Registration number:
FS First Solutions Limited
for the Year Ended 31 December 2025
FS First Solutions Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
FS First Solutions Limited
Company Information
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Directors |
F Costalonga R Frasca A Trinca Garotin |
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Company secretary |
Laggan Secretaries Limited |
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Registered office |
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Auditors |
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FS First Solutions Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is providing investment advice and market recommendations to clients and arranging financial products
Fair review of the business
The company turnover during the year decreased to €7,161,729 from €8,994,479 in 2024. The gross profit decreased to €1,298,104 from €1,902,709. The Operating profit was €488,933 in 2025 compared to €1,170,100 in 2024.
During the year ended 2025, the Company maintained stable operations and delivered satisfactory financial performance despite lower turnover, gross profit and operating profit mainly due to continued global economic uncertainty and hence, structured products issued in previous years that have not performed as expected, particularly due to missed rolling strategies.
Global financial markets in 2025 were marked by moderating inflation and a gradual shift toward more neutral monetary policy by major central banks, following easing measures initiated in late 2024. While interest rate pressures reduced compared to prior years, geopolitical tensions and elevated sovereign debt levels continued to create periodic market volatility. Energy and commodity prices remained sensitive to supply-side risks, and investor sentiment improved modestly as inflation trends stabilised. Equity markets showed broader sector participation beyond large-cap technology stocks, while bond markets stabilised amid more anchored inflation expectations. Regulatory developments, particularly in sustainability reporting and digital financial markets, continued to influence corporate and investor behaviour. Against this backdrop, the Company focused on prudent cost management, operational efficiency, and disciplined risk oversight. Management monitored market developments closely and maintained appropriate internal controls to safeguard assets and support business continuity. The Directors consider the Company to be well positioned to manage ongoing economic uncertainties and to pursue sustainable growth in the forthcoming financial year.
As already mentioned in our previous strategic report dated 2024, the company has implemented strategic initiatives to strengthen its competitive positioning and resilience amid evolving industry dynamics, including regulatory shifts and shifting client demands. A key milestone was securing full passporting rights in Italy under CONSOB’s liberalized cross-border services (LPS) regime, which enables frictionless operations aligned with our asset-light business model. Active for over two years, this regulatory achievement has supported sustained expansion efforts, enhanced operational agility, and reinforced our ability to scale offerings while maintaining compliance and competitiveness in a fragmented market. FS’s Investment Manager (IM) licensing has served as foundational enablers for FS’s Actively Managed Certificates (AMCs) business, launched in late 2020 and strongly developed over the last years. These innovative instruments-offering UCITS-like exposure with greater flexibility, lower costs, and streamlined regulations-were strategically developed to disrupt Italy’s structured products landscape. FS now manages 18 listed AMCs in Italy (up from 3 in 2021, 7 in 2022, 8 in 2023, 10 in 2024 and 14 in 2025), with three additional AMCs in development. Notably, FS is among the select few firms acting as Index Advisor for AMCs, underscoring its unique vertical integration and technical expertise in this high-growth niche.
FS First Solutions Limited
Strategic Report for the Year Ended 31 December 2025
The Company’s business model remains resilient, supported by established relationships with issuing banks and a stable, diversified client base. The Directors continue to prioritise long-term value creation, operational integrity, and the maintenance of strong counterparty and client relationships.
During the year, the Company pursued measured growth and diversification opportunities, including targeted marketing initiatives aimed at enhancing brand visibility and supporting client acquisition. These initiatives incorporate both internally developed digital capabilities and selected third-party collaborations, implemented in a controlled and cost-conscious manner. In anticipation of potential headwinds within the structured products sector in 2026, the Directors have adopted a prudent and balanced approach to expansion. Capital allocation and investment decisions are being undertaken with careful consideration of market conditions, ensuring that growth objectives are aligned with risk management principles and the preservation of financial stability.
Principal risks and uncertainties
The company has established a risk committee that meets quarterly and which evaluates the company's risk appetite. The principal risks and uncertainties facing the company are broadly categorised as legislative and financial instrument risk
Legislative Risks
The company is incorporated in the United Kingdom and regulated by the Financial Conduct Authority (FCA). After Brexit outcome, FS has applied to the Italian Regulator (CONSOB) for the LPS (Libera prestazioni di servizi senza branch) to avoid losing passporting into European countries, such as Italy in this case, leading to a re organization of the actual business. This allows FS to continue their business without any disruptions. As of today, FS is now fully passported into Italy, through LPS.
Financial Instrument Risks
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to limit undue counterparty exposure, by diversifying issuing counterparties and monitor, on a
continuous basis, exposures of final clients, exposure of the UCITS fund and to the AMC business that is rapidly growing
-To reduce financial instrument risks, FS has started in 2018 and continues on an ongoing basis to diversify the
product range (e.g., Brokerage, UCITS Fund, AMC, Private Placement activities).
