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Registered number: 08642051 FIECON LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FIECON LIMITED COMPANY INFORMATION
Directors | K Fisher (resigned 2 April 2025)
| M Fisher (resigned 2 April 2025)
| G Chandler (appointed 2 April 2025)
| B Herspiegel (appointed 2 April 2025)
| D Warner (appointed 2 April 2025)
Registered number | 08642051
Registered office | Hodgkin Huxley House
| 30 Farringdon Lane
| London
| EC1R 3AW
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
FIECON LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 24
FIECON LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Directors are pleased to present the Strategic Report for FIECON Group for the financial year ending 31 December 2024. FIECON Group is a leading global health economics consultancy dedicated to ensuring that transformative therapies reach the people who need them most. We partner with biotech, pharmaceutical, and medical technology companies, blending commercial insight with scientific precision to drive the successful global launch of innovative treatments. Our core expertise spans pricing and reimbursement, health outcomes research, economic modeling, health technology assessments, and value communication. By integrating these capabilities, we enable our clients to navigate market access challenges, securing optimal pricing and reimbursement for their products. Recognized for our outstanding industry expertise, we deliver exceptional experiences, tangible results, and long-term partnerships. At the heart of FIECON is a purpose-driven vision: using economics as a force for good to benefit people, patients, and the planet. Since our inception in 2015, we have been committed to bridging the gap between scientific breakthroughs and real-world access to life-changing medicines. From a two-person start-up, we have expanded into a global organization of over 100 team members across Europe and North America. We have become a trusted partner in the industry, playing a key role in launching more than 100 medicines with an impressive 96% success rate in securing reimbursement. FIECON strives to redefine the standards for purpose-driven, high-impact workplaces. Our culture is built on a shared drive to make a difference—improving lives through our work while contributing to broader social causes. This dedication led us to achieve B-Corp certification and earn the Great Place to Work recognition, and secured our position among the best medium-sized businesses to work for.
Business review
2024 marked another pivotal year of strategic growth and innovation for FIECON. Building on previous years’ investments, we achieved strong growth of over 28.75%, driven by targeted investments in our people, advanced technologies, and proprietary AI solutions. We started our journey improving operational efficiency through the expanded use of proprietary AI and software tools, creating streamlined processes and enhanced client experiences. These investments further strengthened our market position and prepared us for scalable future success. 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. Our commitment to fostering an exceptional workplace culture earned industry-wide recognition in 2024, with FIECON named as a Great Place to Work. Additionally, we received recognition as a Best Workplace for Women and earned an award for Best Learning and Development, further validating our dedication to inclusivity, continuous learning, and professional growth. Looking ahead, we remain committed to strategically expanding our presence in the US market and leveraging AI even further to generate efficiencies and innovative client solutions across the business. Page 1
FIECON LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
FIECON operates within the dynamic healthcare sector, inherently facing ongoing risks and uncertainties. Our established and robust risk management approach remains consistent and effective, enabling us to proactively identify and respond to potential risks. We continue to closely monitor geopolitical and regulatory environments globally, ensuring that we swiftly adapt our strategies if conditions change. Risks associated with our rapid growth—such as maintaining quality in client deliverables, talent retention, and effective recruitment—are continually managed through rigorous internal monitoring, strong quality assurance practices, and proactive investment in our people. IIn 2024, we began exploring a partnership with a U.S.-based business to support our strategic goal of expanding into the U.S. market and delivering innovative solutions across the broader client supply chain. In early 2025, this initiative was formalised into a dedicated strategy, and in April 2025, we announced a strategic integration with Herspiegel Consulting. This partnership combines our market expertise to build an international business focused on meeting client needs and enhancing career opportunities for our teams. This report was approved by the board and signed on its behalf.
G Chandler Director
Date: 18 September 2025
Page 2
FIECON LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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 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 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 for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company 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 £2,155,677 (2023 - £1,426,954). Dividends for the year totalled £770,000 (2023: £4,531,282).
Directors
The directors who served during the year were:
K Fisher (resigned 2 April 2025)
M Fisher (resigned 2 April 2025)
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.
Matters covered in the Strategic Report
The financial risk management objectives and policies of the Company and the exposure of the Company to price risk, credit risk, liquidity risk and cash flow risk are addressed in the Strategic Report. Page 3
FIECON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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'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's auditors are aware of that information.
Auditors
The auditors, Moore Kingston Smith LLP, will 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.
G Chandler Director
Date: 18 September 2025
Page 4
FIECON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON LIMITED
Opinion
We have audited the financial statements of Fiecon Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 31 December 2024 and of its 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 Company 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 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 5
FIECON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON 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 Report. 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. 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Directors' Responsibilities Statement set out on page 3, 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 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. Page 6
FIECON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON 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 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: The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, distributable profits legislation, employment laws, data protection regulations and health and safety legislation. • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 Page 7
FIECON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIECON LIMITED (CONTINUED) 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 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. 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 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. Elizabeth Wicks (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF 19 September 2025 Page 8
FIECON LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 13,418,243 | 10,422,175
Cost of sales |  | (5,821,202) | (3,980,341)
Gross profit |  | 7,597,041 | 6,441,834
Administrative expenses |  | (4,826,430) | (4,705,445)
Operating profit | 5 | 2,770,611 | 1,736,389
Interest receivable and similar income |  | 14,487 | 64,962
Profit before tax |  | 2,785,098 | 1,801,351
Tax on profit | 9 | (629,421) | (374,397)
Profit for the financial year |  | 2,155,677 | 1,426,954
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 12 to 24 form part of these financial statements.
Page 9
FIECON LIMITED REGISTERED NUMBER: 08642051 BALANCE SHEET AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 118,225 |  | 460,768
|  |  | 118,225 |  | 460,768
Current assets |  |  |  |  |
Long-term contracts | 12 | 2,287,008 |  | 1,774,869 |
Debtors | 13 | 4,068,928 |  | 2,550,580 |
Cash at bank and in hand |  | 3,803,416 |  | 2,421,757 |
|  | 10,159,352 |  | 6,747,206 |
Creditors: amounts falling due within one year | 14 | (3,609,177) |  | (1,892,165) |
Net current assets |  |  | 6,550,175 |  | 4,855,041
Total assets less current liabilities |  |  | 6,668,400 |  | 5,315,809
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | - |  | (33,086) |
|  |  | - |  | (33,086)
Net assets |  |  | 6,668,400 |  | 5,282,723
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 100 |  | 100
Profit and loss account | 17 |  | 6,668,300 |  | 5,282,623
|  |  | 6,668,400 |  | 5,282,723
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G Chandler
Director
Date: 18 September 2025
The notes on pages 12 to 24 form part of these financial statements. Page 10
FIECON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 100 | 8,386,951 | 8,387,051
Profit for the year | - | 1,426,954 | 1,426,954
Dividends: Equity capital | - | (4,531,282) | (4,531,282)
At 1 January 2024 | 100 | 5,282,623 | 5,282,723
Profit for the year | - | 2,155,677 | 2,155,677
Dividends: Equity capital | - | (770,000) | (770,000)
At 31 December 2024 | 100 | 6,668,300 | 6,668,400
| The notes on pages 12 to 24 form part of these financial statements.
Page 11
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Fiecon 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The company is a wholly owned subsidiary of Fiecon Group Limited and is included in the consolidated financial statements of the parent, which are publicly available from Companies House. As a qualifying entity under FRS 102, Section 1.12, the company has taken advantage of the exemption from preparing a statement of cash flows. The following principal accounting policies have been applied:
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director has adopted the going concern basis of accounting in preparing the financial statements. Page 12
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 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'.
| 2.4 | Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 13
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
| 2.10 | 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 operates and generates 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. Page 14
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | 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. 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | 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. Page 15
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | 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.
| 2.17 | Financial instruments
The Company 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 Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. 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 Company'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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 payments 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 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. Page 16
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | 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:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Consultancy services | 13,418,243 | 10,422,175
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 5,632,408 | 5,369,693
| Rest of Europe | 2,514,021 | 2,545,978
| Rest of the world | 5,271,814 | 2,506,504
|  | 13,418,243 | 10,422,175
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 30,518 | 20,164
Page 17
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 13,230 | 12,600
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 7,165,750 | 5,749,462
| Social security costs | 854,811 | 555,701
| Cost of defined contribution scheme | 603,196 | 499,132
|  | 8,623,757 | 6,804,295
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees and Directors | 113 | 96
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 16,362 | 19,792
| Company contributions to defined contribution pension schemes | 120,000 | 91,852
|  | 136,362 | 111,644
| During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
| The Directors are considered key management personnel of the entity and their remuneration is disclosed above.
Page 18
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 752,154 | 435,603
| Adjustments in respect of previous periods | (84,048) | (80,487)
|  | 668,106 | 355,116
| Deferred tax |  |
| Origination and reversal of timing differences | (38,685) | 19,281
| Taxation on profit on ordinary activities | 629,421 | 374,397
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,785,098 | 1,801,351
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | 696,275 | 450,338
| Effects of: |  |
| Capital allowances in excess of depreciation | 9,689 | 10,852
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 7,506 | 953
| Adjustments to tax charge in respect of prior periods | (84,048) | (80,487)
| Other differences leading to an increase (decrease) in the tax charge | (1) | (7,259)
| Total tax charge for the year | 629,421 | 374,397
Page 19
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9.Taxation (continued)
| 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% (2023 - 25%).
10. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends | 770,000 | 4,531,282
11. | Tangible fixed assets
|  | Long-term leasehold property | Short-term leasehold property | Other fixed assets | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 351,832 | 145,598 | 308,374 | 805,804
| Additions | - | 871 | 29,094 | 29,965
| Disposals | (351,832) | - | - | (351,832)
| At 31 December 2024 | - | 146,469 | 337,468 | 483,937
| Depreciation |  |  |  |
| At 1 January 2024 | 43,982 | 70,634 | 230,420 | 345,036
| Charge for the year on owned assets | 7,037 | 22,932 | 41,726 | 71,695
| Disposals | (51,019) | - | - | (51,019)
| At 31 December 2024 | - | 93,566 | 272,146 | 365,712
| Net book value |  |  |  |
| At 31 December 2024 | - | 52,903 | 65,322 | 118,225
| At 31 December 2023 | 307,850 | 74,964 | 77,954 | 460,768
Page 20
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long leasehold | - | 307,850
| Short leasehold | 52,903 | 74,964
|  | 52,903 | 382,814
12. | Work in progress
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long-term contract balances | 2,287,008 | 1,774,869
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 41,498 | 41,498
| Due within one year |  |
| Trade debtors | 3,514,176 | 2,327,012
| Amounts owed by group undertakings | 57,814 | 108,722
| Other debtors | 353,797 | 6,756
| Prepayments and accrued income | 96,044 | 66,592
| Deferred taxation | 5,599 | -
|  | 4,068,928 | 2,550,580
Page 21
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 80 | -
| Trade creditors | 53,687 | 21
| Corporation tax | 424,929 | 28,464
| Other taxation and social security | 584,696 | 435,056
| Other creditors | 61,574 | 61,461
| Accruals and deferred income | 2,484,211 | 1,367,163
|  | 3,609,177 | 1,892,165
| The credit card included in other creditors is secured by a fixed charge over the bank accounts.
15. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (33,086)
| Charged to profit or loss | 38,685
| At end of year | 5,599
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (29,128) | (42,495)
| Short term timing differences | 34,727 | 9,409
|  | 5,599 | (33,086)
16. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 22
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Reserves
Profit and loss account The profit and loss account is made up of all accumulated profits and losses, less accumulated dividends declared.
18. | Prior year adjustment
In the financial statements for the year ended 31 December 2023, a deferred income amount of £852,962 was combined with Works in Progress, and shown under the Stocks balance on the Balance Sheet. In these financial statements, this amount has been reclassified into Accruals and Deferred Income within the Creditors balance on the Balance Sheet under the 2023 column.
19. | Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £603,196 (2023: £499,122). At the balance sheet date £51,158 (2023: £46,516) is unpaid and held in creditors.
20. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 177,810 | 133,358
| Later than 1 year and not later than 5 years | 88,905 | 266,715
21. | Related party transactions
| Within debtors there are loans to a fellow subsidiaries and the parent of £57,814 (2023: £108,722), which are repayable on demand and have an interest rate of 0%. Fiecon Limited is a wholly owned subsidiary of Fiecon Group Limited and has taken advantage of the exemption from disclosing intra-group transactions as permitted by FRS 102.
22. | Post balance sheet events
After the year end, Fiecon Limited announced a strategic integration with Herspiegel, a U.S.-based consultancy firm. This event occured after the balance sheet date and does not relate to conditions existing at that date. Page 23
FIECON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Controlling party
The parent company is Fiecon Group Limited. The registered office and trading address is Hodgkin Huxley House, 30 Farringdon Lane, London, England, EC1R 3AW.
Page 24