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CTC (Wholesalers) Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 October 2024

Registration number: 11319099

 

CTC (Wholesalers) Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 29

 

CTC (Wholesalers) Holdings Limited

Company Information

Directors

Mr J A G Hartshorne

Mrs D A Knight

Mr N Davey

Registered office

Camel House
Thorverton Road
Marsh Barton
Exeter
EX2 8FS

Auditors

PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

CTC (Wholesalers) Holdings Limited

Strategic Report

Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Principal activity

The principal activity of the company is that of a holding company. The principal activity of the group is the wholesale of goods.

Fair review of the business

The directors are pleased with the group's performance in the year in light of the general economic circumstances. Turnover decreased by 6.6% to £18,352,649 (2023: £19,656,995) and operating profit decreased 24.5% to £708,824 (2023: £938,808). The net assets of the group improved to £2,688,954 (2023: £2,478,295).

Principal risks and uncertainties

The impacts of the uncertain economic future and disruption to the supply chain are the biggest risks to our business including the potential depressed economic climate, inflationary pressures and general competition. The group addresses these risks by providing excellent service to its customers and building strong relationships with its suppliers. The directors are continually seeking to improve efficiency and to invest in increased capacity to fuel further growth.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr N Davey
Director

 

CTC (Wholesalers) Holdings Limited

Directors' Report

Year Ended 31 October 2024

The directors present their report and the for the year ended 31 October 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr J A G Hartshorne

Mrs D A Knight

Mr N Davey

Mrs A J Powell (ceased 27 February 2024)

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The group's approach to these risks is detailed below.

The group's principal financial instruments comprise trade debtors, bank balances and trade creditors.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The group is exposed to supplier price risk. The group manages its exposure to this risk by engaging in ongoing negotiations with suppliers over prices, including rebates, discounts and set price agreements.

Credit risk
The group's principal financial assets comprise trade debtors and bank balances. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

Liquidity risk
The group's approach to managing liquidity in respect of bank balances is by successfully maintaining a balance between the continuity of funding and flexibility through the use of built up cash reserves.

Cash flow risk
The group's activities expose it primarily to the financial risk of recovering trade debtors. The group manages this risk by continually reviewing balances due from customers and ensuring debts are paid before continuing to trade where necessary.

 

CTC (Wholesalers) Holdings Limited

Directors' Report

Year Ended 31 October 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr N Davey
Director

 

CTC (Wholesalers) Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

CTC (Wholesalers) Holdings Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Holdings Limited

Opinion

We have audited the financial statements of CTC (Wholesalers) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 October 2024 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 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

CTC (Wholesalers) Holdings Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Holdings Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 5, 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.

 

CTC (Wholesalers) Holdings Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Holdings Limited

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.

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation. We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements.

Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:

• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements, review of associated correspondence and vouching certification;

• Challenging assumptions and judgements made by management in its significant accounting estimates;

• Testing the recognition of revenue and costs, in particular around the year end date;

• Reviewing draft tax computations and involving the use of our specialists as required;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; and

• 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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

 

CTC (Wholesalers) Holdings Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Holdings Limited

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.

......................................
Benjamin Slater BA (Hons) ACA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

12 March 2025

 

CTC (Wholesalers) Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

18,352,649

19,656,995

Cost of sales

 

(14,556,355)

(15,674,624)

Gross profit

 

3,796,294

3,982,371

Administrative expenses

 

(3,087,470)

(3,043,563)

Operating profit

4

708,824

938,808

Interest payable and similar expenses

8

(40,228)

(62,842)

Profit before tax

 

668,596

875,966

Tax on profit

9

(217,202)

(234,635)

Profit for the financial year

 

451,394

641,331

Profit/(loss) attributable to:

 

Owners of the company

 

451,394

641,331

The group has no recognised gains or losses for the year other than the results above.

