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Registered number: 09321445










JALTEK HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JALTEK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
John Steven Pittom 
Anmol Kumar Sood 
Pravin Kumar Sood 




Company secretary
Anmol Kumar Sood



Registered number
09321445



Registered office
Unit 13
Dencora Way

Sundon Business Park

Luton

Bedfordshire

LU3 3HP




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

2 London Wall Place

London

EC2Y 5AU





 
JALTEK HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 33


 
JALTEK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal activities, strategy and review of the year and future developments
 
The Group’s principal activity is to provide contract electronic manufacturing to a wide range of customers from
varying sectors including defense, civil aviation and medical. The services offered cover a full turnkey solution.
The Group’s strategy is to strengthen and increase customer relationships by offering a wider range of
synergistic service offerings, closely controlled by the quality, processes and systems that the Group has been
founded on.
The Group saw a increase in top line revenue with turnover for the 2023 financial year being £17.3 million (2022: £15.1 million). This year the business has continued to focus its attention on delivering high quality, flexible manufacturing solutions to our clients.
A side effect of the overall revenue strategy described above has been an increase in the gross profit margin
from 27.1% to 29.9%. In terms of overheads, standard costs have risen to 24.8% of turnover (2022: 24.3%). 
We plan to continue to develop the synergies realised through our relationships with Jaltek Systems Limited and
Jaltek Design Services and expect this to deliver high quality new client relationships that in turn should
crystalise additional revenues in 2024 and beyond.

Principal risks and uncertainties
 
The continuation of service to our customers is the most important aspect of our service delivery, closely
followed by physical security of the site and customer areas and equipment. The status of these areas is
measured continuously, 24 hours of every day, and performance reported monthly to the board.
The Group has an ongoing program of investment in these areas to ensure customer services remain at the
highest expected levels. The Company is also encouraging its customers to monitor and review all aspects of
our services to ensure they adhere to or exceed standards they would expect
.
The forex risk taken on when purchasing and subsequently supplying components, is mitigated by virtue of
buying the majority of components in GBP from UK suppliers. The business has systems are in place to monitor
actual performance against what is expected. Liquidity and cash flow risks are mitigated through trading
cashflows. The directors do not consider price or credit risk to be significant with adequate controls in place.

Financial key performance indicators
 
The board manages the Group's business by reference to a range of key performance indicators. The principal
indicators include margin, sales and customer satisfaction, which in 2023, all produced satisfactory returns
against targets set.


This report was approved by the board on 17 September 2024 and signed on its behalf.



Pravin Kumar Sood
Director

Page 1

 
JALTEK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £726,232 (2022 - £473,527).

There were no dividends paid or payable in either year.

Directors

The directors who served during the year were:

John Steven Pittom 
Anmol Kumar Sood 
Pravin Kumar Sood 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Future developments

Future developments have been included within the Strategic Report.

Page 2

 
JALTEK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 17 September 2024 and signed on its behalf.
 





Pravin Kumar Sood
Director

Page 3

 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Jaltek Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2023 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 Auditor's 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 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 Group's or 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.


Page 4

 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED (CONTINUED)


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 ReportOur 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.


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 Group 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 Group 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 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 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 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.


Page 5

 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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.


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 Group 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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and   regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations


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

 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS 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 2006Our 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.





Andrew Moyser ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Chartered Accountants
Statutory Auditors
  
London, United Kingdom

25 September 2024
Page 7

 
JALTEK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,328,069
15,056,417

Cost of sales
  
(12,154,747)
(10,972,084)

Gross profit
  
5,173,322
4,084,333

Administrative expenses
  
(4,140,870)
(3,660,670)

Other operating income
 5 
-
11,541

Operating profit
 6 
1,032,452
435,204

Interest payable and similar expenses
 10 
(328,169)
(202,997)

Profit before taxation
  
704,283
232,207

Tax on profit
 11 
21,949
241,320

Profit for the financial year
  
726,232
473,527

Profit for the year attributable to:
  

