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Registered number: 02251723










CEETAK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
CEETAK LIMITED
 

COMPANY INFORMATION


Directors
A J Cleaver 
T R Baron 
S M Baron 
A Wood 
M J Taylor 




Company secretary
S M Baron



Registered number
02251723



Registered office
Fraser Road
Priory Business Park

Bedford

Bedfordshire

MK44 3WH




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
CEETAK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Statement of Income and Retained Earnings
 
11
Balance Sheet
 
12
Notes to the Financial Statements
 
13 - 26


 
CEETAK LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
Ceetak are a leading designer and recognised supplier of sealing solutions and heat-sealing systems. The business is supporting some of the most challenging applications across a multitude of industries on a global scale, the company continues its development in key sectors. These include medical, bio-pharm, internal combustion engines (ICE), alternative mobility technologies, energy, process and high-end industrial sectors.
Critical industry applications provide the focus for application engineering solutions, with the company specifying products of the highest quality standards. This is complemented by value added supply and commercial solutions which underpin the fundamental strengths of the business, as do all employees who are continuously encouraged to engage across the company.
 
A strong and committed management team are dedicated in pushing operational performance and supporting the senior leadership in the implementation of strategy across the business.
Ceetak proudly celebrated a milestone of 50 years in business during 2024, with events involving all locations to recognise this significant achievement.    

Development and financial performance during the year
 
As reported in the company's statement of income and retained earnings, the company maintained strong sales and healthy profitability. Contributions being spread over multiple industries in which the company operate, with critical industry applications of the future being the focus of the business. 
Financial position at the reporting date
The statement of financial position shows that the company's net assets at the year-end have increased from £11.52M to £12.62M. The directors consider that the company is well placed to continue steady growth in sales and profits in the coming financial year.
Future outlook
Ceetak customers operate in both traditional and fast evolving markets, the company benefits from its existing client relationships. Customers are innovative with their own product portfolios and choose Ceetak’s trusted application engineering to push boundaries of sealing capabilities to provide effective solutions. Ceetak’s longevity and strength in delivering resolutions provides a high level of customer confidence in our technical expertise.
Relationships with manufacturing partners continue to be key to the product portfolio with the company dynamically working through evolving application requirements and compliance with European material legislations. Our stakeholders present opportunities for future co-operation and to intrinsically design with innovation to offer greener alternatives for our customers. 
Ceetak maintains memberships to various industry bodies.  These include Automate (formally Process Packaging Machinery Association), as well as  the European Sealing Association (ESA) and European Seals and Gaskets Association (EUSGA). This continues to provide great insight into both industry drivers and technical developments.
Ceetak’s Quality Management System remains the foundation for all company activities. Internal audits as well as ISO external examination and a management culture of continuous improvement underpin future business growth and drive efficiencies. The company continues to maintain ISO 9001:2015 and ISO 134585:2016 Quality Management Systems, plus ISO 14001:2015 Environmental Management System. In addition, automotive industry standard IATF16949 plays an important part in guiding activities within the company and manufacturing partners.

Page 1

 
CEETAK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future outlook (continued)...
 
Value added logistic solutions continue to offer an advantage over our competitors. We tailor logistical needs around the customer to ensure that forecasts are planned, stock is available and customer needs are fulfilled. The ability to offer dedicated stock against customer contracts enable customers to trust in our approach, particularly within an ongoing volatile marketplace.
A strategic decision was taken three years ago, to establish a new warehouse and logistics facility in the Netherlands, which has been operating with great success. Closer proximity to customers has been key in developing efficient logistical solutions, and the company see this being an important supporting pillar for the future.
The Heat Sealing Division achieved a record year of growth, with strong contributions from the food processing sector. This has further raised Ceetak’s profile within this sector across UK and Europe and presents vast opportunities for growth, specifically utilising the company’s patented QPH technology. Medical and bio-pharmaceutical accounts continue to be a  contributor to business diversity, it is anticipated that this will provide growth in the future.
Industry trends are focused on reducing the use of packaging, through thinner gauge films, bio-degradable materials, and other optimising innovations. Ceetak’s application engineering expertise and ability to test different heat-sealing solutions with in-house development machines will be fundamental to supporting customer product developments and generating new opportunities for future growth. 
IT Business Systems facilitate daily operations and provide scope for future innovation within the company. CRM software continues to be embraced within the company, this has provided a dynamic approach for sales whilst enabling adaptability for customer needs. The company ERP system has been embedded within the Dutch operation and supports efficient operations. Further development of ERP will be a focus for the future, to support further efficiencies of the operation. 
The company has embraced Environmental, Social and Governance (ESG) initiatives, and proudly achieved a bronze award from the respected company Ecovardis, placing Ceetak in the top 35% of companies for environmental sustainability management.  Ceetak align their approach to the guiding principles of UN Global Development Goals. The company will continue to challenge itself, its’ suppliers and customers to consider how their business impacts on the environment, employees, society.  
Positioning Ceetak and its brand within its selected marketspace has always been of importance to the leadership of the company and has taken many forms. As digital media has developed, the company have invested significantly to ensure professional presentation of the business, its capabilities and product offerings are communicated. Multiple forms of social medial will continue to be utilised in the future, including the recently developed seals website which has proved successful in generating new customer opportunities. 
Ceetak’s ability to respond to changing market conditions in an agile way and entrepreneurial spirit continues to serve the company well.  The Management Team offer comprehensive knowledge and industry experience bringing strength in the depth and commitment to continuous operational development. Senior leaders are supported in developing and implementing company strategy. Our employees are valued within the business and the Senior Team cultivate a culture of learning, training and respect.
Principal risks and uncertainties
 
