| REGISTERED NUMBER: 08603263 (England and Wales) |
| 1ST TECHNOLOGIES (HOLDING) LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: 08603263 (England and Wales) |
| 1ST TECHNOLOGIES (HOLDING) LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Shorrock House |
| 1 Faraday Court |
| Fulwood |
| Preston |
| Lancashire |
| PR2 9NB |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| The group operated in 2024 with the principal activity of a holding company. The group continued its operations of a circular IT company specialising in the supply of refurbished, custom configured business and data centre hardware. The group's product range includes refurbished servers, workstations, desktop PCs, laptops, and all associated components. |
| The group 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. The group 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 continued to be the refurbishment and resale of enterprise and business-class IT equipment. Operating from our recently expanded facilities in Lancashire, the group has further solidified its presence in both domestic and European markets during this period. |
| Building on the foundations laid in 2023, the group 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 group'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 group 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 (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| GROUP 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 group 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 group, and strict credit control procedures mitigate the risk of credit extension to customers to minimise any risk. |
| Liquidity & Cash Flow |
| The group 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 group 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 group 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 - £8,138,724 - YE2023 was - £6,159,209 |
| Net Profit YE2024 was - £2,432,902 - YE2023 was - £1,754,879 |
| GOING CONCERN |
| The group's business activities and principal risks and uncertainties are detailed above. Having considered the risks facing the group the directors are confident that the group 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: |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| £2,083,731 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 group 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. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| GOING CONCERN |
| The group's business activities and principal risks and uncertainties are detailed above. Having considered the risks facing the group the directors are confident that the group 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 (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| ESG GOVERNANCE & COMMITMENTS |
| Environmental, Social, and Governance (ESG) Statement |
| While 1st Technologies 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 group 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 group'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 group 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 inclusivity. |
| Governance Practices |
| The Directors are committed to upholding strong corporate governance practices, consistent with the scale and structure of the group. |
| 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 group'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 (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| 1ST TECHNOLOGIES (HOLDING) LIMITED |
| Opinion |
| We have audited the financial statements of 1st Technologies (Holding) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 (HOLDING) LIMITED |
| 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 group's and the parent 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 group or the parent 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 group'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 group 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 group, 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 group 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. |
| We have also reviewed the work of component auditors and made enquiries to gain an understanding of how the component auditors have addressed identified risks and how they have performed their work. We communicated with component auditors at the planning and completion stages, as well as throughout their audit fieldwork, as necessary. |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| Shorrock House |
| 1 Faraday Court |
| Fulwood |
| Preston |
| Lancashire |
| PR2 9NB |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 18,715,575 | 17,129,550 |
| Cost of sales | 10,576,851 | 10,970,341 |
| GROSS PROFIT | 8,138,724 | 6,159,209 |
| Administrative expenses | 5,804,141 | 4,486,219 |
| 2,334,583 | 1,672,990 |
| Other operating income | 2,265 | - |
| Gain/loss on revaluation of investments | 61,092 | 28,867 |
| OPERATING PROFIT | 5 | 2,397,940 | 1,701,857 |
| Income from fixed asset investments | 3,540 | 692 |
| Interest receivable and similar income | 31,422 | 52,331 |
| 34,962 | 53,023 |
| 2,432,902 | 1,754,880 |
| Interest payable and similar expenses | 6 | - | 1 |
