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Company Registration No. 10713969 (England and Wales)
Fiit Limited Unaudited accounts for the year ended 31 December 2024
Fiit Limited Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
- 2 -
Fiit Limited Company Information for the year ended 31 December 2024
Directors
Sammi Adhami Ian Robert Milroy McCaig Noam Ohana Daniel Robert Shellard
Company Number
10713969 (England and Wales)
Registered Office
14 East Bay Lane The Press Centre Queen Elizabeth Olympic Park London E15 2GW
Accountants
Barnes & Scott 86-90 Paul Street London EC2A 4NE
- 3 -
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Fiit Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fiit Limited for the year ended 31 December 2024 as set out on pages 5 - 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Fiit Limited, as a body, in accordance with the terms of our engagement letter dated 3 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Fiit Limited and state those matters that we have agreed to state to the Board of Directors of Fiit Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fiit Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Fiit Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fiit Limited. You consider that Fiit Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fiit Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott Chartered Accountants 86-90 Paul Street London EC2A 4NE 28 October 2025
- 4 -
Fiit Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Intangible assets
4
32,108
22,883
Tangible assets
5
45,707
114,965
Investments
6
1
1
77,816
137,849
Current assets
Inventories
51,370
131,462
Debtors
7
446,981
480,073
Cash at bank and in hand
225,934
380,008
724,285
991,543
Creditors: amounts falling due within one year
8
(2,655,909)
(3,896,624)
Net current liabilities
(1,931,624)
(2,905,081)
Total assets less current liabilities
(1,853,808)
(2,767,232)
Creditors: amounts falling due after more than one year
9
(4,815,424)
(4,738,055)
Net liabilities
(6,669,232)
(7,505,287)
Capital and reserves
Called up share capital
311,146
311,086
Share premium
10,209,889
10,209,889
Capital contribution reserve
410,641
305,759
Profit and loss account
(17,600,908)
(18,332,021)
Shareholders' funds
(6,669,232)
(7,505,287)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by
Ian Robert Milroy McCaig Director Company Registration No. 10713969
- 5 -
Fiit Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Fiit Limited is a private company, limited by shares, registered in England and Wales, registration number 10713969. The registered office is 14 East Bay Lane, The Press Centre, Queen Elizabeth Olympic Park, London, E15 2GW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors consider the going concern basis to be appropriate having paid due regard to the Company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
- 6 -
Fiit Limited Notes to the Accounts for the year ended 31 December 2024
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 impairments 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. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Taxation
Taxation represents the sum of tax currently payable and deferred 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 taxation
Due to its cumulative tax losses the company is unlikely to have to pay taxes in the foreseeable future. As such, the provision for deferred tax has been written off to the profit and loss account.
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.
- 7 -
Fiit Limited Notes to the Accounts for the year ended 31 December 2024
Employee Share Option Scheme
The company has an employee share option scheme in place. The scheme consists of an EMI approved option scheme for those who are eligible, and an 'unapproved' scheme for others. The options vest evenly over a maximum of four years and are settled by equity upon exercise. At the period end there were 9,353,487 options in issue, with 8,210,173 having vested. The company has transferred £3,964 from the share option reserve to the profit and loss reserve, being the fair value of shares exercised or forfeited during the period. The company has entered a debit of £100,918 through the profit and loss account, being the estimated fair value of the net movement in share options this period. The number of options outstanding at the start of the period (9,627,734) has been restated as a forfeit (143,582) and exercise (59,122) in relation to one employee on 30 October 2023 was omitted from the prior period workings. This has resulted in the balance decreasing by 202,704. . The number and weighted average exercise prices of the share options are as follows: (i) outstanding at the beginning of the year: 9,425,030 options at a weighted average exercise price of £0.01; (ii) granted during the year: Nil; (iii) forfeited during the year: 11,362 options at a weighted average exercise price of £0.01; (iv) exercised during the year: 60,181 options at a weighted average exercise price of £0.01; (v) expired during the year: Nil; (vi) outstanding at the end of the year 9,353,487 options at a weighted average exercise price of £0.01; and (vii) exercisable at the end of the year: 8,210,173 options at a weighted average exercise price of £0.01.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Other
£
Cost
At 1 January 2024
28,501
Additions
12,763
At 31 December 2024
41,264
Amortisation
At 1 January 2024
5,618
Charge for the year
3,538
At 31 December 2024
9,156
Net book value
At 31 December 2024
32,108
At 31 December 2023
22,883
- 8 -
Fiit Limited Notes to the Accounts for the year ended 31 December 2024
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
53,335
663,110
167,795
884,240
Additions
-
-
3,972
3,972
At 31 December 2024
53,335
663,110
171,767
888,212
Depreciation
At 1 January 2024
37,639
612,583
119,053
769,275
Charge for the year
8,297
40,435
24,498
73,230
At 31 December 2024
45,936
653,018
143,551
842,505
Net book value
At 31 December 2024
7,399
10,092
28,216
45,707
At 31 December 2023
15,696
50,527
48,742
114,965
6
Investments
Subsidiary undertakings
£
Valuation at 1 January 2024
1
Valuation at 31 December 2024
1
7
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
33,469
29,166
Amounts due from group undertakings etc.
1,525
740
Accrued income and prepayments
308,310
437,774
Other debtors
103,677
12,393
446,981
480,073
8
Creditors: amounts falling due within one year
2024
2023
£
£
VAT
12,955
197,177
Trade creditors
169,556
181,896
Taxes and social security
61,779
138,214
Other creditors
14,274
15,164
Accruals
353,999
803,375
Deferred income
2,043,346
2,560,798
2,655,909
3,896,624
- 9 -
Fiit Limited Notes to the Accounts for the year ended 31 December 2024
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,815,424
4,738,055
Creditors falling due after one year include unsecured convertible loan notes totalling £4,815,424 (2023: £4,738,055). This balance includes interest of £345,424 (2023: £268,055) accrued in relation to the loans.
10
Operating lease commitments
2024
2023
£
£
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
118,843
29,747
Later than one year and not later than five years
475,270
-
594,113
29,747
11
Average number of employees
During the year the average number of employees was 17 (2023: 27).
- 10 -