| REGISTERED NUMBER: |
| 1ST TECHNOLOGIES LTD |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| Shorrock House |
| 1 Faraday Court |
| Fulwood |
| Preston |
| Lancashire |
| PR2 9NB |
| 1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 2,202,196 | 1,551,607 |
| Other operating income |
| Gain/loss on revaluation of investments | 61,092 | 28,867 |
| OPERATING PROFIT | 5 |
| Income from fixed asset investments |
| Interest receivable and similar income |
| 34,962 | 53,023 |
| 2,300,515 | 1,633,497 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| 1ST TECHNOLOGIES LTD (REGISTERED NUMBER: 03462263) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Investments | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 LTD (REGISTERED NUMBER: 03462263) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| 1st Technologies Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Leasehold improvements | - |
| 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. 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 |
| Europe |
| United States of America |
| Rest of World | 913,970 | 1,111,708 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 33 | 8 |
| Production | 19 | 41 |
| Sales and Marketing | 16 | 18 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Computer software amortisation |
| Auditors' remuneration |
| Foreign exchange differences |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Other interest paid |
| 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 |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
| 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 |
| 9. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| Additions |
| Reclassification/transfer |
| At 31 December 2024 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | Plant and | and |
| improvements | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Reclassification/transfer | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 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 |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 32,549 | 21,561 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 December 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 359 | 359 |
| 18. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 6,528,812 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 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 |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party |
| Amount due to related party |
| 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. |