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REGISTERED NUMBER: 03353540 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2024

for

Pantek Limited

Pantek Limited (Registered number: 03353540)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Pantek Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: J E Bailey
I Bailey
Mrs C Bailey





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: Unit 1 Oakfield Road
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3GX





REGISTERED NUMBER: 03353540 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

Pantek Limited (Registered number: 03353540)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
Group revenue declined slightly in 2024 as market conditions proved challenging. We are planning for healthy growth in the next financial year as we pursue our strategy of transitioning to a subscription-based software environment and we expect investment in our own Software IP offerings gather momentum. The Pantek Group continues to invest significant amounts, around 5% of revenue during the year to 31st August 2024, in both product and market development. This is mainly centred on the development of our own Intellectual Property (software) within our M.A.C. Solutions (UK) Ltd subsidiary which has seen orders double in FY24. This particular investment is mid cycle and we remain committed to pursuit of our vision. Overall we expect Group profits to remain healthy despite the drag on performance as we transition to a more subscription based business.

Financial key performance indicators

2024 2023
Gross profit margin 49.76% 45.57%
Net profit margin 8.87% 3.23%
Debtor days 45 52
Creditor days 39 30
Stock turnover days 6 6

Non financial key performance indicators

-Customer satisfaction - measured using Net Promoter score
- Employee engagement - measured through Best Companies Survey and Sunday Times Top 100 program
- Sales effectiveness - revenue per employee and salesman
- Business mix - percentage of annuity business; percentage of non-Aveva business.


Pantek Limited (Registered number: 03353540)

Group Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitors the key risks facing the business such as: economic indicators, competitor pressure, reliance on key suppliers, loss of key personnel, and reliance on key customers.

Economic indicators - the group acknowledges the importance of monitoring the economic climate to be able to identify the early signs of potential financial difficulties and opportunities. This is done in several ways including maintaining close relationships with our customers, system integrators and suppliers to share knowledge of our markets, whilst taking input from our relationships with Industry bodies and professional advisors, together with attendance at economic forum events.

Competitor pressure - the market in which the group operates is competitive. The group aims to combine its deep knowledge of the industrial environment with a blend of market leading products and services together with great customer service to build and maintain strong relationships with its key customers.

Reliance on key suppliers - the group has had an established relationship with its principal supplier since 1991. The importance of this relationship within the organisation is well understood and the group actively manages this relationship to ensure goals, objectives, and success for both parties are achieved. We have recently signed a new agreement with the principal supplier, becoming an Aveva Select Partner, giving us access to a larger portfolio of products. Management is also focussed on growing other parts of the business to compliment the offerings from our principal supplier.

Loss of key personnel - this would present significant operational difficulties for the group. Management seeks to ensure that key personnel are appropriately motivated and rewarded to ensure that good performance is recognised.

Reliance on key customers - the Group monitors the amount of revenue per customer to ensure that it is not over reliant on any one customer. The breadth of sectors within which the group operates helps to mitigate its exposure to individual customers.

The group's operations expose it to a variety of financial risks that include the effect of changes in debt market prices, credit risk, liquidity risk, exchange rate risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate or exchange rate costs and as such, no hedge accounting is applied although forward currency contracts are at times utilised.

Given the size of the group the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by each group's finance department. The department has a policy and procedures manual that sets out specific guidelines to manage interest rate risk, credit risk, and circumstances where it would be appropriate to use financial instruments to manage these.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Where debt finance is utilised, this is subject to pre-approval by the Board of Directors. The amount of exposure to any individual counterparty is subject to a limit reassessed annually by the board.

Liquidity risk
The group actively maintains a mixture of long- and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

FUTURE DEVELOPMENTS
The Group will pursue its goal of being a leading player in the convergence of Information and Operational Technology, bringing the benefits of the IT world to the industrial world. Our development plans include extending our SCADA expertise by broadening our product offering and extending our market reach through partner collaboration and to the new markets of Industrial digitalisation.

We will further support our customers by developing a portfolio of managed services allowing our customers to minimise the risks in managing their Industrial IT infrastructures.

