Company registration number 01293398 (England and Wales)
CENTRONIC HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 JANUARY 2024
CENTRONIC HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Exosens International S.A.S
(Appointed 31 July 2024)
Mrs Q Demey
(Appointed 31 July 2024)
Company number
01293398
Registered office
Centronic House
King Henry's Drive
New Addington
Croydon
CR9  0BG
Auditor
Foot Davson Ltd
Lonsdale Gate, Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
Bankers
National Westminster Bank
Crawley
West Sussex
RH10 1GL
CENTRONIC HOLDINGS LIMITED
CONTENTS
Page
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
CENTRONIC HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 4 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 4 January 2024.

Principal activities

The principal activity of the company continued to be that of a property investment company. Its subsidiary company's main activity is the design, manufacture and sale of electro-optic and radiation detection products.

Review of the business

As mentioned in the principal activity, the company is an investment holding company. Its main trading subsidiary, Centronic Limited, is involved in the design, manufacture and sale of electro-optic and radiation detection products. Centronic Holdings Limited is also a 100% owned subsidiary of Centronic Group Limited, referred to as the Group, where its accounts are consolidated.

 

The group performance in 2023 was in line with expectation and performed well with growth across the business in terms of orders, sales, and profitability. Further investments in technology, learning and development and infrastructure have been made to improve productivity and provide capacity for growth. The business ended the year with a strong order book.

 

The group has seen strong order book growth at the start of 2024. We continue to manage both challenges and opportunities because of the conflict in eastern Europe and other geopolitical influences. Sales and orders are in line with expectation and the business remains robust and well positioned to meet the requirements of its external creditors.

 

The group continues to maintain a consistent policy of revenue recognition on long term contracts, based on an accounting estimate of completion of such contracts. The directors are forecasting modest growth from traditional markets and customers in terms of sales and profit this year and the year following.

Principal risks and uncertainties

The business is able to manage its exposure to price and liquidity risk, has a strong order book, good sales forecast and high visibility of opportunities.

Key performance indicators

The company's key performance indicators during the year were as follows:

 

2024        2023        % change

 

 

 

 

 

 

On behalf of the board

Mrs Q Demey
Director
16 October 2024
CENTRONIC HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 4 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 4 January 2024.

Results and dividends

The profit for the year, after taxation, amounted to £949,671 (2023 - £153,466).

 

The company has both received and paid a dividend of £500,000, from and to fellow group companies respectively, in the current year (2023 - £Nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N.C. Foreman
(Resigned 31 July 2024)
Mr I.V. Crawford
(Resigned 31 July 2024)
Exosens International S.A.S
(Appointed 31 July 2024)
Mrs Q Demey
(Appointed 31 July 2024)
Auditor

The auditor, Foot Davson Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the company's financial statements. Further details are given in the Notes to the financial statements.

Matters covered in the strategic report

The directors prepared a separate strategic report, which is included on page 1.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mrs Q Demey
Director
16 October 2024
CENTRONIC HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 4 JANUARY 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CENTRONIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CENTRONIC HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Centronic Holdings Limited (the 'company') for the year ended 4 January 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CENTRONIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CENTRONIC HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In determining the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, we carried out a risk assessment for the year, considering the following sources:

 

This assessment considered the risks, any mitigating internal controls, the likelihood of material misstatement and identified the specific tests to be carried out in our audit work.

 

Our audit plan and approach then documented the procedures to be undertaken in response to these assessed risks.

The laws and regulations we identified as being of significance in the context of the company are as follows:

CENTRONIC HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CENTRONIC HOLDINGS LIMITED
- 6 -

Our audit response to the risks identified included, but was not limited to, the following:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of company staff in compliance functions to identify any instances of non-compliance with laws and regulations.

- 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.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

J P van der Merwe ACA
Senior Statutory Auditor
For and on behalf of Foot Davson Ltd
16 October 2024
Chartered Accountants
Statutory Auditor
Lonsdale Gate, Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
CENTRONIC HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 4 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
275,000
196,000
Administrative expenses
(5,042)
(4,996)
Operating profit
269,958
191,004
Interest receivable and similar income
5
500,000
-
0
Interest payable and similar expenses
(17,690)
(9,758)
Fair value gains and losses on investment properties
8
342,445
-
0
Profit before taxation
1,094,713
181,246
Tax on profit
6
(145,042)
(27,780)
Profit for the financial year
949,671
153,466

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 18 form part of these financial statements.

CENTRONIC HOLDINGS LIMITED
BALANCE SHEET
AS AT 4 JANUARY 2024
04 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
34,814
39,787
Investment property
8
2,312,000
1,969,555
Investments
9
8,953,220
8,953,220
11,300,034
10,962,562
Current assets
Debtors
11
2,693,245
2,017,628
Cash at bank and in hand
5,744
6,411
2,698,989
2,024,039
Creditors: amounts falling due within one year
12
(802,744)
(277,452)
Net current assets
1,896,245
1,746,587
Total assets less current liabilities
13,196,279
12,709,149
Creditors: amounts falling due after more than one year
13
(199,990)
(246,899)
Provisions for liabilities
(94,315)
(9,947)
Net assets
12,901,974
12,452,303
Capital and reserves
Called up share capital
15
5,527,272
5,527,272
Profit and loss reserves
7,374,702
6,925,031
Total equity
12,901,974
12,452,303

The notes on pages 10 to 18 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mrs Q Demey
Director
Company registration number 01293398 (England and Wales)
CENTRONIC HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 4 JANUARY 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 5 January 2022
5,527,272
6,771,565
12,298,837
Year ended 4 January 2023:
Profit and total comprehensive income for the year
-
153,466
153,466
Balance at 4 January 2023
5,527,272
6,925,031
12,452,303
Year ended 4 January 2024:
Profit and total comprehensive income for the year
-
949,671
949,671
Dividends
-
(500,000)
(500,000)
Balance at 4 January 2024
5,527,272
7,374,702
12,901,974

The notes on pages 10 to 18 form part of these financial statements.

CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 JANUARY 2024
- 10 -
1
Accounting policies
Company information

Centronic Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centronic House, King Henry's Drive, New Addington, Croydon, CR9 0BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets and financial instruments at fair value, where applicable. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Centronic Group Limited. These consolidated financial statements may be obtained from Companies House.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Centronic Holdings Limited is a wholly owned subsidiary of Centronic Group Limited and the results of Centronic Holdings Limited are included in the consolidated financial statements of Centronic Group Limited which may be obtained from Companies House.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10 years SLM

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

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 value of liabilities acquired and the amount that will be assessed for tax.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, 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 the revision and future periods where the revision affects both current and future periods.

Due to the simplicity of the company's transaction streams and year end financial position, the directors consider there to be no critical judgements, estimates or assumptions in the preparation of these financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rental income
275,000
196,000
CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
3
Turnover and other revenue
(Continued)
- 14 -
2024
2023
£
£
Other revenue
Dividends received
500,000
-

All turnover arose within the United Kingdom.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2

The staff are the directors of the company and are remunerated by other group companies.

5
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
500,000
-
0
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
60,674
35,382
Deferred tax
Origination and reversal of timing differences
84,368
(7,602)
Total tax charge
145,042
27,780
CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
6
Taxation
(Continued)
- 15 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,094,713
181,246
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
273,678
34,437
Tax effect of expenses that are not deductible in determining taxable profit
-
0
945
Effect of change in corporation tax rate
(2,392)
-
0
Permanent capital allowances in excess of depreciation
(1,244)
(7,602)
Dividend income
(125,000)
-
0
Taxation charge for the year
145,042
27,780
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 5 January 2023 and 4 January 2024
49,735
Depreciation and impairment
At 5 January 2023
9,947
Depreciation charged in the year
4,974
At 4 January 2024
14,921
Carrying amount
At 4 January 2024
34,814
At 4 January 2023
39,787
8
Investment property
2024
£
Fair value
At 5 January 2023
1,969,555
Revaluations
342,445
At 4 January 2024
2,312,000
CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
8
Investment property
(Continued)
- 16 -

Investment property is carried at fair value, determined by the directors with the assistance of external valuers.

9
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8,953,220
8,953,220
10
Subsidiaries

Details of the company's subsidiaries at 4 January 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Centronic Limited
As per parent company
Design and manufacture
Ordinary
100.00
Solatell Limited
As per parent company
Dormant
Ordinary
100.00
Centronic Raditec Limited
As per parent company
Dormant
Ordinary
100.00
CI Services (2003) Limited
As per parent company
Dormant
Ordinary
100.00
Centronic Prototypes Limited
As per parent company
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Centronic Limited
6,712,907
1,337,329
Solatell Limited
2
Centronic Raditec Limited
70,001
CI Services (2003) Limited
(818)
Centronic Prototypes Limited
4,800
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,693,245
2,017,628
CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
- 17 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
57,722
57,722
Amounts owed to group undertakings
676,788
176,788
Corporation tax
60,674
35,382
Other creditors
7,560
7,560
802,744
277,452
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
199,990
246,899

The groups bank borrowings of £257,712 (2023: £304,621) are subject to unlimited cross guarantees across all subsidiaries and are secured by a charge over the freehold property held by Centronic Holdings Limited. Interest is charged between 1.29% and 2.25% above the Bank of England base rate.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,704
9,947
Revaluations
85,611
-
94,315
9,947
2024
Movements in the year:
£
Liability at 5 January 2023
9,947
Charge to profit or loss
84,368
Liability at 4 January 2024
94,315
CENTRONIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 4 JANUARY 2024
- 18 -
15
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2,763,636
2,763,636
2,763,636
2,763,636
Ordinary B shares of £1 each
2,763,636
2,763,636
2,763,636
2,763,636
5,527,272
5,527,272
5,527,272
5,527,272
16
Events after the reporting date

On 31st July 2024 Exosens UK Limited acquired the entire share capital of company’s parent company, Centronic Group Limited. Exosens UK Limited is a wholly owned subsidiary of Exosens International S.A.S, a company incorporated in France.

17
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

18
Parent company

The company is a wholly owned subsidiary of Centronic Group Limited, which is incorporated in England and Wales.

 

Centronic Group Limited is the smallest group in which these accounts are consolidated. A copy of the financial statements of Centronic Group Limited can be obtained from Companies House.

 

The immediate parent undertaking of Centronic Group Limited is Exosens UK Limited (incorporated in England and Wales), which in turn is a wholly owned subsidiary of Exosens International S.A.S, with the ultimate parent undertaking being Exosens S.A.

 

Both Exosens International S.A.S and Exosens S.A are companies incorporated in France.

 

The largest group of companies where these accounts are consolidated is that headed by Exosens S.A. A copy of the financial statements of Exosens S.A can be obtained from their website.

 

No sole party controls Exosens S.A.

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