TRAVELEX CURRENCY SERVICES LIMITED
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Cash
£16m
+29.2% vs 2024
Net assets
£26m
+15.2% highest in 3 filed years
Employees
224
-1.8% lowest in 3 filed years
Profit before tax
£4.6m
+2.8% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
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Material uncertainty over going concern
We draw attention to note 1 to the financial statements which indicates that the Company's ability to continue as a going concern is dependent on the continued financial support from its ultimate parent company, Travelex International Limited. The financial statements of Travelex International Limited include a material uncertainty related to going concern and therefore the availability of support may be in doubt if required. These events and conditions, along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
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3 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
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Going-concern uncertainty disclosed
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £38,016,000 | £40,479,000 | £42,257,000 | +4.4% | |
| Operating profit | £5,885,000 | £5,587,000 | £4,565,000 | -18.3% | |
| Profit before tax | £3,674,000 | £4,477,000 | £4,601,000 | +2.8% | |
| Net profit | £3,970,000 | £3,411,000 | £3,398,000 | -0.4% | |
| Cash | £22,744,000 | £12,749,000 | £16,466,000 | +29.2% | |
| Total assets less current liabilities | £20,301,000 | £23,910,000 | £27,539,000 | +15.2% | |
| Net assets | £18,960,000 | £22,371,000 | £25,769,000 | +15.2% | |
| Equity | £18,960,000 | £22,371,000 | £25,769,000 | +15.2% | |
| Average employees | 243 | 228 | 224 | -1.8% | |
| Wages | £6,277,000 | £5,706,000 | £6,525,000 | +14.4% | |
| Directors' remuneration | £428,000 | £414,000 | £385,000 | -7% | |
| Directors' pension contributions | £9,000 | £16,000 | £15,000 | -6.3% | |
| Highest paid director | £157,000 | £103,000 | £191,000 | +85.4% |
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 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 15.5% | 13.8% | 10.8% | |
| Net margin | 10.4% | 8.4% | 8.0% | |
| Return on capital employed | 29.0% | 23.4% | 16.6% | |
| Gearing (liabilities / total assets) | 40.9% | 31.2% | 44.0% | |
| Current ratio | 2.55x | 3.57x | 2.40x | |
| Interest cover | 1.67x | 1.79x | 1.89x |
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 1 time since incorporation
- TRAVELEX CURRENCY SERVICES LIMITED 1999-08-19 → present
- IBIS (510) LIMITED 1999-06-28 → 1999-08-19
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Abridged
- Yes — abridged accounts (limited disclosure)
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“We draw attention to note 1 to the financial statements which indicates that the Company's ability to continue as a going concern is dependent on the continued financial support from its ultimate parent company, Travelex International Limited. The financial statements of Travelex International Limited include a material uncertainty related to going concern and therefore the availability of support may be in doubt if required. These events and conditions, along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.”
Significant events
- “On 15 April 2025, the Group reached agreement with all principal shareholders and New Money Note Holders to extend the expiry date of the New Money Notes until March 2029.”
- “On 30 September 2025, a further £12m of Senior Guaranteed Notes (SGNs) were issued to Shareholders with a nominal interest rate of 15% and a maturity of 31 December 2028.”
- “After the balance sheet date, the Company's outsourcing contract with Barclays expired.”
- “conflict in Iran broke in late February 2026, with tensions spilling out into neighbouring states with Iran launching strikes on key infrastructure.”
