REGISTERED NUMBER: 06768206 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Initial Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L Chivers

REGISTERED OFFICE:

Unit 3

Dray Corner Industrial Centre

Four Oaks Road

Headcorn

Kent

TN27 9PB

REGISTERED NUMBER:

06768206 (England and Wales)

ACCOUNTANTS:

Rowans KS

Chartered Accountants

4 Gibbs Hill

Headcorn

Ashford

TN27 9UD

FIXED ASSETS

Tangible assets

4

47,020

9,839

CURRENT ASSETS

Debtors

5

591,749

165,632

Cash at bank

2,126,170

1,529,185

2,717,919

1,694,817

CREDITORS

Amounts falling due within one year

6

1,070,538

714,817

NET CURRENT ASSETS

1,647,381

980,000

TOTAL ASSETS LESS CURRENT LIABILITIES

1,694,401

989,839

PROVISIONS FOR LIABILITIES

11,755

2,460

NET ASSETS

1,682,646

987,379

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,682,644

987,377

1,682,646

987,379

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2026 and were signed by:

L Chivers - Director

1.	STATUTORY INFORMATION

Initial Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

17,071

Additions

43,250

At 31 December 2025

60,321

DEPRECIATION

At 1 January 2025

7,232

Charge for year

6,069

At 31 December 2025

13,301

NET BOOK VALUE

At 31 December 2025

47,020

At 31 December 2024

9,839

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

358,230

120,417

Other debtors

233,519

45,215

591,749

165,632

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

841,056

601,804

Taxation and social security

228,050

78,531

Other creditors

1,432

34,482

1,070,538

714,817

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

31.12.25

31.12.24

£

£

L Chivers

Balance outstanding at start of year

-

-

Amounts advanced

26,089

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,089

-

8.	RELATED PARTY DISCLOSURES

During the year the company paid £600,000 (2024: £450,000) for management charges and £317,200 (2024: £317,200) for the hire of plant and machinery to its parent company, Offaly Holdings Limited.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L Chivers.