FIRST RATE EXCHANGE SERVICES LIMITED
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Cash
£187m
-2.2% vs 2025
Net assets
£124m
-2.2% lowest in 3 filed years
Employees
258
+4% highest in 3 filed years
Profit before tax
£58m
-6% lowest in 3 filed years
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £164,288,000 | £160,216,000 | £155,444,000 | -3% | |
| Operating profit | £66,705,000 | £63,293,000 | £59,379,000 | -6.2% | |
| Profit before tax | £64,319,000 | £62,074,000 | £58,367,000 | -6% | |
| Net profit | £47,136,000 | £46,532,000 | £43,766,000 | -5.9% | |
| Cash | £46,018,000 | £191,599,000 | £187,404,000 | -2.2% | |
| Total assets less current liabilities | £140,701,000 | £127,081,000 | £125,457,000 | -1.3% | |
| Net assets | £140,226,000 | £126,758,000 | £124,024,000 | -2.2% | |
| Equity | £140,226,000 | £126,758,000 | £124,024,000 | -2.2% | |
| Average employees | 246 | 248 | 258 | +4% | |
| Wages | £18,794,000 | £17,984,000 | £21,005,000 | +16.8% | |
| Directors' remuneration | £1,714,000 | £1,595,000 | £1,626,000 | +1.9% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 40.6% | 39.5% | 38.2% | |
| Net margin | 28.7% | 29.0% | 28.2% | |
| Return on capital employed | 47.4% | 49.8% | 47.3% | |
| Gearing (liabilities / total assets) | 70.7% | 71.6% | 75.6% | |
| Current ratio | 1.39x | 1.38x | 1.30x | |
| Interest cover | 11.47x | 11.30x | 13.99x |
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.
Name history
Renamed 3 times since incorporation
- FIRST RATE EXCHANGE SERVICES LIMITED 2006-02-23 → present
- FIRST RATE TRAVEL SERVICES LIMITED 2002-06-11 → 2006-02-23
- FRTS 2 LIMITED 2001-11-26 → 2002-06-11
- INTERCEDE 1743 LIMITED 2001-09-14 → 2001-11-26
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- RSM UK Audit LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on a going concern basis. In reviewing the going concern of the Company, the Directors considered the effects of the Middle East conflict and the associated on-going travel disruptions. Several financial models have been created with varying dates for the likely impact of this conflict. In all of these models, the Company continues to show positive cash balances and net assets. The Directors are therefore satisfied that the Company is in a position to meet its obligations as they fall due, for a period of at least 12 months from the date of this report.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
13 active · 63 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| DILLON, John Edward Michael | Secretary | 2025-05-16 | — | — |
| BORKETT, Ross | Director | 2024-10-07 | Feb 1986 | British |
| BRANNON, Barbara Jean | Director | 2022-07-05 | Oct 1974 | Irish |
| BROCKLEHURST, Neil James | Director | 2025-09-18 | Jul 1976 | British |
| CROSS, Sharon Anne, Mrs | Director | 2019-06-19 | Apr 1972 | British |
| DUTTON, Edward Michael | Director | 2025-09-18 | Oct 1969 | British |
| EHREICH, Daniel Aryeh | Director | 2021-09-27 | Aug 1980 | British |
| GARROOD, Matt | Director | 2023-11-21 | Apr 1978 | British |
| GOLDIE, Gail Louise | Director | 2024-05-20 | May 1979 | British |
| GROUNSELL, Dominic Peter | Director | 2025-09-18 | Dec 1978 | British |
| HARDIE, Andrew James Macgregor | Director | 2011-05-20 | Apr 1967 | British |
| HIGGINSON, George | Director | 2024-05-13 | Oct 1963 | British |
| WRIGHT, Thomas David | Director | 2025-06-10 | Mar 1975 | Irish |
Show 63 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BRANTON, Veronica | Secretary | 2019-09-18 | 2022-03-09 |
| CAHILL, Eamon | Secretary | 2006-11-07 | 2009-03-17 |
| CLEMENTS, Colin James | Secretary | 2003-01-08 | 2007-04-02 |
| GRAY, Sarah Isabelle | Secretary | 2025-01-27 | 2025-04-13 |
| HILL, Stephen Charles | Secretary | 2001-10-31 | 2002-05-24 |
| LYONS, Alwen | Secretary | 2012-01-01 | 2017-08-30 |
| MACLEOD, Jane Elizabeth | Secretary | 2018-09-19 | 2019-05-31 |
| POOLE, Andrew Philip | Secretary | 2009-04-28 | 2012-01-01 |
| SCARRABELOTTI, Rachel | Secretary | 2022-07-06 | 2025-01-24 |
| STAMMER, Janice Myra | Secretary | 2002-05-24 | 2003-01-07 |
| MITRE SECRETARIES LIMITED | Corporate Nominee Secretary | 2001-09-14 | 2001-10-31 |
| ARMSTRONG, Jillian Elizabeth | Director | 2020-08-05 | 2024-01-04 |
| BROWN, Richard Martin | Director | 2008-10-29 | 2010-04-22 |
