The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Fidelity Supply Chain Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Orion Close, Mustang Park, Daventry, Northamptonshire, NN11 8NW.

The financial statements cover the period from 1 January 2024 to 31 December 2024. The company's accounting reference date is 29 December 2024. The directors consider the difference between the accounting reference date and the reported financial period end to be immaterial and that these financial statements present a true and fair view of the company's affairs as at 31 December 2024 and of its profit or loss for the year then ended.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is an indirect subsidiary of Sadita Holding Company W.L.L (the 'ultimate parent'), an international group. The company's liquidity is managed centrally by Fidelity Fulfilment Holding Company Ltd, (the ‘immediate parent') via intercompany loans.true

The directors have reviewed forecasts to 31 December 2027 and remain confident in the company’s prospects.

Revenue growth continued strongly in 2024 (+31.7%), supported by a healthy open deals pipeline, although losses are expected in 2025 as the business continues to invest in infrastructure and development of its own software.  This investment profile is consistent with the company’s three-year strategy and expectations for long-term growth.

The company has the full support of its ultimate parent, which has confirmed it will provide financial backing for at least 12 months from the date of approval of these financial statements. The parent group continues to trade profitably with a strong balance sheet and sufficient liquidity to meet obligations. 

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The benefit of rental incentives are recognised as a reduction of the rental expense. The benefit is allocated, on the straight line basis, over the shorter of the lease term or a period ending on a date from which it is expected that the prevailing market rental will be payable.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company holds an investment in a subsidiary in which the company has a participating interest, including additional loans to this company. The directors have made a critical judgement and assessed the valuation of the investment for impairment. The directors do not believe an impairment charge is required.

Estimation is required in respect of amounts contractually payable to restore leasehold premises back to their original condition. The directors have obtained professional advice in determining the best estimate of amounts which may become payable should the premises be exited at a future point in time.

The annual depreciation charge depends primarily on the estimated useful life of the assets. The directors regularly review the useful life of the assets and change it if necessary to reflect current conditions. In determining the useful life management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the asset. Changes in the useful life can have a significant impact on the depreciation charge in the financial period.

The average monthly number of persons (including directors) employed by the company during the year was:

The Net Book value of assets on hire purchase or finance lease is £446,527.

Subsidiary undertakings

Unify Software Solutions Ltd

Registered office: Unit 1 Orion Close, Mustang Park, Daventry, Northamptonshire, England, NN11 8NW

Class of shares: Ordinary

Percentage of shares held: 100%

The obligations under finance leases and hire purchase contracts totalling £495,526 (2023: £480,058) are secured on the assets to which they relate.

The obligations under finance leases and hire purchase contracts totalling £3,466,603 (2023: £3,966,418) are secured on the assets to which they relate.

The dilapidation provision relates to the estimated costs of dilapidations at the end of the lease term for Units 1 and 2 Orion Close, Mustang Park, Daventry, Northamptonshire, NN11 8NW. The lease for Unit 1 commenced on 24 May 2021 and the lease for Unit 2 commenced on 13 January 2020, both leases were for a 15 year lease term.

In accordance with section 21 of FRS 102, a provision has been recognised for the estimated cost of dilapidations expected to arise at the end of the lease terms. The provision reflects a dilapidation report which estimated the costs required to restore the properties to the condition stipulated in the lease agreements.

The total estimated dilapidation cost for Unit 1 is £158,301 and the total cost for Unit 2 is £168,713. These amounts have been discounted to present value using a discount rate of 5% to account for the time value of money over the lease term. The resulting present value of the provision as at 31 December 2024 for unit 1 is £89,555 (2023: £85,196) and for Unit 2 is £101,588 (2023: £96,643).

The discount is being unwound over the lease term for each property and released to the profit or loss account.

During the year, the company allotted 2,000,000 ordinary shares of £1 each to Fidelity Fulfilment Holding Company Limited. The purpose of this issuance was to convert amounts owed by the company to its parent company, Fidelity Fulfilment Holding Company Limited, into share capital.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year, Fidelity Supply Chain Solutions Ltd made purchases of £12,000 (2023: £12,000) from C J Consultancy, a close relation with one of the directors.

Included within trade creditors was an amount of £2,000 (2023: nil) due to C J Consultancy.

During the year, Fidelity Supply Chain Solutions Ltd made loans of £0 (2023: £88,701) to Make of Buy Groep, a group company.

During the year, Fidelity Supply Chain Solutions Ltd received loans of £0 (2023: £1,344,644) from Sadita (UK) Limited, a group company.

During the year, Fidelity Supply Chain Solutions Ltd paid loan interest of £0 (2023: £nil) to Sadita (UK) Limited.

During the year, Fidelity Supply Chain Solutions Ltd made loan repayments of £0 (2023: £nil) to Sadita (UK) Limited.

During the year, Fidelity Supply Chain Solutions Ltd made payments of £0 (2023: £1,343,946) to the shareholders of Make of Buy Groep for a fellow group company to purchase a majority shareholding in Make or Buy Groep.

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

The company's immediate parent company is Fidelity Fulfilment Holding Company Limited, a company incorporated in England and Wales.

The company's ultimate parent is Sadita Holding Company W.L.L., a company incorporated in Kuwait. This company heads the largest group in which the results of the company are included. The consolidated financial statements of this company are available to the public and may be obtained from Sadita Holding Company W.L.L., Kuwait City - Fahad Al Salem Street - Al John Center - P.O. Box 26332, State of Kuwait.