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Registered number: 01001255










CEETAK HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
CEETAK HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
T R Baron 
S M Baron 
P A M Baron 




Company secretary
S M Baron



Registered number
01001255



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Income and Retained Earnings
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 31


 
CEETAK HOLDINGS LIMITED
 

GROUP 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 Group 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 Group 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 Group.
 
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 Group's statement of income and retained earnings, the Group maintained strong sales and healthy profitability. Contributions being spread over multiple industries in which the Group 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 Group's net assets at the year-end have increased from £18.83M to £21.65M. The directors consider that the Group 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 Group 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 Group 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 Group activities. Internal audits as well as ISO external examination and a management culture of continuous improvement underpin future business growth and drive efficiencies. The Group 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 Group and manufacturing partners.

Page 1

 
CEETAK HOLDINGS LIMITED
 

GROUP 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 Group 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 Group’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 Group. CRM software continues to be embraced within the Group, this has provided a dynamic approach for sales whilst enabling adaptability for customer needs. The Group 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 Group 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 Group 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 Group and has taken many forms. As digital media has developed, the Group 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 Group 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 Group 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 Group 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 HOLDINGS LIMITED
 

GROUP 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 Group 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 Group 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 Group 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 Group is in a strong position and able to provide sufficient funds for future growth and investment.

Financial key performance indicators
 
The Group 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 Group 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 Group continues to demonstrate a healthy return of 16.4%.
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 HOLDINGS LIMITED
 

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

Financial key performance indicators (continued)...
 
Stock turn ratio
The Group 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 HOLDINGS 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 Group Strategic Report, the Directors' Report and the consolidated 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 the 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 for the Group'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 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group continued to be that of suplying of elastomeric selaing solutions and heat
sealing components and systems.

Results and dividends

The profit for the year, after taxation, amounted to £3,104,324 (2023 - £3,431,309).

Ordinary dividends were paid amounting to £281,218 (2023 - £287,821). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

T R Baron 
S M Baron 
P A M Baron 

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 and the Group'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 and the Group's auditors are aware of that information.

Page 5

 
CEETAK HOLDINGS LIMITED
 

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

Post balance sheet events

There have been no significant events affecting the Group 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 HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Ceetak Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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 Group's and of the parent Company's affairs as at 30 June 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 Auditors' 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 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 Group's or the parent 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 HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK HOLDINGS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 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.


Page 8

 
CEETAK HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK HOLDINGS 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 Group 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:

Company and the industry in which they operate 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    risks of material misstatement due to fraud; and
-  we obtained an understanding of the legal and regulatory requirements applicable to the Group 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 HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEETAK HOLDINGS 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 HOLDINGS LIMITED
 

CONSOLIDATED 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
  
(14,923,557)
(14,768,179)

Gross profit
  
10,191,693
9,893,235

Administrative expenses
  
(6,392,097)
(5,698,438)

Other operating income
 5 
5,610
-

Operating profit
 6 
3,805,206
4,194,797

Interest receivable and similar income
 10 
321,266
96,381

Interest payable and similar expenses
 11 
(12,252)
(8,284)

Profit before tax
  
4,114,220
4,282,894

Tax on profit
 12 
(1,009,896)
(851,585)

Profit after tax
  
3,104,324
3,431,309

  

  

Retained earnings at the beginning of the year
  
18,807,011
15,663,523

Profit for the year attributable to the owners of the parent
  
3,104,324
3,431,309

Dividends declared and paid
  
(281,218)
(287,821)

Retained earnings at the end of the year
  
21,630,117
18,807,011

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 
CEETAK HOLDINGS LIMITED
REGISTERED NUMBER: 01001255

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
495,170
529,911

Current assets
  

Stocks
 16 
4,560,320
5,232,892

Debtors: amounts falling due within one year
 17 
3,920,769
3,374,318

Cash at bank and in hand
 18 
16,651,774
12,700,165

  
25,132,863
21,307,375

Creditors: amounts falling due within one year
 19 
(3,939,666)
(2,966,116)

Net current assets
  
 
 
21,193,197
 
 
18,341,259

Total assets less current liabilities
  
21,688,367
18,871,170

Provisions for liabilities
  

Deferred taxation
 21 
(38,250)
(44,159)

Net assets
  
21,650,117
18,827,011


Capital and reserves
  

Called up share capital 
 22 
20,000
20,000

Profit and loss account
 23 
21,630,117
18,807,011

  
21,650,117
18,827,011


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




T R Baron
S M Baron
Director
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
CEETAK HOLDINGS LIMITED
REGISTERED NUMBER: 01001255

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,289
20,886

Investments
 15 
100
100

  
1,389
20,986

Current assets
  

Debtors: amounts falling due within one year
 17 
2,082,640
2,913,920

Cash at bank and in hand
 18 
7,238,215
4,522,689

  
9,320,855
7,436,609

Creditors: amounts falling due within one year
 19 
(189,780)
(129,689)

Net current assets
  
 
 
