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| Fiscal IOR Limited
| Directors' report and financial statements
| For the year ended 30 September 2025
| Registered number: 11255837
Fiscal IOR Limited
Company Information
Directors | Darren Aldrich
| Marc Gross
| Anthony Hopson
| Dean Townsend
Registered number | 11255837
Registered office | 130 Wood Street
| London
| EC2V 6DL
Independent auditor | Hillier Hopkins LLP
| 51 Clarendon Road
| Watford
| Hertfordshire
| WD17 1HP
Bankers | HSBC UK Limited
| 1-3 Bishopsgate
| London
| EC2N 3AQ
Fiscal IOR Limited
Contents
| Page
Directors' report | 1 - 2
Independent auditor's report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8
Notes to the financial statements | 9 - 13
Fiscal IOR Limited
Directors' report For the year ended 30 September 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Principal activity
The principal activities are the provision of importer of record services.
Directors
The directors who served during the year were:
Darren Aldrich
Marc Gross
Anthony Hopson
Dean Townsend
Directors' responsibilities statement
The directors are responsible for preparing 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 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 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.
Disclosure of information to auditor
The directors, at the time of approving this report, confirm that: ∙so far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and ∙each director has taken all steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to ensure that the company’s auditor is aware of that information. Page 1
Fiscal IOR Limited
Directors' report (continued) For the year ended 30 September 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 14 January 2026 and signed on its behalf by:
Darren Aldrich Director |
Page 2
Independent auditor's report to the members of Fiscal IOR Limited For the year ended 30 September 2025
Opinion
We have audited the financial statements of Fiscal IOR Limited (the 'company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Statement of financial position 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 30 September 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 Auditor's 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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. Page 3
Independent auditor's report to the members of Fiscal IOR Limited (continued) For the year ended 30 September 2025
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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has 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 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; or • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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 4
Independent auditor's report to the members of Fiscal IOR Limited (continued) For the year ended 30 September 2025
Auditor's 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 Auditor's 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: • the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; • the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: • identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; • detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; • the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 5
Independent auditor's report to the members of Fiscal IOR Limited (continued) For the year ended 30 September 2025
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 Auditor's 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. Alexander Bottom ACA (Statutory Auditor) for and on behalf of Hillier Hopkins LLP Senior Statutory Auditor 51 Clarendon Road Watford Hertfordshire WD17 1HP 15 January 2026 Page 6
Fiscal IOR Limited
Statement of comprehensive income For the year ended 30 September 2025
| 2025 | 2024
| £ | £
Revenue |  | 1,218,360 | 1,192,560
Cost of sales |  | (49,113) | (72,084)
Administrative expenses |  | (270,408) | (247,415)
Operating profit |  | 898,839 | 873,061
Tax on profit |  | (225,081) | (218,265)
Profit for the financial year |  | 673,758 | 654,796
There was no other comprehensive income for 2025 or 2024.
The notes on pages 9 to 13 form part of these financial statements.
Page 7
Fiscal IOR Limited - Registered number: 11255837
Statement of financial position As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 1,534 |  | 1,451
|  |  | 1,534 |  | 1,451
Current assets |  |  |  |  |
Debtors | 6 | 138,033 |  | 53,302 |
Cash at bank and in hand | 7 | 1,340,069 |  | 1,619,789 |
|  | 1,478,102 |  | 1,673,091 |
Creditors: amounts falling due within one year | 8 | (1,425,830) |  | (1,364,560) |
Net current assets |  |  | 52,272 |  | 308,531
Total assets less current liabilities |  |  | 53,806 |  | 309,982
Net assets |  |  | 53,806 |  | 309,982
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10,000 |  | 10,000
Profit and loss account |  |  | 43,806 |  | 299,982
|  |  | 53,806 |  | 309,982
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board on 14 January 2026 and were signed on their behalf by:
Darren Aldrich
Director
The notes on pages 9 to 13 form part of these financial statements. Page 8
Fiscal IOR Limited
Notes to the financial statements For the year ended 30 September 2025
1. | General information
The company is a private company limted by shares and incorporated in England and Wales. The registered office is 130 Wood Street, London, EC2V 6DL. 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 Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
| 2.2 | Exemption from preparing consolidated financial statements
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 9
Fiscal IOR Limited
Notes to the financial statements For the year ended 30 September 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 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: Rendering of Services Revenue from assignments undertaken by Fiscal IOR Limited is considered contingent in nature, as it depends on the successful import of goods through foreign agencies at a future date. The timing and ultimate recovery of such revenue cannot be determined with certainty. Accordingly, revenue is recognised only when the work is billed to the client and there is a reasonable expectation that the fees will be collected. In practice, this typically occurs in the month in which the work is performed.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Taxation
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 reporting date in the countries where the company operates and generates income.
| 2.7 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 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. Page 10
Fiscal IOR Limited
Notes to the financial statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 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.
| 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 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The directors make estimates and assumptions concerning the future, and they are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. The following is the company's key source of estimation uncertainty: Recoverability of debtors Trade debtors, other debtors and amounts recoverable on contracts are recognised to the extent that they are judged recoverable. Directors' reviews are performed to estimate the level of provision required for irrecoverable debtors and amounts not recoverable on contracts. Provision are made specifically against debtors and amounts recoverable on contracts where recoverability is uncertain.
4. | Employees
| The company has no employees other than the directors, who did not receive any remuneration (2024 -£NIL).
Page 11
Fiscal IOR Limited
Notes to the financial statements For the year ended 30 September 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 October 2024 | 1,451
| Additions | 83
| At 30 September 2025 | 1,534
| Subsidiary undertakings
| At 30 September 2025, the following were subsidiary undertakings of the company:
| Name | Registered office | Class of shares | Holding
| Fiscal IOR USA, Inc | 200 S Biscayne Blvd, 7th Floor, Miami, FL 33131, USA | Ordinary | 100%
| Fiscal IOR Europe Limited | 104 Lower Baggot Street, Dublin 2, Republic of Ireland | Ordinary | 100%
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 137,824 | 53,142
| Prepayments and accrued income | 209 | 160
|  | 138,033 | 53,302
Page 12
Fiscal IOR Limited
Notes to the financial statements For the year ended 30 September 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,340,069 | 1,619,789
|  | 1,340,069 | 1,619,789
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,336 | 18,027
| Amounts owed to group undertakings | 24,367 | 21,617
| Corporation tax | 115,253 | 217,569
| Other taxation and social security | 2,590 | 436
| Clients' deposits | 1,277,234 | 1,103,538
| Accruals and deferred income | 4,050 | 3,373
|  | 1,425,830 | 1,364,560
9. | Contingent liabilities
The company had no contingent liabilities at 30 September 2025 or 30 September 2024.
10. | Capital commitments
The company had no capital commitments at 30 September 2025 or 30 September 2024.
11. | Controlling party
The company is a joint venture and thus does not have a controlling party.
Page 13