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Registered number: 07142938 HFS RESEARCH LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 JULY 2025
HFS RESEARCH LIMITED REGISTERED NUMBER: 07142938 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 11,523 |  | 9,083
Investments | 5 |  | 1,055 |  | 1,055
|  |  | 12,578 |  | 10,138
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,145,133 |  | 2,094,059 |
Cash at bank and in hand |  | 5,812,321 |  | 5,917,981 |
|  | 8,957,454 |  | 8,012,040 |
Creditors: amounts falling due within one year | 7 | (7,898,283) |  | (5,726,210) |
NET CURRENT ASSETS |  |  | 1,059,171 |  | 2,285,830
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,071,749 |  | 2,295,968
Creditors: amounts falling due after more than one year | 8 |  | (99,900) |  | (99,900)
NET ASSETS |  |  | 971,849 |  | 2,196,068
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 10 |  | 850 |  | 850
Profit and loss account |  |  | 970,999 |  | 2,195,218
|  |  | 971,849 |  | 2,196,068
Page 1
HFS RESEARCH LIMITED REGISTERED NUMBER: 07142938 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Fooladi
Director
Date: 17 July 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
1. | GENERAL INFORMATION
HFS Research Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. Its registered office is Guildhall Allia Future Business Centres, Market Square, Cambridge, CB2 3QJ. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 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. Page 3
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.8 | 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% | reducing balance
|  |  |  | Computer equipment | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | INVESTMENTS
Investments in subsidiaries and associates are measured at cost less accumulated impairment. Page 5
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 6
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | FINANCIAL INSTRUMENTS (CONTINUED)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.15 | 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. | EMPLOYEES
| The average monthly number of employees, including directors, during the period was 10 (2024 - 11).
Page 7
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
4. | TANGIBLE FIXED ASSETS
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 August 2024 | 63,191 | 69,615 | 132,806
| Additions | - | 5,157 | 5,157
| At 31 July 2025 | 63,191 | 74,772 | 137,963
| DEPRECIATION |  |  |
| At 1 August 2024 | 63,134 | 60,589 | 123,723
| Charge for the period on owned assets | 14 | 2,703 | 2,717
| At 31 July 2025 | 63,148 | 63,292 | 126,440
| NET BOOK VALUE |  |  |
| At 31 July 2025 | 43 | 11,480 | 11,523
| At 31 July 2024 | 57 | 9,026 | 9,083
Page 8
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
5. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 August 2024 | 1,055
| At 31 July 2025 | 1,055
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Holding
| HFS India PVT Ltd | India | 100%
| HFS Research LLC | USA | 100%
6. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 639,815 | 1,919,753
| Other debtors | 40,553 | 15,840
| Prepayments and accrued income | 2,464,765 | 158,466
|  | 3,145,133 | 2,094,059
Included within other debtors due within one year is a loan to P J Fersht, a director, amounting to £13,501. Interest of 2.25% was charged on the loan during the period. Page 9
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 393,647 | 149,184
| Amounts owed to group undertakings | 4,224,558 | 2,035,811
| Corporation tax | - | 94,556
| Other taxation and social security | 35,392 | 83,356
| Other creditors | 2,287,721 | 1,461,756
| Accruals and deferred income | 956,965 | 1,901,547
|  | 7,898,283 | 5,726,210
| Other creditors include contributions of £2,715 (2024 - £2,292) payable to the Company's defined contribution pension scheme at the balance sheet date. Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Share capital treated as debt | 99,900 | 99,900
Page 10
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
9. | DEFERRED TAXATION
|  | 2024
|  | £
| At beginning of year | 604
| Charged to profit or loss | (604)
| AT END OF YEAR | -
10. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| SHARES CLASSIFIED AS EQUITY
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 850,000 (2024 - 850,000) A Ordinary shares of £0.001 each | 850 | 850
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| SHARES CLASSIFIED AS DEBT
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 99,900 (2024 - 99,900) Redeemable Preference shares of £1.000 each | 99,900 | 99,900
| Share rights A Ordinary shares have full rights with respect to voting, dividends and distributions. These shares are not redeemable. Redeemable Preference shares have no rights in the Company with respect to voting, save that they shall have the right to vote on a resolution to remove the Preference Director and shall have weighted votes on such resolution. They have no rights in the Company with respect to dividends and distributions. These shares are redeemable.
Page 11
HFS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
11. | COMMITMENTS UNDER OPERATING LEASES
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 8,800 | 39,600
|  | 8,800 | 39,600
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