Ceetak operate on a global basis and as such must be mindful of geopolitical issues that are present in the world today, from both a strategic and operational perspective. 
The evolution of traditional industries embracing new technologies has required the company to ensure focus covers all appropriate applications. This has been particularly true of the automotive industry evolving towards hybrid and electric vehicle technology.

Page 2

 
CEETAK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties (continued)...
 
Raw material supply challenges have eased, although a small number of challenges within specific grades require close monitoring. The company benefit from strong relationships with its supply base.
The impact of the ongoing war in Ukraine has reduced significantly as supply chains have adapted to the new landscape.
Financial risk management
Ceetak are operating in a number of geographical areas which has assisted in mitigating the financial risk particularly, in foreign exchange as set out below.
• Foreign exchange risk
The Company operates internationally and is exposed to foreign exchange rate volatility arising primarily with the US Dollar and the Euro. The risk occurs through current commercial transactions and although there is a risk to our operating margins, the risk is managed in ways, by matching income and costs and monitoring closely currency fluctuations.
• Credit risk 
Credit risk is the potential loss arising from failure of customers, who are unable to fulfil their obligations as and when they fall due. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made and minimising credit exposure. All cash deposits are made with reputable financial institutions. 
• Liquidity risk
As with all businesses, liquidity is a key risk. The company is in a strong position and able to provide sufficient funds for future growth and investment.

Financial key performance indicators
 
The Company reviews its outputs through KPI's in areas of financial performance, customer service, , manufacturing supply performance, its environmental footprint and employee engagement through personal development plans, incorporating training, welfare and opportunity to progress. 
During this last financial year, the company has continued to operate customer feedback surveys which provide important KPI’s. Responses continue to be positive, and feedback is used to continually develop service levels. 
Turnover 
Turnover increased by 1.8% to £25.1M from the previous year. The Directors consider the performance remains strong as the business has maintained the significant growth achieved in 2023 (14.3%) with a further increase. 
Return on turnover
This shows the ratio of profit on ordinary activities before taxation to turnover as a percentage. The company continues to demonstrate a healthy return of 16.1%.
Gross profit to cost of sales 
This is where we measure the percentage of sales against the cost of goods sold. This remains in a positive situation with growth achieved through activities in key markets.  
Debtor days
This measures the number of days that have monies are due from our customers. Debtor days have risen to 56 days (47 days in 2023) however this does not concern the business as tight controls are in place. 

Page 3

 
CEETAK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators (continued)...
 
Stock turn ratio
The company targeted an inventory level increase for FY 2024 and this was met. The business will continue to evaluate the stock holding requirements in order to support Customer Service and On-Time Deliveries to meet customers’ requirements. The stock turn was 3.07 for FY 2024.


This report was approved by the board on 20 March 2025 and signed on its behalf.



S M Baron
Director

Page 4

 
CEETAK LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of supplying of elastomeric sealing solutions and heat sealing components and systems.

Results and dividends

The profit for the year, after taxation, amounted to £3,083,094 (2023 - £3,372,740).

During the year Ordinary dividends were paid amounting to £1,980,000 (2023 - £1,980,000). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

A J Cleaver 
T R Baron 
S M Baron 
A Wood 
M J Taylor 

Future developments

Likely future developments in the business are discussed in the strategic report.

