11:FS Foundry Limited 11418349 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Fin Tech Banking Systems Digita Accounts Production Advanced 6.30.9574.0 true true true 11418349 2023-01-01 2023-12-31 11418349 2023-12-31 11418349 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 11418349 core:CurrentFinancialInstruments 2023-12-31 11418349 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11418349 core:FurnitureFittingsToolsEquipment 2023-12-31 11418349 bus:SmallEntities 2023-01-01 2023-12-31 11418349 bus:Audited 2023-01-01 2023-12-31 11418349 bus:FilletedAccounts 2023-01-01 2023-12-31 11418349 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11418349 bus:RegisteredOffice 2023-01-01 2023-12-31 11418349 bus:Director1 2023-01-01 2023-12-31 11418349 bus:Director6 2023-01-01 2023-12-31 11418349 bus:Director7 2023-01-01 2023-12-31 11418349 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 11418349 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11418349 bus:Agent1 2023-01-01 2023-12-31 11418349 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11418349 core:OfficeEquipment 2023-01-01 2023-12-31 11418349 core:ParentEntities 2023-01-01 2023-12-31 11418349 1 2023-01-01 2023-12-31 11418349 1 2023-01-01 2023-12-31 11418349 countries:AllCountries 2023-01-01 2023-12-31 11418349 2022-12-31 11418349 core:FurnitureFittingsToolsEquipment 2022-12-31 11418349 2022-01-01 2022-12-31 11418349 2022-12-31 11418349 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 11418349 core:CurrentFinancialInstruments 2022-12-31 11418349 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11418349 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 11418349

11:FS Foundry Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

11:FS Foundry Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

11:FS Foundry Limited

Company Information

Directors

D M Brear

J Campbell

D Morris

Registered office

Business Cube
43
Worship Street
London
EC2A 2DU

Bankers

Santander UK PLC
2 Triton Square
Regent's Place
London
NW1 3AN

Auditors

Lambert Chapman LLP
Chartered Accountants and Registered Statutory Auditors
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

11:FS Foundry Limited

(Registration number: 11418349)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

1,035

2,371

Current assets

 

Debtors

5

67,284

28,639

Cash at bank and in hand

 

7,199

43,903

 

74,483

72,542

Creditors: Amounts falling due within one year

6

(1,017,788)

(610,902)

Net current liabilities

 

(943,305)

(538,360)

Net liabilities

 

(942,270)

(535,989)

Capital and reserves

 

Called up share capital

7

11

11

Share premium reserve

6,999,999

6,999,999

Retained earnings

(7,942,280)

(7,535,999)

Shareholders' deficit

 

(942,270)

(535,989)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

D M Brear
Director

 

11:FS Foundry Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Business Cube, 43, Worship Street, London, EC2A 2DU.

These financial statements were authorised for issue by the Board on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the Company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis, which presumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of operations. The Company reported a loss for the financial year of £406,281 (2022: £1,381,078).

At the balance sheet date, the Company’s current liabilities exceeded its current assets by £942,270 (2022: £535,989). At the balance sheet date, the Company owed £991,964 (2022: 519,921) to its Parent Company.

After the year end 11:FS Group Limited (the Parent Company) sold its shareholding to 11:FS Holdings Limited as part of an organisational restructure. 11:FS Holdings Limited has confirmed its intention to continue supporting the Company for the next 12 months from the date of the accounts approval. Prior to the date of approval, confirmation of external funding for 11:FS Holdings Limited was received. This supports the Parent Company's intention to continue trading, and it is considered to be in a position to support the Company if required.

Audit report

The Independent Auditor's Report was unqualified. We draw attention to the going concern note 2 in the financial statements which discusses considerations that arose in relation to the Company’s status as a going concern at the year end.

We also drawn your attention to note 10 in the financial statements which details non-adjusting events after the financial period. This has also been considered in relation to the Company's status as a going concern at the year end.

Our opinion is not modified in this respect. The name of the Senior Statutory Auditor who signed the audit report on 27 March 2025 was Nicholas Forsyth FCA, who signed for and on behalf of Lambert Chapman LLP.

 

11:FS Foundry Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial technology services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

 

11:FS Foundry Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 9).

 

11:FS Foundry Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

68,763

68,763

At 31 December 2023

68,763

68,763

Depreciation

At 1 January 2023

66,392

66,392

Charge for the year

1,336

1,336

At 31 December 2023

67,728

67,728

Carrying amount

At 31 December 2023

1,035

1,035

At 31 December 2022

2,371

2,371

5

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

44,267

-

Other debtors

22,947

26,294

Prepayments

70

2,345

67,284

28,639

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Trade creditors

 

-

1,538

Amounts owed to Group undertakings

8

991,964

519,921

Taxation and social security

 

-

36,589

Other creditors

 

-

13,586

Accruals and deferred income

 

25,824

39,268

 

1,017,788

610,902

 

11:FS Foundry Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £0.001 each

10,566

11

10,566

11

         

8

Related party transactions

Summary of transactions with parent


During the year the Company has made sales of £Nil (2022: £208,174) and received goods and services to the value of £102,361 (2022: £461,392) from the Parent Company.

At the balance sheet date the amount due to the Parent Company was £991,964 (2022: (£519,921).

 

9

Parent and ultimate parent undertaking

The company's immediate parent and ultimate controlling party is 11:FS Group Limited, incorporated in England and Wales. 11:FS Group Limited is the parent of the smallest group in which these financial statements are consolidated.

  These financial statements are available upon request from www.companieshouse.gov.uk

 

10

Non adjusting events after the financial period

After the year end 11:FS Group Limited (the Parent Company) sold its shareholding in 11:FS Foundry Limited to 11:FS Holdings Limited as part of an organisational restructure.