he spread-betting company, Shelbourne Markets, plotted a pre-tax losses of nearly €435,927 in 2013 before it made a bold move to sell its spread betting business last year.
SFS Markets Ltd-formerly Marketspreads Ltd. apparently sold its spread betting business to a British-based U.K. company last July. Recent filed accounts with the firm reveals the Companies Office shows that the directors made a clear cut decision to sell following the losses than it sustained back in 2013 and further losses that were acquired in 2014 respectively.
The decision to sell was also made despite the company increasing its revenues to €3.2m in 2013. Revenues for the previous eight-month period amounted to €1.89 million. In April 2012, the Central Bank suspended the trading license of Marketspreads alleging that the capital sufficiency and edit opinion issues prior to the firm’s increase in capital rebranded Shelbourn Markets continued in their trade.
Based on the director’s report, the company made a progressive number of items during the said year which included the rebranding as Shelbourne Markets, increasing client funds at the same time reducing the cost base but ultimately the firm’s recorded operated loses.
The report added that as the company persisted to sustain losses into 2014, the board took the unlikely move to exit the spread trading business. The report confirmed during the months of June to July, the Shelbourne Markets business was sold to Monecor London Ltd. which was trading as ETX Capital.
The directors stated that on September, the Shelbourne Markets renounced its license and stopped to be regulated as an investment firm. The accounts further revealed that the firm recorded an operating loss of €374,008 in 2013 and this was followed an operating loss of €739,052 in 2012.
The net interest payments amounted to €61,919 increased the company’s pre-tax losses to €435,927 while an income tax credit of €268,503 dropped the firm’s post tax losses to €167,424. The company’s share holder funds have propelled during the year from €802,640 to €1.379 million despite the incurred losses.
The increase in shareholder funds increase principally from an injection of €744,194 based on a note attached to the accounts, that this will be an unconditional payment of cash to the company that was made for no consideration. This payment shall not give rise to no right to the contributor.
Payment made to directors last year amounted to €244,756. Furthermore, the companies controlled by directors Enrique and Ray Curran loaned an aggregate amount of €800,000 to SFS Markets back in 2012 and the outstanding amount still unaccredited as of December 2013.