REGISTERED NUMBER: 11815300 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INFIRST LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P E Lindsell

M Scheske

REGISTERED OFFICE:

20 Little Britain

London

EC1A 7DH

REGISTERED NUMBER:

11815300 (England and Wales)

ACCOUNTANTS:

TC Group

Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

FIXED ASSETS

Intangible assets

4

7,610,946

7,921,353

CURRENT ASSETS

Stocks

1,082,120

554,243

Debtors

5

953,217

1,121,694

Cash at bank

323,815

327,683

2,359,152

2,003,620

CREDITORS

Amounts falling due within one year

6

896,696

670,956

NET CURRENT ASSETS

1,462,456

1,332,664

TOTAL ASSETS LESS CURRENT LIABILITIES

9,073,402

9,254,017

CREDITORS

Amounts falling due after more than one year

7

7,955,244

9,503,265

NET ASSETS/(LIABILITIES)

1,118,158

(249,248

)

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

13,499,999

8,999,999

Retained earnings

(12,381,842

)

(9,249,248

)

SHAREHOLDERS' FUNDS

1,118,158

(249,248

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

P E Lindsell - Director

1.	STATUTORY INFORMATION

Infirst 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty five years.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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 Directors, having considered cash flow forecasts for the company and the continuing financial support from Flarin Holdings Ltd, consider the going concern basis in preparing these financial statements remains appropriate. During 2025 £3m of the amount owing to Flarin Holdings Limited was converted into share capital.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

9,466,778

Additions

68,655

At 31 December 2024

9,535,433

AMORTISATION

At 1 January 2024

1,545,425

Amortisation for year

379,062

At 31 December 2024

1,924,487

NET BOOK VALUE

At 31 December 2024

7,610,946

At 31 December 2023

7,921,353

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

824,633

924,131

Other debtors

128,584

197,563

953,217

1,121,694

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

490,989

331,262

Taxation and social security

54,211

114,839

Other creditors

351,496

224,855

896,696

670,956

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

7,955,244

9,503,265

8.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Flarin Holdings Limited whose registered office is 20 Little Britain,London. EC1A 7DH.