Page 5

 
CEETAK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 20 March 2025 and signed on its behalf.
 





S M Baron
Director

Page 6

 
CEETAK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK LIMITED
 

Opinion


We have audited the financial statements of Ceetak Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


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


We have nothing to report in this regard.


Page 7

 
CEETAK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and 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 have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement 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 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.


Page 8

 
CEETAK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
-  agreeing the financial statement disclosures to underlying supporting documentation to assess     compliance with provisions of relevant laws and regulations described as having a direct effect on the    financial statements;
-  enquiries of management including those responsible for key regulations;
-  performing analytical procedures to identify any unusual or unexpected relationships that may indicate    isks of material misstatement due to fraud; and
-  we obtained an understanding of the legal and regulatory requirements applicable to the company and    considered that the most significant are the Companies Act 2006, UK financial reporting standards as    issued by the Financial Reporting Council, UK taxation legislation and rules and regulations as     prescribed by the Financial Conduct Authority.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities 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 Auditors' Report.


Page 9

 
CEETAK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Andrew Booth (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

24 March 2025
Page 10

 
CEETAK LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
25,115,250
24,661,414

Cost of sales
  
(14,815,967)
(14,773,875)

Gross profit
  
10,299,283
9,887,539

Administrative expenses
  
(6,392,696)
(5,702,464)

Operating profit
 5 
3,906,587
4,185,075

Interest receivable and similar income
 9 
147,722
48,995

Interest payable and similar expenses
  
(1,342)
-

Profit before tax
  
4,052,967
4,234,070

Tax on profit
 11 
(969,873)
(861,330)

Profit after tax
  
3,083,094
3,372,740

  

  

Retained earnings at the beginning of the year
  
11,520,286
10,127,546

Profit for the year
  
3,083,094
3,372,740

Dividends declared and paid
  
(1,980,000)
(1,980,000)

Retained earnings at the end of the year
  
12,623,380
11,520,286

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
CEETAK LIMITED
REGISTERED NUMBER: 02251723

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
359,540
436,410

Investments
 14 
2,193
2,193

  
361,733
438,603

Current assets
  

Stocks
 15 
4,560,320
5,232,892

Debtors: amounts falling due within one year
 16 
5,409,462
4,137,930

Cash at bank and in hand
 17 
8,214,322
7,770,327

  
18,184,104
17,141,149

Creditors: amounts falling due within one year
 18 
(5,884,107)
(6,015,207)

Net current assets
  
 
 
12,299,997
 
 
11,125,942

Total assets less current liabilities
  
12,661,730
11,564,545

Provisions for liabilities
  

Deferred tax
 20 
(38,250)
(44,159)

  
 
 
(38,250)
 
 
(44,159)

Net assets
  
12,623,480
11,520,386


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
  
12,623,380
11,520,286

  
12,623,480
11,520,386


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2025.




A J Cleaver
S M Baron
Director
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Ceetak Limited is a private company limited by shares incorporated in England and Wales. The registered office and trading address is Fraser Road, Priory Business Park, Bedford, Bedfordshire, MK44 3WH.
The level of rounding applied in the financial statements is to the nearest GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ceetak Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House..

 
2.3

Going concern

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

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be    recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax    allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Development costs

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasbility can be demonstrated. 

Page 15

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, at varying rates:.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the term of the lease
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% to 33% straight line
Computer equipment
-
15% to 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors' are required to make significant judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Details of the company's significant accounting judgements and critical accounting estimates include:
Impairment of stock
Management have assessed the need to write off or provide against any specific items based on the levels held at period end and the expected sales of such items in the immediate period post year end. Management take into account historic sales data at the date the estimate is made.
Impairment of trade debtors
The recoverability of trade debtors has been assessed at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
25,115,250
24,661,414


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,135,899
7,787,963

Rest of Europe
10,396,608
9,174,760

Rest of the world
6,582,743
7,698,691

25,115,250
24,661,414


Page 18

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
6,386
743

Exchange differences
49,401
(135,218)

Other operating lease rentals
178,183
179,517

Depreciation of owned tangible fixed assets
184,424
163,217

Loss / (profit) on disposal of tangbile fixed assets
1,178
(25,956)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,250
19,250


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,777,558
3,492,154

Social security costs
480,245
379,315

Cost of defined contribution scheme
323,836
355,053

4,581,639
4,226,522


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management staff
15
14



Administrative staff
30
29



Production staff
28
27

73
70

Page 19

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
727,379
681,693

Company contributions to defined contribution pension schemes
76,796
70,980

804,175
752,673


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £323,389 (2023 - £312,951).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £32,195 (2023 - £29,297).