- “On 3 June 2026, the Group completed a consent process to cancel 70% of the NMNs which are stapled to the shares held by the group shareholders. On this date, the NMN debt principal amount outstanding was reduced by 70% to £124.5 million.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 45 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BENIS-LONSDALE, Victoria | Secretary | 2018-08-17 | — | — |
| KETTLE, Adam | Director | 2024-05-09 | Aug 1980 | British |
| NORMAN, Daryl Peter Thomas | Director | 2021-10-25 | Aug 1972 | British |
| SHOEMAKE, Gary | Director | 2021-10-25 | Aug 1967 | British |
Show 45 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| KAHN, Clive Ian | Secretary | 1999-09-09 | 2002-05-09 |
| KHAN, Alia | Secretary | 2009-06-26 | 2011-11-09 |
| LOI, Ellen | Secretary | 2017-03-01 | 2018-08-17 |
| PIGNET, Sylvain Marc | Secretary | 2011-11-09 | 2017-03-01 |
| PIGNET, Sylvain Marc | Secretary | 2002-05-09 | 2009-06-26 |
| TSD SECRETARIES LIMITED | Corporate Nominee Secretary | 1999-06-28 | 1999-09-09 |
| BARTER, Philip Jon | Director | 2017-03-02 | 2024-04-17 |
| BENGTSSON, Tor Magnus | Director | 2004-06-21 | 2006-12-31 |
| BEST, Nathan John | Director | 2019-01-16 | 2021-10-25 |
| BURROWS, Andrew James | Director | 2000-08-10 | 2002-01-31 |
| CARSWELL, Adam Peter | Director | 2008-01-01 | 2008-08-15 |
| CHITTY, Lisa | Director | 2019-09-19 | 2025-12-31 |
| COCKBURN, Robin Charles | Director | 1999-09-26 | 2008-02-26 |
| COTTERILL-CLARK, Helen | Director | 2000-08-10 | 2003-07-30 |
| DAVIS, Ed John | Director | 2003-09-18 | 2006-12-31 |
| DHANDA, Gurminder Singh | Director | 2013-12-19 | 2015-10-30 |
| DORFMAN, Lloyd Marshall | Director | 1999-09-09 | 2003-09-18 |
| GOWAN, Douglas James | Director | 2011-06-28 | 2011-12-19 |
| GOWAN, Douglas James | Director | 2011-03-31 | 2011-04-01 |
| GOWAN, Douglas James | Director | 2011-02-22 | 2011-02-23 |
| GOWAN, Douglas James | Director | 2010-11-25 | 2010-11-26 |
| HALL, Clare Leanne | Director | 2015-04-06 | 2021-06-16 |
| HASLEHURST, Nicholas John | Director | 2009-01-23 | 2010-02-26 |
| HODGSON, Richard | Director | 2010-05-21 | 2014-03-28 |
| HOPKINS, Simon David William | Director | 2003-09-18 | 2007-04-27 |
| HUME, Cameron Michael | Director | 2024-05-09 | 2025-12-11 |
| KAHN, Clive Ian | Director | 1999-09-26 | 2006-11-23 |
| MURDEN, Vanessa Ann | Director | 2007-04-27 | 2007-12-31 |
| NORMAN, Daryl | Director | 2013-09-04 | 2019-09-19 |
| O'DONOVAN, Stephen Patrick | Director | 2007-04-27 | 2019-01-24 |
| PAGE, Nicholas Hurst | Director | 2000-01-19 | 2006-03-23 |
| PAINTER, David Charles, Mr. | Director | 2003-09-18 | 2007-04-27 |
| RAYMENT, John Francis | Director | 2017-06-23 | 2018-07-04 |
| RICHBELL, Keith | Director | 2002-05-09 | 2004-06-24 |
| ROCKLIFF, David Charles | Director | 2008-06-10 | 2012-05-10 |
| ROTHWELL, Julian Gordon | Director | 2007-04-27 | 2010-03-16 |
| SCOTT, Andrew James Moffat | Director | 2010-06-23 | 2013-09-30 |
| SEAR, David Valentine James | Director | 2007-01-16 | 2009-03-26 |
| SENNETT, Suzanne Rachel | Director | 2021-09-21 | 2025-12-31 |
| SMITH, Angela Mary | Director | 2021-10-25 | 2024-05-01 |
| SPICKNELL, Mark Andrew | Director | 2008-03-13 | 2008-06-10 |
| TURPIN, Brian Richard | Director | 2012-05-10 | 2013-12-31 |
| WAGERMAN, Anthony | Director | 2010-06-23 | 2012-07-09 |
| WALTHAM, Richard Martin | Director | 2000-08-10 | 2007-07-18 |
| TSD NOMINEES LIMITED | Corporate Nominee Director | 1999-06-28 | 1999-09-09 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Travelex Acquisitionco Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2020-08-06 | Active |
| Travelex Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Ceased 2020-08-06 |
| Dr Bavaguthu Raghuram Shetty | Individual | Shares 75–100% | 2016-04-06 | Ceased 2016-04-06 |
Filing timeline
Last 20 of 210 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-17 | AA | accounts | Accounts with accounts type full | |
| 2026-06-18 | TM01 | officers | Termination director company with name termination date | |
| 2026-05-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-12-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-12-12 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-01 | AAMD | accounts | Accounts amended with accounts type full | |
| 2025-07-17 | AA | accounts | Accounts with accounts type full | |
| 2025-05-02 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-03 | AA | accounts | Accounts with accounts type full | |
| 2024-05-15 | AP01 | officers | Appoint person director company with name date | |
| 2024-05-15 | TM01 | officers | Termination director company with name termination date | |
| 2024-05-15 | AP01 | officers | Appoint person director company with name date | |
| 2024-04-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-04-17 | TM01 | officers | Termination director company with name termination date | |
| 2023-10-30 | AA | accounts | Accounts with accounts type full | |
| 2023-10-03 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-04-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-02-21 | AA | accounts | Accounts with accounts type full | |
| 2022-04-29 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 3
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.