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REGISTERED NUMBER: 01746367 (England and Wales)















IFDC LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






IFDC LIMITED (REGISTERED NUMBER: 01746367)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Independent Auditors' Report 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


IFDC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr G Giraud
Mr J Abehsera
Mr M Yattah





SECRETARY: Mr M Yattah





REGISTERED OFFICE: 33 Cavendish Square
London
W1G 0PW





REGISTERED NUMBER: 01746367 (England and Wales)





AUDITORS: Carston ETL
Chartered Accountants
Statutory Auditors
Second Floor
34 Lime Street
London
EC3M 7AT

IFDC LIMITED (REGISTERED NUMBER: 01746367)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors present their strategic report for the year ended 31st December 2024.

In accordance with Section 414A(1) of the Companies Acts 2006, we have prepared the Strategic Report which includes a review of IFDC Limited ("the Company") business and future developments, a description of the principal risks and uncertainties facing it.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The principal activities of IFDC Limited are the provision of investment management and advisory services as well as arranging deals in investments.

The Company continued developing its global equities investment offering in line with its strategy to broaden its investment universe. It kept on enhancing the performance track record with the aim of both maintaining and attracting further allocations to the strategy over time. 2024 delivered positive investment returns adding to the favourable performance since strategy inception. For the year 2024, the Company experienced an increase in revenues of 1% and a 11% decrease in net loss to £187,362 mainly due to lower operating costs compared to the previous year.

The directors remain reasonably confident in the Company's growth prospects following its transition period, supported by over four decades of industry experience and a proven track record in investment management and advisory services.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk to the business arises from a prolonged period of poor global economic conditions and equity markets potentially impeding the Company's growth prospects. The Company's longstanding industry experience, its sound financial position, its prudent approach to managing its capital resources and liquidity as well as its flexibility in adapting its business to the prevailing environment enables it to mitigate such risk.

GOING CONCERN
The Company's experience, its strong financial position as well as its prudent approach to managing its capital resources and liquidity enable the directors to have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

ON BEHALF OF THE BOARD:





Mr M Yattah - Director


7th April 2025

IFDC LIMITED (REGISTERED NUMBER: 01746367)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITIES
The principal activities of the Company are investment management and advisory services as well as arranging deals in investments. The Company is authorised by the Financial Conduct Authority ("FCA").

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2024 was £Nil (2023: £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mr G Giraud
Mr J Abehsera
Mr M Yattah

Other changes in directors holding office are as follows:

Mr A Abehsera - deceased 26th May 2024
Mr J Solomon - resigned 30th August 2024

DISCLOSURE OF INFORMATION TO AUDITOR
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company auditors are unaware; and each director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the Company auditors are aware of that information.

AUDITORS
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Carston Etl will therefore continue in office.

ON BEHALF OF THE BOARD:





Mr M Yattah - Director


7th April 2025

IFDC LIMITED (REGISTERED NUMBER: 01746367)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
IFDC LIMITED


Opinion
We have audited the financial statements of IFDC Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31st December 2024 and of its loss 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Auditors' Report thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
IFDC LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or

• the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
IFDC LIMITED


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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit is capable of detecting irregularities,including fraud
We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether
due to fraud or error, and discussed these between our audit team members. We then designed and performed audit
procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not
materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified
financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be
materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Other laws and regulations where non-compliance may have a material effect on the company's operations include those associated with the company's FCA registration and regulatory requirements.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with
laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigation and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential
bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions,
investments, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the
appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of
the financial statements including evaluating the business rationale of significant transactions, outside the normal
course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the
financial statements may not be detected, even though the audit is properly planned and performed in accordance
with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from
fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
IFDC LIMITED


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 2006. Our 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.




Steven Davies (Senior Statutory Auditor)
for and on behalf of Carston ETL
Chartered Accountants
Statutory Auditors
Second Floor
34 Lime Street
London
EC3M 7AT

7th April 2025

IFDC LIMITED (REGISTERED NUMBER: 01746367)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 191,794 191,612

Administrative expenses 397,806 419,247
(206,012 ) (227,635 )

Other operating income 3 - (1,488 )
OPERATING LOSS 5 (206,012 ) (229,123 )

Interest receivable and similar income 6 18,650 17,755
LOSS BEFORE TAXATION (187,362 ) (211,368 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL YEAR (187,362 ) (211,368 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (187,362 ) (211,368 )

IFDC LIMITED (REGISTERED NUMBER: 01746367)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 80 160

CURRENT ASSETS
Debtors 9 82,680 90,975
Cash at bank and in hand 756,669 955,665
839,349 1,046,640
CREDITORS
Amounts falling due within one year 10 10,504 30,513
NET CURRENT ASSETS 828,845 1,016,127
TOTAL ASSETS LESS CURRENT LIABILITIES 828,925 1,016,287

CAPITAL AND RESERVES
Called up share capital 11 2,100,000 2,100,000
Retained earnings 12 (1,271,075 ) (1,083,713 )
SHAREHOLDERS' FUNDS 828,925 1,016,287

The financial statements were approved by the Board of Directors and authorised for issue on 7th April 2025 and were signed on its behalf by:





Mr M Yattah - Director


IFDC LIMITED (REGISTERED NUMBER: 01746367)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2023 2,100,000 (872,345 ) 1,227,655

Changes in equity
Total comprehensive income - (211,368 ) (211,368 )
Balance at 31st December 2023 2,100,000 (1,083,713 ) 1,016,287

