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REGISTERED NUMBER: 11705550 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SANTOK (UK) LTD

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


SANTOK (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: V Pau
J Pau



REGISTERED OFFICE: Santok House
Unit L, Braintree Industrial Estate
Braintree Road
South Ruislip
Middlesex
HA4 0EJ



REGISTERED NUMBER: 11705550 (England and Wales)



SENIOR STATUTORY AUDITOR: Prakash Jariwala ACA FCCA



AUDITORS: STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually reviews risks and uncertainties throughout the period and believe that they have the management and system in place to deal with changing situations.

The principal risks and uncertainties facing the group relate to the recovery period from the COVID-19 Pandemic which has brought an unprecedented challenges to many businesses. Sales from health and PPE products is now seeing a decline in revenue growth due to far less demand than the previous years. However, our management have worked to maintain revenue levels by focussing on telephony and technology products with high demand and expanding into new product lines.

DEVELOPMENT AND PERFORMANCE
The company incurred net profit before tax of £20,550 (2022: £17,109) on revenue of £3,725,000 (2022:£4,196,678). Despite there being lower revenue, reduced direct costs have contributed to a higher gross profit margin in the current year, increasing from 97% to 98%. At the year end the company had net current assets of £215,926 (2022:£159,829) which has impacted on the company's working capital requirements. A decrease in loans from group companies has resulted in a stronger net assets position which stood at £206,124 (2022:£182,602).

The group incurred net profit before tax of £866.576 (2022: £1,443,804) on revenue of £21,822,245 (2022:£26,117,869). Despite there being higher revenue, higher direct costs have contributed to a lower gross profit margin in the current year, decreasing from 27% to 23%. At the year end the group had net current assets of £4,569,738 (2022:£3,602,352) which has impacted on the company's working capital requirements. A decrease in the cash position and an increase in loans to connected companies has resulted in a stronger net assets position which stood at £4,924,086 (2022:£4,134,387).

KEY PERFORMANCE INDICATORS ('KPIS')
In the opinion of the director, key performance indicators of the Company include profit before interest and tax and net profit margin. Both performance indicators improved during the year mainly due to significant increase in turnover and decrease in direct costs. The key performance indicators are closely monitored by the director on regular basis

ON BEHALF OF THE BOARD:





V Pau - Director


30 September 2024

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

V Pau
J Pau

DONATIONS
During the year group made donations of £4,497 (2022: £75,300) to Santok Charitable Foundation (Charity Reg. 1142691) , a charity that the directors are the trustees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, STGCA LLP t/a Sterling, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




V Pau - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANTOK (UK) LTD


Opinion
We have audited the financial statements of Santok (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 group's and of the parent company 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 Auditors' 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANTOK (UK) LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

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

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud, Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.
Challenging assumptions and judgements made by management in its significant estimates, and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

Due to 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 regulations. 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. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANTOK (UK) LTD


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 a Report of the Auditors 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.




Prakash Jariwala ACA FCCA (Senior Statutory Auditor)
for and on behalf of STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

30 September 2024

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £

TURNOVER 21,822,245 26,117,869

Cost of sales 16,496,271 19,164,084
GROSS PROFIT 5,325,974 6,953,785

Administrative expenses 4,476,659 5,552,662
849,315 1,401,123

Other operating income 19,943 39,351
OPERATING PROFIT 4 869,258 1,440,474

Interest receivable and similar income 200 6,647
869,458 1,447,121

Interest payable and similar expenses 6 2,882 3,317
PROFIT BEFORE TAXATION 866,576 1,443,804

Tax on profit 7 76,877 272,297
PROFIT FOR THE FINANCIAL YEAR 789,699 1,171,507
Profit attributable to:
Owners of the parent 789,699 1,171,507

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £

PROFIT FOR THE YEAR 789,699 1,171,507


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

789,699

1,171,507

Total comprehensive income attributable to:
Owners of the parent 789,699 1,171,507

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 410,062 583,719
Tangible assets 10 39,253 63,122
Investments 11 - -
449,315 646,841

