TRAVELEX FOREIGN COIN SERVICES LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have assessed the Company's ability to meet its liabilities as they fall due considering its current position and future trading, and its principal risks and uncertainties. A detailed explanation is provided in the basis of preparation paragraph which forms part of Note 1 to the financial statements, including matters that indicate a material uncertainty of the Company's ability to continue as a going concern. In summary, the Directors have carefully considered the Group's base case together with severe but plausible downside scenarios to ascertain the liquidity requirements of the Group and sources of funds in order to conclude on the appropriateness of preparing these financial statements on a going concern basis. ... The Directors have performed a going concern assessment for a period of 12 months from the approval of these financial statements, which indicates that the Company will have sufficient funds, through funding from the ultimate parent Travelex International Limited, and companies within the Group, to meet its liabilities as they fall due for that period. This assessment is dependent on Travelex International Limited and companies within the Group not seeking repayment of the amounts currently due to the Group and providing additional financial support during that period to the extent the support is required. Travelex International Limited has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other Group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. ... The Directors have, therefore, deemed it appropriate to prepare the financial statements on a going concern basis but note the existence of a material uncertainty related to the any impact from a potential change of control event, that may cast significant doubt on the Group's and the company's ability to continue as a going concem and, therefore, that the Group may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

1. TRAVELEX FOREIGN COIN SERVICES LIMITED 1994-05-04 → present
2. IBIS (258) LIMITED 1994-01-05 → 1994-05-04

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have assessed the Company's ability to meet its liabilities as they fall due considering its current position and future trading, and its principal risks and uncertainties. A detailed explanation is provided in the basis of preparation paragraph which forms part of Note 1 to the financial statements, including matters that indicate a material uncertainty of the Company's ability to continue as a going concern. In summary, the Directors have carefully considered the Group's base case together with severe but plausible downside scenarios to ascertain the liquidity requirements of the Group and sources of funds in order to conclude on the appropriateness of preparing these financial statements on a going concern basis. ... The Directors have performed a going concern assessment for a period of 12 months from the approval of these financial statements, which indicates that the Company will have sufficient funds, through funding from the ultimate parent Travelex International Limited, and companies within the Group, to meet its liabilities as they fall due for that period. This assessment is dependent on Travelex International Limited and companies within the Group not seeking repayment of the amounts currently due to the Group and providing additional financial support during that period to the extent the support is required. Travelex International Limited has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other Group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. ... The Directors have, therefore, deemed it appropriate to prepare the financial statements on a going concern basis but note the existence of a material uncertainty related to the any impact from a potential change of control event, that may cast significant doubt on the Group's and the company's ability to continue as a going concem and, therefore, that the Group may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.”

Significant events

• “In 2024, there were no changes to the Group's Senior Financing Agreement and no incremental issuance of New Money Notes. ... On 15 April 2025, the Group reached agreement with all principal shareholders and New Money Note Holders to extend the maturity of the New Money Notes until March 2029. The extension also includes a significantly reduced interest rate of 3.01%. As part of the extension, the principal shareholders and New Money Note Holders also agreed to provide an additional £12m of funding to the Group if a binding agreement for the sale of the Group is not agreed by 30 September 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -11.5%

  £82,896,000 → £73,341,000

• Cash

  -34.1%

  £10,236,000 → £6,749,000

• Net assets

  -72.5%

  -£14,181,000 → -£24,461,000

• Employees

  +1.4%

  434 → 440

• Operating profit

  -213.1%

  -£2,873,000 → -£8,996,000

• Profit before tax

  -150.7%

  -£3,735,000 → -£9,363,000

• Wages

  +3.2%

  £10,713,000 → £11,051,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers