ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 05998321

FINCORE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FINCORE LIMITED

COMPANY INFORMATION

Directors	S K Christensen
	P L Popovic
	W W Scott


Registered number	05998321


Registered office	Wilson's Corner
	23 Wilson Street
	3rd Floor
	London
	EC2M 2TE


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Reading Bridge House
	George Street
	Reading
	Berkshire
	RG1 8LS

FINCORE LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Statement of cash flows	12
Analysis of net debt	13
Notes to the financial statements	14 - 25

FINCORE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors are pleased to present the Strategic Report for the year ended 31 December 2024, which provides an overview of the Company’s performance, principal activities, risks, and future outlook. This report is prepared in accordance with the Companies Act 2006.
Principal Activity
The principal activity of the Company during the year continued to be the development, maintenance, and support of computer software. The Company remains committed to delivering high-quality, innovative solutions and services to its customers across a competitive and rapidly evolving technology landscape.

In addition to bespoke development for clients, the Company has continued to invest in and enhance its proprietary software products. This enables the business to license proven technologies to a broader client base, increasing scalability and return on prior investments.

Business review

The Company achieved a strong performance for the year ended 31 December 2024. Operating in a competitive environment, it met its financial and operational objectives in line with the approved budget.

Ongoing investment in research and development has been central to our success, facilitating product innovation, client retention, and the acquisition of new contracts. Our solutions remain highly competitive, and the quality of our technical delivery continues to underpin our market reputation.

Employee development remains a strategic priority. By offering training, career progression, and a supportive working environment, the Company has successfully retained key talent and attracted new employees who share our values of excellence and innovation.

Principal risks and uncertainties

The Company is subject to a range of risks and uncertainties. The Board conducts regular reviews to identify and mitigate potential threats to business continuity and financial stability. Key risks include:

∙Macroeconomic uncertainty, including the continued impact of shifting political priorties and global inflationary conditions;

∙Currency risk, managed by maintaining reserves in multiple currencies and financial institutions;

∙Regulatory and compliance risk, particularly in relation to data protection and software licensing;

∙Operational dependencies, including reliance on key personnel and core IT infrastructure;

∙Post-pandemic market conditions, with demand for digital solutions stabilising but still subject to external pressures.

Mitigation strategies are in place across all risk categories and are reviewed by the Board on a regular basis.

Page 1

FINCORE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The Company monitors performance against a set of financial and operational key performance indicators (KPIs). During the year, the following metrics were of particular significance:

∙Revenue and profitability: Revenue and Net Income of £21m and £2.1m were achieved in 2024. These numbers were in line with budgetary expectations;

∙KPI Net Profit Margin: 10% (2023; 11%)

∙Liquidity and cash reserves: The Company continues to manage liquidity and cash. At the end of 2024, the Company had cash balances of £7.2m; (2023: £7.9m);

∙Customer satisfaction and delivery timelines: Continued to deliver projects on time and to high standard;

∙Investment in research and development: The Company continues to invest in research and development to ensure high levels of innovation. In 2024, the Company invested over £7.7m in research and development (2023: £7.2m) .

These KPIs provide a clear picture of the Company’s operational health and support proactive management decision-making.

Future Developments

Looking ahead, the Company will continue to pursue a strategy focused on sustainable growth, technological leadership, and operational efficiency. Key priorities for the next financial year include:

∙Expanding our software offering into new markets and customers;

∙Enhancing client services and delivery capabilities;

∙Continuing automation and adoption of cloud infrastructure;

∙Deepening investment in employee development and technical leadership.

The Directors are confident in the Company’s ability to respond to emerging challenges and opportunities while continuing to deliver value to stakeholders.

This report was approved by the board and signed on its behalf.

W W Scott

Director

Date: 26 September 2025

Page 2

FINCORE 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

The directors who served during the year were:

S K Christensen

P L Popovic

W W Scott

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 £2,167,828 (2023 - £2,306,513).

Dividends were paid in the year totalling £2,000,000 (2023 - £150,000).

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

FINCORE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 September 2025 and signed on its behalf.

W W Scott

Director

Page 4

FINCORE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED

Opinion

We have audited the financial statements of Fincore Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 Auditor's 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

Page 5

FINCORE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED (CONTINUED)

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

FINCORE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED (CONTINUED)

Auditor's 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 Auditor's 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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditor's report.

Page 7

FINCORE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED (CONTINUED)

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 Auditor's 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.

Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS

26 September 2025

Page 8

FINCORE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	21,099,037	20,407,068
Cost of sales		(13,791,366)	(13,141,917)
Gross profit		7,307,671	7,265,151
Administrative expenses		(5,881,466)	(5,589,304)
Other operating income	5	477,609	564,180
Operating profit	6	1,903,814	2,240,027
Interest receivable and similar income	10	265,270	66,486
Interest payable and similar expenses		(1,256)	-
Profit before tax		2,167,828	2,306,513
Profit for the financial year		2,167,828	2,306,513

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

FINCORE LIMITED

REGISTERED NUMBER: 05998321

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		17,746		-
Tangible assets	15		51,035		99,333
Investments	16		371,348		401,102
			440,129		500,435
Current assets
Debtors: amounts falling due within one year	17	2,994,071		3,515,803
Cash at bank and in hand	18	7,232,600		7,991,414
		10,226,671		11,507,217
Creditors: amounts falling due within one year	19	(1,003,723)		(2,512,404)
Net current assets			9,222,948		8,994,813
Total assets less current liabilities			9,663,077		9,495,248

Net assets			9,663,077		9,495,248

Capital and reserves
Called up share capital	20	7	6
Share premium account	21	7,892	7,892
Profit and loss account	21	9,655,178	9,487,350
		9,663,077	9,495,248

The financial statements were approved and authorised for issue by the board and were signed on its behalf by

W W Scott

Director

Date: 26 September 2025

The notes on pages 14 to 25 form part of these financial statements.

Page 10

FINCORE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	6	7,892	9,487,350	9,495,248

Profit for the year	-	-	2,167,828	2,167,828
Dividends: Equity capital	-	-	(2,000,000)	(2,000,000)
Shares issued during the year	1	-	-	1
At 31 December 2024	7	7,892	9,655,178	9,663,077

The notes on pages 14 to 25 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	6	7,892	7,330,837	7,338,735

Profit for the year	-	-	2,306,513	2,306,513
Dividends: Equity capital	-	-	(150,000)	(150,000)
At 31 December 2023	6	7,892	9,487,350	9,495,248

The notes on pages 14 to 25 form part of these financial statements.

Page 11

FINCORE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	2,167,828	2,306,513
Adjustments for:
Amortisation of intangible assets	768	-
Depreciation of tangible assets	66,342	99,667
Loss on disposal of tangible assets	333	570
Interest paid	1,256	-
Interest received	(265,270)	(66,486)
Taxation charge	(477,609)	(564,180)
(Increase)/decrease in debtors	(489,095)	23,783
(Increase)/decrease in amounts owed by related parties	(12,628)	(480,745)
(Decrease)/increase in creditors	(1,508,681)	808,534
Increase/(decrease) in provisions	-	(43,367)
Corporation tax received	1,503,882	-
Investment fx movement	29,754	21,463
Net cash generated from operating activities	1,016,880	2,105,752

Cash flows from investing activities
Purchase of intangible assets	(18,514)	-
Purchase of tangible fixed assets	(21,194)	(66,704)
Interest received	265,270	66,486
Net cash from investing activities	225,562	(218)
Cash flows from financing activities
Dividends paid	(2,000,000)	(150,000)
Interest paid	(1,256)	-
Net cash used in financing activities	(2,001,256)	(150,000)
Net (decrease)/increase in cash and cash equivalents	(758,814)	1,955,534
Cash and cash equivalents at beginning of year	7,991,414	6,035,880
Cash and cash equivalents at the end of year	7,232,600	7,991,414

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	7,232,600	7,991,414
	7,232,600	7,991,414

The notes on pages 14 to 25 form part of these financial statements.

Page 12

FINCORE LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	7,991,414	(758,814)	7,232,600
	7,991,414	(758,814)	7,232,600

The notes on pages 14 to 25 form part of these financial statements.

Page 13

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Fincore Limited is a private company limited by shares incorporate in England and Wales. The registered office is Wilsons Corner, 23-25 Wilson Street, London, EC2M 2SN. The company's principal activity is the provision of software 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 following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Amounts invoiced in advance for services are deferred to the period to which they relate.

Page 14

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Computer software
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Computer software

33% straight line method

2.4

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	-	50 years straight line
Fixtures and fittings	-	20% straight line
Computer equipment	-	33-50% 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.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 15

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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.

2.7

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditiors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.9

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.

2.10

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'.

Page 16

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

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.

2.13

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

2.14

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.

2.15

Pensions

Defined contribution pension plan

The Company operates 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.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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. However, the nature of
estimation means that actual outcomes could differ from those estimates. There are no material
judgments, estimates or assumptions used in the preparation of the financial statements.

