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Company Information
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Contents
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Directors' report
for the year ended 31 March 2021
The directors present their report together with the Strategic report and the financial statements of Union Standard International Group Limited ('the company' or 'USG UK') for the year ended 31 March 2021.
The profit for the year, after taxation, amounted to £
93,830
(2020 -
loss
£
347,572
)
.
The directors did not recommend a dividend during the year (2020 - £NIL).
The directors who served during the year was:
Soe Hein Min was appointed as a director on 2 June 2021.
Simon Quirke resigned as a director on 15 June 2021. Damian McDowell was appointed as a director on 1 July 2021.
The directors are responsible for preparing theDirectors' report, the Strategic report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the company's Strategic
report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers, customers and others.
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Directors' report (continued)
for the year ended 31 March 2021
This report was approved by the board on
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Strategic report
for the year ended 31 March 2021
The directors present their Strategic report of the company for the year ended 31 March 2021.
The company was founded in 2018 and is authorised and licenced by the Financial Conduct Authority with FRN: 798776.
Although the firm was incorporated in 2018, the company did not launch its services until January 2020. This was to ensure the firm met its responsibilities to the regulator and had adequate systems and controls in place to the high standards required of an FCA regulated firm.
Union Standard Group International Limited (“USG UK”) provides the industry standard MetaTrader platforms to its clients. Clients are namely from the United Kingdom, but the firm also offers its services to other 3rd country jurisdictions in compliance with FCA and ESMA guidelines. The firm will continue to grow the business organically, building the client base and further improving the client on-boarding experience and entire customer journey. Regarding Covid-19. The firm already had in place disaster and recovery plans and the ability to function off site, without disruption to services. Covid-19 put into real effect for firms across all industries the need for these measures to be tested in ‘real life scenario’, fortunately we were able to adapt quickly with little or no disruption to the services we offer. The business continued to run smoothly; clients saw no adverse effects to the services we provide. Our client base is mainly made up of retail clients, but the firm also provides its services to professional clients who take advantage of our speedy execution and levels of liquidity we maintain across their chosen markets. Market volatility through uncertainty over the financial fallout and socioeconomic effects from Covid-19 created opportunities for some investors depending on their trading strategies. All in all, Covid-19 had a neutral effect on the business in general. The firm under its new management and lead by Damian McDowell will look to strengthen its market share and global footprint. We shall continue to serve our valued clients, professionally and diligently and we thank our clients for choosing USG UK as their broker. Future developments Going forward we plan to enhance our processes, the customer journey, the spreads we offer across all markets. We look to maintain and build relationships with trusted partners who will play a vital role in improving the services we offer to our clients.
The main risk to the business is, and has always been, the acquisition of clients and thus the earning of revenues to make the business profitable. Sales and marketing efforts will be strengthened. A rebranding exercise is on the cards. The firm is part of an overall group of companies and therefore it is important for the UK firm to maintain its reputation for the high level of services it provides. The company has the support and financial backing of its shareholders, who understand the importance of a UK regulated firm and place USG UK at the forefront in its strategic plan on a global playing field.
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Strategic report (continued)
for the year ended 31 March 2021
The significant milestone was the launch of the platform on 4th January 2020. The company continues to monitor uptake of services from Institutional, Professional and Retail (investment) clients. Building successful relationships with 3rd Party Service Providers, namely Liquidity Providers, can provide better solutions for our clients and will influence the firm’s performance. Reducing costs without sacrificing the services we provide to our clients is also key to a successful business.
This section serves as our section 172 statement and should be read in conjunction with the Strategic report.
The board of USG UK are aware they have a legal responsibility under section 172 of the Companies Act 2006 to act in the way it considers, in good faith, would be most likely to promote the company’s success for the benefit of its stakeholders as a whole, and to have regard to the long-term effect of our decisions on the company. Engaging with stakeholders Our key stakeholders: Our employees The sector we operate in is highly competitive. USG UK pride ourselves on our customer service. We have received no complaints and our staff continue to provide friendly support to all clients as and when called upon. We do not offer trading advice. Clients are responsible for making their own trading decisions. Our staff are there to assist with any queries the clients may have and deal with them swiftly and successfully. Staff are up to date on the regulatory landscape, undertake training and maintain high level standards. To this end we:
∙
Have a rigorous recruitment process
∙
Undertake a continual oversight policy
∙
Encourage and fund further training and career development courses
∙
Involve staff with management decisions about the direction of the company and are encouraged to voice any ideas or concerns
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Strategic report (continued)
for the year ended 31 March 2021
Our third-party providers and support
We have an obligation for oversight and have responsibility for their actions. Our support is integral to our ability to offer an enhanced service to our clients thus we maintain a very close relationship with these providers to ensure we are compliant and that they maintain the same standards required of us a regulated firm. Customers We aim for our pricing to be competitive and stand by the principles of ‘treating customers fairly’. Our customers appreciate the 'old style' customer service. We provide a number of methods of contact but our main emphasis is on ‘one to one’ service. Of course, modern day avenues such as social media are used to keep our customers up to date with the latest news and events whilst also offering continued education to them. Our website also clearly displays contact details for the other departments as well as providing information on all our product offerings, trading education and informative blogs.