9,131,075
 
 
7,306,920

Total assets less current liabilities
  
9,132,464
7,327,906

  

  

Net assets
  
9,132,464
7,327,906


Capital and reserves
  

Called up share capital 
 22 
20,000
20,000

Profit and loss account brought forward
  
7,307,906
5,596,322

Profit for the year
  
2,085,776
1,999,405

Other changes in the profit and loss account

  

(281,218)
(287,821)

Profit and loss account carried forward
  
9,112,464
7,307,906

  
9,132,464
7,327,906


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


T R Baron
S M Baron
Director
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
CEETAK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,104,324
3,431,309

Adjustments for:

Depreciation of tangible assets
226,881
195,134

Loss on disposal of tangible assets
(12,875)
(25,669)

Interest paid
12,252
8,284

Interest received
(321,266)
(96,381)

Taxation charge
1,009,896
851,585

Decrease/(increase) in stocks
672,572
(548,092)

(Increase)/decrease in debtors
(546,451)
175,560

Increase/(decrease) in creditors
857,320
(1,532,650)

Corporation tax (paid)
(899,575)
(789,339)

Net cash generated from operating activities

4,103,078
1,669,741


Cash flows from investing activities

Purchase of tangible fixed assets
(209,015)
(245,262)

Sale of tangible fixed assets
29,750
48,309

Interest received
321,266
96,381

Net cash from investing activities

142,001
(100,572)

Cash flows from financing activities

Dividends paid
(281,218)
(287,821)

Interest paid
(12,252)
(8,284)

Net cash used in financing activities
(293,470)
(296,105)

Net increase in cash and cash equivalents
3,951,609
1,273,064

Cash and cash equivalents at beginning of year
12,700,165
11,427,101

Cash and cash equivalents at the end of year
16,651,774
12,700,165


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
16,651,774
12,700,165


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
CEETAK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

12,700,165

3,951,609

16,651,774


-

-

-


The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
CEETAK HOLDINGS LIMITED
 

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

1.


General information

Ceetak Holdings Limited is a private company domiciled and incorporated in England and Wales. The registered office amd trading address is Fraser Road, Priory Business Park, Bedford, Bedfordshire, MK44 3WH.
The Group consists of Ceetak Holdings Limited and all of its subsidiaries.
The level of rounding applied in these 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2015.

Page 16

 
CEETAK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 17

 
CEETAK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Operating leases: the Group 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.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

 
CEETAK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.10

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 and the Group operate and generate 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;
-  Any deferred tax balances are reversed if and when all conditions for retaining associated     tax allowances have been met; and
-  Where they relate to timing differences in respect of interests in subsidiaries, associates,     branches and joint ventures and the Group can control the reversal of the timing differences   and such reversal is not considered probable in the foreseeable future.
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.

 
2.11

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 feasibility can be demonstrated.

Page 19

 
CEETAK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

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
Plant, machinery and equipment
-
15 to 33% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
CEETAK HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of
the obligation, and are measured at the best estimate at the balance sheet date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.19

Financial instruments

The Group 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.

 
2.20

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group'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 group'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

Page 21

 
CEETAK HOLDINGS LIMITED
 

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

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



5.


Other operating income

2024
2023
£
£

Commissions receivable
5,610
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
6,386
743

Exchange differences
156,360
(140,914)

Other operating lease rentals
178,183
179,517

Depreciation of tangible fixed assets
226,881
195,134

Defined contribution pension cost
323,836
355,053

Profit on disposal of tangible fixed assets
(12,875)
(25,669)


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,250
9,500

Page 22

 
CEETAK HOLDINGS LIMITED
 

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

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,090,121
3,671,966
105,305
87,287

Social security costs
560,976
436,069
25,604
24,291

Cost of defined contribution scheme
323,836
355,053
-
-

4,974,933
4,463,088
130,909
111,578


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management staff
18
12
3
3



Administrative staff
30
30
-
-



Production staff
28
28
-
-

76
70
3
3


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
196,195
172,689


The highest paid director received remuneration of £180,680 (2023 - £169,139).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
321,266
96,381


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
12,252
8,284

Page 23

 
CEETAK HOLDINGS LIMITED
 

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,029,827
860,683

Adjustments in respect of previous periods
(14,022)
(8,628)


Deferred tax


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


Taxation on profit on ordinary activities
1,009,896
851,585

Factors affecting tax charge for the year

The tax assessed for the year is higher 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
4,114,220
4,282,894


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,028,555
877,993

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
27,574
304

Capital allowances for year in excess of depreciation
19,301
(9,585)

Adjustments to tax charge in respect of prior periods
(14,022)
(8,628)

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

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(5,603)
(8,029)

Research and development tax credit
(25,000)
-

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

Total tax charge for the year
1,009,896
851,585


13.


Dividends

2024
2023
£
£


Ordinary dividends paid
281,218
287,821

Page 24

 
CEETAK HOLDINGS LIMITED
 

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

14.


