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Registered number: 12725208









FIECON GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FIECON GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
K Fisher 
M Fisher 




Registered number
12725208



Registered office
Hodgkin Huxley House
30 Farringdon Lane

London

EC1R 3AW





 
FIECON GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 31


 
FIECON GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the year ended 31 December 2023.
FIECON Group is a global health economics consultancy committed to launching therapeutics that make a meaningful impact on the lives of people worldwide. We support biotech, pharmaceutical, and medical technology companies by combining commercial strategy with technical rigor to provide impactful solutions, shaping the global launch of innovative products.
Our service areas include pricing and reimbursement, outcomes research, economic modelling, health technology assessment, and value communications. When these services are employed together, we ensure our clients’ products achieve global market access at commercially acceptable prices. We are recognised for delivering industry-leading experiences, results, and partnerships.
Our vision is to use economics for the good of humanity, focusing on people, patients, and the planet.
Since our journey began in 2015, we have strived to bridge the gap in commercialising life-altering medicines. From a two-person start-up, we have grown into a global presence of over 100 people across Europe and North America. We have become a trusted partner to our clients, successfully launching over 100 drugs with a 96% success rate in securing reimbursements to date.
At FIECON, we aim to set the standard for how for-profit working environments should operate—driven by individuals who are motivated to make a difference, positively impacting millions of lives through their work, and giving back to broader societal causes. This commitment has led FIECON Group to embark on our B-Corp journey, achieve the prestigious Great Place to Work certification, and secure a place on the list of the best medium-sized businesses to work for.

Business review
 
2023 marked our largest investment in FIECON’s growth since our inception eight years ago. This was made possible by the strong growth, profitability, and cash flow we have generated, underpinned by a robust business growth plan and risk-mitigation strategy.
FIECON Group continued its global recruitment initiatives, increasing our headcount by 25%. This growth included key non-revenue generating roles, such as Learning and Development Partners, Head of Innovation, and Internal Recruitment Managers, to set the foundation for future success.
We also made significant investments in learning and development programs, coaching, and enhancing our systems and processes to establish a strong, professionalised business.
Growth was managed organically, driven by the high quality of our project delivery and the recommendations of satisfied clients. Additionally, we invested in an industry-leading sales team to secure new business opportunities across the globe.
FIECON Group also intensified its focus on digital services and technology by hiring a Technology Director and increasing our emphasis on innovation to enhance efficiency. This included leveraging AI and hiring a Head of Innovation, leading to the development of internal AI tools and software.
We continued to consolidate our strongest service areas—economic modelling, health technology assessment, and outcomes research—while also expanding our value communications and pricing and reimbursement services.
Looking ahead, FIECON’s plans include expanding our presence in North America, exploring new service areas, and continuing to enhance our existing services using AI.
 
Page 1

 
FIECON GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FIECON Group has won several awards in the 8 years of operation including, Best New Business 2017, Fastest Growing Business 2018, Founder and CEO being recognised as one of UK’s five “Entrepreneurial winning women” in 2021. In 2023, FIECON further received the prestigious “People First” Award from The Times in partnership with LDC, and the “Diamond Giving” Award for our philanthropic activities. Kuntal and Mark Fisher were also named among the “Top 50 Most Ambitious Entrepreneurs” and were finalists for the prestigious “EY Entrepreneurs of the Year” award in 2023.

Principal risks and uncertainties
 
The healthcare industry is highly dynamic, presenting both challenges and opportunities for FIECON Group’s core business.
The Group has developed a comprehensive risk mitigation plan to address all major risks that could materially impact our business. The primary risks arising from our activities include environmental changes that may affect our services, and the challenges associated with rapid growth.
In response to recent external geopolitical events, we continuously monitor the environment to understand how global events or healthcare regulatory changes might impact our business. If an event is anticipated to have a material impact, we promptly develop and implement strategic plans to mitigate these risks.
As our business continues to grow rapidly, we recognise the potential risks associated with the pace of recruitment and maintaining high retention levels. To address these risks, we have established a robust recruitment process, supported by an in-house specialist Talent Acquisition Manager. Our recruitment team, alongside the People function, focuses on developing and retaining A-player individuals. Our outstanding culture and inspiring purpose are our strongest assets in attracting top talent. We regularly review and enhance our employee offerings to support recruitment, retention, and career progression for those seeking it.
Another risk related to rapid growth is the possibility that the quality of our work may not meet our high standards. Delivering results and delighting clients is one of our core values, and we strive to provide the best experiences, results, and partnerships to everyone we serve. To ensure we continue to meet our clients’ expectations, we regularly measure client satisfaction and take immediate action if our standards are not met.

