REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 February 2024 |
for |
First Technology Holdings Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 February 2024 |
for |
First Technology Holdings Ltd |
First Technology Holdings Ltd (Registered number: 13712088) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
First Technology Holdings Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Pinnacle House |
1 Pinnacle Way |
Derby |
Derbyshire |
DE24 8ZS |
First Technology Holdings Ltd (Registered number: 13712088) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
First Technology Holdings Ltd (Registered number: 13712088) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
First Technology Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes to include sales related bonus/royalties earned. Revenue is accounted for when products or services are supplied to the company's customers. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of 3 years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
First Technology Holdings Ltd (Registered number: 13712088) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 29 February 2024 |
AMORTISATION |
Amortisation for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
First Technology Holdings Ltd (Registered number: 13712088) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 29 February 2024 |
DEPRECIATION |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 24,668 | - |
Other creditors |
Accruals and deferred income |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
First Technology Holdings Ltd (Registered number: 13712088) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | CALLED UP SHARE CAPITAL - continued |
The above shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | PENSION COMMITMENTS |
The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The amount charged against profits represent the contributions payable to the scheme in respect of the accounts accounting period and amounts to £5,806 (2023: £2,797) There were £0 of outstanding contributions payable at the year end. |
12. | RELATED PARTY DISCLOSURES |
The balance outstanding on interest free loans provided from companies with common directors amounted to £1,341,491 (2023: £619,880). |
The balance outstanding on interest free loans provided to companies with common directors amounted to £129,593 (2023: £0). |
13. | ULTIMATE PARENT COMPANY |
First Technology Investments (Pty) Ltd (incorporated in South Africa) is regarded by the directors as being the company's ultimate parent company. |