ACCOUNTS - Final Accounts

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

Registered number: 02650258

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

CONTENTS

	Page
Company information	1
Strategic report	2 - 4
Directors' report	5 - 6
Independent auditors' report	7 - 11
Statement of comprehensive income	12
Balance sheet	13 - 14
Statement of changes in equity	15
Notes to the financial statements	16 - 32

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

COMPANY INFORMATION

DIRECTORS	J Hill
	R Grant
	A Bristow


REGISTERED NUMBER	02650258


REGISTERED OFFICE	14th Floor
	33 Cavendish Square
	London
	W1G 0PW


TRADING ADDRESS	14 Progress Business Park
	Progress Way
	Croydon
	Surrey
	CR0 4XD



INDEPENDENT AUDITORS	Sumer Auditco Limited
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

Page 1

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION

The Directors present the Strategic Report for the year ended 31 March 2025.

BUSINESS REVIEW

Turnover for the year was £12.9m (2024: £11.2m) and a profit before tax of £225k (2024: £530k). The company continues to maintain a strong balance sheet with a total equity of £1.91m (2024: £1.86m).
The third year as an Employee-Ownership Trust (EOT) has seen continued success for IFSE with colleague engagement at an all-time high and pride and enthusiasm for the company very evident.
The passing of our Chairman, Andrew Fordyce, in January 2025 was keenly felt by friends and colleagues within IFSE Group and the wider industry. Andrew had been very diligent in succession planning for IFSE and the senior directors leading the management team continue with his vision for the business.
The successful acquisition of Bettaquip Limited, will accelerate growth and provide IFSE with a base in the Midlands and offers strategic opportunities for both IFSE and Bettaquip Ltd.
The Group continues to offer Catering Engineer apprenticeship roles to meet the industry shortfall and build skills for the future.
The collapse of ISG the (sixth largest construction firm by revenue) in September 2024 was a major blow to the business profits for the financial year ending March 2025 with payments on two large projects becoming bad debts. We have introduced a stricter payment policy that should mitigate such losses when dealing with main contractor projects. Whilst this has met some resistance from main contractors it has ultimately been accepted. Despite the bad debt we were able to meet all our suppliers obligation on the affected projects. Credit insurance was considered but deemed to be too expensive and not comprehensive enough to cover main contractors.
Sales enquiries continue to be very strong with a mixture of inbound enquiries, referrals and repeat business. Order intake has been consistent with IFSE budget throughout the year.
The merger of a major customer by a much larger group is looked on as being favourable as it offers unlimited opportunities which are suited to our level of expertise and high level of health and safety compliance.
The IFSE marketing team have generated great opportunities during this year with turnkey projects featuring highly. Enquiries for projects under existing framework agreements are strong with some very interesting schemes in development. Repeat business from satisfied clients has featured highly during this year.
IFSE have continued the successful roll-out of cafes for a major high street retailer via various main contractors. Good relationships have been built with all parties to ensure on-time delivery of these high-profile schemes and to optimise future business from this prestigious client. Many other major turnkey projects have been completed which have benefitted from our expertise in completing multi-faceted projects. Interior design led projects with the supply of furniture, lighting, plants and other Furniture, Fixtures and Equipment (FF&E) have resulted from the design and creative expertise offered by the IFSE design department. Catering installation projects have also been strong with several of the schemes successfully completed during this year offering the potential for future business in 2025/2026 and beyond. Design consultancy has also featured during this year as part of the IFSE offer.
The building works department has excelled with junior team members gaining valuable experience and commercial skills, ready to progress into a more senior stage of their career. Information to assist our clients to understand their responsibilities under CDM (Construction Design Management) has been created and shared. The importance of compliance with health and safety practice is emphasised to all stakeholders and implemented on all IFSE sites.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ISO 9001 accreditation has been achieved, with further ISO 14001 planning now underway for 2025/26.
Staff turnover has been minimal during the year. Recruitment has added resource to our design, estimating and project management departments.
Sustainability continued to be a major consideration this year, and will be going forward, for IFSE and our clients. Consistency of information from manufacturers has improved with the manufacturers catching up with client requirements.
Main contractor delays create multiple challenges for our project management department with IFSE programme often squeezed very tight before handover to the client.
During this year we have continued to help charitable organisations by supplying excess equipment stock to community food kitchens and our in-house collection scheme for the local foodbank has been fantastically supported by colleagues through their food donations.