| PROFIT BEFORE TAXATION | 2,432,902 | 1,754,879 |
| Tax on profit | 7 | 538,286 | 341,231 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,451,108 | 997,470 |
| Non-controlling interests | 443,508 | 416,178 |
| 1,894,616 | 1,413,648 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,894,616 | 1,413,648 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,894,616 |
1,413,648 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,451,108 | 997,470 |
| Non-controlling interests | 443,508 | 416,178 |
| 1,894,616 | 1,413,648 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONSOLIDATED BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 58,675 | - |
| Tangible assets | 11 | 137,720 | 86,244 |
| Investments | 12 | - | - |
| 196,395 | 86,244 |
| CURRENT ASSETS |
| Stocks | 13 | 3,943,090 | 3,625,404 |
| Debtors | 14 | 678,401 | 491,025 |
| Investments | 15 | 2,559,865 | 3,438,640 |
| Cash at bank and in hand | 1,648,815 | 1,660,560 |
| 8,830,171 | 9,215,629 |
| CREDITORS |
| Amounts falling due within one year | 16 | 2,977,797 | 2,388,139 |
| NET CURRENT ASSETS | 5,852,374 | 6,827,490 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,048,769 |
6,913,734 |
| PROVISIONS FOR LIABILITIES | 17 | 32,549 | 21,561 |
| NET ASSETS | 6,016,220 | 6,892,173 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 500 | 500 |
| Share premium | 19 | 429,911 | 429,911 |
| Retained earnings | 19 | 4,566,747 | 5,199,370 |
| SHAREHOLDERS' FUNDS | 4,997,158 | 5,629,781 |
| NON-CONTROLLING INTERESTS | 1,019,062 | 1,262,392 |
| TOTAL EQUITY | 6,016,220 | 6,892,173 |
| 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 (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| COMPANY BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,083,701 | 1,854,810 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 January 2023 | 500 | 6,056,740 | 429,911 |
| Changes in equity |
| Dividends | - | (1,854,840 | ) | - |
| Total comprehensive income | - | 997,470 | - |
| Balance at 31 December 2023 | 500 | 5,199,370 | 429,911 |
| Changes in equity |
| Dividends | - | (2,083,731 | ) | - |
| Total comprehensive income | - | 1,451,108 | - |
| Balance at 31 December 2024 | 500 | 4,566,747 | 429,911 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | 6,487,151 | 1,457,624 | 7,944,775 |
| Changes in equity |
| Dividends | (1,854,840 | ) | (611,410 | ) | (2,466,250 | ) |
| Total comprehensive income | 997,470 | 416,178 | 1,413,648 |
| Balance at 31 December 2023 | 5,629,781 | 1,262,392 | 6,892,173 |
| Changes in equity |
| Dividends | (2,083,731 | ) | (686,838 | ) | (2,770,569 | ) |
| Total comprehensive income | 1,451,108 | 443,508 | 1,894,616 |
| Balance at 31 December 2024 | 4,997,158 | 1,019,062 | 6,016,220 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| COMPANY 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,586,635 | 723,628 |
| Interest paid | - | (1 | ) |
| Tax paid | (598,616 | ) | (224,072 | ) |
| Net cash from operating activities | 1,988,019 | 499,555 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (59,196 | ) | - |
| Purchase of tangible fixed assets | (83,736 | ) | (24,201 | ) |
| Current asset investments | 878,775 | (3,438,640 | ) |
| Interest received | 31,422 | 52,331 |
| Dividends received | 3,540 | 692 |
| Net cash from investing activities | 770,805 | (3,409,818 | ) |
| Cash flows from financing activities |
| Equity dividends paid | (2,083,731 | ) | (1,854,840 | ) |
| Dividends paid to minority interests | (686,838 | ) | (611,410 | ) |
| Net cash from financing activities | (2,770,569 | ) | (2,466,250 | ) |
| Decrease in cash and cash equivalents | (11,745 | ) | (5,376,513 | ) |
| Cash and cash equivalents at beginning of year |
2 |
1,660,560 |
7,037,073 |
| Cash and cash equivalents at end of year | 2 | 1,648,815 | 1,660,560 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 2,432,902 | 1,754,879 |
| Depreciation charges | 32,781 | 19,539 |
| Amounts owed to/from group undertakings | - | (1,563,793 | ) |
| Finance costs | - | 1 |
| Finance income | (34,962 | ) | (53,023 | ) |
| 2,430,721 | 157,603 |
| (Increase)/decrease in stocks | (317,686 | ) | 301,037 |
| (Increase)/decrease in trade and other debtors | (187,376 | ) | 490,130 |
| Increase/(decrease) in trade and other creditors | 660,976 | (225,142 | ) |
| Cash generated from operations | 2,586,635 | 723,628 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 1,648,815 | 1,660,560 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,660,560 | 7,037,073 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,660,560 | (11,745 | ) | 1,648,815 |
| 1,660,560 | (11,745 | ) | 1,648,815 |
| Liquid resources |
| Current asset investments | 3,438,640 | (878,775 | ) | 2,559,865 |
| 3,438,640 | (878,775 | ) | 2,559,865 |
| Total | 5,099,200 | (890,520 | ) | 4,208,680 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| 1st Technologies (Holding) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The functional currency of 1st Technologies Holding Limited is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the group operates. The financial statements are rounded to £1. |