Financial key performance indicators
 
FIECON has grown to £10.4M revenue (7% from 2023) with an EBITDAR of £2.0M. Our positive cash flow means that we have been able to hire industry leaders, invest in efficiency generating systems, and expand our offerings to new geographies.

Other key performance indicators
 
We have launched medicines in 20+ countries, supporting 100+ global pharmaceutical and biotech organisations, including 9 out of the top 10 pharmaceutical companies. Our primary business stems from Europe and North America, with key secondary markets including Australia, Brazil, and Taiwan. 
We have grown to 100 people, who are mostly based in the UK with others located in the US, Germany, Spain, and Poland. We have two flagship office locations – a 3 floor building in the heart of London and an owned office space in St Albans, UK. 

Page 2

 
FIECON GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.



M Fisher
Director

Date: 23 September 2024

Page 3

 
FIECON GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,409,836 (2022 - £2,166,481).

An interim dividend was paid amounting to £4,531,282 (2022: £360,000). The directors do not recommend the
payment of a final dividend.

Directors

The directors who served during the year were:

K Fisher 
M Fisher 

Future developments

Future developments include geographic operational expansion into the United States of America with additional headcount anticipated next year as well as growing our real-world services offering, to provide further solutions for companies in achieving patient access.

Page 4

 
FIECON GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M Fisher
Director

Date: 23 September 2024

Page 5

 
FIECON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON GROUP LIMITED
 

Opinion


We have audited the financial statements of Fiecon Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
FIECON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FIECON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK    financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits    legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the  business and therefore may have a material effect on the financial statements include operational and    manufacturing requirements, environmental regulations, health and safety legislation, employment law    and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness
Page 8

 
FIECON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON GROUP LIMITED (CONTINUED)


of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Elizabeth Wicks ACA (Senior statutory auditor)
  
for and on behalf of
WMT
 
Chartered Accountants
  
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

24 September 2024
Page 9

 
FIECON GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,422,175
9,785,919

Cost of sales
  
(3,980,341)
(3,297,384)

Gross profit
  
6,441,834
6,488,535

Administrative expenses
  
(4,722,895)
(3,928,463)

Operating profit
 5 
1,718,939
2,560,072

Interest receivable and similar income
 9 
65,370
88,873

Profit before taxation
  
1,784,309
2,648,945

Tax on profit
 10 
(374,473)
(482,464)

Profit for the financial year
  
1,409,836
2,166,481

Profit for the year attributable to:
  

Owners of the parent Company
  
1,409,836
2,166,481

  
1,409,836
2,166,481

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,409,836
2,168,347

  
1,409,836
2,168,347

The notes on pages 17 to 31 form part of these financial statements.

Page 10

 
FIECON GROUP LIMITED
REGISTERED NUMBER: 12725208

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
460,768
454,815

  
460,768
454,815

Current assets
  

Long term contracts
 14 
921,907
216,728

Debtors
 15 
2,442,000
4,639,631

Cash at bank and in hand
 16 
2,513,724
4,322,950

  
5,877,631
9,179,309

Creditors: amounts falling due within one year
 17 
(1,039,203)
(1,232,764)

Net current assets
  
 
 
4,838,428
 
 
7,946,545

Total assets less current liabilities
  
5,299,196
8,401,360

Provisions for liabilities
  

Deferred taxation
 19 
(33,086)
(13,805)

  
 
 
(33,086)
 
 
(13,805)

Net assets
  
5,266,110
8,387,555


Capital and reserves
  

Called up share capital 
 20 
101
100

Foreign exchange reserve
 21 
2,024
2,024

Profit and loss account
 21 
5,263,985
8,385,431

Equity attributable to owners of the parent Company
  
5,266,110
8,387,555

  
5,266,110
8,387,555


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Fisher
Director

Date: 23 September 2024

The notes on pages 17 to 31 form part of these financial statements.

