Registrar

Registration number: 11418349

11:FS Foundry Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

11:FS Foundry Limited

Company Information

Directors

D M Brear J Campbell D Morris

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 Foundry Limited

(Registration number: 11418349)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 December 2023 £
Fixed assets
Tangible assets	5	-	1,035
Current assets
Debtors	6	346,027	67,284
Cash at bank and in hand		10,339	7,199
		356,366	74,483
Creditors: Amounts falling due within one year	7	(451,785)	(1,017,788)
Net current liabilities		(95,419)	(943,305)
Net liabilities		(95,419)	(942,270)
Capital and reserves
Called up share capital	8	11	11
Share premium reserve		6,999,999	6,999,999
Retained earnings		(7,095,429)	(7,942,280)
Shareholders' deficit		(95,419)	(942,270)

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 30 December 2025 and signed on its behalf by:
 

D M Brear
Director

11:FS Foundry 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 30 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 Company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis, which presumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of operations.

At the balance sheet date, the Company’s current liabilities exceeded its current assets by £95,419 (2023: £942,270). At the balance sheet date, the Company owed £315,944 (2023: £991,964) to its Parent Company.

After the year end 11:FS Group Limited (the Parent Company) sold its shareholding to 11:FS Holdings Limited as part of an organisational restructure. 11:FS Holdings Limited has confirmed its intention to continue supporting the Company for the next 12 months from the date of the accounts approval.

11:FS Foundry 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

Apart from those judgements involving estimations, the management team have not made any judgements in the process of applying the entity's accounting policies that have significant effect on amounts recognised in the accounts.

Key sources of estimation uncertainty

There are no key assumptions concerning the future or other key sources of estimation at the reporting date that we have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial technology services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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 Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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
Office equipment	3 years straight line

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 services performed in the ordinary course of business.

11:FS Foundry Limited

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

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 Company 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.

Share capital

Ordinary shares are classified as equity.

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 3 (2023 - 3).

Although employed by 11: FS Group Limited, salaries have been recharged within the group, and the average number of employees recharged during the year was 6.

11:FS Foundry Limited

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

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 inter company 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 credit to the profit and loss account of £1,374,742 in the year to 31 December 2024.

5	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 January 2024	68,763	68,763
At 31 December 2024	68,763	68,763
Depreciation
At 1 January 2024	67,728	67,728
Charge for the year	1,035	1,035
At 31 December 2024	68,763	68,763
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	1,035	1,035

6

Debtors

	31 December 2024 £	31 December 2023 £
Trade debtors	-	44,267
Other debtors	346,027	22,947
Prepayments	-	70
	346,027	67,284

11:FS Foundry Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2024 £	31 December 2023 £
Due within one year
Amounts owed to Group undertakings	9	385,944	991,964
Taxation and social security		41,997	-
Other creditors		10,288	-
Accruals and deferred income		13,556	25,824
		451,785	1,017,788

8	Share capital

Allotted, called up and fully paid shares

	31 December 2024		31 December 2023
	No.	£	No.	£
Ordinary shares of £0.001 each	10,566	11	10,566	11

9	Related party transactions

Summary of transactions with parent

During the year the Company has made sales of £Nil (2023: £Nil) and received goods and services to the value of £773,424 (2023: £102,361) from the Parent Company.

At the balance sheet date the amount due to the Parent Company was £315,944 (2023: £991,964).

Summary of transactions with all entities with joint control or significant interest

During the year the company received £70,000 from a company which had related directors. The £70,000 loan is still outstanding at the balance sheet date.

10	Parent and ultimate parent undertaking

The Company's immediate parent is 11:FS Group Limited, incorporated in England and Wales.

 

11:FS Foundry Limited

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

11	Non adjusting events after the financial period

Subsequent to the financial year end of 31 December 2024, the shareholders of 11:FS Foundry Limited entered into a share sale agreement under which 100% of the issued share capital of the Company was sold to 11:FS Holdings Limited.