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Registered number: 03574901 FIRSTCO LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
FIRSTCO LIMITED COMPANY INFORMATION
Directors | A Morgan
| M Gray
| R Exham
| S Haynes
Registered number | 03574901
Registered office | 5th Floor, South
| 33 Cavendish Square
| London
| W1G 0PW
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
FIRSTCO LIMITED CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 13
FIRSTCO LIMITED REGISTERED NUMBER: 03574901 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 73,603 |  | 54,807
|  |  | 73,603 |  | 54,807
Current assets |  |  |  |  |
Work in progress | 6 | 56,079 |  | 255,727 |
Debtors: amounts falling due within one year | 7 | 2,806,108 |  | 2,645,337 |
Current asset investments | 8 | 1,000,000 |  | 200,000 |
Cash at bank and in hand |  | 4,147,402 |  | 1,645,741 |
|  | 8,009,589 |  | 4,746,805 |
Creditors: amounts falling due within one year | 9 | (2,918,793) |  | (1,804,322) |
Net current assets |  |  | 5,090,796 |  | 2,942,483
Total assets less current liabilities |  |  | 5,164,399 |  | 2,997,290
Creditors: amounts falling due after more than one year | 10 |  | - |  | (92,815)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (9,093) |  | (5,951) |
|  |  | (9,093) |  | (5,951)
Net assets |  |  | 5,155,306 |  | 2,898,524
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 969 |  | 969
Share premium account |  |  | 148,528 |  | 148,528
Capital redemption reserve |  |  | 59 |  | 59
Profit and loss account |  |  | 5,005,750 |  | 2,748,968
|  |  | 5,155,306 |  | 2,898,524
Page 1
FIRSTCO LIMITED REGISTERED NUMBER: 03574901 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 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:
R Exham
Director
Date: 9 July 2026
The notes on pages 3 to 13 form part of these financial statements. Page 2
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Firstco Limited is a company limited by shares incorporated in England & Wales under the Companies Act 2006. The address of the registered office is 5th floor South, 33 Cavendish Square, London, W1G 0PW. The principal activity of the Company is engineering related consultancy. 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 requirements and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis as the Directors are satisfied that the Company will continue to have access to sufficient resources to meet the working capital requirements of the Company for a period of at least twelve months from the date of signing of these financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 3
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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. Profit is recognised on long term contracts as the work is carried out, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 4
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Research and development expenditure is recognised in the Statement of comprehensive income.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 5
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | 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. 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:
|  |  |  | Fixtures and fittings | - | 20% to 33% 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. Page 6
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Work in progress
Amounts recoverable on long term contracts, which are included in the balance sheet as work in progress, are carried at the net sales value of work done less amounts received as progress payments. Amounts received as progress payments in excess of work done are included within other creditors as payments on account.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 7
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. In the financial statements, turnover is recognised on long term contracts as work is carried out. Timing differences between invoicing and incurring costs on contracts are recognised through work in progress and income in advance. The amount of turnover recognised on contracts is determined by the estimated margin on individual contracts. Margins on individual contracts are estimated using management’s best judgment. Margin estimates are initially based on historical data and are subsequently updated as individual contracts develop. Due to the nature of these estimations, actual timing of turnover recognition may differ from that disclosed in the financial statements.
4. | Employees
| The average monthly number of employees, including directors, during the year was 74 (2024 - 65).
5. | Tangible fixed assets
|  | Fixtures & fittings
|  | £
| Cost or valuation |
| At 1 January 2025 | 129,799
| Additions | 51,226
| Disposals | (28,646)
| At 31 December 2025 | 152,379
| Depreciation |
| At 1 January 2025 | 74,992
| Charge for the year on owned assets | 30,540
| Disposals | (26,756)
| At 31 December 2025 | 78,776
| Net book value |
| At 31 December 2025 | 73,603
| At 31 December 2024 | 54,807
Page 8
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Work in progress
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts recoverable on long term contracts | 56,079 | 255,727
Page 9
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,594,594 | 1,396,565
| Amounts owed by group undertakings | 1,026,671 | 1,036,606
| Other debtors | 10,678 | 4,403
| Prepayments and accrued income | 174,165 | 207,763
|  | 2,806,108 | 2,645,337
8. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed term deposits | 1,000,000 | 200,000
|  | 1,000,000 | 200,000
Page 10
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 5,834 | 10,000
| Other loans | - | 39,931
| Trade creditors | 219,527 | 297,029
| Corporation tax | 685,058 | 235,890
| Other taxation and social security | 649,065 | 447,135
| Other creditors | 46,254 | 31,004
| Accruals and deferred income | 1,313,055 | 743,333
|  | 2,918,793 | 1,804,322
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | - | 39,931
| Details of security provided:
The other loan is secured over all of the property, assets and undertaking of the company.
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 5,833
| Other loans | - | 86,982
|  | - | 92,815
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan | - | 86,982
| Details of security provided:
The other loan is secured over all of the property, assets and undertaking of the company. Page 11
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 5,834 | 10,000
| Other loans | - | 39,931
|  | 5,834 | 49,931
| Amounts falling due 1-2 years |  |
| Bank loans | - | 5,833
| Other loans | - | 42,281
|  | - | 48,114
| Amounts falling due 2-5 years |  |
| Other loans | - | 44,701
|  | - | 44,701
|  | 5,834 | 142,746
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (5,951)
| Charged to profit or loss | (3,142)
| At end of year | (9,093)
Page 12
FIRSTCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (9,093) | (5,951)
|  | (9,093) | (5,951)
13. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £345,252 (2024: £302,061) Contributions totalling £37,232 (2024: £31,004) were payable to the fund at the balance sheet date.
14. | Related party transactions
| The Firstco Pension Scheme owns 4 Celbridge Mews, the previous trading premises of the Company. During the year the Company paid the Firstco Pension Scheme rent amounting to £4,333 (2024: £48,667). At the year-end, the Company owed Firstco Pension Scheme amounts totalling £Nil (2024: £126,913), interest of 6% is charged on this loan. The Company is exempt under FRS102 s33.1A from disclosing transactions with group members where 100% of the voting rights are controlled within the group.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 9 July 2026 by Graham Wintle (Senior statutory auditor) on behalf of Moore Kingston Smith LLP.
Page 13