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Registered number: SC337543 FIRST TIME LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
FIRST TIME LIMITED
COMPANY INFORMATION
Directors | D E Suttie
| I A Suttie (deceased 4 October 2025)
| M I Suttie
| S Brown (appointed 1 July 2024)
Registered number | SC337543
Registered office | First Integrated House
| Broadfold Road
| Bridge of Don
| Aberdeen
| AB23 8EE
Independent auditor | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
FIRST TIME LIMITED
CONTENTS
| Page
Strategic report | 1
Directors' report | 2
Directors' responsibilities statement | 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 14
FIRST TIME LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The principal activity of the Company is that of an intermediate parent undertaking.
Business review
The results show a loss after tax of £4,045 (2024 - £3,793). The directors do not presently expect the activities of the Company to change significantly within the foreseeable future.
Principal risks and uncertainties
Management continually monitors the key risks facing the Company, together with assessing the controls used for managing these risks. As the Company is an intermediate parent company of a group which operates predominantly within the oil and gas sector, it faces inherent exposure to known operational uncertainties that are not within the control of the Company. The group it heads up prioritises the retention of close relationships with key customers in order to identify early signs of market decline and therefore be able to minimise the impact onto the Group and Company's operational and financial results.
Financial key performance indicators
The Company acts as an intermediate parent company and therefore the Key Performance Indicators (KPIs) relate to the financial performance of the trading group it is part of. This report was approved by the board and signed on its behalf.
M I Suttie Director
Date: 16 January 2026
Page 1
FIRST TIME LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Directors
The directors who served during the year were:
D E Suttie
I A Suttie (deceased 4 October 2025)
M I Suttie
S Brown (appointed 1 July 2024)
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M I Suttie Director
Date: 16 January 2026
Page 2
FIRST TIME LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 APRIL 2025 The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. Page 3
FIRST TIME LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST TIME LIMITED
Opinion
We have audited the financial statements of First Time Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 30 April 2025 and of its loss 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 4
FIRST TIME LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST TIME LIMITED (CONTINUED)
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report 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 Directors' report. We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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. Page 5
FIRST TIME LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST TIME LIMITED (CONTINUED)
Auditor's 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 an Auditor's report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: ∙Management override of controls to manipulate the company's key performance indicators to meet targets; ∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading. Our audit procedures to respond to these risks included: ∙Testing of journal entries and other adjustments for appropriateness; ∙Evaluating the business rationale of significant transactions outside the normal course of business; ∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias; ∙Enquiries of management about litigation and claims and inspections of relevant correspondence; ∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations' ∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 6
FIRST TIME LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST TIME LIMITED (CONTINUED)
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 an Auditor's report 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. James Pirrie (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU 19 January 2026 Page 7
FIRST TIME LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
| £ | £
Administrative expenses |  | (4,045) | (3,793)
Operating loss |  | (4,045) | (3,793)
Tax on loss |  | - | -
Loss for the financial year |  | (4,045) | (3,793)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 11 to 14 form part of these financial statements.
Page 8
FIRST TIME LIMITED REGISTERED NUMBER:SC337543
BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 1,185 |  | 1,185
|  |  | 1,185 |  | 1,185
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,886,284 |  | 687,284 |
Cash at bank and in hand | 7 | 155 |  | 34 |
|  | 1,886,439 |  | 687,318 |
Creditors: amounts falling due within one year | 8 | (3,786) |  | (3,690) |
Net current assets |  |  | 1,882,653 |  | 683,628
Total assets less current liabilities |  |  | 1,883,838 |  | 684,813
Creditors: amounts falling due after more than one year | 9 |  | (2,012,113) |  | (809,043)
Net liabilities |  |  | (128,275) |  | (124,230)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 50,000 |  | 50,000
Profit and loss account |  |  | (178,275) |  | (174,230)
|  |  | (128,275) |  | (124,230)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M I Suttie
Director
Date: 16 January 2026
The notes on pages 11 to 14 form part of these financial statements. Page 9
FIRST TIME LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 50,000 | (170,437) | (120,437)
Loss for the year | - | (3,793) | (3,793)
At 1 May 2024 | 50,000 | (174,230) | (124,230)
Loss for the year | - | (4,045) | (4,045)
At 30 April 2025 | 50,000 | (178,275) | (128,275)
| The notes on pages 11 to 14 form part of these financial statements.
Page 10
FIRST TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The Company is a private limited Company incorporated in Scotland. The registered office address is First Integrated House, Broadfold Road, Bridge of Don, Aberdeen, AB23 8EE. The principal activity of the Company is that of an intermediate parent undertaking. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of First Tech Limited as at 30 April 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The company has net liabilities of £128,275 at the year end which includes a balance due to group companies of £2,012,113. The directors, have made an informed judgement, at the time of approving the financial statements that there is a reasonable expectation that the Company has adequate resources, with continued support from the Group, to continue in operational existence for the foreseeable future. This assessment is based on the understanding that the wider group will continue to trade at high levels over the coming months. This will allow the Company to continue to meet it’s obligations as they fall due and operate as a going concern. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. Page 11
FIRST TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Carrying value of amounts due from group companies The Company makes an assessment of the carrying value of amount due from group companies. When assessing the recoverability of amounts due from group companies, management consider the ability of the other group companies to make the repayments when they fall due. Management do not believe any impairments to the outstanding balances is required at the date of approving the financial statements.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
Page 12
FIRST TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 1,185
| At 30 April 2025 | 1,185
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| First Integrated Solutions Limited | First Integrated House, Broadfold Road, Bridge of Don, Aberdeen, AB23 8EE | Ordinary | 100%
| North Sea Compactors Limited (100% owned by First Integrated Solutions Limited) | First Integrated House, Broadfold Road, Bridge of Don, Aberdeen, AB23 8EE | Ordinary | 100%
| First Competence Limited | 1 Queens Terrace, Aberdeen, United Kingdom, AB10 1XL | Ordinary | 100%
| First Hydrocarbons Limited | First Integrated House, Broadfold Road, Bridge of Don, Aberdeen, AB23 8EE | Ordinary | 100%
| Tusk Lifting Ltd (100% owned by First Integrated Solutions Limited) | 49d Sadler Forster Way, Teeside Industrial Estate, Stockton-On-Tees, England, TS17 9JY | Ordinary | 100%
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,848,784 | 649,784
| Other debtors | 37,500 | 37,500
|  | 1,886,284 | 687,284
Page 13
FIRST TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 155 | 34
| Facilities used across the First Tech Group are secured by a floating charge over the assets and undertakings of First Time Limited. There are also cross guarantees across all group companies.
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 525 | 525
| Accruals and deferred income | 3,261 | 3,165
|  | 3,786 | 3,690
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 2,012,113 | 809,043
|  | 2,012,113 | 809,043
10. | Related party transactions
| Control Throughout the period the Company was controlled by the directors. Transactions The Company has taken advantage of the exemptions within FRS 102 section 1AC.35 (Related Party Disclosures) which allow exemption from the disclosure of related party transactions with other group companies.
11. | Controlling party
The Company's ultimate parent company is First Tech Limited, a company registered in Scotland. The ultimate controlling party, Ian Suttie, passed away on 4 October 2025, prior to the approval of these financial statements. Control of the company remains with the directors while ownership has passed to Ian Suttie's estate, which will be transferred to the beneficiaries in due course.
Page 14