Changes in equity
Total comprehensive income - (187,362 ) (187,362 )
Balance at 31st December 2024 2,100,000 (1,271,075 ) 828,925

IFDC LIMITED (REGISTERED NUMBER: 01746367)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (217,646 ) (217,465 )
Net cash from operating activities (217,646 ) (217,465 )

Cash flows from investing activities
Interest received 18,650 17,755
Net cash from investing activities 18,650 17,755

Decrease in cash and cash equivalents (198,996 ) (199,710 )
Cash and cash equivalents at beginning of year 2 955,665 1,155,375

Cash and cash equivalents at end of year 2 756,669 955,665

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss for the financial year (187,362 ) (211,368 )
Depreciation charges 80 80
Finance income (18,650 ) (17,755 )
(205,932 ) (229,043 )
Decrease/(increase) in trade and other debtors 8,295 (7,955 )
(Decrease)/increase in trade and other creditors (20,009 ) 19,533
Cash generated from operations (217,646 ) (217,465 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 756,669 955,665
Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 955,665 1,155,375


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 955,665 (198,996 ) 756,669
955,665 (198,996 ) 756,669
Total 955,665 (198,996 ) 756,669

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

IFDC Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address is given in the Company information on page 1 of these financial statements.

The nature of the Company's operations and principal activities are investment management and advisory services as well as arranging deals in investments.

The presentation currency of the financial statements is Pound Sterling (£) and its rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

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

Going concern
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. They therefore have adopted the going concern basis of accounting in preparing the financial statements.

Related party exemption
The Company has taken advantage of the exception, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and administrative expenses
Turnover represents mainly investment management fees, excluding VAT and is recognised on an accruals basis.

Administrative expenses are recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures,fittings & equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Pension costs and other post-retirement benefits
The Company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the Company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

Current asset investments - listed investments
Current asset investments which are measured at fair value. Changes in fair value are recognised in the Income Statement. Fair value is based on the market value of listed investments at the year end.

Basic financial instruments
Trade Debtors and Trade creditors receivable or payable within one year
Trade debtors and Trade creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Dividends on shares presented within shareholder's funds
Dividends are only recognised as a liability at that date to the extent that they are declared prior to the year end. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.

3. OTHER OPERATING INCOME
2024 2023
£    £   
Rents receivable - (1,488 )

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 224,800 249,520
Social security costs 6,585 11,423
Other pension costs 8,375 10,150
239,760 271,093

The average number of employees during the year was as follows:
2024 2023

Directors 4 5
Other employees 2 2
6 7

2024 2023
£    £   
Directors' remuneration 103,667 147,000
Directors' pension contributions to money purchase schemes 3,125 4,900
Compensation to director for loss of office 20,000 -

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

5. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 80 80
Auditors' remuneration 10,000 10,000
Foreign exchange differences 5,056 6,103
Licence fees Rent 83,001 79,055

Auditor's remuneration analysis:
20242023
££
Statutory audit fee5,0005,000
CASS audit fee5,0005,000
10,00010,000


6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 18,650 17,755

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st December 2024 nor for the year ended 31st December 2023.

For the year ended 31st December 2024 the tax rate was 25%

The standard rate of UK Corporation Tax at the balance sheet date was 25% (2023: 25%) .

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


8. TANGIBLE FIXED ASSETS
Fixtures,fittin
& equipment
£   
COST
At 1st January 2024
and 31st December 2024 10,893
DEPRECIATION
At 1st January 2024 10,733
Charge for year 80
At 31st December 2024 10,813
NET BOOK VALUE
At 31st December 2024 80
At 31st December 2023 160

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 48,328 48,138
Other debtors 5,042 17,466
Rent deposit 13,944 13,281
VAT 8,491 3,672
Prepayments and accrued income 6,875 8,418
82,680 90,975

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,817 10,059
PAYE and NIC taxes 5,672 8,798
Net wages control account - 10,000
Accruals and deferred income 3,015 1,656
10,504 30,513

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
21,000 Ordinary £100 2,100,000 2,100,000

12. RESERVES
Retained
earnings
£   

At 1st January 2024 (1,083,713 )
Deficit for the year (187,362 )
At 31st December 2024 (1,271,075 )

IFDC LIMITED (REGISTERED NUMBER: 01746367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


13. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking is the International Finance Development Company S.A., incorporated in Luxembourg. Its accounts are available to the public from Registre de Commerce, Palais de Justice, 14 Rue Erasme, L-1468, Luxembourg.

14. COMMITMENTS

As at 31st December 2024, the company had outstanding commitments of £Nil (2023: £Nil).

15. RELATED PARTY DISCLOSURES

As the Company is a wholly owned subsidiary of International Finance Development Company S.A., the Company has taken advantage of the exemption available under FRS102 "Related Party Transactions" and has therefore not disclosed transactions or balances with the other entities which form part of the Group. The financial statements of International Finance Development Company S.A., within which this Company is included, can be obtained from the address given in note 13.

16. GOING CONCERN

The accounts have been prepared on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future.

While global financial market uncertainties have impacted the development of the current global equities investment offering, resulting in a loss for the financial year ended 31 December 2024, this loss is smaller than the previous year. The Company's strong capital resources and prudent management of liquidity position it well to navigate these challenges.

The Directors remain reasonably confident in the Company's growth prospects following its transition period, supported by over four decades of industry experience and a proven track record in investment management and advisory services.

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue its operations for the foreseeable future.