CURRENT ASSETS
Stocks 12 307,529 848,327
Debtors 13 5,967,882 4,900,874
Cash at bank and in hand 322,011 797,760
6,597,422 6,546,961
CREDITORS
Amounts falling due within one year 14 2,027,684 2,944,609
NET CURRENT ASSETS 4,569,738 3,602,352
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,019,053

4,249,193

CREDITORS
Amounts falling due after more than one
year

15

(90,278

)

(106,964

)

PROVISIONS FOR LIABILITIES 17 (4,689 ) (7,842 )
NET ASSETS 4,924,086 4,134,387

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 4,923,986 4,134,287
SHAREHOLDERS' FUNDS 4,924,086 4,134,387

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





V Pau - Director


SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31/12/23 31/12/22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 - 25,000
Tangible assets 10 22,968 39,077
Investments 11 300 300
23,268 64,377

CURRENT ASSETS
Debtors 13 3,437,619 2,297,978
Cash at bank and in hand 28,910 40,181
3,466,529 2,338,159
CREDITORS
Amounts falling due within one year 14 3,250,603 2,178,330
NET CURRENT ASSETS 215,926 159,829
TOTAL ASSETS LESS CURRENT
LIABILITIES

239,194

224,206

CREDITORS
Amounts falling due after more than one
year

15

(30,093

)

(35,655

)

PROVISIONS FOR LIABILITIES 17 (2,977 ) (5,949 )
NET ASSETS 206,124 182,602

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 206,024 182,502
SHAREHOLDERS' FUNDS 206,124 182,602

Company's profit for the financial year 23,522 14,147

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





V Pau - Director


SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 100 2,962,780 2,962,880

Changes in equity
Total comprehensive income - 1,171,507 1,171,507
Balance at 31 December 2022 100 4,134,287 4,134,387

Changes in equity
Total comprehensive income - 789,699 789,699
Balance at 31 December 2023 100 4,923,986 4,924,086

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 100 168,355 168,455

Changes in equity
Total comprehensive income - 14,147 14,147
Balance at 31 December 2022 100 182,502 182,602

Changes in equity
Total comprehensive income - 23,522 23,522
Balance at 31 December 2023 100 206,024 206,124

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

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

31/12/23 31/12/22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (198,649 ) (1,505,218 )
Interest paid (2,882 ) (3,317 )
Tax paid (156,500 ) 2
Net cash from operating activities (358,031 ) (1,508,533 )

Cash flows from investing activities
Purchase of intangible fixed assets (68,760 ) (437,504 )
Purchase of tangible fixed assets (11,147 ) (40,907 )
Interest received 200 6,647
Net cash from investing activities (79,707 ) (471,764 )

Cash flows from financing activities
Amount withdrawn by directors (38,011 ) 221,032
Net cash from financing activities (38,011 ) 221,032

Decrease in cash and cash equivalents (475,749 ) (1,759,265 )
Cash and cash equivalents at beginning of
year

2

797,760

2,557,025

Cash and cash equivalents at end of year 2 322,011 797,760

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

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


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£ £
Profit before taxation 866,576 1,443,804
Depreciation charges 277,434 240,717
Finance costs 2,882 3,317
Finance income (200 ) (6,647 )
1,146,692 1,681,191
Decrease/(increase) in stocks 540,798 (848,327 )
Increase in trade and other debtors (1,083,695 ) (2,582,309 )
(Decrease)/increase in trade and other creditors (802,444 ) 244,227
Cash generated from operations (198,649 ) (1,505,218 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 322,011 797,760
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 797,760 2,557,025


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 797,760 (475,749 ) 322,011
797,760 (475,749 ) 322,011
Debt
Debts falling due within 1 year (16,667 ) - (16,667 )
Debts falling due after 1 year (106,964 ) 16,686 (90,278 )
(123,631 ) 16,686 (106,945 )
Total 674,129 (459,063 ) 215,066

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Santok (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Santok (UK) Ltd and all its subsidiary undertakings drawn up to the year ending 31December 2019. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amount reported for revenue and expenses during the year. 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised when the company has a right to consideration.

Revenue recognition
Revenue from the sale of goods is recognised once the goods has delivered and the risks and rewards have passed to the customer.

Goodwill
Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination.

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Group's interest in the identifiable net assets.

