ACCOUNTS - Final Accounts

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

Registered number: 09172723

IFSE GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

IFSE GROUP LIMITED

COMPANY INFORMATION

DIRECTORS	J Hill
	R Grant
	A Bristow


REGISTERED NUMBER	09172723


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

IFSE GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 10
Consolidated Profit and Loss Account	11
Consolidated Balance Sheet	12 - 13
Company Balance Sheet	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17 - 18
Consolidated Analysis of Net Debt	18
Notes to the Financial Statements	19 - 39

IFSE GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION

The directors present their strategic report for the year ended 31 March 2025.

BUSINESS REVIEW

Turnover for the year was £14.6m (2024: £12.2m) and a profit before tax of £237k (2024: £496k).
The group continues to maintain a strong balance sheet with a total equity of £1.0m (2024: £1.1m).
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 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 successful acquisition of Bettaquip Limited, will accelerate growth and provide IFSE with a base in the Midlands and offers strategic opportunities for both IFSE Ltd 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.

Page 1

IFSE GROUP LIMITED

GROUP 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 group 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. To maintain liquidity available for ongoing operations, the group uses a mixture of banking facilities.
Health, Safety and Environmental Risk
The health and safety of its stakeholders and the public is of the upmost importance to the company. The group is continuingly carrying out risk assessment and taking appropriate actions to eliminate or mitigate risk. The group 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 group 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 group.

FINANCIAL KEY PERFORMANCE INDICATORS

		2024-25	2023-24	Change
		£	£	%


Turnover	14,642	12,237	19.7%
Gross Profit	4,669	3,897	19.8%
Profit Before Tax	237	496	(52.1%)
EBITDA	334	664	(49.8%)
Net Profit	152	344	(55.8%)
ROCE	22.9%	40.2%

Page 2

IFSE GROUP LIMITED

GROUP 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 3

IFSE GROUP 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

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

∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The company is a holding company of its subsidiaries.
The principal activities of the group are that of restaurant, kitchen and servery design, equipment supply and design, build contracting and maintenance and servicing of catering equipment.

RESULTS AND DISTRIBUTIONS

The profit for the year, after taxation, amounted to £152,253 (2024 - £343,825).

Distributions amounted to £292,251 (2024 - £292,251) were paid during the year.

DIRECTORS

The directors who served during the year were:

A Fordyce (resigned 10 January 2025)

J Hill

R Grant

A Bristow

Page 4

IFSE GROUP 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 and the Group'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 and the Group'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 and signed on its behalf.

J Hill

Director

Date: 23 December 2025

Page 5

IFSE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSE GROUP LIMITED

OPINION

We have audited the financial statements of IFSE Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's 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 Group 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 6

IFSE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSE GROUP 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Page 7

IFSE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSE GROUP LIMITED (CONTINUED)

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group 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 group, 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 group’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;

Page 8

IFSE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSE GROUP LIMITED (CONTINUED)

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

∙recoverability of debtors including retentions from customers;

∙revenue cut off; 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;

∙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 and regulation 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

∙considering 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.

Page 9

IFSE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSE GROUP 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

Page 10

IFSE GROUP LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	14,641,873	12,236,830
Cost of sales		(9,997,455)	(8,339,800)
Gross profit		4,644,418	3,897,030
Distribution costs		(116,823)	(99,973)
Administrative expenses		(3,675,752)	(3,276,605)
Exceptional administrative expenses	10	(587,802)	-
Operating profit	4	264,041	520,452
Interest payable and similar expenses	8	(26,552)	(24,371)
Profit before tax		237,489	496,081
Tax on profit	9	(85,236)	(152,256)
Profit for the financial year		152,253	343,825

Profit for the year attributable to:
Owners of the Parent Company	152,253	343,825
	152,253	343,825

The notes on pages 19 to 39 form part of these financial statements.

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IFSE GROUP LIMITED

REGISTERED NUMBER: 09172723

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		(46,262)		40,306
Tangible assets	12		454,775		407,227
			408,513		447,533
Current assets
Stocks	14	135,956		75,334
Debtors: amounts falling due after more than one year	15	61,081		90,892
Debtors: amounts falling due within one year	15	6,705,518		4,624,263
Cash at bank and in hand	16	1,119,576		769,724
		8,022,131		5,560,213
Creditors: amounts falling due within one year	17	(7,206,258)		(4,659,355)
Net current assets			815,873		900,858
Total assets less current liabilities			1,224,386		1,348,391
Creditors: amounts falling due after more than one year	18		(159,107)		(152,349)
Provisions for liabilities
Deferred taxation	20	(36,353)		(26,554)
Other provisions	21	(26,530)		(27,094)
			(62,883)		(53,648)
Net assets excluding pension asset			1,002,396		1,142,394
Net assets			1,002,396		1,142,394

Capital and reserves
Called up share capital	22	59,236	59,236
Other reserves	23	29,739	29,739
Profit and loss account	23	913,421	1,053,419
Equity attributable to owners of the Parent Company		1,002,396	1,142,394
		1,002,396	1,142,394

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IFSE GROUP LIMITED

REGISTERED NUMBER: 09172723

CONSOLIDATED 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 by:

J Hill

Director

Date: 23 December 2025

The notes on pages 19 to 39 form part of these financial statements.

