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REGISTERED NUMBER: 03462263 (England and Wales)












1ST TECHNOLOGIES LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


1ST TECHNOLOGIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: B J Craig
A T Peterson





REGISTERED OFFICE: Unit X Bee Mill
Preston Road
Ribchester
Preston
Lancashire
PR3 3XL





REGISTERED NUMBER: 03462263 (England and Wales)





AUDITORS: Rushtons
Chartered Accountants
Statutory Auditors
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

1st Technologies Ltd is a circular economy IT business specialising in the supply of refurbished, custom configured business and data centre hardware. The Company's product range includes refurbished servers, workstations, desktop PCs, laptops, and all associated components.

The Company sources used enterprise-grade equipment from a network of global suppliers and undertakes a thorough refurbishment process, including cosmetic refurbishment, diagnostic testing & firmware updates before disassembly and cataloguing.

Final products are configured to order to meet the precise requirements of business customers and are sold to B2B clients across global markets. 1st Technologies Ltd operates a sustainable business model centred on the principles of reuse, recycling, and repurposing, aiming to reduce environmental impact, minimise electronic waste, and lower carbon emissions.

REVIEW OF BUSINESS
During the year ended 31 December 2024, the principal activity of 1st Technologies Ltd continued to be the refurbishment and resale of enterprise and business-class IT equipment. Operating from our recently expanded facilities in Lancashire, the Company has further solidified its presence in both domestic and European markets during this period.

Building on the foundations laid in 2023, the Company achieved a year of strong operational and financial performance. Strategic investments in infrastructure, personnel, and digital platforms have underpinned this growth, allowing 1st Technologies to exceed expectations set at the beginning of the year.

One of the most significant developments during the period was the expansion of our warehouse footprint. This has enabled the physical separation of enterprise and workplace IT hardware operations, increasing processing capacity and enabling greater specialisation in each product category. These changes will lead to improved operational efficiency and a higher standard of output across all product lines moving into the next financial year.

For the financial year ended 31 December 2024, revenue increased from £17.1 million in 2023 to £18.7 million. While the increase in turnover is a key indicator of progress, the Directors are particularly pleased with the Company's ability to maintain or improve gross profit margins. This reflects ongoing enhancements to operational processes, commercial strategy, and product quality.

The Directors are satisfied that the Company has not only met but exceeded the strategic and financial expectations set for the year. The business is well-positioned to continue its upward trajectory in 2025, with a clear focus on expanding its market share, improving customer experience, and further strengthening its environmental and operational sustainability. The Board is confident that the initiatives currently underway will support continued growth in revenue and profitability in the years to come.


1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Labour Market
In 2024, 1st Technologies has continued to navigate rising employment costs by offering competitive remuneration and benefits package designed to retain key technical staff and attract top-tier talent. The Preston area has seen sustained demand for skilled professionals in the technology sector, driven by regional growth in IT services, digital infrastructure, and hardware refurbishment. While recruitment pressures have eased slightly from previous years, competition for experienced engineers, developers, and IT specialists remains high. In response, 1st Technologies has adopted a proactive recruitment and retention strategy, focusing on internal company progression, individual career development opportunities, and flexible working practices to secure and maintain a skilled and motivated workforce.

Credit Risk
Credit checks have been implemented, where deemed appropriate by the company, and strict credit control procedures mitigate the risk of credit extension to customers to minimise any risk.

Liquidity & Cash Flow
The company actively monitors its financial position in ensuring that it has sufficient funds for its operational requirements and investment for future growth. 1st Technologies has remained financially independent and is completely self-funded.

Foreign Exchange
When operating in multiple currencies there are associated risks which can be mitigated by implementing procedures to combat these. Converting currencies will be an inevitable requirement that the company can ensure is both cost effective and carried out in a frugal capacity. The conversion of currencies is minimised by transacting purchases in the currency that is generated in revenue.

Risk Management
The management team have continually improved the integrated management system to uphold 3 ISO accreditations (9001/14001/45001), Successful recertification has been completed after the initial period and demonstrate competence in legal and regulatory compliance.

KEY PERFORMANCE INDICATORS
The company uses key performance indicators to appraise and encourage performance improvements - A positive increase in performance over this period.

Turnover YE2024 was - £18,715,575 YE2023 was - £17,129,550

Gross Profit YE2024 was - £7,994,626 - YE2023 was - £6,034,441

Net Profit YE2024 was - £2,300,515 YE2023 was - £1,633,496

GOING CONCERN
The company's business activities and principal risks and uncertainties are detailed above. Having considered the risks facing the company the directors are confident that the company has adequate resources to continue its operational existence and growth for the foreseeable future. Accordingly, they continue to adopt the going concern basis when preparing the annual report and financial statements.

