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Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
COMPANY INFORMATION
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FISCALTEC GROUP LIMITED
CONTENTS
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FISCALTEC GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors present their Strategic Report for the twelve month period ended 30 November 2025. The Group delivered a strong financial performance in the year, with significant improvement in profitability alongside continued revenue growth.
FISCAL Technologies is an AI-powered software business delivering risk intelligent accounts payable and procure-to-pay solutions to public sector and commercial organisations. The Group's advanced platform leverages the latest AI and intelligent automation to identify and prevent cash leakage, streamline statement reconciliations, reduce supplier risk and deliver robust financial controls across our customers' operations. The Group also provides AI-enabled proactive recovery audit services, enabling customers to maximise their payback and return on investments. The Group operates primarily in the United Kingdom through FISCAL Technologies Limited, with additional operations in the United States conducted through FISCAL Technologies Inc. The principal activity of Fiscaltec Group Limited is that of a holding company.
Group turnover for the year was £8,313,365 (2024: £7,508,687), representing growth of 10.8% year on year. Gross profit increased to £7,842,498 (2024: £7,067,133), reflecting a stable gross margin of 94.3% (2024: 94.1%), consistent with the Group’s software-led revenue mix. The improvement in operating profit was substantial: operating profit for the year was £1,404,927 (2024: £590,309), with operating profit margin increasing to 17% (2024: 8%). This reflects the increasing scalability of the Group’s software platform as the recurring revenue base has grown. Investment continued in the Group’s technology platform in line with its strategic plan, supported by strong customer retention across UK and US operations. The Group’s financial position strengthened significantly during the year. Net assets at 30 November 2025 were £2,768,287 (2024: £1,597,110), reflecting the strong profitability of the year. The Group maintained a healthy cash position at the year end, with cash at bank and in hand of £5.3m (2024: £3.7m), providing a strong platform for continued investment and growth.
The Group enters the new financial year well-positioned for continued growth. The launch of FISCAL Technologies' AI-native Procure-to-Pay risk intelligence platform represents a significant strategic milestone, broadening the Group's addressable market beyond its established accounts payable software offering into agentic P2P risk intelligence delivered through an open, AI-agnostic architecture that enables customers to access FISCAL's spend protection capabilities through their own AI tools and investments. The directors believe this represents a compelling commercial opportunity, and that the Group's strong financial position, high-quality recurring revenue base, and continued investment in technology provide a robust platform from which to accelerate growth in the year ahead.
The directors have identified the following principal risks and uncertainties facing the Group:
∙Competitive environment: the accounts payable software market is subject to ongoing competitive pressure. The Group manages this risk through continued investment in its technology platform and maintaining close relationships with its customer base.
∙Public sector spending constraints: a proportion of the Group’s customers are in the public sector. Budgetary pressures affecting public sector organisations may reduce their ability or willingness to invest in software and services.
∙Financial risks: the Group is exposed to credit risk in respect of trade receivables, liquidity risk in managing its working capital requirements, and foreign exchange risk arising from its US dollar-denominated revenues and cash balances. The directors monitor these risks on an ongoing basis and have implemented appropriate controls and mitigating actions.
∙Cybersecurity and data protection: the Group processes sensitive financial data on behalf of its customers. A cybersecurity incident or data breach could result in reputational damage, financial loss or regulatory exposure. The Group maintains appropriate controls and regularly reviews its information security posture.
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FISCALTEC GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
This report was approved by the board and signed on its behalf.
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FISCALTEC GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors present their report and the financial statements for the year ended 30 November 2025.
The directors who served during the year were:
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,074,677 (2024 - £2,051,529).
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FISCALTEC GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FISCALTEC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FISCALTEC GROUP LIMITED
We have audited the financial statements of Fiscaltec Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2025, which comprise the Consolidated statement of comprehensive income, the , the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 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 Group's or the Parent 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.
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FISCALTEC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FISCALTEC GROUP LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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FISCALTEC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FISCALTEC GROUP LIMITED (CONTINUED)
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 Group financial statements.
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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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.
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FISCALTEC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FISCALTEC GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Apex
Forbury Rd
Berkshire
RG1 1AX
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FISCALTEC GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
REGISTERED NUMBER: 04801615
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 28 form part of these financial statements.
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FISCALTEC GROUP LIMITED
REGISTERED NUMBER: 04801615
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 28 form part of these financial statements.
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FISCALTEC GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
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FISCALTEC GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
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FISCALTEC GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Fiscaltec Group Limited is a limited liability company incorporated in England and Wales. The address of its registered office is 448 Basingstoke Road, Reading, Berkshire, RG2 0LP.
2.Accounting policies
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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The group has substantial cash reserves and, having reviewed recent trading results, the cash flow forecasts and the funding in place, the directors are confident that the group can and will continue to operate on a going concern basis for the foreseeable future.
Subscription revenue comprises recurring annual fees from subscribers to the group’s cloud-based software products. Subscribers are typically billed annually, although some customers have historically paid multiple years in advance. Unearned revenue received at the balance sheet date is recognised in the balance sheet as deferred income and is included within current and non-current liabilities. Subscription revenue is recognised over time as performance obligations under contracts with customers are met. Performance obligations for subscriptions to the group’s cloud-based software consist of the provisioning of the software and related support services over the term of the contract. Revenue from professional services is recognised over the period that the services are provided.
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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 Consolidated statement of comprehensive income within administrative expenses. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. The Directors do not consider there to be any critical accounting estimates or judgements that could materially alter the performance or position of the Company in the coming year.
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Analysis of turnover by country of destination:
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
During the year 7,260 Ordinary shares of £0.05 each were issued at premium (£3.95 per share) for total consideration of £28,677 prior to issue costs.
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FISCALTEC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
During the year the company issued 29,828 share options (2024: 6,639). The exercise price for the shares was £3.95 and £4.50 and vested immediately. The share based payment charge for the year was immaterial and therefore the directors consider it appropriate to not have a detailed note for the transaction in the financial statements.
Share premium account
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge represents contributions payable by the Group to the fund and amounted to £142,553 (2024: £130,455). Contributions totalling £33,679 (2024: £50,000) were payable to the fund at the balance sheet date and are included in creditors.
The directors regard D Griffiths as the ultimate controlling party of the company.
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