Year Ended
Registration number:
CTC (Wholesalers) Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
CTC (Wholesalers) Holdings Limited
Company Information
Directors |
Mr J A G Hartshorne Mrs D A Knight Mr N Davey |
Registered office |
|
Auditors |
|
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
......................................... |
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:
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
......................................... |
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.
......................................
Centenary House
Peninsula Park
Rydon Lane
EX2 7XE
CTC (Wholesalers) Holdings Limited
Consolidated Profit and Loss Account
Year Ended 31 October 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
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 |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Company Registration Number: 11319099
CTC (Wholesalers) Holdings Limited
Balance Sheet
31 October 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
- |
- |
|
|
Purchase of own share capital |
(47,907) |
407,907 |
(600,735) |
(240,735) |
At 31 October 2024 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 November 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Purchase of own share capital |
- |
360,000 |
(360,000) |
- |
At 31 October 2023 |
|
|
|
|
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 |
|
|
- |
|
Profit for the year |
- |
- |
|
|
Purchase of own share capital |
(47,907) |
407,907 |
(600,735) |
(240,735) |
At 31 October 2024 |
|
|
- |
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 November 2022 |
|
|
( |
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Finance costs |
|
|
|
Corporation tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Payments for purchase of own shares |
( |
- |
|
Payments for redemption of preference shares |
( |
( |
|
Interest on preference shares |
( |
( |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 November |
|
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Short term trade and other debtors and creditors, short term intra group creditors, preference shares and cash and bank balances.
Recognition and measurement
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
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods, UK |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Loss on disposal of property, plant and equipment |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
Logistics |
|
|
Warehouse |
|
|
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
210,935 |
228,650 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of these financial statements |
3,150 |
2,350 |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
- |
|
Interest on preference shares |
|
|
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
206,202 |
230,635 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit |
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
Decrease from adjustment for prior periods |
( |
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from other tax effects |
- |
|
Total tax charge |
|
|
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 |
- |
|
- |
|
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
- |
|
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 November 2023 |
|
|
At 31 October 2024 |
|
|
Amortisation |
||
At 1 November 2023 |
|
|
Amortisation charge |
|
|
At 31 October 2024 |
|
|
Carrying amount |
||
At 31 October 2024 |
|
|
At 31 October 2023 |
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Tangible assets |
Group
Plant and machinery |
Fixtures and fittings |
Other assets |
Total |
|
Cost or valuation |
||||
At 1 November 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 31 October 2024 |
|
|
|
|
Depreciation |
||||
At 1 November 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 October 2024 |
|
|
|
|
Carrying amount |
||||
At 31 October 2024 |
|
|
|
|
At 31 October 2023 |
|
|
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Investments |
Group
Investments in associates |
|
Cost |
|
At 1 November 2023 |
|
At 31 October 2024 |
|
Carrying amount |
|
At 31 October 2024 |
|
At 31 October 2023 |
|
Details of undertakings
Details of the investments are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Associates |
||||
|
Gap Convenience Distribution Ltd, Lancashire Way, Preston, PR2 5PB |
Ordinary |
|
|
England |
Company
Subsidiary undertakings |
|
Cost or valuation |
|
At 1 November 2023 |
|
At 31 October 2024 |
|
Carrying amount |
|
At 31 October 2024 |
|
At 31 October 2023 |
|
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 |
||||
|
Camel House
|
|
|
|
Subsidiary undertakings |
CTC (Wholesalers) Limited The principal activity of CTC (Wholesalers) Limited is |
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Stocks |
|
|
- |
- |
Debtors |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
Other debtors |
|
|
- |
- |
|
|
- |
- |
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
- |
- |
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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) |
|
|||
( |
|
|
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
Amounts due to subsidiary undertakings |
- |
- |
|
|
|
Corporation tax |
115,202 |
129,000 |
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Redeemable preference shares |
|
|
|
|
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Redeemable preference shares |
|
|
|
|
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions for liabilities |
Group
Deferred tax |
|
At 1 November 2023 |
|
Increase in existing provisions |
|
At 31 October 2024 |
|
|
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
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 £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
177,464 |
|
225,371 |
|
|
443,876 |
|
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. |
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £Nil (2023 - £ |
- |
|
||
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £
CTC (Wholesalers) Holdings Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Related party transactions |
Group
Expenditure with and payables to related parties
2024 |
Entities with significant influence |
Leases |
|
Amounts payable to related party |
- |
|
2023 |
Entities with significant influence |
Leases |
|
Amounts payable to related party |
- |
|
Loans to related parties
2024 |
Associates |
At start of period |
|
At end of period |
|
|
2023 |
Associates |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
|