This report was approved by the board on 31 March 2022
and signed on its behalf.
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Independent auditor's report to the members of Union Standard International Group Limited
for the year ended 31 March 2021
We have audited the financial statements of Union Standard International Group Limited (the 'company') for the year ended 31 March 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 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.
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Independent auditor's report to the members of Union Standard International Group Limited (continued)
for the year ended 31 March 2021
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report or the Strategic 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:
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Independent auditor's report to the members of Union Standard International Group Limited (continued)
for the year ended 31 March 2021
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud 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 Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing forex and CFD brokers; - we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud; - we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of forex and CFD brokers; - the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; - we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000 and taxation legislation; and - we considered the impact of Brexit on the company and the laws and regulations above. We assessed the extent of compliance with the laws and regulations identified above through: - making enquiries of management; - inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and - considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process; - reviewed journal entries throughout the year to identify unusual transactions; - performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period; - reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company’s management; and - carried out substantive testing to check the occurrence and cut-off of expenditure. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, the Financial Conduct Authority and the company’s legal advisors.
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Independent auditor's report to the members of Union Standard International Group Limited (continued)
for the year ended 31 March 2021
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. 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. 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 Auditor's 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 an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
for the year ended 31 March 2021
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Statement of financial position
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 23 form part of these financial statements.
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Statement of changes in equity
for the year ended
31 March 2021
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Statement of cash flows
for the year ended 31 March 2021
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Notes to the financial statements
for the year ended 31 March 2021
Union Standard International Group Limited is a private company limited by shares and is registered in England and Wales. The principal place of the company is 3rd Floor, 75 King William Street, London, EC4N 7BE and the address of the registered office is c/o Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. The registration number of the company is 10702813.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
After reviewing the forecasts and projections along with confirmation from the ultimate beneficial owner of his current intention to support the business financially for the forseeable future, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future, and for at least for 12 months following the signature of these financial statements.
Therefore the financial statements have been prepared on the going concern basis. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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Notes to the financial statements
for the year ended 31 March 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company operates segregated client bank accounts in accordance with the Client Money regulations of
the FCA. These funds are recognised on the company's Statement of financial position. See note 14 for details of the balances held.
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Notes to the financial statements
for the year ended 31 March 2021
2.
Accounting policies (continued)
The company only enters into transactions that result in the recognition of basic financial instruments like trade and other debtors and creditors and loans to/from related parties.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Notes to the financial statements
for the year ended 31 March 2021
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future period. There were no significant judgements or key sources of estimation uncertainty which would have had a significant effect on the amounts recognised in the financial statements, other than whether to recognise a potential deferred tax asset in respect of taxable losses carried forward (see note 16), and the treatment of client money (see note 14).
The whole of turnover is attributable to the company's principal activity.
All turnover arose within the United Kingdom.
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Notes to the financial statements
for the year ended 31 March 2021
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Notes to the financial statements
for the year ended 31 March 2021
On 3 March 2021, the government announced its intention to increase the corporation tax rate from 1 April 2023.
This rate will taper from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000. This is anticipated to be substantively enacted once the Finance Bill 2021 passes the House of Commons.
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Notes to the financial statements
for the year ended 31 March 2021
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Notes to the financial statements
for the year ended 31 March 2021
The company operates segregated client money bank accounts. At 31 March 2021, the total balance of these
accounts was £979,369 (2020 - £38,001). This balance is included within Cash at bank and in hand and is off-set by an Other creditor balance.
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Notes to the financial statements
for the year ended 31 March 2021
Profit and loss account
This account includes all current and prior periods' retained earnings.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,183 (2020 - £nil). Contributions totalling £3,252 (2020 - £nil) were payable to the fund at the reporting date and are included in creditors.
The company had no capital commitments at 31 March 2021 or 31 March 2020.
There were no contingent liabilities at 31 March 2021 or 31 March 2020.
An analysis of changes in net debt has not been presented as all of the company's cash flows relate to movements in cash and the company has no items to include in such an analysis other than the cash flows in the Statement of cash flows.
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Notes to the financial statements
for the year ended 31 March 2021
The company is under the control of Union Standard Group International Holdings Limited, a company established in the Independent State of Samoa.
Union Standard Group International Holdings Limited is the immediate and ultimate parent undertaking of the company by virtue of a 100% shareholding in the company. The registered office address of Union Standard Group International Holdings Limited is Le Sanalele Complex, Ground Floor, Vaea Street, Saleufi, Apia, Samoa 96799. The ultimate controlling party is Soe Hein Minn by virtue of 100% ownership of all the shares in Union Standard Group International Holdings Limited.
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