Registrar

Registration number: 10103078

11:FS Group Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 12

11:FS Group Limited

Company Information

Directors

D M Brear J Bates A Kozliar M Koretskiy

Registered office

9 Appold Street Mindspace 8TH Floor London EC2A 2AP

Bankers

Santander UK PLC 2 Triton Square Regent's Place London NW1 3AN

Auditors

Lambert Chapman LLP Chartered Accountants and Registered Statutory Auditors3 Warners Mill Silks Way Braintree Essex CM7 3GB

11:FS Group Limited

(Registration number: 10103078)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 December 2023 £
Fixed assets
Tangible assets	5	111,140	88,672
Investments	6	110	10
Debtors	7	943,963	-
		1,055,213	88,682
Current assets
Debtors	7	1,543,537	2,532,064
Cash at bank and in hand		232,299	1,795,310
		1,775,836	4,327,374
Creditors: Amounts falling due within one year	8	(3,210,830)	(2,315,439)
Net current (liabilities)/assets		(1,434,994)	2,011,935
Total assets less current liabilities		(379,781)	2,100,617
Creditors: Amounts falling due after more than one year	8	(4,767,895)	(2,921,988)
Provisions for liabilities		(27,785)	(24,780)
Net liabilities		(5,175,461)	(846,151)
Capital and reserves
Called up share capital	9	261	261
Capital redemption reserve		12	12
Retained earnings		(5,175,734)	(846,424)
Shareholders' deficit		(5,175,461)	(846,151)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 December 2025 and signed on its behalf by:
 

D M Brear
Director

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 9 Appold Street, Mindspace, 8TH Floor, London, EC2A 2AP, England.

These financial statements were authorised for issue by the Board on 31 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the Group's functional currency.

Group accounts not prepared

The company is exempt from preparing group accounts as it is a small group.

Going concern

Following the Balance Sheet date, the Company has transferred its interest in both 11:FS Foundry Limited and 11:Wealth Limited to 11:FS Holdings Limited which has resulted in further funds being receivable amounting to £455,000. In addition, the company has undertaken significant cost reduction measures, some of which result from the sale of the subsidiaries, which have had a positive impact on its profitability and cash flow since the Balance Sheet date.

The Directors are of the opinion that the Company will be a going concern for the foreseeable future.

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 31 December 2025 was Nicholas Forsyth FCA, who signed for and on behalf of Lambert Chapman LLP.

Judgements

The preparation of the financial statement requires management to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include amounts within deferred income totalling £1,896,781 (2023: £1,439,651) which are accounted for in line with the accounting policy.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consulting, research and subscription services. Turnover is shown net of value added tax, returns, rebates and discounts.

Amounts recoverable on long term contracts, which are included in debtors, are stated at expected sales value based on stage of completion and value of work undertaken in line with the agreed contract terms. Deferred income is shown within creditors and recognised by reference to the stage of completion of the contract or subscription.

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	3 years straight line
Office equipment	3 years straight line
Computer equipment	3 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for the digital financial services performed in the ordinary course of business. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.


 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 75 (2023 - 84).

4	Exceptional item

Following the end of the year, 11:FS Foundry Limited was sold to 11:FS Holdings Limited. As part of the preparatory work for this sale, the intercompany balance due to 11:FS Group Limited was reviewed and written down to an amount that was repaid following the end of the year. This has resulted in a debit to the profit and loss account of £1,374,742 in the year to 31 December 2024.

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Office and computer equipment  £	Plant and Machinery £	Total £
Cost or valuation
At 1 January 2024	456,452	13,074	469,526
Additions	88,121	10,738	98,859
Disposals	(274,388)	-	(274,388)
At 31 December 2024	270,185	23,812	293,997
Depreciation
At 1 January 2024	368,357	12,496	380,853
Charge for the year	73,206	3,186	76,392
Eliminated on disposal	(274,388)	-	(274,388)
At 31 December 2024	167,175	15,682	182,857
Carrying amount
At 31 December 2024	103,010	8,130	111,140
At 31 December 2023	88,094	578	88,672

11:FS Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Investments

	31 December 2024 £	31 December 2023 £
Investments in subsidiaries	110	10