Registration number:
|
JFC Tech Services Limited
|
|
Brebners
|
JFC Tech Services Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Statement of Income and Retained Earnings |
|
|
Statement of Financial Position |
|
|
Statement of Cash Flows |
|
|
Notes to the Financial Statements |
JFC Tech Services Limited
Company Information
|
Directors |
J D Graham B Roux |
|
Registered office |
|
|
Auditor |
|
JFC Tech Services 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 that of the provision of consultancy services, including Project Management, Human Resource Management, Strategic Intelligence, Information Security and Global Translation.
Fair review of the business
Operating as Quartz Enterprises, JFC Tech Services is an Internet Technologies (IT) services and consultancy firm, supporting medium to large-size businesses in their customer-facing and corporate IT and Data needs.
JFC specialises in:
- Enterprise and Corporate Network and Infrastructure design and support
- Physical, Network and Cyber security
- IT Project Management and Business Analysis
- Business Intelligence, Machine Learning (AI) and Data Lifecycle Management
Business performance and financials
2025 saw a 59% annual increase in turnover from £18,312,184 in 2024 to £29,182,834 in 2025, reflecting the investments made in our senior and specialist staffing, particularly in Cyber-Security, Data-Center and Private Cloud, and Automation and AI teams, which all saw a significant increase in regular business year over year. 2025 also saw a number of one-off transformation projects requiring significant overtime on behalf of our clients, as they responded to the surge in opportunities and challenges presented by AI, Cyber-Security and their downstream implication to Data Center infrastructure.
Administrative expenses grew 26% from £14,509,254 in 2024 to £18,231,158 in 2025, in-line with the growth in turnover and headcount and the corresponding increase in employment and establishment costs. To accommodate the increase in business and staffing, we've moved to a new managed office location and have created a new subsidiary in Canada, primarily focused on cyber-security operations and project management. Administrative expenses also included a one-off bad debt recovery credit of £857,277.
Profit before tax grew by 184% from £3,803,965 in 2024 to £10,820,916 in 2025, reflecting the increase in regular business from our 2024 investments in staffing, the extraordinary project work from market surges in AI and infrastructure, and the bad debt recovery credit.
The business continues to be cash-generative and maintains a strong net asset position of £8,403,701 in 2025, an improvement from £1,793,096 in 2024, and continues to have no reliance on external borrowings.
Year-end liquidity was healthy with £4,759,664 of cash at bank and in hand, allowing further internal investment without reliance on third-party financing.
JFC Tech Services Limited
Strategic Report for the Year Ended 31 December 2025
Financial and non-financial key performance indicators
The company monitors a number of core financial metrics to assess performance, including turnover, profit before tax, and net assets - all of which saw strong improvement in the year. This reflects continued revenue growth, careful cost management and our ability to quickly scale to market opportunities as presented.
|
Unit |
2025 |
2024 |
|
|
Turnover |
£ |
29,182,834 |
18,312,184 |
|
Profit before tax |
£ |
10,820,916 |
3,803,965 |
|
Net Assets |
£ |
8,403,701 |
1,793,096 |
There are numerous non-financial performance indicators used by the director but none are considered to be key.
Market conditions and outlook
2025 was a near-perfect storm of opportunity for JFC (and similar firms), with record global capital investments made industry-wide in Artificial Intelligence, Data Centers and related infrastructure. At the same time we saw a significant increase in cyber-security awareness and investment after several high-profile hacks had several major corporations held hostage, putting millions of peoples' personal data at risk and creating strong demand for firms specializing in cyber-security and data protection.
While 2026 is unlikely to mirror such growth in business the outlook remains strong: we remain well positioned to capitalize on the growth in Machine-Learning (AI) and Cyber-Security sectors, as well as the related Enterprise infrastructure projects that come with such investments. We expect to keep expanding our client base through an investment in commercial activities and referrals.
Principal risks and uncertainties
Our principal risks are:
1) Liquidity risk from receivables – we mitigate this by maintaining healthy relationships with our clients, regularly adding additional clients and revenue streams to build diversity, and a robust accounts receivable process.
2) Loss of key staff leading to an inability to offer key services - we mitigate this by building redundancy through succession planning, as well as investing in staff retention by paying salaries at-or-above market rate and maintaining a dedicated budget for staff Learning and Development.
3) Over-hiring to meet temporary business demands - we mitigate this by finding and building key partnerships in areas where operational scaling is required, using outsourcing and selective overtime to scale without additional headcount.
No hedging arrangements were in place at 31 December 2025, as the company’s exposure to currency fluctuations is limited and is managed through its normal operational processes.
In respect of bank balances the company had no overdraft facility during the year and the company maintained significant cash at bank balances throughout the year.
JFC Tech Services Limited
Strategic Report for the Year Ended 31 December 2025
Summary and future developments
Our business model and principal activities remain robust, and in a vital industry that continues to grow. We have no plans for significant change in direction, and are confident that we are well-positioned to address any operational, financial and business risks in a timely and appropriate manner.
Approved by the
.........................................
Director
JFC Tech Services 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.
