Registered number: 05998321
FOR THE YEAR ENDED 31 DECEMBER 2025
FINCORE LIMITED
COMPANY INFORMATION
FINCORE LIMITED
CONTENTS
FINCORE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors are pleased to present the Strategic Report for the year ended 31 December 2025, which provides an overview of the Company’s performance, principal activities, risks, and future outlook. This report is prepared in accordance with the Companies Act 2006.
2025 has been a year of consolidation and continued strategic progression for the Company. Revenue moderated from the exceptional level recorded in 2024, reflecting the phasing of major development programmes, while the Company continued to advance its product capability, broaden its market reach and strengthen its operating platform. The business remains profitable, cash-generative and well capitalised, and is positioned for sustainable long-term growth.
Principal Activity
The principal activity of the Company during the year continued to be the development, maintenance, and support of computer software. The Company remains committed to delivering high-quality, innovative solutions and services to its customers across a competitive and rapidly evolving technology landscape.
Principal Activity
The principal activity of the Company during the year continued to be the development, maintenance, and support of computer software. The Company remains committed to delivering high-quality, innovative solutions and services to its customers across a competitive and rapidly evolving technology landscape.
Building on the proprietary software licensing model expanded in prior years, the Company has continued to develop its recurring revenue base during 2025. Licence and related recurring income now sits alongside bespoke development work, improving predictability of earnings. The Company’s bespoke development capability, delivered through its UK and Belgrade engineering centres, remains a key differentiator, enabling tailored solutions for strategic clients whilst benefitting from shared technology assets.
During 2025, the Company also made further progress in integrating artificial intelligence (AI) and machine learning capabilities into its core product offerings, reflecting both client demand and the strategic imperative to remain at the forefront of technological innovation.
The Company delivered a solid performance for the year ended 31 December 2025. Total net revenue of £19.7m was 6% below the prior year (2024: £21.0m), principally reflecting the phasing of large development programmes rather than any loss of core clients. Gross profit of £6.5m represented a gross margin of 33.0%, and the Company recorded Operating Profit of £0.9m (4.6% of revenue) and a net profit of £0.8m (2024: £2.1m).
Ongoing investment in research and development has again been central to our success, facilitating product innovation, client retention, and the acquisition of new contracts. Our solutions remain highly competitive and the quality of our technical delivery continues to underpin our market reputation.The Company achieved a strong performance for the year ended 31 December 2025.
Particular highlights of the 2025 financial year include:
∙Continued expansion into new international markets and products, broadening the client base and diversifying revenue;
∙Launch of an enhanced software platform incorporating AI-assisted features, which has been well received by existing and prospective clients;
∙Further growth in recurring licence revenues, improving revenue quality and earnings visibility;
∙Continued strong client retention, reflecting the quality of our technical delivery and customer service;
∙Maintenance of a strong balance sheet, with net assets of £8.5m and cash balances of £6.2m at the year end.
Employee development remains a strategic priority. By offering training, career progression, and a supportive working environment, the Company has successfully retained key talent and attracted new employees who share our values of excellence and innovation.
In 2025, the Company launched a structured leadership development programme aimed at building the next generation of senior management.
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FINCORE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is subject to a range of risks and uncertainties. The Board conducts regular reviews to identify and mitigate potential threats to business continuity and financial stability. Key risks include:
∙Revenue concentration and contract phasing risk, as the timing of large development programmes can create year-on-year volatility in reported revenue; mitigated by growing the recurring licence base and diversifying the client portfolio;
∙Macroeconomic uncertainty, including the impact of shifting geopolitical conditions, trade policy developments, and elevated interest rates in certain markets;
∙Technology disruption risk, particularly the rapid advancement of artificial intelligence, creating both opportunity and competitive risk across the software sector;
∙Currency risk, managed by maintaining reserves in multiple currencies (GBP, USD, EUR and CAD) and across several financial institutions, with exposures monitored on a rolling basis;
∙Credit and counterparty risk, arising from trade receivables and amounts advanced to related and third parties, monitored by the Board on an ongoing basis;
∙Regulatory and compliance risk, particularly in relation to data protection legislation (UK GDPR), software licensing compliance, and evolving AI governance frameworks;
∙Cybersecurity risk, with increasing frequency and sophistication of attacks across the technology sector requiring continued investment in protective measures and staff awareness;
∙Operational dependencies, including reliance on key personnel and core IT infrastructure, mitigated through succession planning and infrastructure redundancy.Macroeconomic uncertainty, including the continued impact of shifting political priorties and global inflationary conditions;
Mitigation strategies are in place across all risk categories and are reviewed by the Board on a regular basis.