ON BEHALF OF THE BOARD:





B J Craig - Director


24 July 2025

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the refurbishment and resale of business and enterprise class IT equipment.

DIVIDENDS
£2,770,569 dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS
We are pleased to confirm that the strong foundations laid during 2022 and 2023 have continued to deliver encouraging results throughout 2024. The strategic initiatives implemented, including warehouse expansion, sales team growth, and enhanced digital capabilities, have positioned the Company well to capitalise on emerging opportunities. Our performance during 2024 exceeded expectations, reinforcing confidence in our ability to meet and surpass our financial targets. As we move into 2025, 1st Technologies Ltd remains focused on executing its growth strategy, addressing remaining Brexit-related challenges, and further strengthening its position as a leading supplier of refurbished enterprise and business IT hardware in both the UK and EU markets. We are optimistic about sustained growth and long-term value creation in the years ahead.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

B J Craig
A T Peterson

GOING CONCERN
The company's business activities and principal risks and uncertainties are detailed above. Having considered the risks facing the company the directors are confident that the company has adequate resources to continue its operational existence and growth for the foreseeable future. Accordingly, they continue to adopt the going concern basis when preparing the annual report and financial statements.


1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

ESG GOVERNANCE & COMMITMENTS
Environmental, Social, and Governance (ESG) Statement
While 1st Technologies Ltd is not currently required to publish formal ESG disclosures under UK legislation, the Directors recognise the growing importance of Environmental, Social, and Governance (ESG) factors in shaping a resilient, responsible, and future-focused business. The Company has voluntarily adopted a range of ESG-aligned practices and remains committed to embedding these principles into its strategy, risk management, and day-to-day operations.

Environmental Commitments & Contributions
The Company's core business model is inherently sustainable, rooted in the principles of the circular economy. By refurbishing and reconfiguring business and enterprise-class IT hardware, 1st Technologies significantly reduces e-waste and extends the lifecycle of high-quality equipment, resulting in a lower environmental footprint for both the Company and its customers.

Circular Economy Leadership
Our operations prevent unnecessary disposal of IT equipment by returning used enterprise hardware to the market in high-performing, custom-configured condition. This directly reduces landfill waste and carbon emissions.

Sustainable Facilities & Expansion
The recent expansion of our Lancashire warehouse facilities has enabled enhanced operational efficiency, including better processes, helping us optimise energy usage with the use of solar panels whilst aiming to reduce and minimise waste.

Responsible Procurement
We actively seek suppliers who demonstrate environmental responsibility and prioritise sustainable sourcing in all purchasing decisions.

Social Responsibilities & Initiatives
1st Technologies Ltd is committed to cultivating a positive social impact, both within the business and in the wider community.

Employee Engagement & Development
We maintain a collaborative and inclusive workplace culture, underpinned by transparent communication and fair remuneration. Our investment in staff - including the expansion of our sales, operational and customer support teams - reflects our belief that our people are central to long-term success.

Community Outreach: We continue to support educational and charitable initiatives in our local area, including awareness-raising on the environmental and economic benefits of refurbished IT hardware. These efforts are designed to encourage responsible IT consumption and digital inclusively.

Governance Practices
The Directors are committed to upholding strong corporate governance practices, consistent with the scale and structure of the Company.

Ethical Business Conduct
All operations are guided by clear ethical standards and oversight, with regular review of internal policies and controls to ensure alignment with best practice.

Integrated Risk Management
ESG considerations are integrated into the Company's broader risk framework, including monitoring of environmental compliance, cybersecurity, and supply chain resilience.

Stakeholder
Engagement We maintain open dialogue with stakeholders including employees, customers, and suppliers. Feedback is actively considered as part of strategic planning and decision-making processes.

ENGAGEMENT WITH EMPLOYEES
Throughout the year regular meetings are held between management and employees to allow transparent communication and free flow of information and to inspire collaboration throughout the entire business. Employee representatives are appointed and consulted during the management review process.


1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
- make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Rushtons, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B J Craig - Director


24 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST TECHNOLOGIES LTD

Opinion
We have audited the financial statements of 1st Technologies Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 2024 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 Auditors' 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 directors 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST TECHNOLOGIES LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered a number of issues, such as the nature of the company's industry, their control environment and business performance. We also discussed amongst our engagement team how and where fraud might occur and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in and focussed our attention on any laws and regulations which might be considered as "showstoppers". We also looked at internal controls in place at the company, established to mitigate risks related to fraud or non-compliance with laws and regulations.