	Software development	21,099,037	20,407,068

					2024	2023
					£	£

United Kingdom	4,485,177	3,716,870
Rest of Europe	11,295,303	8,388,278
Rest of the world	5,318,557	8,301,920
	21,099,037	20,407,068

5.	Other operating income
		2024	2023
		£	£

	Other operating income	477,609	564,180

	Exchange differences	35,724	173,633
	Other operating lease rentals	168,407	141,479

Page 18

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditor for the audit of the Company's financial statements

14,900

13,500

8.	Employees
		2024	2023
		£	£

Wages and salaries	3,059,172	3,058,752
Social security costs	403,635	381,828
Cost of defined contribution scheme	122,869	119,494
	3,585,676	3,560,074

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	35	37

9.	Directors' remuneration
		2024	2023
		£	£

	Directors' emoluments	132,178	110,626

During the year retirement benefits were accruing to no directors (2023 - 0) in respect of defined contribution pension schemes.

10.	Interest receivable
		2024	2023
		£	£

Other interest receivable

265,270

66,486

Page 19

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Interest payable and similar expenses
		2024	2023
		£	£

	Other interest payable	1,256	-
		1,256	-

12.	Taxation

Profit on ordinary activities before tax

2,167,828

2,306,513

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	541,957	542,492
Effects of:
Non-tax deductible amortisation of goodwill and impairment	407	(320)
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	24,258	28,959
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(581,369)	(578,336)
Deferred tax not recognised	14,747	7,205
Total tax charge for the year	-	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2024	2023
		£	£

Dividends

2,000,000

150,000

Page 20

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Intangible assets

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	-	104,339	104,339
Additions	18,514	-	18,514
At 31 December 2024	18,514	104,339	122,853
Amortisation
At 1 January 2024	-	104,339	104,339
Charge for the year	768	-	768
At 31 December 2024	768	104,339	105,107
Net book value
At 31 December 2024	17,746	-	17,746
At 31 December 2023	-	-	-

Page 21

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	-	223,958	1,170,294	1,394,252
Additions	15,973	-	5,221	21,194
Disposals	-	-	(40,016)	(40,016)
At 31 December 2024	15,973	223,958	1,135,499	1,375,430
Depreciation
At 1 January 2024	-	223,242	1,071,677	1,294,919
Charge for the year	2,887	277	63,178	66,342
Disposals	-	-	(36,866)	(36,866)
At 31 December 2024	2,887	223,519	1,097,989	1,324,395
Net book value
At 31 December 2024	13,086	439	37,510	51,035
At 31 December 2023	-	716	98,617	99,333

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

	Long leasehold	13,086	-

Page 22

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Fixed asset investments

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 January 2024	82	401,020	401,102
Foreign exchange movement	-	(29,754)	(29,754)
At 31 December 2024	82	371,266	371,348

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Finworks Limited	Dormant	Ordinary	100%
Fingaming Technologies Limited	Dormant	Ordinary	100%
Bildabet Technology Limited	Dormant	Ordinary	80%
Finworks Aps	Dormant	Ordinary	100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Finworks Limited	1	1
Fingaming Technologies Limited	-	-
Bildabet Technology Limited	-	-
Finworks Aps	-	-

Fincore Limited has taken exemption under S402 to prepare group consolidated accounts due to the subsidaries and associates all being non trading or immaterial in total .

17.

Debtors

					2024	2023
					£	£


Trade debtors	1,110,143	816,233
Other debtors	864,800	690,053
Prepayments and accrued income	541,519	505,635
Tax recoverable	477,609	1,503,882
	2,994,071	3,515,803

Page 23

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.Debtors (continued)

18.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	7,232,600	7,991,414

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	391,426	577,208
Other taxation and social security	265,454	227,713
Other creditors	14,257	16,264
Accruals and deferred income	332,586	1,691,219
	1,003,723	2,512,404

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

36,862 (2023 - 33,937) Ordinary shares of £0.0001 each	4	3
29,652 (2023 - 29,652) Ordinary A shares of £0.0001 each	3	3
588 (2023 - 588) Ordinary B shares of £0.0001 each	-	-

	7	6

During the year, 2,925 Ordinary shares with a nominal value of £0.0001 each were issued at par.

Page 24

FINCORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.

Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss reserve represents cumulative profit or losses net of dividends paid and other
adjustments.

22.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £122,869 (2023: £119,494).

Not later than 1 year	158,700	158,700
Later than 1 year and not later than 5 years	608,350	634,800
	767,050	793,500

24.	Related party transactions
	During the year, Fincore Limited incurred charges totalling £10,246,732 (2023: £9,501,449) and made sales totalling £4,744,554 (2023: £4,969,569) from/to companies under common control. At the year end, Fincore Limited was owed £544,907 (2023: £483,479) and owed £Nil (2023: £Nil) from/to companies under common control.

25.	Controlling party

The directors do not consider there to be an ultimate controlling party.

Page 25