Noor Capital UK Limited, the FCA-regulated arm of Abu Dhabi's Noor Capital PSC, reported turnover of £261,473 (about $348,000) for the year to March 31, down 83% from £1.51 million. The company swung to a post-tax loss of £297,054, against a £232,230 profit a year earlier, according to accounts filed with Companies House.Cost of sales came to £308,948, more than the entire year's turnover. That left a gross loss of £47,455, compared with £801,283 of gross profit the year before.The Filing Does Not Say Why Commission Income Dried UpTurnover at the matched principal intermediary consists of commissions on client trading. The accounts give no breakdown of client numbers, volumes or products.The strategic report says results fell "well below the management's expectations" and that turnover decreased "as a result of the factors outlined above." Nothing above that sentence lists any factors. What precedes it is a three-row table and a reference to a challenging trading period.[#highlighted-links#]The wording returns lower down, where the fall in shareholders' funds is attributed to difficult trading conditions "as outlined above." Noor Capital UK reported a profit in each of its two preceding reporting periods.This is the entity's smallest annual turnover since at least the year to July 2022, when it still traded as House of Borse and booked £1.03 million of revenue before a 43% decline the following yearCash Halves and Reserves Turn NegativeCash at bank fell to £830,472 from £1,724,856. Operating activities consumed £894,384 during the year, against £443,639 generated in the prior period.Other creditors dropped to £1,045,646 from £1,956,138 and other debtors to £1,060,655 from £1,553,820, so the balance sheet contracted on both sides.Shareholders' funds closed at £965,695, below the £1 million of called up share capital, with the profit and loss reserve at negative £34,305.A line labeled other operating income contributed £109,027, with no breakdown in the notes and no comparative figure for the prior year. Without it the operating loss would have been £482,907 instead of £373,880.UK Filing Season Divides FCA BrokersGlobal Markets Group Limited closed the same March 31 year end with turnover of £1.64 million against £107,122 and a net loss cut to £161,206, after the FCA removed its matched principal restriction in July 2025.Swissquote's UK unit reported a 52% wider pretax loss this week alongside a £5 million injection from its Swiss parent. Noor Capital UK's share capital stayed at £1 million throughout the year, and the accounts record no capital from Abu Dhabi.HYCM Capital Markets (UK) swung to a £236,304 loss for the 2025 calendar year as administrative expenses more than doubled.EBC Financial's UK arm used its own filing this week to allege that a former director had misappropriated funds from a company bank account.Three Staff, a Rotating Board and a Lease Running OutThe company employed three people on average during the year, two in management and one in administration. Staff costs were £235,109 against £234,538, and directors' emoluments held flat at £153,000.Board turnover continued. Muhd Hs Al Zoubi resigned on June 2, 2025, the day Faisal Hassan Ibrahim Hassan Galadari joined, and Abdullah Eisa Mohamed Zamzam Al Ali was appointed in March 2025. Companies House records 10 director resignations since the company was incorporated in 2014.Noor Capital PSC, which bought the business outright in March 2023 and renamed it in January 2024, prepares the consolidated accounts. It is the only Noor Capital company registered in the UK; two others carrying the name, a Woking consultancy and a property firm dissolved in 2019, are unconnected to the group.At group level, Mohammed Younis took the permanent chief executive role at the brokerage division in January after nine months in an acting capacity.Operating lease commitments fell to £5,555, all falling due within one year, from £127,761 twelve months earlier. The company paid £68,457 in operating lease rental during the year.This article was written by Damian Chmiel at www.financemagnates.com.