In response to other identified risks, we reviewed the financial statement disclosures, we made enquiries of the company as to potential litigation and claims, we performed analytical procedures to look for unusual trends or unexpected relationships and we read any available meeting minutes.

We also addressed the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. We also assessed accounting estimates and considered any significant transactions that might be considered unusual in the normal course of business.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Adam Calvert ACA (Senior Statutory Auditor)
for and on behalf of Rushtons
Chartered Accountants
Statutory Auditors
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

24 July 2025

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 18,715,575 17,129,550

Cost of sales 10,720,949 11,095,109
GROSS PROFIT 7,994,626 6,034,441

Administrative expenses 5,792,430 4,482,834
2,202,196 1,551,607

Other operating income 2,265 -
Gain/loss on revaluation of investments 61,092 28,867
OPERATING PROFIT 5 2,265,553 1,580,474

Income from fixed asset investments 3,540 692
Interest receivable and similar income 31,422 52,331
34,962 53,023
2,300,515 1,633,497

Interest payable and similar expenses 6 - 1
PROFIT BEFORE TAXATION 2,300,515 1,633,496

Tax on profit 7 520,878 326,077
PROFIT FOR THE FINANCIAL YEAR 1,779,637 1,307,419

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,779,637

1,307,419

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 58,675 -
Tangible assets 10 137,720 86,244
196,395 86,244

CURRENT ASSETS
Stocks 11 3,943,090 3,625,404
Debtors 12 609,891 505,440
Investments 13 2,559,865 3,438,640
Cash at bank and in hand 1,485,378 1,459,965
8,598,224 9,029,449
CREDITORS
Amounts falling due within one year 14 3,223,831 2,564,961
NET CURRENT ASSETS 5,374,393 6,464,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,570,788

6,550,732

PROVISIONS FOR LIABILITIES 16 32,549 21,561
NET ASSETS 5,538,239 6,529,171

CAPITAL AND RESERVES
Called up share capital 17 359 359
Share premium 18 239,911 239,911
Retained earnings 18 5,297,969 6,288,901
SHAREHOLDERS' FUNDS 5,538,239 6,529,171

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





B J Craig - Director


1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 359 7,447,732 239,911 7,688,002

Changes in equity
Dividends - (2,466,250 ) - (2,466,250 )
Total comprehensive income - 1,307,419 - 1,307,419
Balance at 31 December 2023 359 6,288,901 239,911 6,529,171

Changes in equity
Dividends - (2,770,569 ) - (2,770,569 )
Total comprehensive income - 1,779,637 - 1,779,637
Balance at 31 December 2024 359 5,297,969 239,911 5,538,239

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

1st Technologies 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of 1st Technologies Ltd is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to £1.

1st Technologies Ltd meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. 1st Technologies Ltd is consolidated in the financial statements of its parent, 1st Technologies (Holding) Limited, which may be obtained from Companies House. Exemptions have been taken in these separate company financial statements in relation to the presentation of cash flow statement and remuneration of key management personnel.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
Stock estimates
Due to the nature of the industry, stock items can be bought in bulk without knowing precisely all of the different components contained in the load. This bulk stock is then broken down into components and each item is given a value. These values are best estimates based on knowledge and experience of the products and from researching on various websites.

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

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 over its estimated useful life, using an annual rate of 15% on reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - at variable rates on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. This entails using an average price as the cost price can vary significantly depending on a number of factors.

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade debtors, other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade creditors, other creditors and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Investments
Investments are initially measured at fair value, which typically equates to the transaction price, including any directly attributable transaction costs. The investment is revalued at the reporting date using the market rate. Investments are derecognized when the contractual rights to the cash flows from the investments have expired or when the entity has transferred substantially all the risks and rewards of ownership.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Going concern
The company's business activities and principal risks and uncertainties are detailed in the strategic report. Having considered the risks facing the company, the directors are confident that the company has adequate resources to continue its operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis when preparing the annual report and financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,907,842 8,561,350
Europe 7,679,886 6,947,745
United States of America 213,877 508,747
Rest of World 913,970 1,111,708
18,715,575 17,129,550

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,522,277 2,100,935
Social security costs 251,111 199,229
Other pension costs 36,128 62,467
2,809,516 2,362,631

