REGISTERED NUMBER: 01925556 (England and Wales)

Finance For Enterprise Limited

Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 March 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Income Statement

5

Consolidated Balance Sheet

6

Company Balance Sheet

7

Notes to the Consolidated Financial Statements

8

DIRECTORS:

E M Shepherd

J H Crowe

A Stopforth

K Fitton

A R Foreman

A D Austwick

C Scholey

D Fell

B Cutts

P J Foreman

N Bradburne

A S Wiltshire

REGISTERED OFFICE:

Oak House

Heavens Walk

Doncaster

DN4 5HZ

REGISTERED NUMBER:

01925556 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

E M Shepherd

J H Crowe

A Stopforth

K Fitton

A R Foreman

A D Austwick

C Scholey

D Fell

B Cutts

P J Foreman

N Bradburne

Other changes in directors holding office are as follows:

A S Wiltshire - appointed 25 September 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E M Shepherd - Director

29 September 2025

Opinion

We have audited the financial statements of Finance For Enterprise Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's surplus 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- Enquiry of entity staff in tax and compliance functions to identify any 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 over the risk of 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 bias.

- Review of minutes of directors' meetings.

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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

3 October 2025

TURNOVER

4,330,068

3,137,851

Cost of sales

558,060

518,988

GROSS SURPLUS

3,772,008

2,618,863

Administrative expenses

1,694,383

1,420,500

2,077,625

1,198,363

Other operating income

6,400

13,200

OPERATING SURPLUS

2,084,025

1,211,563

Interest receivable and similar income

175,964

129,876

2,259,989

1,341,439

Interest payable and similar expenses

1,441,271

1,170,636

SURPLUS BEFORE TAXATION

818,718

170,803

Tax on surplus

5

207,474

44,530

SURPLUS FOR THE FINANCIAL YEAR

611,244

126,273

Surplus attributable to:

Owners of the parent

611,244

126,273

FIXED ASSETS

Tangible assets

7

649,529

662,807

Investments

8

-

1

649,529

662,808

CURRENT ASSETS

Debtors

9

22,783,608

19,133,040

Cash at bank and in hand

13,729,536

7,580,525

36,513,144

26,713,565

CREDITORS

Amounts falling due within one year

10

4,912,094

2,429,765

NET CURRENT ASSETS

31,601,050

24,283,800

TOTAL ASSETS LESS CURRENT LIABILITIES

32,250,579

24,946,608

CREDITORS

Amounts falling due after more than one year

11

(20,435,992

)

(13,713,940

)

PROVISIONS FOR LIABILITIES

14

(7,740

)

(10,355

)

NET ASSETS

11,806,847

11,222,313

RESERVES

Grant Reserve

15

6,894,996

6,921,706

Income and expenditure account

15

4,911,851

4,300,607

11,806,847

11,222,313

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A D Austwick - Director

E M Shepherd - Director

FIXED ASSETS

Tangible assets

7

649,529

662,807

Investments

8

2

3

649,531

662,810

CURRENT ASSETS

Debtors

9

5,712,494

8,282,740

Cash at bank and in hand

8,212,547

6,406,906

13,925,041

14,689,646

CREDITORS

Amounts falling due within one year

10

1,000,953

874,434

NET CURRENT ASSETS

12,924,088

13,815,212

TOTAL ASSETS LESS CURRENT LIABILITIES

13,573,619

14,478,022

CREDITORS

Amounts falling due after more than one year

11

(4,038,043

)

(4,777,367

)

PROVISIONS FOR LIABILITIES

14

(7,740

)

(10,355

)

NET ASSETS

9,527,836

9,690,300

RESERVES

Grant Reserve

15

6,894,996

6,921,706

Income and expenditure account

15

2,632,840

2,768,594

9,527,836

9,690,300

Company's loss for the financial year

(135,754

)

(45,898

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A D Austwick - Director

E M Shepherd - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Basis of consolidation

Subsidiaries are included in the financial statements from the date control commences until the date control ceases. Intra-group balances, and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

Turnover

Turnover comprises fees and interest recognised by the group in respect of finance provided to third parties.

Loan arrangement fee income reflects the income received by the company in relation to the arrangement and provision of loan funding. The performance obligation for such fee income is the considered to be the funding of the loan itself, and therefore such fees are recognised immediately once the loan funding is provided.

Loan arrangement fees payable by the company on its own loan funding received follows this same treatment and is recognised in full in the period in which the loan funding it relates to is received.

The group has received grant funds on certain contracts to advance loans to qualifying entitles. Any initial repayments of the original grant advance were transferred to the grant reserve once the relevant conditions within the contract were met and the group had a right to re-cycle the loans.