Owners of the parent Company
  
726,232
473,527

  
726,232
473,527

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
726,232
473,527

  
726,232
473,527

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
JALTEK HOLDINGS LIMITED
REGISTERED NUMBER: 09321445

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,533,896
1,412,565

  
1,533,896
1,412,565

Current assets
  

Stocks
 15 
2,101,272
2,290,906

Debtors: amounts falling due within one year
 16 
4,979,558
3,963,628

Cash at bank and in hand
 17 
174,205
329,842

  
7,255,035
6,584,376

Creditors: amounts falling due within one year
 18 
(7,863,876)
(7,768,581)

Net current liabilities
  
 
 
(608,841)
 
 
(1,184,205)

Total assets less current liabilities
  
925,055
228,360

Creditors: amounts falling due after more than one year
 19 
(51,489)
(100,026)

Provisions for liabilities
  

Deferred taxation
 21 
(336,000)
(317,000)

  
 
 
(336,000)
 
 
(317,000)

Net assets/(liabilities)
  
537,566
(188,666)


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
3,609,068
3,609,068

Merger reserve
 23 
(3,234,168)
(3,234,168)

Profit and loss account
 23 
162,566
(563,666)

  
537,566
(188,666)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




Pravin Kumar Sood
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 9

 
JALTEK HOLDINGS LIMITED
REGISTERED NUMBER: 09321445

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
3,781,168
3,781,168

  
3,781,168
3,781,168

Current assets
  

Debtors: amounts falling due within one year
 16 
156,193
241,852

Creditors: amounts falling due within one year
 18 
(10,496,214)
(10,055,347)

Net current liabilities
  
 
 
(10,340,021)
 
 
(9,813,495)

  

  

Net liabilities
  
(6,558,853)
(6,032,327)


Capital and reserves
  

Called up share capital 
 22 
100
100

Share premium account
 23 
3,609,068
3,609,068

Profit and loss account
  
(10,168,021)
(9,641,495)

  
(6,558,853)
(6,032,327)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.


Pravin Kumar Sood
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
100
3,609,068
(3,234,168)
(1,037,193)
(662,193)


Comprehensive income for the year

Profit for the year
-
-
-
473,527
473,527



At 1 January 2023
100
3,609,068
(3,234,168)
(563,666)
(188,666)


Comprehensive income for the year

Profit for the year
-
-
-
726,232
726,232


At 31 December 2023
100
3,609,068
(3,234,168)
162,566
537,566


The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
JALTEK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
3,609,068
(9,117,047)
(5,507,879)


Comprehensive income for the year

Loss for the year
-
-
(524,448)
(524,448)



At 1 January 2023
100
3,609,068
(9,641,495)
(6,032,327)


Comprehensive income for the year

Loss for the year
-
-
(526,526)
(526,526)


At 31 December 2023
100
3,609,068
(10,168,021)
(6,558,853)


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
726,232
473,527

Adjustments for:

Depreciation of tangible assets
310,179
288,734

Interest paid
328,169
202,997

Taxation charge
(21,949)
(241,320)

Decrease/(increase) in stocks
189,634
(269,997)

(Increase) in debtors
(883,380)
(1,007,627)

Increase in creditors
285,546
1,020,800

Increase/(decrease)) in amounts owed to participating ints
271
(16,189)

Corporation tax received (net of payments)
(144,376)
349,044

Net cash generated from operating activities

790,326
799,969


Cash flows from investing activities

Purchase of tangible fixed assets
(431,510)
(329,198)

Net cash from investing activities

(431,510)
(329,198)

Cash flows from financing activities

Repayment of finance leases
(186,284)
(205,416)

Interest paid
(328,169)
(202,997)

Net cash used in financing activities
(514,453)
(408,413)

Net (decrease)/increase in cash and cash equivalents
(155,637)
62,358

Cash and cash equivalents at beginning of year
329,842
267,484

Cash and cash equivalents at the end of year
174,205
329,842


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
174,205
329,842

174,205
329,842


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

329,842

(155,637)

174,205

Finance leases

(305,442)

186,284

(119,158)


24,400
30,647
55,047

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Jaltek Holdings Limited is a company limited by shares registered in England. 
The registered office and principal place of business is Unit 13, Sundon Business Park, Dencora Way,
Sundon Park, Luton, Bedfordshire, LU3 3HP.
The Company's functional and presentational currency is GBP and the financial statements are presented in round pounds.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2015.