ON BEHALF OF THE BOARD:





J E Bailey - Director


13 December 2024

Pantek Limited (Registered number: 03353540)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of digital transformation solutions and services for the industrial world, in particular the manufacturing and infrastructure sectors.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 162,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

J E Bailey
I Bailey
Mrs C Bailey

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal risks and uncertainties are disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J E Bailey - Director


13 December 2024

Report of the Independent Auditors to the Members of
Pantek Limited

Opinion
We have audited the financial statements of Pantek Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Pantek Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Report of the Independent Auditors to the Members of
Pantek Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the IT industry;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation as well as regulations relating to the management and storage of data as well as the safe disposal of electrical equipment.

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Report of the Independent Auditors to the Members of
Pantek Limited


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Jeremy Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

13 December 2024

Pantek Limited (Registered number: 03353540)

Consolidated Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £    £   

TURNOVER 3 25,665,800 26,076,873

Cost of sales 12,894,458 14,193,261
GROSS PROFIT 12,771,342 11,883,612

Administrative expenses 11,847,301 11,131,339
924,041 752,273

Other operating income - 30,088
OPERATING PROFIT 5 924,041 782,361

Income from fixed asset investments 189,378 208,553
Interest receivable and similar income 147,476 99,543
336,854 308,096
1,260,895 1,090,457
Gain/loss on revaluation of investments 1,041,996 (194,901 )
2,302,891 895,556

Interest payable and similar expenses 6 25,383 52,517
PROFIT BEFORE TAXATION 2,277,508 843,039

Tax on profit 7 349,120 175,289
PROFIT FOR THE FINANCIAL YEAR 1,928,388 667,750
Profit attributable to:
Owners of the parent 1,836,270 529,356
Non-controlling interests 92,118 138,394
1,928,388 667,750

Pantek Limited (Registered number: 03353540)

Consolidated Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,928,388 667,750


OTHER COMPREHENSIVE INCOME
Currency translation differences 23,339 (4,936 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

23,339

(4,936

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,951,727 662,814

Total comprehensive income attributable to:
Owners of the parent 1,859,608 524,420
Non-controlling interests 92,119 138,394
1,951,727 662,814

Pantek Limited (Registered number: 03353540)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 1,357,990 1,580,000
Tangible assets 11 382,712 371,869
Investments 12 - -
1,740,702 1,951,869

CURRENT ASSETS
Stocks 13 157,339 237,078
Debtors 14 4,312,938 4,760,288
Investments 15 10,749,004 9,247,772
Cash at bank and in hand 6,111,295 4,231,216
21,330,576 18,476,354
CREDITORS
Amounts falling due within one year 16 9,384,141 8,569,435
NET CURRENT ASSETS 11,946,435 9,906,919
TOTAL ASSETS LESS CURRENT LIABILITIES 13,687,137 11,858,788

PROVISIONS FOR LIABILITIES 18 328,905 263,232
NET ASSETS 13,358,232 11,595,556

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Share premium 20 (5,000 ) (5,000 )
Other reserves 20 233,375 233,375
Retained earnings 20 13,023,762 11,326,153
SHAREHOLDERS' FUNDS 13,262,137 11,564,528

NON-CONTROLLING INTERESTS 21 96,095 31,028
TOTAL EQUITY 13,358,232 11,595,556

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by:





J E Bailey - Director


Pantek Limited (Registered number: 03353540)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,611,351 4,111,351
5,611,351 4,111,351

CURRENT ASSETS
Debtors 14 185 185
Investments 15 10,749,004 9,247,772
Cash at bank 10,939 771,659
10,760,128 10,019,616
CREDITORS
Amounts falling due within one year 16 3,918,481 8,968,344
NET CURRENT ASSETS 6,841,647 1,051,272
TOTAL ASSETS LESS CURRENT LIABILITIES 12,452,998 5,162,623

PROVISIONS FOR LIABILITIES 18 260,500 202,569
NET ASSETS 12,192,498 4,960,054

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Share premium 20 (5,000 ) (5,000 )
Retained earnings 20 12,187,498 4,955,054
SHAREHOLDERS' FUNDS 12,192,498 4,960,054

Company's profit for the financial year 7,394,444 1,064,595

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by:





J E Bailey - Director


Pantek Limited (Registered number: 03353540)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 September 2022 10,000 10,891,733 (5,000 )

Changes in equity
Dividends - (90,000 ) -
Total comprehensive income - 524,420 -
Balance at 31 August 2023 10,000 11,326,153 (5,000 )