9.


Interest receivable

2024
2023
£
£


Interest on bank deposits
147,722
48,995


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
1,342
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
989,804
856,523

Adjustments in respect of previous periods
(14,022)
5,277


Deferred tax


Origination and reversal of timing differences
(5,909)
(470)


Taxation on profit on ordinary activities
969,873
861,330
Page 20

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,052,967
4,234,070


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,013,242
867,984

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
834
632

Capital allowances for year in excess of depreciation
15,728
(12,093)

Adjustments to tax charge in respect of prior periods
(14,022)
5,277

Short-term timing difference leading to an increase (decrease) in taxation
(5,909)
(470)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(25,000)
-

Additional deduction in relation to patent box
(15,000)
-

Total tax charge for the year
969,873
861,330


12.


Dividends

2024
2023
£
£


Dividends
1,980,000
1,980,000

Page 21

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets





Leasehold land and buildings
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
460,657
137,929
687,851
351,981
1,638,418


Additions
9,995
29,250
22,666
51,820
113,731


Disposals
-
(16,114)
(38,607)
(28,791)
(83,512)



At 30 June 2024

470,652
151,065
671,910
375,010
1,668,637



Depreciation


At 1 July 2023
382,101
102,174
535,480
182,253
1,202,008


Charge for the year on owned assets
25,402
30,538
48,598
79,885
184,423


Disposals
-
(16,114)
(38,607)
(22,613)
(77,334)



At 30 June 2024

407,503
116,598
545,471
239,525
1,309,097



Net book value



At 30 June 2024
63,149
34,467
126,439
135,485
359,540



At 30 June 2023
78,556
35,755
152,371
169,728
436,410

Page 22

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
2,193



At 30 June 2024
2,193





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Ceetak EU B.V
Industrieweg 16, 6662PA Elst, Netherlands
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Ceetak EU B.V

39,523
62,013


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,560,320
5,232,892



16.


Debtors

2024
2023
£
£


Trade debtors
3,864,580
3,144,686

Amounts owed by group undertakings
1,372,164
859,767

Other debtors
2,488
3,383

Prepayments and accrued income
170,230
130,094

5,409,462
4,137,930


Page 23

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,214,322
7,770,327



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
507,579
824,460

Amounts owed to group undertakings
2,074,716
2,896,458

Corporation tax
465,790
385,423

Other taxation and social security
386,399
224,921

Other creditors
30,880
28,672

Accruals and deferred income
2,418,743
1,655,273

5,884,107
6,015,207



19.


Financial instruments

2024
2023
£
£

Financial assets


Measured at fair value through profit or loss
8,214,322
7,770,327

Debt instruments measured at amortised cost
6,508,589
4,007,836

14,722,911
11,778,163


Financial liabilities


Measured at amortised cost
605,434
3,749,590


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
Financial assets measured at amortised cost comprise of trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, amounts owed to group undertakings and other creditors.

Page 24

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Deferred taxation




2024
2023


£

£






At beginning of year
(44,159)
(44,629)


Charged to profit or loss
5,909
470



At end of year
(38,250)
(44,159)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(45,970)
(51,327)

Other temporary timing differences
7,720
7,168

(38,250)
(44,159)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) 100 shares of £1.00 each
100
100



22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £323,836 (2023 - £355,053). Contributions totalling £30,880 (2023 - £28,672) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
216,803
216,803

Later than 1 year and not later than 5 years
310,838
448,997

527,641
665,800

Page 25

 
CEETAK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group companies.
During the year the company paid rent to Ceetak Retirement Benefit Scheme, a pension scheme in which some of the directors are the beneficiaries. The rent payable for the year totalled £190,438 (2023 - £152,329).
Amounts totalling £45,390 (2023 - £Nil) were oustanding to the Ceetak Retirement Benefit Scheme at the year end.
The gross remuneration of key management and personnel is £804,176 (2023 - £752,673).


25.


Controlling party

The immediate and ultimate parent company is Ceetak Holdings Limited, a company registered in England and Wales. The company's results are included in the consolidated accounts of Ceetak Holdings Limited which are publically available at Companies House, or from the registered office Fraser Road, Priory Business Park, Bedford, Bedfordshire, MK44 3WH.


Page 26