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IFSE GROUP LIMITED

REGISTERED NUMBER: 09172723

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investments	13		1,621,647		1,621,647
Current assets
Debtors: amounts falling due within one year	15	670		670
		670		670
Creditors: amounts falling due within one year	17	(829,125)		(701,874)
Net current liabilities			(828,455)		(701,204)


Net assets			793,192		920,443

Capital and reserves
Called up share capital	22	59,236	59,236
Share premium account	23	29,739	29,739
Profit and loss account	23	704,217	831,468
		793,192	920,443

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Hill

Director

Date: 23 December 2025

The notes on pages 19 to 39 form part of these financial statements.

Page 14

IFSE GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	59,236	29,739	1,001,845	1,090,820
Comprehensive income for the year
Profit for the year	-	-	343,825	343,825
Distribution to Employee Ownership Trust	-	-	(292,251)	(292,251)

At 1 April 2024	59,236	29,739	1,053,419	1,142,394
Comprehensive income for the year
Profit for the year	-	-	152,253	152,253
Distribution to Employee Ownership Trust	-	-	(292,251)	(292,251)
At 31 March 2025	59,236	29,739	913,421	1,002,396

The notes on pages 19 to 39 form part of these financial statements.

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IFSE GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	59,236	29,739	788,173	877,148

Profit for the year	-	-	335,546	335,546
Contributions by and distributions to owners
Distribution to Employee Ownership Trust	-	-	(292,251)	(292,251)

At 1 April 2024	59,236	29,739	831,468	920,443

Profit for the year	-	-	165,000	165,000
Distribution to Employee Ownership Trust	-	-	(292,251)	(292,251)
At 31 March 2025	59,236	29,739	704,217	793,192

The notes on pages 19 to 39 form part of these financial statements.

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IFSE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	152,253	343,825
Adjustments for:
Amortisation of intangible assets	(5,957)	80,609
Depreciation of tangible assets	203,400	143,945
Profit on disposal of tangible assets	(23,650)	(20,000)
Interest paid	26,552	24,371
Taxation charge	85,236	152,256
(Increase) in stocks	(59,872)	(7,778)
(Increase)/decrease in debtors	(1,554,465)	294,697
Increase/(decrease) in creditors	2,151,800	(370,802)
Increase/(decrease) in provisions	8,260	(3,038)
Corporation tax (paid)	(167,951)	(75,298)
Net cash generated from operating activities	815,606	562,787

Cash flows from investing activities
Purchase of tangible fixed assets	(260,184)	(110,984)
Sale of tangible fixed assets	37,250	20,000
Purchase of share in subsidiary	(4,002)	-
Cash received on acquisition of subsidiary	75,637	-
Net cash from investing activities	(151,299)	(90,984)
Cash flows from financing activities
Repayment of loans	(21,853)	(46,000)
Repayment of/new finance leases	16,096	(60,371)
Interest paid	(26,552)	(24,371)
Distribution paid to members	(292,251)	(292,251)
Net cash used in financing activities	(324,560)	(422,993)
Net increase in cash and cash equivalents	339,747	48,810
Cash and cash equivalents at beginning of year	769,724	720,914
Cash and cash equivalents at the end of year	1,109,471	769,724

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IFSE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,119,576	769,724
Bank overdrafts	(10,105)	-
	1,109,471	769,724

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	Acquisition and disposal of subsidiaries	New finance leases	At 31 March 2025
£	£	£	£	£

Cash at bank and in hand	769,724	274,217	75,635	-	1,119,576
Bank overdrafts	-	(10,105)	-	-	(10,105)
Debt due after 1 year	(53,667)	48,726	(26,873)	-	(31,814)
Debt due within 1 year	(46,000)	(569)	-	-	(46,569)
Finance leases	(208,684)	100,140	-	(116,236)	(224,780)
	461,373	412,409	48,762	(116,236)	806,308

The notes on pages 19 to 39 form part of these financial statements.

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IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

IFSE Group Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09172723. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. Dormant subsidiaries have been excluded from consolidation on the grounds of being immaterial.

2.3

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 consider it appropriate to prepare the financial statements on a going concern basis.

Page 19

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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 Group 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.

2.5

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

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 20

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.6

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:

Long-term leasehold property	-	Over the life of the lease
Plant and machinery	-	24% straight line
Motor vehicles	-	24% straight line
Fixtures and fittings	-	24% straight line
Office equipment	-	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.

