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Registered number: 06835712












CONTACTUM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

CONTACTUM LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Directors' report
 
6
Directors' responsibilities statement
 
7
Independent auditor's report
 
8 - 11
Profit and loss account
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Statement of cash flows
 
15
Notes to the financial statements
 
16 - 31

 

CONTACTUM LIMITED
 
COMPANY INFORMATION


Directors
D J Hewson 
R B F Taher 
M M Alashkar 




Company secretary
C J Brashaw



Registered number
06835712



Registered office
Victoria Works
Edgware Road

London

NW2 6LF




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

CONTACTUM LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for Contactum Ltd for the year ended 31 December 2024, a leading UK distributer of wiring accessories and circuit protection products. The company remains committed to delivering high-quality solutions, ensuring regulatory compliance, and driving innovation to meet market demands.

Business review
 
Business model and strategy

Contactum Ltd designs, manufactures, and distributes a comprehensive range of wiring accessories and circuit protection solutions. The business strategy is focused on:

Strengthening market position through innovation and new product development.
Enhancing operational efficiency and supply chain resilience.
Expanding customer reach within the UK and selected international markets.
Commitment to sustainability and compliance with industry regulations.

Market overview and performance

The UK wiring accessories and circuit protection sector remains competitive, influenced by evolving regulatory requirements, technological progress, and the increasing focus on energy efficiency. However, during the financial year, the company experienced a 22% decline in revenue due to reduced demand within the commercial and residential construction sectors, impacted by economic uncertainty, supply chain disruptions, and shifting market dynamics.

Key market trends include:

Rising demand for Renewable Energy Integration.
Stricter regulatory requirements, including BS7671 and The Building Safety Act 2024.
Supply chain disruptions affecting material costs and availability.
Growing emphasis on sustainability and the adoption of eco-friendly materials in product manufacturing and packaging.

Financial performance

For the year ending 2024, the company delivered a revenue of £14,568,376 (2023: £18,670,413) and a net loss of £(4,024,351) (2023: net profit of £539,133) reflecting a 22% year-on-year decline in revenue and exceptional costs incurred restructuring the business. 

Key financial highlights include:

Gross margin before exceptional items fell to 23.2% through raw material and finished goods cost fluctuations and stock impairments.
The impairment following the adoption of the Group Stock Provision policy has impacted the P&L to the value of £1,776,167 in respect of stock held as at the year end.
Restructuring exceptional costs of £1,491,856 incurred on termination of operations at its Cricklewood site to prepare the business for a stronger position of growth in 2025 and onwards.
Foreign exchange loss of £356,190 further impacted the reported P&L as at year ended 2024.
Stock fell from £7,636,101 to £3,523,576 due to the timing of purchases and the introduction of the Group stock provision policy.

During 2024, with the weakening of GBP and repayments being made, the balances owed to group undertakings, denominated in foreign currencies, resulted in the company experiencing a foreign exchange loss of £356,190 (2023: gain £1,382,590) in the year ended 31 December 2024.
Page 2

 

CONTACTUM LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


The net current liabilities position decreased from £13,861,919 to £17,952,103 partially supported by amounts owed to group undertakings which increased from £23,522,290 to £24,397,741, including the foreign exchange gain but also through the decrease in stock.

Trade creditors decreased to £572,423 as at 31 December 2024 (2023: £2,275,745) due to the timing of stock purchases prior to the 2023 year end.

Achievements

Manufacturing & supply chain 

The start of 2024 saw the company successfully relocated its warehouse and offices to a larger facility to support future growth. Continuous improvements in production efficiency and cost control have helped mitigate supply chain disruptions. The company has also pursued the consolidation of supply partners to enhance reliability and cost-effectiveness. By the end of the year, a company restructure resulted in the closure of the UK manufacturing site, with operations being realigned to enhance efficiency. Production and assembly have been transitioned to the new site to ensure continuity and operational optimisation.

Product development

The company, in conjunction with the parent company, has continued its research and development activities continued for preparation of new products to be launched in 2025, including new wiring accessories and upgraded circuit protection solutions.