Director of the company
The director who held office during the year was as follows:
The following director was appointed after the year end:
Dividends
An interim dividend of £1,450,000 (2024: £1,600,000) was paid during the year. No final dividend is proposed.
Directors' liabilities
As permitted by the Articles of Association, the Director has the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
Disclosure of information to the auditor
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 director on
.........................................
J D Graham
Director
JFC Tech Services 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:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
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.
JFC Tech Services Limited
Independent Auditor's Report to the Members of JFC Tech Services Limited
for the Year Ended 31 December 2025
Opinion
We have audited the financial statements of JFC Tech Services Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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’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 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 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 director 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.
JFC Tech Services Limited
Independent Auditor's Report to the Members of JFC Tech Services Limited
for the Year Ended 31 December 2025
Opinions 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
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’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.
JFC Tech Services Limited
Independent Auditor's Report to the Members of JFC Tech Services Limited
for the Year Ended 31 December 2025
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:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, health and safety legislation, data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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.
JFC Tech Services Limited
Independent Auditor's Report to the Members of JFC Tech Services Limited
for the Year Ended 31 December 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.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
JFC Tech Services Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
- |
|
|
(130,760) |
1,035 |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
1,793,095 |
551,604 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
8,403,700 |
1,793,095 |
JFC Tech Services Limited
Statement of Financial Position as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
- |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Investments |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
- |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
8,403,700 |
1,793,095 |
|
|
Shareholders' funds |
8,403,701 |
1,793,096 |
Approved and authorised by the
......................................................................
J D Graham
Director
Company registration number: 12253156
JFC Tech Services Limited
Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
- |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
- |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in trade and other debtors |
( |
( |
|
|
Increase/(decrease) in trade and other creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiary undertaking |
( |
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Dividends paid |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
4,759,664 |
1,926,845 |
|
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of consultancy services, including Project Management, Human Resource Management, Strategic Intelligence, Information Security and Global Translation.
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Group accounts not prepared
The company has taken advantage of the exemption provided by section 402 of the Companies Act 2006 not to prepare group accounts on the basis that the results of the subsidiary undertaking is immaterial to the group.
Going concern
The company made a profit for the year ended 31 December 2025 and had net assets at that date of £8,403,701 including cash at bank of £4,759,664.
The company has a pipeline of expected future income and the directors are confident that the company will continue to trade profitably in future periods.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are
based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year
are as follows:
• Useful economic lives of tangible assets
Tangible assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax.
The company recognises turnover in the period in which the consultancy services are provided once the company has a right to future economic benefit.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
|
Leasehold improvements |
Over the remaining lease term |
|
Office equipment |
33% straight line |
|
Computer equipment |
33% straight line |
Investments
Current asset investments are initially measured at acquisition cost and subsequently measured at fair value with
changes in fair value being recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
The company has not disclosed an analysis of turnover by geographical market, as in the opinion of the director this would be prejudicial to the interests of the company.
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/loss on disposal of property, plant and equipment |
- |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Bad debt recovery |
(857,277) |
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
- |
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs |
|
|
|
Redundancy costs |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, was:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Operations and delivery |
|
|
|
|
|
|
Directors' remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
328,364 |
328,319 |
The company only had one director during the year, and therefore the remuneration of the highest paid director and the number of directors accruing benefits under defined contribution pension schemes is as above.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
2,804,789 |
929,462 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK tax from adjustment for prior periods |
( |
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred Tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
|
- |
|
|
- |
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
Tangible assets |
|
Leasehold improvements |
Office equipment |
Computer equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
- |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
- |
|
Additions |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
- |
Details of undertakings
Details of the undertakings in which the company holds 20% or more of the nominal value of any class of share capital is as follows:
|
Subsidiary undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
|
1969 Upper Water St, Suite 1300, Mcinnes Cooper Tower, Halifax, Nova Scotia, B3J 3R7, Canada |
Ordinary |
|
|
JFC Technologies CA Limited had not commenced to trade at 31 December 2025.
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Deferred tax assets |
|
- |
|
|
|
|
Other debtors includes an amount of £319,200 (2024: £325,045) recoverable in greater than one year.
|
Current asset investments |
|
2025 |
2024 |
|
|
Digital assets |
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
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 £
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
1 |
1 |
1 |
1 |
|
FINANCIAL COMMITMENTS AND GUARANTEES |
The total of future minimum lease 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 operating lease payments recognised as an expense during the year was £
At 31 December 2025 the company had contracted capital commitments amounting to £260,062 (2024: £Nil).
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend on Ordinary shares |
1,450,000 |
1,600,000 |
||
|
Analysis of changes in net debt |
|
At 1 January 2025 |
Financing cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,926,845 |
2,832,819 |
4,759,664 |
|
|
|
|
|
|
|
|||
JFC Tech Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
The dividends shown in note 20 were paid to the director. At 31 December 2025 an amount of £Nil (2024: £400,000) was due to the director.
|
Non adjusting events after the financial period |
|
|
|
Control |
Control vests with J.D. Graham.