Changes in equity
Dividends - (162,000 ) -
Total comprehensive income - 1,859,609 -
Balance at 31 August 2024 10,000 13,023,762 (5,000 )
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 September 2022 233,375 11,130,108 135,053 11,265,161

Changes in equity
Dividends - (90,000 ) (242,419 ) (332,419 )
Total comprehensive income - 524,420 138,394 662,814
Balance at 31 August 2023 233,375 11,564,528 31,028 11,595,556

Changes in equity
Dividends - (162,000 ) (27,052 ) (189,052 )
Total comprehensive income - 1,859,609 92,119 1,951,728
Balance at 31 August 2024 233,375 13,262,137 96,095 13,358,232

Pantek Limited (Registered number: 03353540)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 10,000 3,980,459 (5,000 ) 3,985,459

Changes in equity
Dividends - (90,000 ) - (90,000 )
Total comprehensive income - 1,064,595 - 1,064,595
Balance at 31 August 2023 10,000 4,955,054 (5,000 ) 4,960,054

Changes in equity
Dividends - (162,000 ) - (162,000 )
Total comprehensive income - 7,394,444 - 7,394,444
Balance at 31 August 2024 10,000 12,187,498 (5,000 ) 12,192,498

Pantek Limited (Registered number: 03353540)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,322,912 1,607,439
Interest paid (25,382 ) (52,517 )
Tax paid (61,287 ) (274,828 )
Net cash from operating activities 2,236,243 1,280,094

Cash flows from investing activities
Purchase of tangible fixed assets (126,019 ) (173,416 )
Sale of tangible fixed assets 5,197 2,899
Purchase/Sale of fixed asset investments (483,151 ) (1,017,279 )
Interest received 147,476 99,543
Dividends received 189,378 208,553
Net cash from investing activities (267,119 ) (879,700 )

Cash flows from financing activities
Amount introduced by directors 100,007 40,000
Amount withdrawn by directors - (100,007 )
Equity dividends paid (162,000 ) (90,000 )
Dividends paid to minority interests (27,052 ) (242,419 )
Net cash from financing activities (89,045 ) (392,426 )

Increase in cash and cash equivalents 1,880,079 7,968
Cash and cash equivalents at beginning of year 2 4,231,216 4,223,248

Cash and cash equivalents at end of year 2 6,111,295 4,231,216

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,277,508 843,039
Depreciation charges 331,606 324,693
Loss on disposal of fixed assets 24,297 -
(Gain)/loss on revaluation of fixed assets (1,041,996 ) 194,901
Foreign exchange 23,339 (4,936 )
Impairment of tangible asset - 1,944
Finance costs 25,383 52,517
Finance income (336,854 ) (308,096 )
1,303,283 1,104,062
Decrease/(increase) in stocks 79,739 (46,548 )
Decrease in trade and other debtors 385,025 253,155
Increase in trade and other creditors 554,865 296,770
Cash generated from operations 2,322,912 1,607,439

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 6,111,295 4,231,216
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 4,231,216 4,223,248


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.9.23 Cash flow changes At 31.8.24
£    £    £    £   
Net cash
Cash at bank
and in hand 4,231,216 1,880,079 6,111,295
4,231,216 1,880,079 6,111,295

Liquid resources
Current asset
investments 9,247,772 483,151 1,018,081 10,749,004
9,247,772 483,151 1,018,081 10,749,004
Total 13,478,988 2,363,230 1,018,081 16,860,299

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Pantek Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes the Group will have sufficient funds to continue to pay its debts as and when they fall due and thus continue to trade. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future based on its forecasts and projections. In making their assessment, the directors have considered a period of at least 12 months from the date of signing these financial statements.

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.

The consolidated financial statements incorporate the results of the business combinations using the acquisition method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the date of acquisition. The results of acquired operations are included in the consolidated Profit and Loss Account from the date on which control is obtained.

The consolidated financial statements incorporate the results of the business combinations using the merger method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised as if it had always been in place. The results of acquired operations are included in the consolidated Profit and Loss Account.

Critical accounting judgements and key sources of estimation uncertainty
The critical judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key judgements

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 the company has transferred the significant risks and rewards of ownership to the buyer and the company retains no ownership or effective control over the goods sold.

