REGISTERED NUMBER: 04184442 (England and Wales)

Audited Financial Statements

for the Year Ended 31st March 2025

for

Fulcrum Digital (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Sinha

B Karadi

D Kumarasamy

SECRETARY:

B Karadi

REGISTERED OFFICE:

131 Finsbury Pavement

London

EC2A 1NT

REGISTERED NUMBER:

04184442 (England and Wales)

AUDITORS:

Connelly & Co Limited

Chartered Accountants and

Statutory Auditors

Permanent House

1 Dundas Street

Huddersfield

West Yorkshire

HD1 2EX

FIXED ASSETS

Intangible assets

4

67

67

Tangible assets

5

5,131

3,145

5,198

3,212

CURRENT ASSETS

Debtors

6

3,740,567

3,614,520

Cash at bank

40,198

87,728

3,780,765

3,702,248

CREDITORS

Amounts falling due within one year

7

800,653

974,929

NET CURRENT ASSETS

2,980,112

2,727,319

TOTAL ASSETS LESS CURRENT LIABILITIES

2,985,310

2,730,531

CREDITORS

Amounts falling due after more than one year

8

(8,333

)

(58,333

)

PROVISIONS FOR LIABILITIES

(1,283

)

(786

)

NET ASSETS

2,975,694

2,671,412

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

2,975,594

2,671,312

SHAREHOLDERS' FUNDS

2,975,694

2,671,412

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th April 2026 and were signed on its behalf by:

B Karadi - Director

1.	STATUTORY INFORMATION

Fulcrum Digital (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of these financial statements is sterling.

The accounting policies set out below, unless otherwise stated, have been applied consistently to all periods presented in these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is derived from services performed subject to specific agreements. Revenue is recognised when the service is performed, in accordance with the terms of the contractual arrangement. Revenue comprises fees earned in respect of amounts invoiced. Direct costs are amounts paid to external suppliers that are directly attributable to the revenue earned.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33.3% Straight Line Basis

Tangible fixed assets are stated at cost or valuation net of depreciation. Assets stated at valuation are tangible fixed assets.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Research and development expenditure is charged to the profit and loss account in the period that it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

Going concern

The financial statements have been prepared on a going concern basis, which the Directors consider to be appropriate for the following reasons.

The company is a subsidiary of Fulcrum Digital Inc. and forms part of a wider trading group. The company generated a profit for the year of £304,282 (2024: £271,006) and had net assets of £2,975,694 as at 31 March 2025 (2024: £2,671,412). At the balance sheet date, the company had a net receivable of £3,297,059 due from its parent undertaking, which is not expected to be fully recoverable within the next 12 months.

In assessing the appropriateness of the going concern basis, the Directors have considered the financial position of both the company and its parent undertaking, together with the expected timing of recovery of the intercompany balance.

Post year end, the company has generated sufficient distributable reserves to support the declaration of dividends. The Directors expect that dividends totalling approximately £3.35m will be declared and paid to the parent undertaking, which will be used to partially settle the intercompany balance. In addition, the Directors have prepared forecasts for both the company and the parent undertaking covering a period of at least 12 months from the date of approval of these financial statements, which demonstrate that further distributable reserves are expected to be generated. Based on these forecasts, the remaining intercompany balance is expected to be fully settled by 31 March 2027.

The forecasts incorporate assumptions regarding revenue from existing contracts, anticipated future business, and expected margins and operating costs, informed by historical performance and current pipelines across multiple sectors and geographies. Sensitivity analysis has been performed to reflect reasonably possible downside scenarios.

Based on this assessment, the Directors have a reasonable expectation that the company and the group will have adequate resources to continue in operational existence and meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

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 company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no significant estimates and assumptions that the directors consider have a significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Interest payable

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included within interest payable in the profit and loss statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st April 2024

and 31st March 2025

1,130,777

AMORTISATION

At 1st April 2024

and 31st March 2025

1,130,710

NET BOOK VALUE

At 31st March 2025

67

At 31st March 2024

67

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st April 2024

42,034

Additions

5,087

At 31st March 2025

47,121

DEPRECIATION

At 1st April 2024

38,889

Charge for year

3,101

At 31st March 2025

41,990

NET BOOK VALUE

At 31st March 2025

5,131

At 31st March 2024

3,145

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

321,188

713,432

Amounts owed by group undertakings

3,349,700

2,866,398

Other debtors

67,373

27,796

Prepayments

2,306

6,894

3,740,567

3,614,520

Trade debtors includes £321,188 (2024 - £606,369) which is subject to a debt factoring arrangement, funds advanced against these debts at 31 March 2025 amounted to £269,547 (2024 - £427,406).

Amounts due from group undertakings are repayable on demand and throughout the year the company charged interest on the balance.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

87,939

79,620

HSBC Invoice Finance (UK) Ltd

269,547

427,406

Trade creditors

111,698

108,397

Corporation tax

103,370

98,629

Social security and other taxes

128,172

95,092

Other creditors

-

11,165

Accrued expenses

99,927

154,620

800,653

974,929

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans - 1-2 years

8,333

50,000

Bank loans - 2-5 years

-

8,333

8,333

58,333

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank overdrafts

37,939

29,620

HSBC Invoice Finance (UK) Ltd

269,547

427,406

307,486

457,026

Bank borrowings are secured by a fixed and floating charge over the assets of the company. The invoice discounting creditor is secured on the book debts of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

A J McCarthy FCA (Senior Statutory Auditor)

for and on behalf of Connelly & Co Limited

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R Sinha.