| 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 value 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 |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED 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 Consolidated 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. |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The group's business activities and principal risks and uncertainties are detailed in the strategic report. Having considered the risks facing the group, the directors are confident that the group has adequate resources to continue its operational existence for the foreseeable future. Accordingly, the group 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 group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 9,907,842 | 8,561,349 |
| Europe | 7,679,886 | 6,947,745 |
| United States of America | 213,877 | 508,748 |
| 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 | 41 |
| Production | 19 | 18 |
| Sales and marketing | 16 | 8 |
| 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 (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED 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 | 73,741 | 55,584 |
| Depreciation - owned assets | 22,858 | 19,539 |
| Computer software amortisation | 9,923 | - |
| Auditors' remuneration | 10,930 | 13,122 |
| Foreign exchange differences | 95,491 | 60,359 |
| 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 | 527,298 | 335,624 |
| Deferred tax | 10,988 | 5,607 |
| Tax on profit | 538,286 | 341,231 |
| 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 | 2,432,902 | 1,754,879 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
608,226 |
438,720 |
| Effects of: |
| Capital allowances in excess of depreciation | (14,614 | ) | (1,674 | ) |
| Adjustments to tax charge in respect of previous periods | (33,513 | ) | (58,425 | ) |
| Balancing Charge | - | 89 |
| Franked investment income | (885 | ) | (173 | ) |
| Unrealised gains on Investments | (15,273 | ) | (3,889 | ) |
| Marginal Relief | - | (23,833 | ) |
| Deferred Tax Movement | 10,988 | 5,607 |
| Foreign CT rate difference | (16,643 | ) | (15,191 | ) |
| Total tax charge | 538,286 | 341,231 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim | 2,083,731 | 1,854,840 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| 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 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Long | Plant and | and |
| leasehold | 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 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| 1st Technologies Ltd |
| Registered office: On company information page |
| Nature of business: Refurb and resale of IT equipment |
| % |
| Class of shares: | holding |
| Ordinary | 75.00 |
| ICT Direct Ltd |
| Registered office: on company information page |
| Nature of business: Dormant |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| ICT Direct Ltd has a different year end to that of the group, at 31 January 2024. As this company is dormant, this has no effect on the consolidated figures. |
| 1st Technologies Handling (Ireland) Limited |
| Registered office: Core B, Block 71, The Plaza, Park West, Dublin 12, Ireland |
| Nature of business: Refurb and resale of IT equipment |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 13. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 3,943,090 | 3,625,404 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 466,769 | 320,420 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 1,410 | 8,154 |
| VAT | 66,737 | 25,124 |
| Prepayments | 143,485 | 137,327 |
| 678,401 | 491,025 |
| 15. | CURRENT ASSET INVESTMENTS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Unlisted investments | 2,559,865 | 3,438,640 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade creditors | 315,929 | 460,172 |
| Amounts owed to group undertakings | - | - |
| Tax | 228,285 | 299,603 |
| Social security and other taxes | 94,263 | 48,418 |
| Other creditors | 117,727 | 208,406 |
| Accrued expenses | 2,221,593 | 1,371,540 |
| 2,977,797 | 2,388,139 |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 32,549 | 21,561 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 21,561 |
| Charge to Income Statement during year | 10,988 |
| Balance at 31 December 2024 | 32,549 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 500 | 500 |
| 1ST TECHNOLOGIES (HOLDING) LIMITED (REGISTERED NUMBER: 08603263) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 5,199,370 | 429,911 | 5,629,281 |
| Profit for the year | 1,451,108 | 1,451,108 |
| Dividends | (2,083,731 | ) | (2,083,731 | ) |
| At 31 December 2024 | 4,566,747 | 429,911 | 4,996,658 |
| 20. | POST BALANCE SHEET EVENTS |
| After the year end, a sale has been agreed for the share capital of 1st Technologies (Holding) Limited. This should have little or no impact on the day to day running of the 1st Technologies group of companies. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The parent undertaking is Pondera Limited, a company incorporated in the Isle of Man. The address for Pondera Limited is 3rd Floor West, Quay House, South Quay, Douglas, Isle of Man IM1 5AR. |
| Pondera Limited is the ultimate holding company. |