The average number of employees during the year was as follows:
2024 2023

Administration 33 8
Production 19 41
Sales and Marketing 16 18
68 67

2024 2023
£    £   
Directors' remuneration 221,376 152,913
Directors' pension contributions to money purchase schemes 2,640 14,096

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:
2024
£   
Emoluments etc 142,188
Pension contributions to money purchase schemes 1,320

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 70,254 51,944
Depreciation - owned assets 22,858 19,539
Computer software amortisation 9,923 -
Auditors' remuneration 10,930 13,122
Foreign exchange differences 88,670 65,581

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest paid - 1

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 509,890 320,470

Deferred tax 10,988 5,607
Tax on profit 520,878 326,077

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,300,515 1,633,496
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

575,129

408,374

Effects of:
Capital allowances in excess of depreciation (15,568 ) (1,674 )
Adjustments to tax charge in respect of previous periods (33,513 ) (58,425 )
Balancing Charge - 89
Unrealised gains on investments (15,273 ) (3,889 )
Franked investment income (885 ) (173 )
Marginal Relief - (23,832 )
Deferred Tax Movement 10,988 5,607
Total tax charge 520,878 326,077

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 2,770,569 2,466,250

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 59,196
Reclassification/transfer 9,402
At 31 December 2024 68,598
AMORTISATION
Amortisation for year 9,923
At 31 December 2024 9,923
NET BOOK VALUE
At 31 December 2024 58,675

10. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings Totals
£    £    £    £   
COST
At 1 January 2024 33,930 69,668 124,371 227,969
Additions 28,485 12,237 43,014 83,736
Reclassification/transfer - - (9,402 ) (9,402 )
At 31 December 2024 62,415 81,905 157,983 302,303
DEPRECIATION
At 1 January 2024 31,363 40,351 70,011 141,725
Charge for year 3,743 5,098 14,017 22,858
At 31 December 2024 35,106 45,449 84,028 164,583
NET BOOK VALUE
At 31 December 2024 27,309 36,456 73,955 137,720
At 31 December 2023 2,567 29,317 54,360 86,244

11. STOCKS
2024 2023
£    £   
Stocks 3,943,090 3,625,404

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 466,769 320,420
Amounts owed by group undertakings - 41,978
Other debtors - 6,744
Prepayments 143,122 136,298
609,891 505,440

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 2,559,865 3,438,640

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 315,929 460,173
Amounts owed to group undertakings 261,891 196,876
Tax 224,789 291,386
Social security and other taxes 94,263 48,418
Other creditors 105,366 200,295
Accrued expenses 2,221,593 1,367,813
3,223,831 2,564,961

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 83,611 59,805
Between one and five years 12,727 -
96,338 59,805

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 32,549 21,561

Deferred
tax
£   
Balance at 1 January 2024 21,561
Charge to Statement of Comprehensive Income during year 10,988
Balance at 31 December 2024 32,549

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
359 Ordinary 1 359 359

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 6,288,901 239,911 6,528,812
Profit for the year 1,779,637 1,779,637
Dividends (2,770,569 ) (2,770,569 )
At 31 December 2024 5,297,969 239,911 5,537,880

1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

19. RELATED PARTY DISCLOSURES

As at 31 December 2024, the following balances were outstanding with related parties:
- A balance of £196,876 (2023: £196,876) was owed to 1st Technologies (Holdings) Limited, the
company’s immediate parent company.
- A balance of £65,015 was owed to 1st Technologies Handling (Ireland) Limited (2023: £41,978 owed by
the company), a company in the same group.
- There was no balance owed to the ultimate controlling party at year end (2023: £nil).

During the year, the company entered into the following related party transactions:
- Dividends of £2,083,730 (2023: £1,847,173) were paid to 1st Technologies (Holdings) Limited
- Dividends of £686,859 (2023: £608,883) were paid to the ultimate controlling party.
- Consultancy fees of £2,466,045 (2023: £1,632,803) were charged by the ultimate controlling party

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due from related party - 41,978
Amount due to related party 261,891 1,455,236

20. ULTIMATE CONTROLLING PARTY

The parent undertaking is 1st Technologies (Holding) Limited, a company incorporated in England and Wales. The address for 1st Technologies (Holding) Limited is that of 1st Technologies Ltd, and is included on the Company Information page.

The directors consider the ultimate holding company to be Pondera Limited, as the 100% shareholder of 1st Technologies (Holding) Limited.

Consolidated financial statements are prepared for 1st Technologies (Holding) Limited, which are available to the public and may be obtained from:

The Registrar of Companies
Companies House
Crown Way
Cardiff
CF14 3UZ.