| BURKE, Amy | Director | 2017-03-24 | 2019-03-27 |
| CHERRY, Lisa | Director | 2020-05-14 | 2022-06-01 |
| COMERFORD, Thomas | Director | 2004-08-19 | 2008-07-31 |
| COOK, Alan Ronald | Director | 2006-04-06 | 2010-03-15 |
| CORBETT, Peter Michael | Director | 2004-04-22 | 2007-05-23 |
| CROMWELL, David Albert | Director | 2002-01-31 | 2004-03-24 |
| CROWLEY, Desmond Edward | Director | 2006-04-06 | 2019-10-18 |
| DONOVAN, Denis Patrick | Director | 2003-02-26 | 2006-04-06 |
| DUTTON, Edward Michael | Director | 2024-10-03 | 2025-07-31 |
| EDWARDS, Martin Anthony | Director | 2024-05-14 | 2025-09-17 |
| EVANS, Jonathan | Director | 2001-10-31 | 2002-01-31 |
| EXTON, Richard John Worthy | Director | 2019-07-10 | 2020-04-30 |
| FAHY, Nicholas Gerard | Director | 2011-01-27 | 2014-04-11 |
| FITTON, Gary Duncan | Director | 2012-06-28 | 2025-09-17 |
| FOAT, Benjamin Andrew | Director | 2020-05-14 | 2024-09-17 |
| FULLER, Neil Anthony | Director | 2018-01-10 | 2020-06-30 |
| GALE, Roger William | Director | 2011-01-27 | 2019-07-10 |
| GILLILAND, Kevin John | Director | 2011-10-27 | 2017-03-29 |
| GOGGIN, Brian Joseph | Director | 2002-05-24 | 2003-02-26 |
| GOURLAY, Gordon Allan | Director | 2007-05-08 | 2017-09-28 |
| HOCKEY MORLEY, Gary | Director | 2007-05-08 | 2010-12-31 |
| HOWLEY, Simon James | Director | 2001-09-14 | 2001-10-31 |
| JONES, Amanda Jane | Director | 2019-07-10 | 2022-06-22 |
| KENNEDY, Michael David | Director | 2002-05-24 | 2007-04-02 |
| KENNETT, Nicholas Leo Andrew | Director | 2011-07-28 | 2018-02-13 |
| LARSSON, Bjorn | Director | 2012-06-28 | 2017-09-28 |
| LOGAN, Mark Derek | Director | 2007-08-23 | 2011-02-28 |
| MATCHETT, Stephen Howard | Director | 2012-09-20 | 2014-04-04 |
| MAYOR, Catherine Anne | Director | 2019-07-10 | 2022-04-29 |
| MCGOWAN, David | Director | 2010-04-22 | 2014-04-11 |
| MCLAUGHLIN, Ian Michael Brian | Director | 2020-04-29 | 2023-07-25 |
| MCLOUGHLIN, John William | Director | 2009-07-23 | 2012-06-28 |
| MILLS, David John | Director | 2002-09-18 | 2004-04-22 |
| MOORE, Ciara | Director | 2020-08-05 | 2025-04-11 |
| MOORES, Michael John | Director | 2011-01-27 | 2011-06-10 |
| MORAN, Martin William | Director | 2011-01-27 | 2011-10-27 |
| RICH, Michael William | Nominee Director | 2001-09-14 | 2001-10-31 |
| ROBERTS, Martin John | Director | 2023-03-01 | 2024-08-02 |
| SECRETAN, Katie | Director | 2022-07-15 | 2023-09-30 |
| SMITH, David John | Director | 2010-05-26 | 2010-11-25 |
| SMITH, Deborah Kay | Director | 2018-09-19 | 2020-01-31 |
| SMYTH, Lorraine Anne | Director | 2014-10-01 | 2016-08-01 |
| STEELE, Gordon Ramsay | Director | 2004-04-22 | 2006-04-06 |
| STOKES, Garrett George | Director | 2002-05-24 | 2004-08-19 |
| TUDOR, John | Director | 2014-05-07 | 2020-12-17 |
| VAN HULLE, Henk Marcel Cecile | Director | 2016-08-15 | 2021-09-27 |
| VENNELLS, Paula Anne | Director | 2009-04-28 | 2019-03-27 |
| WALDRON, Patrick Gerard Oliver | Director | 2009-04-28 | 2012-06-28 |
| WOODLEY, Owen Pearson | Director | 2017-04-24 | 2020-05-12 |
| WYATT, Alan Stephen | Director | 2009-04-28 | 2009-07-24 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| First Rate Exchange Services Holdings Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 247 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-17 | AA | accounts | Accounts with accounts type full | |
| 2026-06-25 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-05-15 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-14 | AA | accounts | Accounts with accounts type full | |
| 2025-06-13 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-06-13 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-13 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-05-20 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-05-01 | AD01 | address | Change registered office address company with date old address new address | |
| 2025-04-22 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-02-11 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-02-11 | TM02 | officers | Termination secretary company with name termination date | |
| 2024-10-18 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 3
- Officers resigned
- 2
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.