 

CTC (Wholesalers) Holdings Limited

Consolidated Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

489,930

636,605

Tangible assets

11

547,900

520,028

Investments

12

6

6

 

1,037,836

1,156,639

Current assets

 

Stocks

13

1,537,253

1,750,319

Debtors

14

1,698,902

1,584,579

Cash at bank and in hand

 

651,439

556,911

 

3,887,594

3,891,809

Creditors: Amounts falling due within one year

17

(2,097,600)

(2,082,277)

Net current assets

 

1,789,994

1,809,532

Total assets less current liabilities

 

2,827,830

2,966,171

Creditors: Amounts falling due after more than one year

17

(83,876)

(443,876)

Provisions for liabilities

20

(55,000)

(44,000)

Net assets

 

2,688,954

2,478,295

Capital and reserves

 

Called up share capital

22

177,464

225,371

Capital redemption reserve

1,420,563

1,012,656

Profit and loss account

1,090,927

1,240,268

Equity attributable to owners of the company

 

2,688,954

2,478,295

Shareholders' funds

 

2,688,954

2,478,295

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr N Davey
Director

Company Registration Number: 11319099

 

CTC (Wholesalers) Holdings Limited

Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

4,573,655

4,573,655

Creditors: Amounts falling due within one year

17

(2,891,752)

(2,891,752)

Total assets less current liabilities

 

1,681,903

1,681,903

Creditors: Amounts falling due after more than one year

17

(83,876)

(443,876)

Net assets

 

1,598,027

1,238,027

Capital and reserves

 

Called up share capital

22

177,464

225,371

Capital redemption reserve

1,420,563

1,012,656

Shareholders' funds

 

1,598,027

1,238,027

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £600,735 (2023 - profit of £560,000).

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

.........................................
Mr N Davey
Director

Company Registration Number: 11319099

 

CTC (Wholesalers) Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 October 2024

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 November 2023

225,371

1,012,656

1,240,268

2,478,295

Profit for the year

-

-

451,394

451,394

Purchase of own share capital

(47,907)

407,907

(600,735)

(240,735)

At 31 October 2024

177,464

1,420,563

1,090,927

2,688,954

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

225,371

652,656

978,937

1,856,964

Profit for the year

-

-

641,331

641,331

Dividends

-

-

(20,000)

(20,000)

Purchase of own share capital

-

360,000

(360,000)

-

At 31 October 2023

225,371

1,012,656

1,240,268

2,478,295

 

CTC (Wholesalers) Holdings Limited

Statement of Changes in Equity

Year Ended 31 October 2024

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 November 2023

225,371

1,012,656

-

1,238,027

Profit for the year

-

-

600,735

600,735

Purchase of own share capital

(47,907)

407,907

(600,735)

(240,735)

At 31 October 2024

177,464

1,420,563

-

1,598,027

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

225,371

652,656

(180,000)

698,027

Profit for the year

-

-

560,000

560,000

Dividends

-

-

(20,000)

(20,000)

Purchase of own share capital

-

360,000

(360,000)

-

At 31 October 2023

225,371

1,012,656

-

1,238,027

 

CTC (Wholesalers) Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 October 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

451,394

641,331

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

288,754

288,513

Loss on disposal of tangible assets

10,849

2,718

Finance costs

8

40,228

62,842

Corporation tax expense

9

217,202

234,635

 

1,008,427

1,230,039

Working capital adjustments

 

Decrease/(increase) in stocks

13

213,066

(267,797)

(Increase)/decrease in trade debtors

14

(114,323)

261,251

Increase in trade creditors

17

29,121

39,020

Cash generated from operations

 

1,136,291

1,262,513

Corporation tax paid

9

(220,000)

(243,135)

Net cash flow from operating activities

 

916,291

1,019,378

Cash flows from investing activities

 

Acquisitions of tangible assets

(204,577)

(224,090)

Proceeds from sale of tangible assets

 

23,777

74,083

Net cash flows from investing activities

 

(180,800)

(150,007)

Cash flows from financing activities

 

Interest paid

8

-

(1,161)