Page 11

 
FIECON GROUP LIMITED
REGISTERED NUMBER: 12725208

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
138
138

  
138
138

Current assets
  

Debtors
 15 
1
2,647,802

Cash at bank and in hand
 16 
41,434
364

  
41,435
2,648,166

Creditors: amounts falling due within one year
 17 
(41,365)
(2,647,804)

Net current assets
  
 
 
70
 
 
362

Total assets less current liabilities
  
208
500

  

  

Net assets
  
208
500


Capital and reserves
  

Called up share capital 
 20 
101
100

Profit and loss account brought forward
  
400
-

Profit and loss account carried forward
  
107
400

  
208
500


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M Fisher
Director

Date: 23 September 2024

The notes on pages 17 to 31 form part of these financial statements.

Page 12

 
FIECON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
158
6,578,950
6,579,208



Profit for the year
-
-
2,166,481
2,166,481

FX movements
-
1,866
-
1,866

Dividends: Equity capital
-
-
(360,000)
(360,000)



At 1 January 2023
100
2,024
8,385,431
8,387,555



Profit for the year
-
-
1,409,836
1,409,836

Dividends: Equity capital
-
-
(4,531,282)
(4,531,282)

Shares issued during the year
1
-
-
1


At 31 December 2023
101
2,024
5,263,985
5,266,110


The notes on pages 17 to 31 form part of these financial statements.

Page 13

 
FIECON GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
-
100



Profit for the year
-
360,400
360,400

Dividends: Equity capital
-
(360,000)
(360,000)



At 1 January 2023
100
400
500



Profit for the year
-
4,530,989
4,530,989

Dividends: Equity capital
-
(4,531,282)
(4,531,282)

Shares issued during the year
1
-
1


At 31 December 2023
101
107
208


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
FIECON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,409,836
2,166,481

Adjustments for:

Depreciation of tangible assets
74,981
68,704

Loss on disposal of tangible assets
(51)
-

Interest received
(65,370)
(88,873)

Taxation charge
374,473
482,464

(Increase) in stocks
(705,179)
(73,574)

Decrease in debtors
2,197,631
262,925

(Decrease)/increase in creditors
(68,762)
341,031

Corporation tax (paid)
(479,991)
(656,814)

Foreign exchange movements
-
1,866

Net cash generated from operating activities

2,737,568
2,504,210


Cash flows from investing activities

Purchase of tangible fixed assets
(83,946)
(110,692)

Sale of tangible fixed assets
3,063
-

Interest received
65,370
88,873

Net cash from investing activities

(15,513)
(21,819)

Cash flows from financing activities

Issue of ordinary shares
1
-

Dividends paid
(4,531,282)
(360,000)

Net cash used in financing activities
(4,531,281)
(360,000)

Net (decrease)/increase in cash and cash equivalents
(1,809,226)
2,122,391

Cash and cash equivalents at beginning of year
4,322,950
2,200,559

Cash and cash equivalents at the end of year
2,513,724
4,322,950


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,513,724
4,322,950

2,513,724
4,322,950


Page 15

 
FIECON GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

4,322,950

(1,809,226)

2,513,724


4,322,950
(1,809,226)
2,513,724

The notes on pages 17 to 31 form part of these financial statements.

Page 16

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Fiecon Group Limited is a Company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the contents page. The nature of the Company's operations and its principal activities are that of health economics consultancy services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 17

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Straight line
Short-term leasehold property
-
20%
Straight line
Plant and machinery
-
33%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, it includes labour and attributable overheads.



 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 21

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.
Work in progress: The Directors consider the stage completion of each job to be a key estimate in the financial statements. The stage of completion is used in the calculation of accrued and deferred income.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Consultancy services
10,422,175
9,785,919

10,422,175
9,785,919


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,369,693
3,945,948

Rest of Europe
2,545,978
2,596,039

Rest of the world
2,506,504
3,243,932

10,422,175
9,785,919


Page 22

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
22,904
(66,221)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,600
12,600


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,749,462
4,731,555
-
-

Social security costs
555,701
494,654
-
-

Cost of defined contribution scheme
499,132
455,422
-
-

6,804,295
5,681,631
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees and Directors
96
77

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 23

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
19,792
34,212

Group contributions to defined contribution pension schemes
91,852
134,814

111,644
169,026


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The Directors are considered key management personnel of the entity and their remuneration is disclosed above.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
65,370
88,873

65,370
88,873


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
435,603
491,499

Adjustments in respect of previous periods
(80,411)
-


355,192
491,499


Total current tax
355,192
491,499

Deferred tax


Origination and reversal of timing differences
19,281
(9,035)

Total deferred tax
19,281
(9,035)


Tax on profit
374,473
482,464
Page 24

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,784,309
2,648,945


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
446,077
503,300

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
953
545

Capital allowances for year in excess of depreciation
10,852
(21,689)

Adjustments to tax charge in respect of prior periods
(80,411)
-

Other differences leading to an increase (decrease) in the tax charge
(2,998)
308

Total tax charge for the year
374,473
482,464


Factors that may affect future tax charges

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2022 - 19%).