Under FRS 102 the company is unable to make a reliable estimate of the useful life of goodwill. The useful economic life of five years has been applied to all goodwill held at the balance sheet date.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on reducing balance and 25% on reducing balance
Fixtures and fittings - 33% on reducing balance and 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand
and short term deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Research and development
Research and development expenditure is written off in the year it was incurred. Development expenditure is also written off, except where the directors are confident of the technical, commercial and financial viability of individual research projects. ln these cases the development expenditure is deferred - to be amortised over the period during which the company is expected to be benefit from the research.

Foreign currencies
Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employe

Interest payable
Interest payable is recognised in profit or loss as they accrue, using the effective interest method.

3. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£ £
Wages and salaries 1,928,790 2,200,651
Social security costs 204,540 233,810
Other pension costs 18,356 21,829
2,151,686 2,456,290

The average number of employees during the year was as follows:
31/12/23 31/12/22

Santok (UK) Ltd 36 42

Other subsidiary companies did not have any employees.

31/12/23 31/12/22
£ £
Directors' remuneration 240,000 240,000

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
31/12/23 31/12/22
£ £
Emoluments etc 120,000 120,000

4. OPERATING PROFIT

The operating profit is stated after charging:

31/12/23 31/12/22
£ £
Other operating leases - 4,591
Depreciation - owned assets 35,016 15,488
Goodwill amortisation 99,661 99,662
Patents and licences amortisation 142,756 125,566
Foreign exchange differences 4,654 -
Auditors' remuneration 50,500 50,500

5. EXCEPTIONAL ITEMS
31/12/23 31/12/22
£ £
Exceptional items - (374,108 )

The exceptional item relates to one off costs of subsidiary company You Tec Ltd which has been incurred during the year after the purchase of Magnum Brand assets.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£ £
Bank loan interest 2,882 3,317

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£ £
Current tax:
UK corporation tax 80,032 269,974
Tax adjustment - prior years (2 ) -
Total current tax 80,030 269,974

Deferred tax (3,153 ) 2,323
Tax on profit 76,877 272,297

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Patents and
Goodwill licences Totals
£ £ £
COST
At 1 January 2023 498,308 509,764 1,008,072
Additions - 68,760 68,760
At 31 December 2023 498,308 578,524 1,076,832
AMORTISATION
At 1 January 2023 186,847 237,506 424,353
Amortisation for year 99,661 142,756 242,417
At 31 December 2023 286,508 380,262 666,770
NET BOOK VALUE
At 31 December 2023 211,800 198,262 410,062
At 31 December 2022 311,461 272,258 583,719

Company
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 125,000
AMORTISATION
At 1 January 2023 100,000
Amortisation for year 25,000
At 31 December 2023 125,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 25,000

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 60,505 12,225 34,320 27,457 134,507
Additions - - - 11,147 11,147
At 31 December 2023 60,505 12,225 34,320 38,604 145,654
DEPRECIATION
At 1 January 2023 24,632 2,488 20,896 23,369 71,385
Charge for year 19,867 2,340 10,068 2,741 35,016
At 31 December 2023 44,499 4,828 30,964 26,110 106,401
NET BOOK VALUE
At 31 December 2023 16,006 7,397 3,356 12,494 39,253
At 31 December 2022 35,873 9,737 13,424 4,088 63,122

Company
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 January 2023 22,832 34,320 18,507 75,659
Additions - - 11,147 11,147
At 31 December 2023 22,832 34,320 29,654 86,806
DEPRECIATION
At 1 January 2023 1,256 20,896 14,430 36,582
Charge for year 14,456 10,068 2,732 27,256
At 31 December 2023 15,712 30,964 17,162 63,838
NET BOOK VALUE
At 31 December 2023 7,120 3,356 12,492 22,968
At 31 December 2022 21,576 13,424 4,077 39,077

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 300
NET BOOK VALUE
At 31 December 2023 300
At 31 December 2022 300

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

TecDesk (UK) Ltd
Registered office: United Kingdom
Nature of business: Telephony products
%
Class of shares: holding
Ordinary Shares 100.00
31/12/23 31/12/22
£ £
Aggregate capital and reserves 1,111,714 1,060,039
Profit for the year 51,675 321,092

