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Registered number: SC239596 FIRST CONSTRUCTION LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
FIRST CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors | I A Suttie (deceased 4 October 2025)
| M I Suttie
| S Brown (appointed 1 July 2024)
Registered number | SC239596
Registered office | First Integrated House
| Broadfold Road
| Aberdeen
| AB23 8EE
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
FIRST CONSTRUCTION LIMITED
CONTENTS
| Page
Directors' responsibilities statement | 1
Balance sheet | 2
Notes to the financial statements | 3 - 7
FIRST CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 APRIL 2025 The directors are responsible for preparing 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 1
FIRST CONSTRUCTION LIMITED REGISTERED NUMBER:SC239596
BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | - |  | 530
|  |  | - |  | 530
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 3,621,604 |  | 3,579,675 |
Cash at bank and in hand | 6 | 1,407 |  | 365 |
|  | 3,623,011 |  | 3,580,040 |
Creditors: amounts falling due within one year | 7 | (5,317) |  | (8,146) |
Net current assets |  |  | 3,617,694 |  | 3,571,894
Total assets less current liabilities |  |  | 3,617,694 |  | 3,572,424
Net assets |  |  | 3,617,694 |  | 3,572,424
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 3,617,693 |  | 3,572,423
|  |  | 3,617,694 |  | 3,572,424
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. 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 3 to 7 form part of these financial statements. Page 2
FIRST CONSTRUCTION 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 property construction contracting, management and development. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 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 | Going concern
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital and resources to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company will 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, along with high levels of retained earnings, 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 3
FIRST CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 4
FIRST CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | 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.
| 2.9 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 2).
Page 5
FIRST CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 May 2024 | 29,779
| Disposals | (14,500)
| At 30 April 2025 | 15,279
| Depreciation |
| At 1 May 2024 | 29,249
| Charge for the year on owned assets | 530
| Disposals | (14,500)
| At 30 April 2025 | 15,279
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | 530
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,789,309 | 1,779,909
| Amounts owed by other related parties | 1,831,470 | 1,786,420
| Other debtors | 153 | 12,717
| Prepayments and accrued income | 672 | 629
|  | 3,621,604 | 3,579,675
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,407 | 365
| Facilities used across the First Tech Group are secured by a floating charge over the assets and undertakings of First Construction Limited. There are also cross guarantees across all group companies.
Page 6
FIRST CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 2,722
| Other taxation and social security | 2,056 | 2,259
| Accruals and deferred income | 3,261 | 3,165
|  | 5,317 | 8,146
8. | Related party transactions
| Control During the year 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. During the year, the Company made sales of £4,200 and incurred expenses of £NIL from businesses with a common owner. At the balance sheet date a net amount of £1,831,470(2024 - £1,786,420) was due from these related parties.
9. | 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.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified. The audit report was signed on 19 January 2026 by James Pirrie (Senior statutory auditor) on behalf of AAB Audit & Accountancy Limited.
Page 7