Long term licensing contracts
Revenue from licensing contracts is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Long term support contracts
Long term support contract revenue is recognised on a straight line basis over the period of the contract.

Recoverability of trade debtors
The group establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

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, as described below.

Motor vehicles - 33% straight line
Fixtures and fittings - 10-100% straight line
Computer equipment - 20-100% straight line

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


Determining residual values of tangible assets
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Estimated useful life of tangible assets
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' ans Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 19,283,300 19,187,021
Rest of world 6,382,500 6,889,852
25,665,800 26,076,873

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,596,413 7,195,532
Social security costs 885,734 975,850
Other pension costs 762,276 621,575
9,244,423 8,792,957

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administrative staff 27 26
Sales and technical staff 129 128
156 154

2024 2023
£    £   
Directors' remuneration 180,342 177,321

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,704 1,954
Other operating leases 548,201 535,486
Depreciation - owned assets 109,596 102,689
Loss/(profit) on disposal of fixed assets 24,297 (188,759 )
Goodwill amortisation 210,404 210,404
Patents and licences amortisation 11,606 11,600
Auditors' remuneration 25,240 22,795
Auditors' remuneration for non audit work 11,000 14,222
Foreign exchange differences 4,968 13,012

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 25,383 52,517

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 301,618 140,676
previous years (16,725 ) (35,380 )
Total current tax 284,893 105,296

Deferred tax 64,227 69,993
Tax on profit 349,120 175,289

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,277,508 843,039
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

569,377

160,177

Effects of:
Expenses not deductible for tax purposes 58,697 37,738
Income not taxable for tax purposes (301,865 ) (77,710 )
Capital allowances in excess of depreciation (1,467 ) (206,522 )
Adjustments to tax charge in respect of previous periods (16,725 ) 99,916
Chargeable gains 1,836 -
Other timing difference 57,901 109,723
Change in tax rates (18,634 ) 51,967

Total tax charge 349,120 175,289

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Currency translation differences 23,339 - 23,339

2023
Gross Tax Net
£    £    £   
Currency translation differences (4,936 ) - (4,936 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 162,000 90,000

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 2,104,038 243,244 2,347,282
AMORTISATION
At 1 September 2023 640,253 127,029 767,282
Amortisation for year 210,404 11,606 222,010
At 31 August 2024 850,657 138,635 989,292
NET BOOK VALUE
At 31 August 2024 1,253,381 104,609 1,357,990
At 31 August 2023 1,463,785 116,215 1,580,000

11. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 524,994 116,623 420,187 1,061,804
Additions 41,555 - 84,464 126,019
Disposals (4,135 ) - (5,580 ) (9,715 )
At 31 August 2024 562,414 116,623 499,071 1,178,108
DEPRECIATION
At 1 September 2023 341,862 71,036 277,037 689,935
Charge for year 23,210 16,982 69,404 109,596
Eliminated on disposal (4,135 ) - - (4,135 )
At 31 August 2024 360,937 88,018 346,441 795,396
NET BOOK VALUE
At 31 August 2024 201,477 28,605 152,630 382,712
At 31 August 2023 183,132 45,587 143,150 371,869

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST
At 1 September 2023
and 31 August 2024 33,073
PROVISIONS
At 1 September 2023
and 31 August 2024 33,073
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -
Company
Shares in
group
undertakings
£   
COST
At 1 September 2023 4,111,351
Additions 1,500,000
At 31 August 2024 5,611,351
NET BOOK VALUE
At 31 August 2024 5,611,351
At 31 August 2023 4,111,351


The list of subsidiaries is as follows;

Name Registered office Nature of business Interest

Solutions PT Limited Unit 1 Oakfield road, Cheadle
Royal Business Park, Cheadle,
Cheshire, SK8 3GX
Sale of hardware, software and
consultancy
100% ordinary
shares

Pantek (CS) Limited Susilova 1528/1, 500 02 Hrdec,
Kralove, Czech Republic
Sale of hardware, software and
consultancy
76.2% ordinary
shares

M.A.C. Solutions (UK) Limited Unit 1 Oakfield road, Cheadle
Royal Business Park, Cheadle,
Cheshire, SK8 3GX
Sale of hardware, software and
consultancy
100% ordinary
shares