Sustainability initiatives

The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment and implemented energy-efficient manufacturing processes and introduced recyclable packaging for selected product lines.
 

Principal risks and uncertainties
 
The Board continuously assesses key risks that may impact the business. The main risks identified for the period include:

Economic uncertainty

Potential impact of inflation and market slowdowns on customer spending.

Regulatory compliance 

Adapting to changes in UK and EU regulatory frameworks affecting electrical products.

Supply chain risks

Managing component shortages and material price volatility.

Technological disruption

Need for continuous investment in R&D to stay ahead of industry advancements.
Page 3

 

CONTACTUM LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Credit risk

The company’s principal financial assets include bank balances, trade debtors, and other debtors. Credit risk is primarily associated with trade debtors, with allowances made for doubtful debts. Risk is mitigated by working with creditworthy UK customers and requiring advance payments for export markets. The company has no significant concentration of credit risk as exposure is spread across numerous counterparties and customers.

Liquidity risk

The company mitigates liquidity risk by forecasting future cash flow requirements and maintaining sufficient cash reserves to meet obligations.

Foreign currency risk

The company conducts transactions in foreign currencies and actively manages exposure to fluctuations by balancing foreign currency assets and liabilities while timing transactions effectively.
Uncertainties
The required revenue growth for Contactum is dependent on its continued strategy to develop the “Projects Market” where the compliance to regulatory standards, safety and quality are the main drivers. The ability to develop new opportunities, broaden our product portfolio, identify new markets and adapt to market conditions are seen as key to achieving increased market share.
 
Financial key performance indicators

During the period under review the Key Performance Indicator systems in place have been further developed across the business which has continued to improve the measurement and monitoring of the business. 

The key performance indicators used in the business to monitor strategy include:

Sales Growth with existing and new customers
Gross and net profit margin
Customer credit exposure
Operating cash flow
Stock levels
On time delivery performance, by product and by order.

Other performance indictators

The directors are committed to promoting the health, safety and welfare of their staff and to ensure appropriate measures are undertaken in this regard.

Future outlook
 
The company remains well-positioned to achieve sustainable growth. Key strategic priorities for the coming year include:

Expanding the product portfolio to meet the evolving needs of the market.
Strengthening relationships with key distribution partners and direct customers.
Enhancing synergies within the alfanar group by fostering collaboration with other subsidiaries to drive operational efficiency, supply chain resilience and innovation.
Continuing investment in sustainability initiatives and reducing carbon footprint.
Maintaining management systems and ensuring compliance with health & safety and staff welfare standards.
Actively promoting these standards throughout the supply chain to strengthen corporate responsibility and operational excellence.

Page 4

 

CONTACTUM LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Conclusion
 
Despite ongoing market challenges, Contactum is confident in its ability to drive innovation, show a strong financial performance, and deliver value to stakeholders. The Directors are committed to ensuring long-term resilience and growth. 


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



D J Hewson
Director

Date: 10 June 2025
Page 5

 

CONTACTUM LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The loss for the year, after taxation, amounted to £4,024,351 (2023 - profit £539,133).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

D J Hewson 
R B F Taher 
M M Alashkar 


Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

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

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

Post balance sheet events

There have been no significant events affecting the company since the year end.
Going concern
The financial statements have been prepared using the going concern basis of accounting. Further details regarding the adoption of the going concern basis can be found in the accounting policy 2.2 in the notes to the financial statements.

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





D J Hewson
Director

Date: 10 June 2025
Page 6

 

CONTACTUM LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

 

CONTACTUM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTACTUM LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Contactum Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 8

 

CONTACTUM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTACTUM LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 9

 

CONTACTUM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTACTUM LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 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 company through discussions with management, and from our commercial knowledge and experience of the company.
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 company, including the requirements of Financial Reporting Standards (FRS102), the Companies Act 2006, taxation legislation and employment legislation; as well as specific laws and regulations surrounding the industry.
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 company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries with 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 variances;
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;
enquiring of management as to actual and potential litigation and claims; and

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.
Page 10

 

CONTACTUM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTACTUM LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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 auditor's report.