PRINCIPAL RISKS AND UNCERTAINTIES

Credit & Liquidity Risk
The company regularly considers the credit worthiness of current and prospective customers and the appropriate exposure to any one customer in the context of the size of the client portfolio. In order to maintain liquidity available for ongoing operations, the company uses a mixture of banking facilities.
Health, Safety and Environmental Risk
The health and safety of its stakeholders and the public is of the utmost importance to the company. The company is continuingly carrying out risk assessment and taking appropriate actions to eliminate or mitigate risk. The company has a responsible attitude to the environment and the impact of its operations. It always acts in accordance with good practice and strives to enhance the quality of the built environment. Sustainable materials are used wherever possible. All company cars are either electric or hybrid.
Management Risk
Our key to success is to hire, develop and retain quality staff to ensure the continuing success of the company.

FINANCIAL KEY PERFORMANCE INDICATORS

		2024-25	2023-24	Change
		£	£	£


Turnover	12,896	11,211	15.0%
Gross Profit	3,694	3,135	17.8%
Profit Before Tax	225	530	(57.5%)
EBITDA	275	573	(52.1%)
Net profit	205	415	(50.6%)
ROCE	5.9%	21.9%

Page 3

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 23 December 2025 and signed on its behalf.

J Hill

Director

Page 4

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activities of the company continued to be restaurant, kitchen and servery design, equipment supply and build contracting.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £205,015 (2024 - £414,959).

DIRECTORS

The directors who served during the year were:

A Fordyce (resigned 10 January 2025)

J Hill

R Grant

A Bristow

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 December 2025 and signed on its behalf.

J Hill

Director

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

OPINION

We have audited the financial statements of International Food Service Equipment Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED (CONTINUED)

OTHER INFORMATION

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

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

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

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 8

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED (CONTINUED)

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 an Auditors' 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.

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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

∙the nature of the company including its management structure and control systems (including the opportunity for management to override such controls);

∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

∙the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity:

∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;

∙the timing of the recognition of commercial income and correct calculation of accrued and deferred income;

∙the timing of recognition of income and expenses on long term contracts;

∙completeness of creditors;

∙compliance with legislation relating to GDPR and health and safety;

∙compliance with terms of government grants received;

∙management bias in selecting accounting policies and determining estimates;

∙inappropriate journal entries;

∙manipulation of specific performance measures to meet remuneration targets;

∙the valuation of stock ensuring it is recorded at the lower of cost and net realisable value;

∙recoverability of debtors including retentions from customers; and

∙the requirement to impair fixed asset investments.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and
how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED (CONTINUED)

∙enquiries with the same concerning any actual or potential litigation or claims;

∙discussion with the same regarding any known or suspected instances of non-compliance with laws andregulation and fraud;

∙inspection of relevant legal correspondence;

∙assessment of matters reported to management and the result of the subsequent investigation;

∙obtaining an understanding of the relevant controls and testing their operation during the period;

∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

∙review documentation relating to compliance with the regulations relating to GDPR and health and safety including certificates seen;

∙challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to accounting for long term contracts; depreciation of tangible fixed assets; impairment of investments; provision for repairs under warranty;

∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

∙reviewing the financial statements for compliance with the relevant disclosure requirements;

∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

∙reviewing cut off procedures and third party evidence such as supplier statements to obtain confirmation of completeness of creditors;

∙reviewing the minutes of Board meetings and correspondence with HMRC;

∙evaluating the underlying business reasons for any unusual transactions; and

∙considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' report.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.

Rajiv Thakerar FCA (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

23 December 2025

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	12,895,775	11,211,142
Cost of sales		(9,226,167)	(8,075,662)
Gross profit		3,669,608	3,135,480
Distribution costs		(116,823)	(99,973)
Administrative expenses		(2,856,058)	(2,584,018)
Exceptional administrative expenses	11	(587,802)	-
Operating profit		108,925	451,489
Income from fixed assets investments	8	140,000	100,000
Interest payable and similar expenses	9	(23,279)	(21,228)
Profit before tax		225,646	530,261
Tax on profit	10	(20,631)	(115,302)
Profit for the financial year		205,015	414,959

