| FIFOSYS LIMITED |
| REPORT OF THE DIRECTOR AND |
| UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FIFOSYS LIMITED |
| REPORT OF THE DIRECTOR AND |
| UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Consolidated Income Statement | 3 |
| Consolidated Balance Sheet | 4 |
| Company Balance Sheet | 6 |
| Notes to the Consolidated Financial Statements | 8 |
| FIFOSYS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 221 Kenton Lane |
| Harrow |
| Middlesex |
| HA3 8RP |
| BANKERS: | National Westminster Bank Plc |
| 63-65 Piccadilly |
| London |
| W1J 0AJ |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of managed IT services |
| DIRECTOR |
| POLITICAL DONATIONS AND EXPENDITURE |
| None of the donations made during the year related to any political causes |
| DIRECTOR'S RESPONSIBILITIES STATEMENT |
| The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER | 9,397,092 | 5,869,911 |
| Cost of sales | 3,639,069 | 2,348,642 |
| GROSS PROFIT | 5,758,023 | 3,521,269 |
| Administrative expenses | 5,007,132 | 2,929,070 |
| OPERATING PROFIT | 750,891 | 592,199 |
| Interest receivable and similar income | 9,922 | 15,860 |
| 760,813 | 608,059 |
| Interest payable and similar expenses | 247,613 | 28,493 |
| PROFIT BEFORE TAXATION | 4 | 513,200 | 579,566 |
| Tax on profit | 204,303 | 182,391 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 308,897 | 397,175 |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 6 | 3,339,338 | 571,904 |
| Tangible assets | 7 | 13,063 | 25,980 |
| Investments | 8 | 1,000 | - |
| 3,353,401 | 597,884 |
| CURRENT ASSETS |
| Stocks | 43,510 | 38,400 |
| Debtors | 9 | 4,052,055 | 1,715,258 |
| Cash at bank and in hand | 1,355,688 | 344,607 |
| 5,451,253 | 2,098,265 |
| CREDITORS |
| Amounts falling due within one year | 10 | 3,222,793 | 1,321,374 |
| NET CURRENT ASSETS | 2,228,460 | 776,891 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 5,581,861 | 1,374,775 |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
2,000,000 |
31,811 |
| NET ASSETS | 3,581,861 | 1,342,964 |
| CAPITAL AND RESERVES |
| Called up share capital | 125 | 100 |
| Share premium | 1,999,975 | - |
| Retained earnings | 1,581,761 | 1,342,864 |
| SHAREHOLDERS' FUNDS | 3,581,861 | 1,342,964 |
| The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| CONSOLIDATED BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
| The financial statements were approved by the director and authorised for issue on 20 June 2025 and were signed by: |
| Mr M R Patel - Director |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 6 |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 91,191 | 411,068 |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| COMPANY BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the director and authorised for issue on |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Fifosys Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition businesses in 2019, 2021 and 2024, and is being amortised evenly over its estimated useful life of ten years |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date. |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The average number of employees by undertakings that were proportionately consolidated during the year was 31 (2024 - NIL ) . |
| 4. | PROFIT BEFORE TAXATION |
| The profit is stated after charging: |
| 2025 | 2024 |
| Profit before tax | 513,199 | 579,666 |
| Adjustments for |
| - Depreciation | 17,029 | 13,401 |
| - Amortisation | 270,666 | 124,028 |
| - Loss on Disposal of Assets | 5,088 | - |
| - Interest Expense | 247,613 | 28,493 |
| Adjusted operating profit | 1,053,595 | 745,588 |
| 5. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 6. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2024 | 911,030 |
| Additions | 4,136,387 |
| Disposals | (960,235 | ) |
| At 31 March 2025 | 4,087,182 |
| AMORTISATION |
| At 1 April 2024 | 339,126 |
| Amortisation for year | 1,368,953 |
| Eliminated on disposal | (960,235 | ) |
| At 31 March 2025 | 747,844 |
| NET BOOK VALUE |
| At 31 March 2025 | 3,339,338 |
| At 31 March 2024 | 571,904 |
| 7. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2024 | 225,471 | 168,670 | 195,759 | 589,900 |
| Additions | - | 103,892 | 189,714 | 293,606 |
| Disposals | (200,272 | ) | (251,294 | ) | (340,403 | ) | (791,969 | ) |
| At 31 March 2025 | 25,199 | 21,268 | 45,070 | 91,537 |
| DEPRECIATION |
| At 1 April 2024 | 225,471 | 162,752 | 175,697 | 563,920 |
| Charge for year | - | 106,019 | 195,704 | 301,723 |
| Eliminated on disposal | (200,272 | ) | (251,294 | ) | (335,603 | ) | (787,169 | ) |
| At 31 March 2025 | 25,199 | 17,477 | 35,798 | 78,474 |
| NET BOOK VALUE |
| At 31 March 2025 | - | 3,791 | 9,272 | 13,063 |
| At 31 March 2024 | - | 5,918 | 20,062 | 25,980 |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 7. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 8. | FIXED ASSET INVESTMENTS |
| Group |
| Other |
| investments |
| £ |
| COST |
| Additions | 1,000 |
| At 31 March 2025 | 1,000 |
| NET BOOK VALUE |
| At 31 March 2025 | 1,000 |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| Additions |
| Impairments | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2025 | 2024 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2025 | 2024 |
| £ | £ |
| Aggregate capital and reserves |
| (Loss)/profit for the year | ( |
) |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 8. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2025 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the period/year |
| Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2025 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the period/year |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Trade debtors | 1,092,814 | 686,210 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 709,531 | 189,664 |
| Directors' current accounts | 2,053,662 | 482,974 | 2,053,662 | 482,974 |
| Accrued Income | (24,338 | ) | 111,079 | ( |
) |
| Prepayments | 220,386 | 245,331 |
| 4,052,055 | 1,715,258 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Bank loans and overdrafts | - | 88,234 |
| Trade creditors | 570,086 | 345,974 |
| Amounts owed to group undertakings | - | - |
| Taxation and social security | 1,253,633 | 572,956 |
| Other creditors | 1,399,074 | 314,210 |
| 3,222,793 | 1,321,374 |
| FIFOSYS LIMITED (REGISTERED NUMBER: 04308503) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Bank loans | - | 31,811 |
| Other creditors | 2,000,000 | - |
| 2,000,000 | 31,811 |