M.A.C. Solutions SARL 1 Avenue Christian DopplerBât
3, 77700 Serris,Paris, France
Sale of hardware, software and
consultancy
100% ordinary
shares

Processvue Inc 16192 Coastal Highway, Lewes,
Delaware 19958, County of
Sussex
Sale of hardware, software and
consultancy
100% ordinary
shares

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

13. STOCKS

Group
2024 2023
£    £   
Stocks 157,339 237,078

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,181,586 3,726,188 - -
Other debtors 744,102 596,985 185 185
Directors' current accounts - 100,007 - -
Tax 37,682 - - -
Prepayments 349,568 337,108 - -
4,312,938 4,760,288 185 185

15. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 10,749,004 9,247,772 10,749,004 9,247,772

Market value of listed investments at 31 August 2024 held by the group and the company - £ (10,749,004) (2023 - £ (9,247,772) ).

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,363,030 1,147,795 - -
Amounts owed to group undertakings - - 3,916,646 8,968,314
Tax 317,045 57,203 1,806 -
Social security and other taxes 701,133 661,875 - -
VAT 103,822 124,875 - -
Other creditors 387,731 377,555 - -
Accruals and deferred income 6,511,380 6,200,132 29 30
9,384,141 8,569,435 3,918,481 8,968,344

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 171,116 131,529
Between one and five years 216,833 82,555
In more than five years 71,139 -
459,088 214,084

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 83,179 73,791 - -
Other timing differences 245,726 189,441 260,500 202,569
328,905 263,232 260,500 202,569

Group
Deferred
tax
£   
Balance at 1 September 2023 263,232
Charge to Income Statement during year 9,388
Accelerated capital allowances
Revaluation gains 57,931
Other timing differences (1,646 )
Balance at 31 August 2024 328,905

Company
Deferred
tax
£   
Balance at 1 September 2023 202,569
Charge to Income Statement during year 57,931
Balance at 31 August 2024 260,500

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary A £1 5,000 5,000
5,000 Ordinary B £1 5,000 5,000
10,000 10,000

20. RESERVES

Group
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 September 2023 11,326,153 (5,000 ) 233,375 11,554,528
Profit for the year 1,836,270 1,836,270
Dividends (162,000 ) (162,000 )
Exchange rate adjustment on
consolidation

23,339

-

-

23,339

At 31 August 2024 13,023,762 (5,000 ) 233,375 13,252,137

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

20. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 4,955,054 (5,000 ) 4,950,054
Profit for the year 7,394,444 7,394,444
Dividends (162,000 ) (162,000 )
At 31 August 2024 12,187,498 (5,000 ) 12,182,498


21. NON-CONTROLLING INTERESTS

The non controlling interest represents a 23.8% holding in Pantek (CS).

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 40,000

23. OTHER FINANCIAL COMMITMENTS

As at 31st August 2024, the group had forward exchange contracts in place to purchase USD $1,025,000 (2023 $1,025,000) and sell $NIL (2023 $NIL).

As at 31st August 2024, the group had forward exchange contracts in place to purchase Euro €NIL (2023 €NIL) and sell €NIL (2023 €NIL).

A debenture charge is held within Solutions PT Limited by Barclays Bank Plc which is secured as a fixed charge over the property and assets present and future which includes goodwill, book debts, uncalled capital, buildings, fixtures, plant & machinery.

A debenture charge is held within MAC Solutions (UK) Limited by HSBC which is secured as a fixed and floating charge over book and other debts, chattels, goodwill and uncalled capital both present and future.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
J E Bailey
Balance outstanding at start of year 100,000 40,000
Amounts advanced - 100,000
Amounts repaid (100,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 100,000

Pantek Limited (Registered number: 03353540)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

25. RELATED PARTY DISCLOSURES

During the year, the company rented premises from a trust fund at an open market rate. The trust fund was established by John Bailey on 06/04/2023. The amount charged during the year in respect of rent was £283,433 (2023: £117,585).

During the year, the company rented premises from Mr J Bailey at an open market rate up until 06/04/2023 when the building was transferred to the trust. The amount charged during the year in respect of rent was £NIL (2023: £167,468).

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, a total of key management personnel compensation of £ 268,335 (2023 - £ 252,175 ) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors/shareholders of Pantek Limited.