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

REGISTERED NUMBER: 02650258

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		333,322		382,170
Investments	13		125,432		121,430
			458,754		503,600
Current assets
Stocks	14	135,676		75,334
Debtors: amounts falling due after more than one year	15	61,081		90,892
Debtors: amounts falling due within one year	15	6,886,057		5,141,313
Cash at bank and in hand	16	801,600		602,348
		7,884,414		5,909,887
Creditors: amounts falling due within one year	17	(6,322,181)		(4,354,664)
Net current assets			1,562,233		1,555,223
Total assets less current liabilities			2,020,987		2,058,823
Creditors: amounts falling due after more than one year	18		(80,945)		(145,606)
Provisions for liabilities
Deferred tax	21	(7,664)		(20,290)
Other provisions	22	(26,530)		(27,094)
			(34,194)		(47,384)
Net assets			1,905,848		1,865,833

Capital and reserves
Called up share capital	55,556	55,556
Share premium account	90,444	90,444
Capital redemption reserve	25,000	25,000
Profit and loss account	1,734,848	1,694,833
	1,905,848	1,865,833

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

REGISTERED NUMBER: 02650258

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

J Hill

Director

The notes on pages 16 to 32 form part of these financial statements.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	55,556	90,444	25,000	1,615,420	1,786,420

Profit for the year	-	-	-	414,959	414,959
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(335,546)	(335,546)

At 1 April 2024	55,556	90,444	25,000	1,694,833	1,865,833

Profit for the year	-	-	-	205,015	205,015
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(165,000)	(165,000)
At 31 March 2025	55,556	90,444	25,000	1,734,848	1,905,848

The notes on pages 16 to 32 form part of these financial statements.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

International Food Service Equipment Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02650258. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of IFSE Group Limited as at 31 March 2025 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW. .

2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

GOING CONCERN

The directors believe that the company has the ability to fulfil its financial obligations for a period of at least twelve months from the date of these financial statements and therefore considers it appropriate to prepare the financial statements on a going concern basis.

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.6

REVENUE

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.7

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.8

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.9

FINANCE COSTS

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

2.10

LONG TERM CONTRACTS

Amounts recoverable on long term contracts, which are included debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account and progress payments.

2.11

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

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INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.14

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.14

TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property	-	Over the life of the lease
Plant and machinery	-	24% straight line
Motor vehicles	-	24% straight line
Fixtures and fittings	-	24% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.17

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.18

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.19

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.20

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 21

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.21

FINANCIAL INSTRUMENTS (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.22

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Turnover	12,895,775	11,211,142
	12,895,775	11,211,142

All turnover arose within the United Kingdom.

Depreciation	165,580	121,202
Operating lease rentals	65,000	65,000
Exceptional items - Bad debt due to customer insolvency	587,802	-

Page 22

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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

27,500

24,900

Wages and salaries	1,829,008	1,662,041
Social security costs	226,777	208,899
Cost of defined contribution scheme	71,845	71,609
	2,127,630	1,942,549

The average monthly number of employees, including directors, during the year was 38 (2024 - 33).

7.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	279,472	193,475
	279,472	193,475

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £98,408 (2024 - £94,020).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,956 (2024 - £3,780).

Page 23

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	INCOME FROM INVESTMENTS
		2025	2024
		£	£

	Dividends received	(140,000)	(100,000)

9.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

Bank interest payable	9,636	10,359
Finance leases and hire purchase contracts	13,643	10,869
	23,279	21,228

Corporation tax
Current tax on profits for the year	33,257	118,820

	Deferred tax
	Origination and reversal of timing differences	(12,626)	(3,518)


		20,631	115,302

Page 24

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.TAXATION (CONTINUED)

Profit on ordinary activities before tax

225,646

530,261

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	56,412	132,565
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	666	1,228
Capital allowances for year in excess of depreciation	10,357	11,370
Profit on chargeable assets	(3,663)	(5,000)
Changes in provisions leading to an increase (decrease) in the tax charge	4,485	3,657
Dividends from UK companies	(35,000)	(25,000)
Other differences leading to an increase (decrease) in the tax charge	(12,626)	(3,518)
Total tax charge for the year	20,631	115,302