2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

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.

2.9

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.

2.10

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.11

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.

2.12

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.13

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.

2.14

PENSIONS

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.15

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.16

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.

2.17

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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.18

OPERATING LEASES: THE GROUP AS LESSEE

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

2.19

EXCEPTIONAL ITEMS

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

2.20

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS

Page 23

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.20

FINANCIAL INSTRUMENTS (continued)

102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Page 24

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.20

FINANCIAL INSTRUMENTS (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Sale of goods	14,014,618	11,764,619
Equipment sales	287,623	162,733
Spare parts sales	339,632	309,478
	14,641,873	12,236,830

All turnover arose within the United Kingdom.

Page 25

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Depreciation of tangible fixed assets	203,401	143,945
Amortisation of intangible assets, including goodwill	(5,957)	80,609
Other operating lease rentals	65,000	65,000
Defined contribution pension cost	84,086	83,032
Exceptional items - Bad debt due to customer insolvency	587,802	-
	934,332	372,586

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

27,500

24,900

6.	EMPLOYEES
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,405,406	2,083,625	-	463
Social security costs	300,145	250,182	-	-
Cost of defined contribution scheme	84,086	83,032	-	-
	2,789,637	2,416,839	-	463

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Staff	50	42

Page 26

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	348,814	337,225
	348,814	337,225

	During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £98,408 (2024 - £NIL).

8.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

Bank interest payable	10,541	10,359
Finance leases and hire purchase contracts	16,011	14,012
	26,552	24,371

Corporation tax
Current tax on profits for the year	75,437	161,460

Total current tax	75,437	161,460

Deferred tax
Origination and reversal of timing differences	9,799	(9,204)
Total deferred tax	9,799	(9,204)


		85,236	152,256

Page 27

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.TAXATION (CONTINUED)

Profit on ordinary activities before tax

237,490

496,081

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	59,372	124,020
Effects of:
Non-tax deductible amortisation of goodwill and impairment	(1,489)	20,152
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,571	1,103
Capital allowances for year in excess of depreciation	(6,546)	17,056
Short-term timing difference leading to an increase (decrease) in taxation	20,641	-
Profit on chargeable assets	(3,663)	(5,000)
Changes in provisions leading to an increase (decrease) in the tax charge	5,702	4,129
Other differences leading to an increase (decrease) in the tax charge	9,799	(9,204)
Marginal relief	(151)	-
Total tax charge for the year	85,236	152,256

10.	EXCEPTIONAL ITEMS
		2025	2024
		£	£

Bad debt due to customer insolvency

587,802

Page 28

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	INTANGIBLE ASSETS
	Group

	Goodwill	Negative goodwill	Total
	£	£	£
Cost
At 1 April 2024	806,092	-	806,092
On acquisition of subsidiaries	-	(92,525)	(92,525)
At 31 March 2025	806,092	(92,525)	713,567
Amortisation
At 1 April 2024	765,786	-	765,786
Charge for the year	40,306	(46,263)	(5,957)
At 31 March 2025	806,092	(46,263)	759,829
Net book value
At 31 March 2025	-	(46,262)	(46,262)
At 31 March 2024	40,306	-	40,306

Page 29

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	TANGIBLE FIXED ASSETS
	Group

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	184,859	210,974	742,699	22,139	1,160,671
Additions	14,242	23,971	224,155	2,180	264,548
Disposals	-	-	(129,552)	-	(129,552)
At 31 March 2025	199,101	234,945	837,302	24,319	1,295,667
Depreciation
At 1 April 2024	141,430	164,007	430,670	17,337	753,444
Charge for the year on owned assets	22,935	28,436	21	2,221	53,613
Charge for the year on financed assets	-	-	149,787	-	149,787
Disposals	-	-	(115,952)	-	(115,952)
At 31 March 2025	164,365	192,443	464,526	19,558	840,892
Net book value
At 31 March 2025	34,736	42,502	372,776	4,761	454,775
At 31 March 2024	43,429	46,967	312,029	4,802	407,227

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Long leasehold	34,736	43,429
	34,736	43,429

The net book value of assets held under finance leases or hire purchase contracts, included above, is £368,161 (2024: £314,668).

Page 30

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	1,621,647
	At 31 March 2025	1,621,647

DIRECT SUBSIDIARY UNDERTAKINGS
The following were direct subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	International Food Service Equipment Limited	UK	Ordinary	100%
	IFSE Limited	UK	Ordinary	100%

The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	International Food Service Equipment Limited	1,905,848	205,015
	IFSE Limited	2	-

INDIRECT SUBSIDIARY UNDERTAKINGS
The following were indirect subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

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

Page 31

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

INDIRECT SUBSIDIARY UNDERTAKINGS (CONTINUED)

The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	Romann Catering Equipment Engineers Limited	69,350	95,969
	Bettaquip Limited	21,195	87,935

Bettaquip Limited was entitled to exemption from audit under s479A of the Companies Act 2006 relating to subsidiaries. The parent company has given the guarantee to the subsidiary for the financial period.
The registered office of this entity is Lombard House, Cross Keys, Lichfield, Staffs, WS13 6DN.

