

(3,256,697

)

Net cash from financing activities

(6,661,352

)

(3,256,697

)

Decrease in cash and cash equivalents

(2,117,808

)

(675,612

)

Cash and cash equivalents at beginning of year

2

21,580,537

22,256,149

Cash and cash equivalents at end of year

2

19,462,729

21,580,537

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Profit before taxation

9,171,336

5,475,519

Depreciation charges

7,339

3,689

Finance costs

-

3,232

9,178,675

5,482,440

Increase in trade and other debtors

(334,852

)

(72,710

)

Decrease in trade and other creditors

(2,191,150

)

(1,493,737

)

Cash generated from operations

6,652,673

3,915,993

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

19,462,729

21,580,537

Period ended 31 December 2024

31.12.24

1.6.24

£

£

Cash and cash equivalents

21,580,537

22,256,149

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

21,580,537

(2,117,808

)

19,462,729

21,580,537

(2,117,808

)

19,462,729

Total

21,580,537

(2,117,808

)

19,462,729

1.	STATUTORY INFORMATION

Key Currency Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

Financial statements are prepared to the nearest whole pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

Straight line over 3 years

Fixtures and fittings

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Wages and salaries

4,470,822

2,412,698

Social security costs

630,887

309,218

Other pension costs

78,439

42,794

5,180,148

2,764,710

The average number of employees during the year was as follows:

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

Management

5

5

Trading

21

21

Sales

21

21

Admin

11

11

58

58

The average number of employees by undertakings that were proportionately consolidated during the year was 58 (2024 - 58 ) .

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Directors' remuneration

27,288

15,918

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Other operating leases

58,463

35,167

Depreciation - owned assets

7,178

3,689

Development costs amortisation

282

-

Auditors' remuneration

15,000

14,400

Foreign exchange differences

(8,034

)

5,373

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Other interest

-

3,232

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Period

1.6.24

Year Ended

to

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

2,287,628

1,373,527

Tax on profit

2,287,628

1,373,527

Tax effects relating to effects of other comprehensive income

31.12.25

Gross

Tax

Net

£

£

£

EOT Distribution

(6,661,352

)

-

(6,661,352

)

1.6.24 to 31.12.24

Gross

Tax

Net

£

£

£

EOT Distribution

(3,256,697

)

-

(3,256,697

)

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.