Payments for purchase of own shares

 

(240,735)

-

Payments for redemption of preference shares

 

(360,000)

(360,000)

Interest on preference shares

 

(40,228)

(61,681)

Dividends paid

-

(20,000)

Net cash flows from financing activities

 

(640,963)

(442,842)

Net increase in cash and cash equivalents

 

94,528

426,529

Cash and cash equivalents at 1 November

 

556,911

130,382

Cash and cash equivalents at 31 October

 

651,439

556,911

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Camel House
Thorverton Road
Marsh Barton
Exeter
EX2 8FS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of CTC (Wholesalers) Holdings Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the group operates.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2024.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Revenue recognition

The turnover shown in the Profit and Loss Account comprises the fair value of the consideration received for the sale of goods during the year, exclusive of Value Added Tax.

Turnover is recognised when substantially all the risks and rewards are transferred to the customer, which occues upon delivery of the goods.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Leasehold property

Over the term of the lease

Plant and machinery

25% on a reducing balance basis

Furniture and fittings

25% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Investments

Investments in equity shares which are not publicly traded are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net reaslisable value is calculated as cost less supplier discounts.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The group holds the following financial instruments, all of which are classified as basic:

Short term trade and other debtors and creditors, short term intra group creditors, preference shares and cash and bank balances.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods, UK

18,352,649

19,656,995

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

142,079

141,838

Amortisation expense

146,675

146,675

Loss on disposal of property, plant and equipment

10,849

2,718

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,744,504

1,750,517

Social security costs

167,189

173,975

Pension costs, defined contribution scheme

35,838

38,162

Other employee expense

19,600

17,180

1,967,131

1,979,834

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

13

13

Sales

15

15

Logistics

11

13

Warehouse

11

12

50

53

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

207,507

224,687

Contributions paid to money purchase schemes

3,428

3,963

210,935

228,650

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

82,983

71,133

Company contributions to money purchase pension schemes

1,541

1,323

7

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

3,150

2,350


 

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

1,161

Interest on preference shares

40,228

61,681

40,228

62,842

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

207,000

237,000

UK corporation tax adjustment to prior periods

(798)

(6,365)

206,202

230,635

Deferred taxation

Arising from origination and reversal of timing differences

11,000

4,000

Tax expense in the income statement

217,202

234,635

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22.52%).
The differences are reconciled below:

2024
£

2023
£

Profit before tax

668,596

875,966

Corporation tax at standard rate

167,149

197,248

Effect of expense not deductible in determining taxable profit

48,103

48,780

Deferred tax credit relating to changes in tax rates or laws

-

(6,533)

Decrease from adjustment for prior periods

(250)

(6,365)

Tax increase/(decrease) from effect of capital allowances and depreciation

2,200

(562)

Tax increase from other tax effects

-

2,067

Total tax charge

217,202

234,635

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Fixed asset timing differences

-

55,000

-

55,000

2023

Asset
£

Liability
£

Fixed asset timing differences

-

44,000

-

44,000

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

1,422,752

1,422,752

At 31 October 2024

1,422,752

1,422,752

Amortisation

At 1 November 2023

786,147

786,147

Amortisation charge

146,675

146,675

At 31 October 2024

932,822

932,822

Carrying amount

At 31 October 2024

489,930

489,930

At 31 October 2023

636,605

636,605

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

11

Tangible assets

Group

Plant and machinery
£

Fixtures and fittings
 £

Other assets
 £

Total
£

Cost or valuation

At 1 November 2023

195,853

37,858

1,042,720

1,276,431

Additions

13,956

7,013

183,608

204,577

Disposals

-

-

(315,347)

(315,347)

At 31 October 2024

209,809

44,871

910,981

1,165,661

Depreciation

At 1 November 2023

161,202

37,392

557,809

756,403

Charge for the year

13,314

262

128,503

142,079

Eliminated on disposal

-

-

(280,721)

(280,721)