Page 15

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 16

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.7

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 17

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

Page 18

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of
Page 19

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical estimates and assumptions
The following estimates and assumptions have had the most significant effect on amounts recognised in
the financial statements.
Stocks
Judgments are made when considering if items within stock require a provision for diminution in value. Management base their assessments on the age of stocks and demand for products. Management believe that after applying the provision the value is a reasonable expectation of what could be obtained in the normal course of trade.
These judgments are reviewed regularly to reflect the changing environment.
Bad debt provisions
A full line by line review of trade and other receivables is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.
Useful economic lives of tangible fixed assets
The useful economic lives used by the Group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2023 was £1,533,896 after a depreciation charge in the year of £310,179.


4.


Turnover

The whole of the turnover is attributable to the main business activity.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
16,748,160
14,067,375

Rest of Europe
579,909
989,042

17,328,069
15,056,417


Page 21

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Foreign exchange difference - gain
-
11,541

-
11,541



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
310,179
288,734

Exchange differences
25,354
-

Other operating lease rentals
216,742
150,005

Exceptional bad debt provision
-
289,395


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
36,000
34,500

Fees payable to the Company's auditor in respect of:

Accounting complinace services
6,600
6,300

Corporation tax compliance services
3,600
3,450

Page 22

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,117,643
3,351,931
-
-

Social security costs
356,002
302,557
-
-

Cost of defined contribution scheme
125,481
104,899
-
-

4,599,126
3,759,387
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration
19
12
3
3



IT
3
3
-
-



Logistics
12
10
-
-



Production
55
61
-
-



Production Engineering
13
12
-
-



Sales
3
3
-
-

105
101
3
3


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
248,436
225,720

Group contributions to defined contribution pension schemes
12,137
10,561

260,573
236,281


During the year retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £123,558 (2022 - £110,162).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,178 (2022 - £5,508).

Page 23

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
90,252
56,581

Other loan interest payable
221,524
137,141

Finance leases and hire purchase contracts
16,393
9,275

328,169
202,997


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
54,249
125,883

Adjustments in respect of previous periods
(95,198)
(384,203)


(40,949)
(258,320)


Total current tax
(40,949)
(258,320)

Deferred tax


Origination and reversal of timing differences
19,000
17,000

Total deferred tax
19,000
17,000


Tax on profit
(21,949)
(241,320)
Page 24

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
704,283
232,207


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
165,507
44,119

Effects of:


Non-tax deductible amortisation of goodwill and impairment
101,516
101,544

Research and development tax credit
(288,972)
(384,203)

Change in deferred tax rate
-
(2,780)

Total tax charge for the year
(21,949)
(241,320)


Factors that may affect future tax charges

With effect from 1 April 2023, the mainstream corporation tax rate increased from 19% to 25%.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £526,526 (2022 - loss £524,448).

Page 25

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,469,662
18,800
1,390,320
4,878,782


Additions
213,203
55,583
162,724
431,510


Disposals
-
(18,800)
-
(18,800)



At 31 December 2023

3,682,865
55,583
1,553,044
5,291,492



Depreciation


At 1 January 2023
2,670,169
18,800
777,248
3,466,217


Charge for the year on owned assets
103,394
2,779
138,374
244,547


Charge for the year on financed assets
65,632
-
-
65,632


Disposals
-
(18,800)
-
(18,800)



At 31 December 2023

2,839,195
2,779
915,622
3,757,596



Net book value



At 31 December 2023
843,670
52,804
637,422
1,533,896



At 31 December 2022
799,493
-
613,072
1,412,565




The net book value of land and buildings may be further analysed as follows:





The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
357,482
423,114

357,482
423,114

Page 26

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group












Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,781,168



At 31 December 2023
3,781,168





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Jaltek Systems Limited
Unit 13, Dencora Way, Sundon Business Park,Luton, Bedfordshire, LU3 3HP.
Ordinary
100%
Jaltek Design Services Limited
Unit 13, Dencora Way, Sundon Business Park,Luton, Bedfordshire, LU3 3HP.
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Jaltek Systems Limited
10,047,510
1,023,888

