Company registration number 03720812 (England and Wales)
FITZROVIA I.T. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
FITZROVIA I.T. LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
FITZROVIA I.T. LIMITED
COMPANY INFORMATION
Executive Board
D L Oliver
Chief Executive Officer
A Sharma
Finance Director
D Stanbury
Director
A D Mehta
Chief Technology Officer
G Coumas
Director
Secretary
A Sharma
Company number
03720812
Registered office
1st Floor
Arthur Stanley House
40-50 Tottenham Street
United Kingdom
W1T 4RN
Auditor
Eacotts International Limited
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Business address
47-50 Margaret Street
London
W1W 8SE
Bankers
Barclays Bank Plc
FITZROVIA I.T. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic report for the year ended 31 May 2025. Our strategic goals continue to deliver innovative and reliable managed IT services that empower businesses to achieve their goals. Since our inception in 1999, we have become a leading provider in the industry, offering a comprehensive range of services, including cloud solutions, data and AI, cybersecurity, and 24/7 help desk support services.

Business review

The company had a moderately successful year in 2024/25 and aligned with expectations. However, turnover and profits were impacted by several clients entering administration or being acquired,

The managed service provider (MSP) industry continues to expand, driven by increasing demand for cloud computing and cybersecurity solutions. The UK market is particularly robust, with businesses seeking to enhance their cloud and security postures.

Fitzrovia continues to invest and expand its core services, which now include:

- MS Business Applications, including Business Central

- Cyber Essentials and Cyber Essentials plus Assessors

- Expansion of our AI Services, including CoPilot Agents

- Expansion of our Cyber Security Services

Accreditations

Fitzrovia continues to invest in training and our certification process, and is now one of the most accredited MSPs in the UK. Fitzrovia has added the following accreditations to its growing portfolio:

- UKAS ISO 22301 – Business Continuity Management

- IASME Cyber Essential Plus Assessor

- IASME Cyber Assurance Levels 1 and 2

- IASME Cyber Advisor

- IAMSE Defence Certification (MoD)

For 2025/26, Fitzrovia expects strong growth in Turnover, driven by several large company wins and a strong sales pipeline for Cyber Security, MS Business Applications, and AI Services.

The company's key financial and other performance indicators during the year were as follows:
2025
2024
£000
£000
Turnover
8,487
9,147
Gross Profit
5,500
5,813
Profit before tax
1,157
1,628
Shareholders' funds
1,547
2,010
Net current assets
1,482
1,913
Average number of employees
62
64
FITZROVIA I.T. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Principal risks and uncertainties
The principal financial instruments of the company comprise of bank balances, trade debtors and
trade creditors. The main purpose of these instruments is to raise funds for the company's
operations. The directors risk management objectives consist of identifying and monitoring those risks
which have an adverse impact on the company's assets, profitability or cash flows.
Outlined below is a summary of what the Board considers to be the likely key risks and uncertainties to the
continued success of the company and the activities the company undertakes to mitigate them.
Credit risk
The company's maximum exposure to credit risk in relation to financial assets is represented by bank
balances and cash, trade and other receivables. The company has a moderate concentration of credit risk
and is managed according to internal guidlines at a department and company level.

Liquidity risk
The company’s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations.

Foreign currency risk
The company’s only foreign currency exposures arise from sales and purchases from overseas companies, however this represents a small percentage of total sales and purchases.

IT infrastructure and platforms

The company’s business activities rely upon the efficient and uninterrupted operation of a number of technology services and platforms which are subject to the risk of failure, change and development. These risks are managed through the establishment of strong policies and operational controls with appropriate security measures and disaster recovery for our key systems.

On behalf of the board

D L Oliver
Director
31 October 2025
FITZROVIA I.T. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of Technology Managed Service Provider.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L M Phillips
(Deceased 5 August 2025)
D L Oliver
D Stanbury
J R Flitter
P H Woodgate
C Suleyman
(Resigned 30 May 2025)
G J Blair
A Sharma
S S Malik
A D Mehta
M W Cook
(Appointed 1 June 2025)
G Coumas
(Appointed 1 June 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Eacotts International Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

FITZROVIA I.T. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
On behalf of the board
A Sharma
Director
31 October 2025
FITZROVIA I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FITZROVIA I.T. LIMITED
- 5 -
Opinion

We have audited the financial statements of Fitzrovia I.T. Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 May 2025 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

FITZROVIA I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FITZROVIA I.T. LIMITED
- 6 -
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 identifie d material misstatements in the strategic report and the directors' r eport. 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; 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 in preparing the directors' report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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.