The group recognises as income an appropriate portion of the grant reserve to cover related administration costs and bad debts of relevant loans.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold buildings

- 2% on cost

Long leasehold land

- not provided

Improvements to buildings

- 10% on cost

Plant and machinery

- 25% on cost

Fixtures, fittings & equipment

- 25% on cost

Computer software

- 33% on cost

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

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.

The company's policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are carried at cost less provision for any diminution in value which is expected to be permanent.

Third party loans

Loans to customers made on behalf of third parties, and bank accounts relating to such loans, where the group has no right to benefit from the income and bears no risk in relation to advances made are not recognised in the financial statements. Charges to these third parties for the management of such loans are included in turnover.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimations and assumptions about the carrying value 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 the current and future periods.

Carrying value of debtors

Allowances for doubtful debt are largely made on a specific basis, based on estimates of recoverability determined by market knowledge, knowledge of loanees and past experience.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 15 ) .

5.

TAXATION

Analysis of the tax charge

The tax charge on the surplus for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

210,089

52,535

Deferred tax

(2,615

)

(8,005

)

Tax on surplus

207,474

44,530

UK corporation tax has been charged at 25 % (2024 - 25 %).

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	TANGIBLE FIXED ASSETS

Group

Long

Long

Improveme

leasehold

leasehold

to

buildings

land

buildings

£

£

£

COST

At 1 April 2024

542,318

100,000

55,854

Additions

-

-

-

Disposals

-

-

-

At 31 March 2025

542,318

100,000

55,854

DEPRECIATION

At 1 April 2024

49,691

-

24,668

Charge for year

10,841

-

5,585

At 31 March 2025

60,532

-

30,253

NET BOOK VALUE

At 31 March 2025

481,786

100,000

25,601

At 31 March 2024

492,627

100,000

31,186

Fixtures,

Plant and

fittings

Computer

machinery

& equipment

software

Totals

£

£

£

£

COST

At 1 April 2024

78,009

184,559

1,788

962,528

Additions

-

12,290

-

12,290

Disposals

-

(990

)

-

(990

)

At 31 March 2025

78,009

195,859

1,788

973,828

DEPRECIATION

At 1 April 2024

49,361

174,213

1,788

299,721

Charge for year

759

7,393

-

24,578

At 31 March 2025

50,120

181,606

1,788

324,299

NET BOOK VALUE

At 31 March 2025

27,889

14,253

-

649,529

At 31 March 2024

28,648

10,346

-

662,807

Company

Long

Long

Improveme

leasehold

leasehold

to

buildings

land

buildings

£

£

£

COST

At 1 April 2024

542,318

100,000

55,854

Additions

-

-

-

Disposals

-

-

-

At 31 March 2025

542,318

100,000

55,854

DEPRECIATION

At 1 April 2024

49,691

-

24,668

Charge for year

10,841

-

5,585

At 31 March 2025

60,532

-

30,253

NET BOOK VALUE

At 31 March 2025

481,786

100,000

25,601

At 31 March 2024

492,627

100,000

31,186

Fixtures,

Plant and

fittings

Computer

machinery

& equipment

software

Totals

£

£

£

£

COST

At 1 April 2024

78,009

184,559

1,788

962,528

Additions

-

12,290

-

12,290

Disposals

-

(990

)

-

(990

)

At 31 March 2025

78,009

195,859

1,788

973,828

DEPRECIATION

At 1 April 2024

49,361

174,213

1,788

299,721

Charge for year

759

7,393

-

24,578

At 31 March 2025

50,120

181,606

1,788

324,299

NET BOOK VALUE

At 31 March 2025

27,889

14,253

-

649,529

At 31 March 2024

28,648

10,346

-

662,807

8.	FIXED ASSET INVESTMENTS

Group

Other

investments

£

COST

At 1 April 2024

14,000

Disposals

(14,000

)

At 31 March 2025

-

PROVISIONS

At 1 April 2024

13,999

Eliminated on disposal

(13,999

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

1

Company

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 April 2024

502

14,000

14,502

Disposals

-

(14,000

)

(14,000

)

At 31 March 2025

502

-

502

PROVISIONS

At 1 April 2024

500

13,999

14,499

Eliminated on disposal

-

(13,999

)

(13,999

)

At 31 March 2025

500

-

500

NET BOOK VALUE

At 31 March 2025

2

-

2

At 31 March 2024

2

1

3

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

Subsidiaries

FFE SPV Limited

Registered office: Oak House, Heavens Walk, Doncaster, England, DN4 5HZ

Nature of business: Alternative finance provider

%

Class of shares:

holding

Ordinary

100.00