At 31 October 2024

174,516

37,654

405,591

617,761

Carrying amount

At 31 October 2024

35,293

7,217

505,390

547,900

At 31 October 2023

34,651

466

484,911

520,028

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

12

Investments

Group

Investments in associates
£

Cost

At 1 November 2023

6

At 31 October 2024

6

Carrying amount

At 31 October 2024

6

At 31 October 2023

6

Details of undertakings

Details of the investments are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

Alliance Distribution Group Limited

Gap Convenience Distribution Ltd, Lancashire Way, Preston, PR2 5PB

Ordinary

33.33%

33.33%

 

England

     

Company

Subsidiary undertakings
£

Cost or valuation

At 1 November 2023

4,573,655

At 31 October 2024

4,573,655

Carrying amount

At 31 October 2024

4,573,655

At 31 October 2023

4,573,655

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Details of undertakings

Details of the investments are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

CTC (Wholesalers) Limited

Camel House
Thorverton Road
Marsh Barton
Exeter
Devon
EX2 8FS

Ordinary shares

100%

100%

Subsidiary undertakings

CTC (Wholesalers) Limited

The principal activity of CTC (Wholesalers) Limited is the wholesale of goods.

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stocks

1,537,253

1,750,319

-

-

14

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

1,625,061

1,521,964

-

-

Other debtors

73,841

62,615

-

-

1,698,902

1,584,579

-

-

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

651,439

556,911

-

-

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

16

Analysis of changes in net debt

Group

At 1 November 2023
£

Cash flows
£

At 31 October 2024
£

Cash and cash equivalents

Cash

556,911

94,528

651,439

Borrowings

Redeemable preference shares

(803,876)

360,000

(443,876)

 

(246,965)

454,528

207,563

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

360,000

360,000

360,000

360,000

Trade creditors

 

1,387,610

1,350,056

-

-

Amounts due to subsidiary undertakings

 

-

-

2,531,752

2,531,752

Corporation tax

 

115,202

129,000

-

-

Social security and other taxes

 

119,767

150,787

-

-

Other creditors

 

549

257

-

-

Accrued expenses

 

114,472

92,177

-

-

 

2,097,600

2,082,277

2,891,752

2,891,752

Due after one year

 

Loans and borrowings

18

83,876

443,876

83,876

443,876

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

18

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Redeemable preference shares

83,876

443,876

83,876

443,876

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Redeemable preference shares

360,000

360,000

360,000

360,000

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

181,463

143,686

Later than one year and not later than five years

401,382

436,408

582,845

580,094

The amount of non-cancellable operating lease payments recognised as an expense during the year was £172,014 (2023 - £133,670).

20

Provisions for liabilities

Group

Deferred tax
£

At 1 November 2023

44,000

Increase in existing provisions

11,000

At 31 October 2024

55,000

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £35,838 (2023 - £38,162).

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

177,464

177,464

225,371

225,371

Preference shares of £1 each

443,876

443,876

803,876

803,876

 

621,340

621,340

1,029,247

1,029,247

Capital redemption

During the year the company re-purchased and cancelled 47,907 of its own £1 Ordinary shares. £47,907 has therefore been transferred from the profit and loss reserve to the capital redemption reserve.

Redeemable preference shares

The 6% redeemable preference shares, included in loans and borrowings, are redeemable at par between July 2021 and Jan 2026. The preference shares carry no voting rights.

23

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £0.0887) per each Ordinary share

-

20,000

 

 

24

Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £44,100).

 

CTC (Wholesalers) Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2024

25

Related party transactions

Group

Expenditure with and payables to related parties

2024

Entities with significant influence
£

Leases

196,790

Amounts payable to related party

-

2023

Entities with significant influence
£

Leases

141,600

Amounts payable to related party

-

Loans to related parties

2024

Associates
£

At start of period

9,530

At end of period

9,530

2023

Associates
£

At start of period

266

Advanced

9,536

Repaid

(272)

At end of period

9,530