11.	EXCEPTIONAL ITEMS
		2025	2024
		£	£

	Bad debt due to customer insolvency	587,802	-
		587,802	-

Page 25

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	TANGIBLE FIXED ASSETS

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	184,859	192,440	596,014	21,081	994,394
Additions	14,242	14,711	99,669	1,355	129,977
Disposals	-	-	(85,641)	-	(85,641)
At 31 March 2025	199,101	207,151	610,042	22,436	1,038,730
Depreciation
At 1 April 2024	141,430	145,473	308,450	16,871	612,224
Charge for the year on owned assets	22,935	19,176	-	1,835	43,946
Charge for the year on financed assets	-	-	121,279	-	121,279
Disposals	-	-	(72,041)	-	(72,041)
At 31 March 2025	164,365	164,649	357,688	18,706	705,408
Net book value
At 31 March 2025	34,736	42,502	252,354	3,730	333,322
At 31 March 2024	43,429	46,967	287,564	4,210	382,170

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	-	2,639
Motor vehicles	252,354	287,564
	252,354	290,203

Page 26

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	121,430
	Additions	4,002
	At 31 March 2025	125,432

	Net book value
	At 31 March 2025	125,432
	At 31 March 2024	121,430

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

	Romann Catering Equipment Engineers Limited	Ordinary	100%
	Bettaquip Limited	Ordinary	100%

14.	STOCKS
		2025	2024
		£	£

	Stocks	135,676	75,334

Page 27

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	DEBTORS
		2025	2024
		£	£

Due after more than one year
Trade debtors	61,081	90,892

					2025	2024
					£	£

Due within one year
Trade debtors	1,361,845	1,208,429
Amounts owed by group undertakings	914,227	715,378
Other debtors	22,507	15,799
Prepayments and accrued income	928,282	311,570
Amounts recoverable on long-term contracts	3,659,196	2,890,137
	6,886,057	5,141,313

16.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

Cash at bank and in hand	801,600	602,348
Less: bank overdrafts	(10,105)	-
	791,495	602,348

Page 28

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	CREDITORS: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	10,105	-
Bank loans	46,000	46,000
Trade creditors	1,814,414	1,338,228
Amounts owed to group undertakings	-	12,420
Corporation tax	32,964	118,527
Other taxation and social security	375,072	348,806
Obligations under finance lease and hire purchase contracts	72,070	100,450
Other creditors	47,137	7,740
Accruals and deferred income	3,924,419	2,382,493
	6,322,181	4,354,664

Secured Loans
The bank overdraft is secured by way of a fixed monthly charge. The bank loan is secured by way of a fixed and floating charge over the assets of the company. The hire purchase and finance creditors are secured on the assets that they were used to acquire.

18.	CREDITORS: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	7,667	53,667
Net obligations under finance leases and hire purchase contracts	73,278	91,939
	80,945	145,606

The bank loan is secured by way of a fixed and floating charge over the assets of the company. The hire purchase and finance creditors are secured on the assets that they were used to acquire.

Page 29

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	46,000	46,000
Amounts falling due 1-2 years
Bank loans	7,667	46,000
Amounts falling due 2-5 years
Bank loans	-	7,667
	53,667	99,667

The bank loan is backed by an 80% security provided by the Government. The bank holds a debenture as security over the remainder of the loan balance.

Within one year	72,070	100,450
Between 1-5 years	73,278	91,939
	145,348	192,389

Page 30

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.	DEFERRED TAXATION

		2025
		£

	At beginning of year	(20,290)
	Charged to profit or loss	12,626
	At end of year	(7,664)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(7,664)	(20,290)
		(7,664)	(20,290)

22.	PROVISIONS

		Warranty provision
		£

	At 1 April 2024	27,094
	Utilised in year	(564)
	At 31 March 2025	26,530

The warranty provision represents the present obligation for the future anticipated cost of repairing equipment sold under warranty. This is calculated as a percentage of sales in the year based on historical trends for warranty costs incurred.

23.	PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £71,845 (2024: £71,609). Contributions totalling £9,608 (2024: £4,796) were payable to the fund at the reporting date and are included in creditors.

Page 31

INTERNATIONAL FOOD SERVICE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Not later than 1 year	65,000	65,000
Later than 1 year and not later than 5 years	32,500	97,500
	97,500	162,500

25.	TRANSACTIONS WITH DIRECTORS

The directors have provided personal guarantees amounting to £80,000 (2024: £80,000).

26.	RELATED PARTY TRANSACTIONS
	In accordance with paragraph 33.1A of FRS 102, the Company has not disclosed transactions or balances between entities that are wholly owned within the group.

27.	CONTROLLING PARTY

The smallest and largest group for which consolidated financial statements are prepared which include the results of this company is that headed by IFSE Group Limited, whose registered office is at 14th Floor, 33 Cavendish Square, London, W1G 0PW.

Page 32