REGISTERED NUMBER: |
CT GROUP INTERNATIONAL LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
REGISTERED NUMBER: |
CT GROUP INTERNATIONAL LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditor | 5 | to | 6 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 | to | 18 |
CT GROUP INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
55 Ludgate Hill |
London |
EC4M 7JW |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their annual report and the audited financial statements of the company for the period ending 30th June 2024.. |
REVIEW OF BUSINESS |
CT Group International is the intermediate parent company for the operating businesses of the CT Group. |
The principal activity of the company remains that of a holding company. |
The results of CT Group International Limited, together with the results of its subsidiaries, are disclosed in the financial statements of the ultimate parent CT Group Holdings Limited. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties for CT Group International Limited are the same as for the ultimate parent company and as such are discussed in the financial statements of CT Group Holdings Limited. |
ON BEHALF OF THE BOARD: |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30th June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th June 2024 will be £1,100,000 (2023:£6,000,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the directors must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
· select suitable accounting policies and then apply them consistently; |
· make judgements and 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; |
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company or group will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR |
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditor for the purpose of their audit and to establish that the auditor is aware of that information. The directors are not aware of any relevant audit information of which the auditor is unaware. |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
AUDITOR |
The auditor, Crowe U.K. LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
CT GROUP INTERNATIONAL LIMITED |
Opinion |
We have audited the financial statements of CT Group International Limited (the "Company") for the year ended 30 June 2024 which comprise the Income statement, Balance Sheet, Statement of changes in equity and Notes to Financial Statement, including a summary of the 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 Company's affairs as at 30 June 2024 and of the its profit for the period for the year then ended. |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the |
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 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 Company ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information 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. |
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. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
CT GROUP INTERNATIONAL LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion based on the work undertaken in the course of our audit |
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements. |
Matters on which I am required to report by exception |
In 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 strategic report or the directors' report. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
" adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or |
" the 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; or |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
Use of my 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. |
for and on behalf of |
55 Ludgate Hill |
London |
EC4M 7JW |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(613,808 | ) | (1,885,567 | ) |
Other operating income |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Income from shares in group undertakings |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2024 |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
CT Group International Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
The following principal accounting policies have been applied: |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about CT Group International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, CT Group Holdings Limited, One Strand, Trafalgar Square, London WC2N 5EJ. |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In preparing these financial statements, the directors have had to make the following judgements:- |
Revenue |
Revenues are either monthly retainers or fixed fee projects which are recognised over the contract life or in line with the delivery of the projects. Where revenues are invoiced in advance they are recognised as deferred income within creditors. |
Impairment of Trade Debtors |
The recoverable value of trade debtors has been made on the basis of estimations and assumptions regarding their fair value. Likely impairment is calculated with reference to the age of trade debtor and management's understanding of likely recoverability, taking into account the history of the specific client. This provisioning is reviewed by management and compared to the firm's history of recovery to assure they remain materially acceptable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 1 | 1 |
Administration staff | 1 | 6 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
5. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Adjustment for earlier year | - | 35,990 |
Total current tax | ( |
) | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on profit | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods |
Total tax credit | (118,863 | ) | (347,425 | ) |
6. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
7. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
and 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaki |
£ |
COST |
At 1st July 2023 |
Additions |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: One Strand, Trafalgar Square, London WC2N 5EJ. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Suite 3001, Level 30, 20 Bond Street, Sydney, NSW 2000, Australia |
Nature of business: |
% |
Class of shares: | holding |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
8. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1209 Orange Street, Wilmington 19801, Delaware, USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: No 1520, One BKC, Bandra Kurla Complex, Mumbai, India |
Nature of business: |
% |
Class of shares: | holding |
Registered office: One Strand, Trafalgar Square, London WC2N 5EJ. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Office Unit 45, Gate Village Building 10, Dubai International Financial Centre, Dubai, United Arab Emirates. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 8 Marina View, 11-09 Asia Square, Tower 1, Singapore |
Nature of business: |
% |
Class of shares: | holding |
Registered office: One Strand, Trafalgar Square, London WC2N 5EJ. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: One Strand, Trafalgar Square, London WC2N 5EJ. |
Nature of business: |
% |
Class of shares: | holding |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
8. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 31 & 32, Level 25, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates |
Nature of business: |
% |
Class of shares: | holding |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Accrued expenses |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 6,906 | 15,863 |
Deferred |
tax |
£ |
Balance at 1st July 2023 |
Capital allowance acceleration | (8,957 | ) |
Balance at 30th June 2024 |
CT GROUP INTERNATIONAL LIMITED (REGISTERED NUMBER: 10167241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 148 | 148 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
2024 | 2023 |
£ | £ |
Dividends paid | 1,100,000 | 6,000,000 |
Amount due to related party |
2024 | 2023 |
£ | £ |
Dividends received | - | 5,115,700 |
Amount due from related party |
2024 | 2023 |
£ | £ |
Fees paid | 63,520 | 68,414 |
2024 | 2023 |
£ | £ |
Amount due from related party |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are the directors of CT Group Holdings Limited, which is also the immediate and ultimate parent company and whose registered office is One Strand, Trafalgar Square, London WC2N 5EJ. |
The results of CT Group International Limited are included in the consolidated accounts of CT Group Holdings Limited. |