Jaltek Design Services Limited
830,075
228,867

Page 27

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
1,760,008
2,257,987

Work in progress
341,264
32,919

2,101,272
2,290,906



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
4,434,365
3,504,548
-
-

Amounts owed by group undertakings
-
-
156,193
241,852

Other debtors
232,657
93,477
-
-

Prepayments and accrued income
312,536
365,603
-
-

4,979,558
3,963,628
156,193
241,852



17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
174,205
329,842

174,205
329,842


Page 28

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
2,392,922
2,260,713
-
-

Amounts owed to group undertakings
-
-
10,496,214
10,055,347

Amounts owed to related parties (see note 26)
1,091,538
1,091,267
-
-

Corporation tax
54,249
107,024
-
-

Other taxation and social security
366,031
342,160
-
-

Obligations under finance lease and hire purchase contracts
67,669
205,416
-
-

Other creditors
3,498,312
3,189,597
-
-

Accruals and deferred income
393,155
572,404
-
-

7,863,876
7,768,581
10,496,214
10,055,347



The following liabilities were secured:
Group
Group
2023
2022
£
£

Obligations under finance lease and hire purchase contracts
67,669
205,416

67,669
205,416

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the relevant assets concerned.

Page 29

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due after more than one yea

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
51,489
100,026

51,489
100,026



The following liabilities were secured:
Group
Group
2023
2022
£
£


Obligations under finance lease and hire purchase contracts are secured on the relevant assets concerned.
51,489
100,026

51,489
100,026

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the relevant assets concerned.




20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
67,669
205,416

Between 1-5 years
51,489
100,026

119,158
305,442

Page 30

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023


£






At beginning of year
317,000


Charged to profit or loss
19,000



At end of year
336,000

Company


2023






At end of year
-

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
339,000
320,000

Pension cost accrual timing differences
(3,000)
(3,000)

336,000
317,000


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000,000 (2022 - 1,000,000) Ordinary shares of £0.0001 each
100
100


Page 31

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Reserves

Share premium account

This represents the excess paid for shares over their nominal value.

Merger Reserve

This represents the excess of consideration paid over the nominal value of shares on acquistion using merger accounting rules.

Profit and loss account

This reserve represents the accumulated profits and losses of the Company net of dividends paid.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £125,481 (2022 - £104,899). Contributions totalling £24,568 (2022 - £21,660) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
195,900
195,900

Later than 1 year and not later than 5 years
783,600
783,600

Later than 5 years
474,725
866,525

1,454,225
1,846,025
Page 32

 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

During the year, the Group had the following transactions with Wavesight Limited, a company in which P Sood and A Sood are directors. Total sales for the year were £36,667 (2022: £45,897). Total purchases for the year were £nil (2022: £nil). The amount due from Wavesight Limited at 31 December 2023 was £3,542,970 (2022: £3,513,465).
During the year, the Group had the following transactions with Hidalgo Limited, a company in which P Sood and A Sood are directors. Total sales in the year were £303,522 (2022: £188,820). Total purchases for the year were £2,743 (2022: £2,078). The amount due from Hidalgo Limited at 31 December 2023 was £4,355,489 (2022: £3,797,569).
At the year end, there was an amount outstanding to Bermudiana Management Limited, a shareholder of Jaltek Holdings Limited, amounting to £1,091,538 (2022: £1,091,267) No guarantees have been given or received in respect of this amount.
At the year end, there was additional amounts outstanding to Directors' loans as at 31 December 2023 amounting to £1,891,990 (2022: £1,891,990). No guarantees have been given or received in respect of this amount. Interest of £139,528 (2022: £146,416) was payable in respect of this amount.
n accordance with FRS 102 the Company has not disclosed transactions with fellow 100% group members.


27.


Controlling party

The ultimate controlling party, by virtue of a majority shareholding in Jaltek Holdings Limited, is the Jaltek Trust, a discretionary trust established in Jersey.

 
Page 33