11.


Dividends

2023
2022
£
£


Dividends paid
4,531,282
360,000

Page 25

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Long-term leasehold property
Short-term leasehold property
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
351,832
128,878
244,211
724,921


Additions
-
19,783
64,163
83,946


Disposals
-
(3,063)
-
(3,063)



At 31 December 2023

351,832
145,598
308,374
805,804



Depreciation


At 1 January 2023
36,946
42,375
190,785
270,106


Charge for the year on owned assets
7,036
28,310
39,635
74,981


Disposals
-
(51)
-
(51)



At 31 December 2023

43,982
70,634
230,420
345,036



Net book value



At 31 December 2023
307,850
74,964
77,954
460,768



At 31 December 2022
314,886
86,503
53,426
454,815




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
307,850
314,886

Short leasehold
74,964
86,503

382,814
401,389


Page 26

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
138



At 31 December 2023
138





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Fiecon Limited
Hodgkin Huxley House 
30 Farringdon Lane
London 
EC1R 3AW
Ordinary
100%
Fiecon Products Limited
Hodgkin Huxley House 
30 Farringdon Lane
London 
EC1R 3AW
Ordinary
100%
Fiecon Inc
Hodgkin Huxley House 
30 Farringdon Lane
London 
EC1R 3AW
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Fiecon Limited
5,282,723
1,426,954

Fiecon Products Limited
100
-

Fiecon Inc
(16,783)
(16,825)

Page 27

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Work in progress

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Long-term contract balances
921,907
216,728
-
-



15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
41,498
41,498
-
-

41,498
41,498
-
-

Due within one year

Trade debtors
2,327,012
1,950,190
-
-

Other debtors
6,798
2,647,843
1
2,647,802

Called up share capital not paid
100
100
-
-

Prepayments and accrued income
66,592
-
-
-

2,442,000
4,639,631
1
2,647,802



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,513,724
4,322,950
41,434
364

2,513,724
4,322,950
41,434
364


Page 28

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
21
348
-
-

Amounts owed to group undertakings
-
-
41,365
2,647,804

Corporation tax
28,464
153,263
-
-

Other taxation and social security
435,056
473,517
-
-

Other creditors
61,461
35,022
-
-

Accruals and deferred income
514,201
570,614
-
-

1,039,203
1,232,764
41,365
2,647,804


The credit card included in other creditors is secured by a fixed charge over the bank accounts.


18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,513,724
4,322,950
41,434
364




Financial assets measured at fair value through profit or loss comprise cash at bank.

Page 29

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation


Group



2023


£






At beginning of year
(13,805)


Charged to profit or loss
(19,281)



At end of year
(33,086)






Group
Group
2023
2022
£
£

Accelerated capital allowances
(42,495)
(13,987)

Pension surplus
9,409
182

(33,086)
(13,805)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100
1 (2022 - nil) B Ordinary share of £1.00
1
-

101

100


On 19 April 2023, one £1 Ordinary B share was issued at par.


21.


Reserves

Profit and loss account

The profit and loss account is made up of all accumulated profits and losses, less accumulated dividends declared.

Page 30

 
FIECON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Pension commitments

The Group contributes to a defined contributions pension scheme. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £499,132 (2022: £455,422). At the balance sheet date £46,516 (2022: £958) is unpaid and held in creditors.


23.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
133,358
48,130

Later than 1 year and not later than 5 years
266,715
-

400,073
48,130

24.


Related party transactions

The company has taken advantage of the exemption conferred by paragraph 31.A of FRS102 “Related Party Disclosures” not to disclose transactions with other group entities, whose voting rights are 100% controlled within the group, and where consolidated financial statements of the group are publicly available.
At the year end, £1
 (2022: £2,647,802) was owed by companies under common control.


25.


Controlling party

In the opinion of the directors there is no controlling party.

 
Page 31