Hirose Financial UK's costs rose 40% to GBP 1.34 million in the year to March 31, more than twice the pace of its turnover. Revenue rose 18% to GBP 1.63 million, and operating profit fell 32% to GBP 285,594.
The accounts are the first full year since Hirose Financial UK stopped taking new retail clients outside Japan. They were filed at Companies House on July 29 and audited by Azets.
Client money held under Financial Conduct Authority rules came to GBP 292,515 at the year end. Its own cash stood at GBP 3.78 million.
Growth Slows in the First Year Without Retail
Turnover had nearly doubled the year before, rising 92% from GBP 717,000. This year it added 18%. Administrative expenses, meanwhile, climbed to GBP 1,343,113 from GBP 956,324.
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Operating margin fell to 17.5% from 30.6%, a drop of 13.1 percentage points. Staff costs went the other way, easing to GBP 267,075 as average headcount dropped to six from seven, with operational staff down to two.
Four of the six are directors, and directors took GBP 177,556 of the total staff bill. The measure the board says it manages to, active B2B corporate clients, reached 36 from 31.
| Year to March 31 (GBP) | 2026 | 2025 | Change |
|---|---|---|---|
| Turnover | 1,628,707 | 1,377,401 | +18% |
| Administrative expenses | 1,343,113 | 956,324 | +40% |
| Operating profit | 285,594 | 421,077 | -32% |
| Profit for the year | 354,285 | 701,339 | -49% |
| Client money held | 292,515 | 199,685 | +46% |
The Bottom Line Is a Deferred Tax Story
Profit for the year came in at GBP 354,285 against GBP 701,339, a fall of about half. Most of that gap sits below the trading lines.
Both years carried a deferred tax credit rather than a charge, and the credit shrank to GBP 7,132 from GBP 272,184. Profit before tax fell 19%, not 49%.
The company paid no current corporation tax in either year. It still has GBP 2,513,371 of losses to carry forward against future trading profits.
What the London Accounts Do Not Show
Hirose Financial UK is the FCA-regulated arm of Hirose Tusyo, an Osaka firm that remains one of Japan's larger retail foreign exchange operators. Nothing in this filing describes the Japanese business.
The UK company runs what the directors call a riskless principle, offsetting every client currency exposure to the parent, so it carries no material market risk of its own.
Its income has two sources: a turn on client transactions, and a payment from Hirose Tusyo set as a percentage of transaction numbers. The filing never says how the GBP 1.63 million splits between them, because related party disclosure is waived for wholly owned group companies.
The directors also decline to break turnover down by geography, saying the markets supplied do not differ substantially from one another.
From Binary Options to Prime Services
The revenue base has been rebuilt before. Lion binary options launched in 2014 under Gambling Commission rules rather than financial regulation.
Within a year they were 58% of company turnover. The build now is institutional, aimed at hedge funds, proprietary desks and family offices.
Hirose Financial UK hired a former Finalto and IS Prime sales director in July 2025 to develop margin FX prime services, and the balance sheet still carries GBP 6,317,000 of paid-in share capital against an accumulated deficit of GBP 2,019,218.
The permissions underneath all of it cover margined spot FX, which the directors describe in the filing as a leveraged product, not listed on any exchange, subject to a large number of rules.