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FINCORE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company monitors performance against a set of financial and operational key performance indicators (KPIs). The following table summarises performance for 2025 against the prior year:
Revenue decreased by 6% to £19.7m (2024: £21.0m), reflecting the phasing of major development programmes, partly offset by growth in licence revenues and new client wins. Net profit of £0.8m (2024: £2.1m) gives a net profit margin of 4.1% (2024: 10%), with the reduction driven by lower revenue against a broadly maintained cost base as the Company continued to invest in product development and people.
Cash reserves at 31 December 2025 were £6.2m (2024: £7.2m), following the payment of dividends of £2m during the year. These reserves were held across multiple institutions and currencies, and the Company ended the year with net assets of £8.5m. The Board considers the Company’s liquidity position to be robust and appropriate for its operating requirements and investment plans. Investment in research and development continued during the year, with qualifying R&D expenditure of £1.24m (2024: £7.7m), in respect of which an R&D tax credit of £0.2m has been recognised within the year. The lower level of qualifying expenditure relative to the prior year reflects the phasing of development programmes and a more targeted approach to qualifying project selection under the revised R&D relief regime.
These KPIs provide a clear picture of the Company’s operational health and support proactive management decision-making.
Future Developments
Looking ahead, the Company will continue to pursue a strategy focused on sustainable growth, technological leadership, and operational efficiency. Key priorities for the next financial year include:
∙Further expansion of our software offering into new international markets, with particular focus on European and North American opportunities;
∙Deepening AI and machine learning integration across our product suite in response to client demand and competitive positioning;
∙Rebuilding revenue momentum through conversion of the contracted pipeline and continued growth in recurring licence income;
∙Continued investment in cloud infrastructure and automation to improve scalability, resilience, and cost efficiency;
∙Improving gross margin through delivery efficiency and a higher proportion of licence-based revenue;
∙Enhancing client services and delivery capabilities to support higher client volumes and maintain our reputation for quality;
∙Continued investment in employee development and technical leadership, including expansion of the leadership development programme launched in 2025.
The Directors are confident in the Company’s ability to respond to emerging challenges and opportunities while continuing to deliver value to all stakeholders. The foundations built in recent years — a growing recurring revenue base, a talented workforce, a robust R&D pipeline, and a sound financial position — provide a solid platform from which to pursue our strategic objectives in 2026 and beyond.
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FINCORE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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FINCORE 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the 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 Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £813,779 (2024 - £2,167,828).
Dividends were paid during the year totalling £2,018,467 (2024- £2,000,000)
The directors who served during the year were:
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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FINCORE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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FINCORE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED
We have audited the financial statements of Fincore Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the 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 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.
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.
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FINCORE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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FINCORE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE 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 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:
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 revewing 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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FINCORE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FINCORE 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 Road
Berkshire
RG1 1AX
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FINCORE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
REGISTERED NUMBER: 05998321
BALANCE SHEET
AS AT 31 DECEMBER 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 31 form part of these financial statements.
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FINCORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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FINCORE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Fincore Limited is a private company limited by shares incorporate in England and Wales. The registered office is Wilsons Corner, 23-25 Wilson Street, London, EC2M 2SN. The company's principal activity is the provision of software services.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Computer software
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Computer software
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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.
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditiors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date
and the amounts reported for revenues and expenses during the year. However, the nature of
estimation means that actual outcomes could differ from those estimates. There are no material
judgments, estimates or assumptions used in the preparation of the financial statements.
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertakings (continued)
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
adjustments.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £124,228 (2024: £122,869).
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FINCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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