Tangible fixed assets

Group






Leasehold land and buildings
Plant machinery and equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023
503,725
1,093,294
189,228
1,786,247


Additions
47,383
98,758
62,873
209,014


Disposals
-
(70,204)
(67,413)
(137,617)



At 30 June 2024

551,108
1,121,848
184,688
1,857,644



Depreciation


At 1 July 2023
391,032
732,140
133,164
1,256,336


Charge for the year on owned assets
40,060
142,065
44,755
226,880


Disposals
-
(64,026)
(56,716)
(120,742)



At 30 June 2024

431,092
810,179
121,203
1,362,474



Net book value



At 30 June 2024
120,016
311,669
63,485
495,170



At 30 June 2023
112,693
361,154
56,064
529,911




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
120,016
112,693

120,016
112,693


Page 25

 
CEETAK HOLDINGS LIMITED
 

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

           14.Tangible fixed assets (continued)


Company






Motor vehicles
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 July 2023
51,299
5,755
57,054


Additions
-
974
974


Disposals
(51,299)
(2,806)
(54,105)



At 30 June 2024

-
3,923
3,923



Depreciation


At 1 July 2023
30,990
5,178
36,168


Charge for the year on owned assets
9,612
262
9,874


Disposals
(40,602)
(2,806)
(43,408)



At 30 June 2024

-
2,634
2,634



Net book value



At 30 June 2024
-
1,289
1,289



At 30 June 2023
20,309
577
20,886






Page 26

 
CEETAK HOLDINGS LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
100



At 30 June 2024
100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Ceetak Limited
Same as the parent company, Ceetak Holdings Limited.
Ordinary
100
Ceetak EU B.V. Elst (wholly owned subsidiary of Ceetak Limited)
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 undertakings were as follows:

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

Ceetak Limited
12,623,480
3,083,094

Ceetak EU B.V. Elst (wholly owned subsidiary of Ceetak Limited)

(77)
22,413


16.


Stocks

Group
Group
2024
2023
£
£

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


Page 27

 
CEETAK HOLDINGS LIMITED
 

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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,667,916
3,144,686
-
-

Amounts owed by group undertakings
-
-
2,075,166
2,896,458

Other debtors
52,721
98,872
7,474
16,796

Prepayments and accrued income
200,132
130,760
-
666

3,920,769
3,374,318
2,082,640
2,913,920



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
16,651,774
12,700,165
7,238,215
4,522,689



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
428,967
511,835
-
-

Corporation tax
505,813
389,583
40,023
4,160

Other taxation and social security
405,213
233,875
11,337
5,087

Other creditors
95,352
82,548
64,472
50,286

Accruals and deferred income
2,504,321
1,748,275
73,948
70,156

3,939,666
2,966,116
189,780
129,689


Page 28

 
CEETAK HOLDINGS LIMITED
 

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

20.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Measured at fair value through profit or loss
16,651,774
12,700,165
7,238,215
4,522,689

Measured at amortised cost
3,720,637
3,243,558
102,640
2,913,254

20,372,411
15,943,723
7,340,855
7,435,943


Financial liabilities

Measured at amortised cost
524,319
594,383
64,472
50,286


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


21.


Deferred taxation


Group



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)

Company





The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

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

Other temporary timing differences
7,720
7,168

(38,250)
(44,159)

Page 29

 
CEETAK HOLDINGS LIMITED
 

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

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,500 (2023 - 12,500) 'A' Ordinary shares shares of £1.00 each
12,500
12,500
4,000 (2023 - 4,000) 'B' Ordinary shares shares of £1.00 each
4,000
4,000
3,000 (2023 - 3,000) 'C' Ordinary shares shares of £1.00 each
3,000
3,000
500 (2023 - 500) 'D' Ordinary shares shares of £1.00 each
500
500

20,000

20,000



23.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.


25.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
273,409
273,409

Later than 1 year and not later than 5 years
405,130
600,050

678,539
873,459
Page 30

 
CEETAK HOLDINGS LIMITED
 

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

26.


Related party transactions

During the year, the group paid rent to Ceetak Retirement Benefit Scheme totalling £190,438 (2023 - £152,329).
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
During the year the Company operated a loan account with T R Baron, a director of the Company. Interest totalling £3,340 (2023 - £3,812) was charged to the company during the year. The amount due to T R Baron at the year end was £30,727 (2023 - £1,923).
During the year the Company operated a loan account with S M Baron, a director of the Company. Interest totalling £3,164 (2023 - £1,474) was charged to the company during the year. The amount due to S M Baron at the year end was £23,247 (2023 - £24,490).
During the year the Company operated a loan account with P A M Baron, a director of the Company. Interest totalling £2,232(2023 - £1,338) was charged to the company during the year. The amount due to P A M Baron at the year end was £10,498 (2023 - £23,872).


27.


Controlling party

The company and group were under control of Mr T R Baron throughout the current and previous year. Mr T R Baron is director and majority shareholder of the holding company.


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