FITZROVIA I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FITZROVIA I.T. LIMITED
- 7 -

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Reading minutes of meetings of those charged with governance;

• Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

• Identifying and testing journal entries;

• Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Brandis Savizon FCCA
For and on behalf of Eacotts International Limited
4 November 2025
Accountants
ICAEW Registered Auditor
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
FITZROVIA I.T. LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
8,487,319
9,147,058
Cost of sales
(2,987,812)
(3,334,189)
Gross profit
5,499,507
5,812,869
Administrative expenses
(4,390,025)
(4,237,428)
Operating profit
1,109,482
1,575,441
Interest receivable and similar income
47,773
55,262
Interest payable and similar expenses
(559)
(2,268)
Profit before taxation
1,156,696
1,628,435
Tax on profit
3
(292,427)
(413,412)
Profit for the financial year
864,269
1,215,023

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FITZROVIA I.T. LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
86,105
129,480
Investments
6
5
5
86,110
129,485
Current assets
Stocks
7,091
11,790
Debtors
8
2,538,885
2,745,554
Cash at bank and in hand
1,348,508
1,921,268
3,894,484
4,678,612
Creditors: amounts falling due within one year
9
(2,412,373)
(2,765,788)
Net current assets
1,482,111
1,912,824
Total assets less current liabilities
1,568,221
2,042,309
Provisions for liabilities
10
(21,526)
(32,370)
Net assets
1,546,695
2,009,939
Capital and reserves
Called up share capital
12
277
277
Share premium account
75,152
75,152
Profit and loss reserves
1,471,266
1,934,510
Total equity
1,546,695
2,009,939

These 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 31 October 2025 and are signed on its behalf by:
D L Oliver
A Sharma
Director
Director
Company registration number 03720812 (England and Wales)
FITZROVIA I.T. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
277
75,152
2,171,948
2,247,377
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
1,215,023
1,215,023
Dividends
-
-
(1,452,461)
(1,452,461)
Balance at 31 May 2024
277
75,152
1,934,510
2,009,939
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
864,269
864,269
Dividends
-
-
(1,327,513)
(1,327,513)
Balance at 31 May 2025
277
75,152
1,471,266
1,546,695

The notes on pages 11 to 19 form part of these financial statements.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
1
Accounting policies
Company information

Fitzrovia I.T. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

1.1
Accounting convention

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 a mounts 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.

1.2
Going concern

Cashflow is regularly reviewed by management and remains positive. At 31 May 2025 the cash balance was £1,349k. There is no bank debt.true

On the basis of the assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis in preparing the annual financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% straight line
1.5
Tangible fixed assets

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:

Fixtures, fittings & equipment
15% reducing balance and 4 years straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 13 -

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.

1.8
Stocks

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.

1.9
Cash and cash equivalents

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.

1.10
Financial instruments

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

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.

Classification of financial liabilities

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.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial 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 paymen ts 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. A m ounts 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.

1.11
Equity instruments

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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

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.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
1.14
Retirement benefits

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

1.15
Leases

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 lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 62 (2024 - 64).

3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
303,271
404,667
Deferred tax
Origination and reversal of timing differences
(10,844)
8,745
Total tax charge
292,427
413,412
FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 16 -
4
Intangible fixed assets
Other
£
Cost
At 1 June 2024
79,498
Disposals
(79,498)
At 31 May 2025
-
0
Amortisation and impairment
At 1 June 2024
79,498
Disposals
(79,498)
At 31 May 2025
-
0
Carrying amount
At 31 May 2025
-
0
At 31 May 2024
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2024
343,026
Additions
26,808
Disposals
(42,923)
At 31 May 2025
326,911
Depreciation and impairment
At 1 June 2024
213,546
Depreciation charged in the year
65,092
Eliminated in respect of disposals
(37,832)
At 31 May 2025
240,806
Carrying amount
At 31 May 2025
86,105
At 31 May 2024
129,480
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
5
5
FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 17 -
7
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fitzrovia Academy Limited
Great Britain
Dormant
Ordinary
100.00
Fitzrovia Communications Limited
Great Britain
Dormant
Ordinary
100.00
Fitzrovia Digital Limited
Great Britain
Dormant
Ordinary
100.00
Fitzrovia Hosted Services Limited
Great Britain
Dormant
Ordinary
100.00
Fitzrovia AI Limited
Great Britain
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Fitzrovia Academy Limited
1
-
0
Fitzrovia Communications Limited
1
-
0
Fitzrovia Digital Limited
1
-
0
Fitzrovia Hosted Services Limited
1
-
0
Fitzrovia AI Limited
1
-
0
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,844,507
2,116,890
Amounts owed by group undertakings
17,932
14,447
Other debtors
676,446
614,217
2,538,885
2,745,554
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
540,508
500,648
Corporation tax
21,123
209,862
Other taxation and social security
321,884
379,988
Other creditors
1,528,858
1,675,290
2,412,373
2,765,788

The company has the the use of an overdraft facility which is secured by way of a fixed and floating charge over the assets of the company.

FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 18 -
10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
11
21,526
32,370
11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
21,526
32,370
2025
Movements in the year:
£
Liability at 1 June 2024
32,370
Credit to profit or loss
(10,844)
Liability at 31 May 2025
21,526

12
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
276,923 Ordinary of 0.1p each
277
277
277
277
13
Operating lease commitments
As lessee

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

2025
2024
£
£
Total commitments
922,993
527,047
FITZROVIA I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
14
Related party transactions

The company paid management charges of £24,024 (20 24: £21,600) to Goodman Jones LLP. At the balance sheet date £17,932 (20 24: £14,447) was due to Goodman Jones LLP.

15
Directors' transactions

Dividends totalling £464,629 (2024 - £508,360) were paid in the year in respect of shares held by the company's directors.

16
Parent entity

D L Oliver and Goodman Jones LLP are the majority shareholders. The ultimate parent entity is Goodman Jones LLP, a limited liability partnership registered in England and Wales. Consolidated financial statements for the Parent, which includes these results, can be obtained from the the Parent's registered office at 1st Floor, Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.

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