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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: B J Craig
A T Peterson





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





REGISTERED NUMBER: 08603263 (England and Wales)





AUDITORS: Rushtons
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:





B J Craig - Director


24 July 2025

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.

B J Craig
A T Peterson

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:





B J Craig - Director


24 July 2025

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.




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 (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 1,894,616 1,413,648
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 12 455 455
455 455

CURRENT ASSETS
Debtors 14 198,556 198,556
Cash at bank 1,291 1,321
199,847 199,877
CREDITORS
Amounts falling due within one year 16 455 455
NET CURRENT ASSETS 199,392 199,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

199,847

199,877

CAPITAL AND RESERVES
Called up share capital 18 500 500
Share premium 190,000 190,000
Retained earnings 9,347 9,377
SHAREHOLDERS' FUNDS 199,847 199,877

Company's profit for the financial year 2,083,701 1,854,810

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 500 9,407 190,000 199,907

Changes in equity
Dividends - (1,854,840 ) - (1,854,840 )
Total comprehensive income - 1,854,810 - 1,854,810
Balance at 31 December 2023 500 9,377 190,000 199,877

Changes in equity
Dividends - (2,083,731 ) - (2,083,731 )
Total comprehensive income - 2,083,701 - 2,083,701
Balance at 31 December 2024 500 9,347 190,000 199,847

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 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.

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
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 (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 455
NET BOOK VALUE
At 31 December 2024 455
At 31 December 2023 455

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 - - 196,876 196,876
Other debtors 1,410 8,154 1,680 1,680
VAT 66,737 25,124 - -
Prepayments 143,485 137,327 - -
678,401 491,025 198,556 198,556

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 - - 85 85
Tax 228,285 299,603 - -
Social security and other taxes 94,263 48,418 - -
Other creditors 117,727 208,406 370 370
Accrued expenses 2,221,593 1,371,540 - -
2,977,797 2,388,139 455 455

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: £    £   
500 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.