14.	STOCKS
		Group	Group
		2025	2024
		£	£

	Stock	135,956	75,334

Page 32

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	DEBTORS
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

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

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	1,744,587	1,386,753	-	-
Other debtors	35,516	21,278	670	670
Prepayments and accrued income	948,686	326,095	-	-
Amounts recoverable on long-term contracts	3,976,729	2,890,137	-	-
	6,705,518	4,624,263	670	670

16.	CASH AND CASH EQUIVALENTS
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	1,119,576	769,724
Less: bank overdrafts	(10,105)	-
	1,109,471	769,724

Page 33

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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

Bank overdrafts	10,105	-	-	-
Bank loans	46,000	46,000	-	-
Trade creditors	2,004,836	1,345,213	-	-
Amounts owed to group undertakings	-	-	765,628	638,377
Corporation tax	78,444	161,159	-	-
Other taxation and social security	449,258	429,979	-	-
Obligations under finance lease and hire purchase contracts	97,487	110,002	-	-
Other creditors	106,630	71,457	53,747	53,747
Accruals and deferred income	4,413,498	2,495,545	9,750	9,750
	7,206,258	4,659,355	829,125	701,874

The bank overdraft is secured by way of a fixed charge. The bank loans are 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 used to acquire.

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

Bank loans	31,814	53,667
Net obligations under finance leases and hire purchase contracts	127,293	98,682
	159,107	152,349

The hire purchase and finance creditors are secured on the assets that they were used to acquire.

Page 34

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	LOANS
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	46,000	46,000
Amounts falling due 1-2 years
Bank loans	31,814	46,000
Amounts falling due 2-5 years
Bank loans	-	7,667

	77,814	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.

20.	DEFERRED TAXATION
	Group

		2025
		£

	At beginning of year	(26,554)
	Charged to profit or loss	(9,799)
	At end of year	(36,353)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances

(36,353)

(26,554)

Page 35

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.	PROVISIONS
	Group

		Warranty provision
		£

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

22.	SHARE CAPITAL
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 (2024 - 50,000) A Ordinary shares shares of £1.00 each	50,000	50,000
3,113 (2024 - 3,113) B Ordinary shares shares of £1.00 each	3,113	3,113
3,010 (2024 - 3,010) C Ordinary shares shares of £1.00 each	3,010	3,010
3,113 (2024 - 3,113) D Ordinary shares shares of £1.00 each	3,113	3,113

	59,236	59,236

23.

RESERVES

Other reserves

The other reserve was the merger reserve on acquisition of subsidiaries.

Page 36

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	BUSINESS COMBINATIONS

On 23 August 2024, the Group acquired the entire business of Bettaquip Limited, which has been accounted using the purchase method of accounting.

Acquisition of Bettaquip Limited
Recognised amounts of identifiable assets acquired and liabilities assumed
	Book value	Fair value adjustments	Fair value
	£	£	£

Fixed Assets
Tangible	4,364	-	4,364
	4,364	-	4,364
Current Assets
Stocks	750	-	750
Debtors	67,213	429,766	496,979
Cash at bank and in hand	75,637	-	75,637
Total Assets	147,964	429,766	577,730
Creditors
Due within one year	(119,380)	(333,975)	(453,355)
Due after more than one year	(26,873)	-	(26,873)
Deferred taxation	(975)	-	(975)
Total Identifiable net assets	736	95,791	96,527


	Goodwill	(92,525)
	Total purchase consideration	4,002

	Consideration
					£


	Cash	2
	Directly attributable costs	4,000
	Total purchase consideration	4,002

Page 37

IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.BUSINESS COMBINATIONS (CONTINUED)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	2
	Directly attributable costs	4,000
		4,002
	Less: Cash and cash equivalents acquired	(75,637)
	Net cash inflow on acquisition	(71,635)

	The results of Bettaquip Limited since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	1,225,618
	Profit for the period since acquisition	81,055

25.	PENSION COMMITMENTS

The group operates a defined contributions 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 group to the fund and amounted to £84,086 (2024: £83,032). Contributions totalling £11,718 (2024: £5,609) were payable to the fund at the balance sheet date and are included in creditors.

26.	COMMITMENTS UNDER OPERATING LEASES
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

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

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IFSE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

27.DIRECTORS' PERSONAL GUARANTEES

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

28.	CONTROLLING PARTY

The ultimate controlling party of the Group is the Employee-Ownership Trust (EOT).

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