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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: Mr M R Patel



REGISTERED OFFICE: 6 Hampstead West
224 Iverson Road
London
NW6 2HL



REGISTERED NUMBER: 04308503 (England and Wales)



ACCOUNTANTS: Akshar & Company
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
Mr M R Patel held office during the whole of the period from 1 April 2024 to the date of this report.

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:





Mr M R Patel - Director


20 June 2025

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 308,897 397,175

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 13,062 25,980
Investments 8 3,696,528 684,762
3,709,590 710,742

CURRENT ASSETS
Stocks 10,982 38,400
Debtors 9 3,692,951 1,710,034
Cash at bank and in hand 669,424 282,983
4,373,357 2,031,417
CREDITORS
Amounts falling due within one year 10 2,764,943 1,434,627
NET CURRENT ASSETS 1,608,414 596,790
TOTAL ASSETS LESS CURRENT LIABILITIES 5,318,004 1,307,532

CREDITORS
Amounts falling due after more than one
year

11

2,000,000

10,719
NET ASSETS 3,318,004 1,296,813

CAPITAL AND RESERVES
Called up share capital 125 100
Share premium 1,999,975 -
Retained earnings 1,317,904 1,296,713
SHAREHOLDERS' FUNDS 3,318,004 1,296,813

Company's profit for the financial year 91,191 411,068

The company is 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 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 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 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)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1. STATUTORY INFORMATION

Fifosys Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 4 years, 6.7% to 20% on cost and Straight line over 10 years

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 76 (2024 - 38 ) .

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 168,670 195,759 364,429
Additions - 451 451
Disposals (147,402 ) (153,757 ) (301,159 )
At 31 March 2025 21,268 42,453 63,721
DEPRECIATION
At 1 April 2024 162,752 175,697 338,449
Charge for year 2,127 8,794 10,921
Eliminated on disposal (147,402 ) (151,309 ) (298,711 )
At 31 March 2025 17,477 33,182 50,659
NET BOOK VALUE
At 31 March 2025 3,791 9,271 13,062
At 31 March 2024 5,918 20,062 25,980

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 684,762
Additions 3,471,329
Impairments (459,563 )
At 31 March 2025 3,696,528
NET BOOK VALUE
At 31 March 2025 3,696,528
At 31 March 2024 684,762

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


Foration Limited
Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL
Nature of business: IT consultancy
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves (91,955 ) (73,285 )
Loss for the year (18,670 ) (27,350 )

Enforce Technology Limited
Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL
Nature of business: IT consultancy
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 3,896 232,293
(Loss)/profit for the year (38,398 ) 24,973

FIFOSYS LIMITED (REGISTERED NUMBER: 04308503)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

8. FIXED ASSET INVESTMENTS - continued

Best IT Ltd
Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2025 30.6.24
£    £   
Aggregate capital and reserves 295,012 294,745
Profit for the period/year 267 18,982

Technology Means Business Limited
Registered office: Unit 6 Hampstead West, 224 Iverson Road, London, England, NW6 2HL
Nature of business: IT Managed Services
%
Class of shares: holding
Ordinary 100.00
2025 30.6.24
£    £   
Aggregate capital and reserves 954,094 779,489
Profit for the period/year 174,602 280,005


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Trade debtors 1,092,814 686,210 657,298 686,210
Amounts owed by group undertakings - - 91,513 7,848
Other debtors 709,531 189,664 709,531 186,439
Directors' current accounts 2,053,662 482,974 2,053,662 482,974
Accrued Income (24,338 ) 111,079 (24,338 ) 111,079
Prepayments 220,386 245,331 205,285 235,484
4,052,055 1,715,258 3,692,951 1,710,034

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Bank loans and overdrafts - 88,234 - 40,579
Trade creditors 570,086 345,974 358,138 337,754
Amounts owed to group undertakings - - 294,970 171,321
Taxation and social security 1,253,633 572,956 999,932 579,393
Other creditors 1,399,074 314,210 1,111,903 305,580
3,222,793 1,321,374 2,764,943 1,434,627

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 - 10,719
Other creditors 2,000,000 - 2,000,000 -
2,000,000 31,811 2,000,000 10,719