-The company is subject to currency rate risk. The company operates globally, as explained further down in this report. Fluctuations in exchange rates between currencies in which the company operates, relative to GBP, may cause variations in its financial results. The main currencies which impact the company's operations are the Euro and the US Dollar.
Exposure credit risk
Products traded by FS are always issued and guaranteed by issuing Banks (e.g. Barclays, Citigroup, Nomura, UBS, Commerzbank, Marex, Societe Generale, JP Morgan, Goldman Sachs, Morgan Stanley...) through senior unpreferred notes. Other than product and financial instrument related risks, the company is also exposed to the issuer soundness. However, like for the recent Credit Suisse event, given the products are issued through Senior unpreferred notes, the impact is marginal and only applied to the marked to market of the products. Having said that, FS is particularly sensible to this in order to diversify and reduce risk.
FS First Solutions Limited
Strategic Report for the Year Ended 31 December 2025
Market Risk
FS is active in structured products trading across all asset classes. Our clients are heavily affected by market conditions and, as such, are very sensitive to changes in equity, credit, commodity, and exchange rate markets in particular.
The weaker markets in 2015 and 2016 were reflected in the company’s final accounts. In contrast, 2017 saw a strong equity market, which in turn contributed to strong positive figures in turnover, gross profit, and net income. These figures decreased slightly in 2018, before strengthening again in 2019 and 2020. In 2021, FS particularly followed this trend, based on the description above.
Market conditions in 2022 were difficult, with various exogenous shocks including, but not limited to, the war in Ukraine, rising inflation, and central bank activity. Similarly, 2023 echoed the trends observed in 2022, marked by the continued impact of the Ukraine conflict and persistent inflationary pressures, which central banks actively addressed.
During 2024, global financial markets moved through a transitional phase as inflation began to moderate and central banks signalled a gradual shift toward policy easing. While geopolitical risks and fiscal pressures remained, investor sentiment improved selectively, particularly in equity markets. However, structured product activity continued to be sensitive to interest rate expectations and market volatility. Against this backdrop, the Company maintained stable operations and demonstrated prudent risk management, supporting consistent financial performance.
In 2025, market conditions showed signs of relative stabilisation, with inflation moderating further and major central banks adopting a more neutral monetary stance. Equity markets experienced broader participation across sectors, while bond markets stabilised as interest rate expectations became more firmly anchored. The Company remained attentive to these developments and maintained disciplined risk oversight. Its diversified exposure across asset classes and counterparties continued to mitigate concentration risk and support operational resilience.
Overall, while the Company remains inherently exposed to market risk through the activities of its client base and the nature of structured products trading, management continuously monitors market developments and applies prudent risk management practices to safeguard financial stability and sustain long-term performance.
Approved by the
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FS First Solutions Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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FS First Solutions Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
FS First Solutions Limited
Independent Auditor's Report to the Members of FS First Solutions Limited
Opinion
We have audited the financial statements of FS First Solutions Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 31 December 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 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 UK, including the FRC’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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
FS First Solutions Limited
Independent Auditor's Report to the Members of FS First Solutions Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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.
Auditor 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.
FS First Solutions Limited
Independent Auditor's Report to the Members of FS First Solutions Limited
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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council's website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
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For and on behalf of
7/10 Chandos Street
London
W1G 9DQ
FS First Solutions Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Interest payable and similar expenses |
- |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
FS First Solutions Limited
Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
FS First Solutions Limited
(Registration number: 08006945)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
31,337 |
31,337 |
|
|
Retained earnings |
1,592,209 |
2,178,909 |
|
|
Shareholders' funds |
1,623,546 |
2,210,246 |
Approved and authorised by the
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FS First Solutions Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
31,337 |
2,178,909 |
2,210,246 |
FS First Solutions Limited
Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
- |
|
|
|
Finance costs |
- |
|
|
|
Income tax expense |
|
|
|
|
Foreign exchange gains/losses |
|
( |
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in debtors |
|
|
|
|
Decrease in creditors |
( |
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
|
Cash and cash equivalents at 31 December |
1,192,473 |
1,741,563 |
|
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost 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 |
33.3% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
- |
|
|
Foreign exchange losses/(gains) |
|
( |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
- |
|
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
298,428 |
282,045 |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Long leasehold land and buildings |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
- |
- |
Included within the net book value of land and buildings above is €Nil (2024 - €Nil) in respect of long leasehold land and buildings.
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
125,233 |
292,691 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €
Contributions totalling €
The number of directors that benefit from pension arrangement is 1 (2023- 1).
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
€ |
No. |
€ |
|
|
|
|
31,336.80 |
|
31,336.80 |
|
Obligations under service agreements |
Rent Service agreements
The total of future minimum rent agreement payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
The amount of non-cancellable rent service agreeement payments recognised as an expense during the year was €
FS First Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Dividends |
Final dividends paid
|
2025 |
2024 |
|||
|
Final dividend of 36.00 (2024 - 30.00) per each Ordinary shares |
950,400 |
792,000 |
||