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REGISTERED NUMBER: 07161626 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Firstkind Ltd

Firstkind Ltd (Registered number: 07161626)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Firstkind Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: B J Ross





SECRETARY: D G Hughes BA FCA





REGISTERED OFFICE: Daresbury Science & Innovation Campus
Keckwick Lane
Daresbury
Warrington
Cheshire
WA4 4FS





REGISTERED NUMBER: 07161626 (England and Wales)





AUDITORS: Myersons
Statutory Auditors
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Firstkind Ltd (Registered number: 07161626)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Investments 4 300 300

CURRENT ASSETS
Stocks 5 726,505 868,309
Debtors 6 724,026 433,175
Cash at bank and in hand 460,045 719,244
1,910,576 2,020,728
CREDITORS
Amounts falling due within one year 7 9,559,318 9,541,316
NET CURRENT LIABILITIES (7,648,742 ) (7,520,588 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,648,442

)

(7,520,288

)

CREDITORS
Amounts falling due after more than one
year

8

31,720

37,474
NET LIABILITIES (7,680,162 ) (7,557,762 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (7,680,262 ) (7,557,862 )
SHAREHOLDERS' FUNDS (7,680,162 ) (7,557,762 )

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 16 September 2024 and were signed by:





B J Ross - Director


Firstkind Ltd (Registered number: 07161626)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Firstkind Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about Firstkind Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts and sale and distribution agreements when turnover is recognised when the company obtains the right to consideration in accordance with those agreements which is considered recoverable.

The company purchases components that are supplied to the manufacturer to include in the finished products shipped back to the company. The components are invoiced to the manufacturer at cost and are included in the finished good price that the manufacturer charges the company, resulting in a net zero impact on gross margin. Therefore this income is not included in turnover but shown as other income and the costs incurred are treated as an administration cost rather than a cost of sale.

Government grants
In accordance with FRS102, the Accruals Model is being applied to grant income relating to revenue. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and a first in, first out (FIFO) basis is used.

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.


Firstkind Ltd (Registered number: 07161626)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is debited to the profit and loss account in the year in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 300
NET BOOK VALUE
At 31 December 2023 300
At 31 December 2022 300

5. STOCKS
31.12.23 31.12.22
as restated
£    £   
Stocks 699,856 844,323
Work-in-progress 26,649 23,986
726,505 868,309

Firstkind Ltd (Registered number: 07161626)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 501,020 234,937
Amounts owed by group undertakings 32,764 24,461
Tax 50,000 -
VAT 26,555 73,410
Prepayments and accrued income 113,687 100,367
724,026 433,175

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans and overdrafts 5,341 5,209
Trade creditors 632,436 1,126,398
Amounts owed to group undertakings 7,728,765 7,969,776
Other creditors 232,165 229,068
Accruals and deferred income 960,611 210,865
9,559,318 9,541,316

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans - 1-2 years 5,476 5,341
Bank loans - 2-5 years 17,272 16,846
Bank loans more 5 yr by instal 8,972 15,287
31,720 37,474

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,972 15,287

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
£    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicola Price ACA FCCA (Senior Statutory Auditor)
for and on behalf of Myersons

Firstkind Ltd (Registered number: 07161626)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. CONTROLLING PARTY

The controlling party is Sky Medical Technology Limited.

13. GOING CONCERN

The financial statements are prepared on a going concern basis, however the assessment of going concern is reliant on the company's access to continued financial support from it's parent company. The directors have considered a period of not less than twelve months and consider this basis to be appropriate.