You Tec Ltd
Registered office: United Kingdom
Nature of business: Mobile phones and associated products
%
Class of shares: holding
Ordinary Shares 100.00
31/12/23 31/12/22
£ £
Aggregate capital and reserves 2,991,945 2,320,062
Profit for the year 671,882 634,114

MTK Life Ltd
Registered office: United Kingdom
Nature of business: PPE and health products
%
Class of shares: holding
Ordinary 100.00
31/12/23 31/12/22
£ £
Aggregate capital and reserves 574,603 527,921
Profit for the year 46,682 206,215

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS - continued


12. STOCKS

Group
31/12/23 31/12/22
£ £
Stocks 242,105 813,893
Finished goods 65,424 34,434
307,529 848,327

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£ £ £ £
Trade debtors 1,212,777 2,885,448 13,827 5,115
Amounts owed by connected companies 3,248,401 1,520,805 858,204 903,840
Amounts owed by group undertakings - - 2,343,368 1,157,764
Other debtors 231,520 206,068 104,725 79,273
VAT - 64,559 6,746 47,247
Prepayments 1,275,184 223,994 110,749 104,739
5,967,882 4,900,874 3,437,619 2,297,978

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£ £ £ £
Bank loans and overdrafts (see note 16) 16,667 16,667 5,556 5,556
Trade creditors 375,531 1,111,395 79,760 164,377
Amounts owed to connected companies - - - 3,805
Amounts owed to group undertakings - - 2,866,090 1,816,301
Tax 193,506 269,976 - -
Social security and other taxes 62,787 75,075 62,787 75,075
VAT 36,952 - - -
Other creditors 280,499 5,281 1,182 5,281
Directors' current accounts 219,816 257,827 215,533 84,297
Accrued expenses 841,926 1,208,388 19,695 23,638
2,027,684 2,944,609 3,250,603 2,178,330

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£ £ £ £
Bank loans (see note 16) 90,278 106,964 30,093 35,655

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 16,667 16,667 5,556 5,556
Amounts falling due between one and two years:
Bank loans - 1-2 years 16,667 16,667 5,556 5,556
Amounts falling due between two and five years:
Bank loans - 2-5 years 50,000 50,001 16,667 16,667
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 23,611 40,296 7,870 13,432

The company has a government-backed bounced-back loan, which is repayable over ten years with interest at 2.5% per annum.

17. PROVISIONS FOR LIABILITIES

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£ £ £ £
Deferred tax 4,689 7,842 2,977 5,949

Group
Deferred tax
£
Balance at 1 January 2023 7,842
Credit to Income Statement during year (3,153 )
Balance at 31 December 2023 4,689

Company
Deferred tax
£
Balance at 1 January 2023 5,949
Accelerated capital allowances (2,972 )
reversed
Balance at 31 December 2023 2,977

SANTOK (UK) LTD (REGISTERED NUMBER: 11705550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £ £
100 Ordinary £1 100 100

19. RESERVES

Group
Retained
earnings
£

At 1 January 2023 4,134,287
Profit for the year 789,699
At 31 December 2023 4,923,986

Company
Retained
earnings
£

At 1 January 2023 182,502
Profit for the year 23,522
At 31 December 2023 206,024


20. RELATED PARTY DISCLOSURES

Included within debtors amounts falling due within one year is a balance of £325,000 (2022: £325,000) due from Braintree Property Ltd, company with directors in common. The amount is receivable on demand and interest free.

Included within debtors amounts falling due within one year is a balance of £2,568,762 (2022: £648,762) due from Santok Assets Management Ltd, company with directors in common. The amount is receivable on demand and interest free.

Included within creditors amounts falling due within one year is a balance of £9,512 (2022: £3,805) due to Santok Investments Ltd, company with directors in common. The amount is payable on demand and interest free.

Included within debtors amounts falling due within one year is a balance of £65,000 (2022: £65,000) due from Santok Homes (1) Ltd, company with directors in common. The amount is receivable on demand and interest free.

Included within debtors amounts falling due within one year is a balance of £335,848 (2022: £485,848) due from Pau Capital Ltd, company with directors in common. The amount is receivable on demand and interest free.

21. ULTIMATE CONTROLLING PARTY

The directors of Santok (UK) Ltd are the ultimate controlling party.