Use of our report
 

This report is made solely to the company's directors, 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 directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Cunningham (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
16 June 2025
Page 11

 

CONTACTUM LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,568,376
18,670,413

Cost of sales
  
(11,195,589)
(13,506,663)

Exceptional cost of sales
 13 
(1,329,501)
-

Gross profit
  
2,043,286
5,163,750

Distribution costs
  
(1,274,246)
(1,672,071)

Administrative expenses
  
(4,322,084)
(4,098,421)

Exceptional administrative expenses
 13 
(162,355)
-

Other operating income
 5 
47,238
14,839

Operating loss
 6 
(3,668,161)
(591,903)

Interest receivable and similar income
 9 
-
1,382,590

Interest payable and similar expenses
 10 
(356,190)
-

(Loss)/profit before tax
  
(4,024,351)
790,687

Tax on (loss)/profit
 11 
-
(251,554)

(Loss)/profit for the financial year
  
(4,024,351)
539,133

There are no items of other comprehensive income for either the year or the prior year other than the loss for the year. Accordingly no statement of other comprehensive income has been presented.
Page 12


 
REGISTERED NUMBER:06835712
CONTACTUM LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
30,314
14,733

Tangible assets
 15 
955,704
905,452

Current assets
  

Stocks
 16 
3,523,576
7,636,101

Debtors: amounts falling due after more than one year
 17 
564,000
564,000

Debtors: amounts falling due within one year
 17 
3,332,687
4,379,097

Cash at bank and in hand
 18 
1,750,263
1,760,471

  
9,170,526
14,339,669

Creditors: amounts falling due within one year
 19 
(27,122,629)
(28,201,588)

Net current liabilities
  
 
 
(17,952,103)
 
 
(13,861,919)

Total assets less current liabilities
  
(16,966,085)
(12,941,734)

  

Net liabilities
  
(16,966,085)
(12,941,734)


Capital and reserves
  

Called up share capital 
 20 
500
500

Share premium account
 21 
9,999,500
9,999,500

Profit and loss account
 21 
(26,966,085)
(22,941,734)

Total shareholder deficit
  
(16,966,085)
(12,941,734)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D J Hewson
Director

Date: 10 June 2025

The notes on pages 16 to 31 form part of these financial statements.
Page 13

 

CONTACTUM LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
500
9,999,500
(23,480,867)
(13,480,867)


Comprehensive income for the year

Loss for the year
-
-
539,133
539,133
Total comprehensive loss for the year
-
-
539,133
539,133



At 1 January 2024
500
9,999,500
(22,941,734)
(12,941,734)


Comprehensive income for the year

Loss for the year
-
-
(4,024,351)
(4,024,351)
Total comprehensive income for the year
-
-
(4,024,351)
(4,024,351)


At 31 December 2024
500
9,999,500
(26,966,085)
(16,966,085)
Page 14

 

CONTACTUM LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(4,024,351)
539,133

Adjustments for:

Depreciation of tangible assets
228,290
139,802

Loss on disposal of tangible assets
62,901
(2,000)

Interest (received)/paid
356,190
(1,382,590)

Taxation charge
-
251,554

Decrease/(increase) in stocks
4,112,525
(55,103)

Decrease/(increase) in debtors
700,167
(954,826)

(Decrease)/increase in creditors
(1,954,410)
1,835,607

Increase in amounts owed to groups
3,066,144
-

Corporation tax received/(paid)
-
(251,554)

Amortisation of intangible assets
17,046
2,948

Net cash generated from operating activities

2,564,502
122,971


Cash flows from investing activities

Purchase of intangible fixed assets
(42,263)
(17,681)

Purchase of tangible fixed assets
(332,679)
(791,012)

Sale of tangible fixed assets
872
2,000

Net cash from investing activities

(374,070)
(806,693)

Cash flows from financing activities

Loans from group companies repaid
(2,200,640)
(1,695,346)

Net cash used in financing activities
(2,200,640)
(1,695,346)

Net (decrease) in cash and cash equivalents
(10,208)
(2,379,068)

Cash and cash equivalents at beginning of year
1,760,471
4,139,539

Cash and cash equivalents at the end of year
1,750,263
1,760,471


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,750,263
1,760,471

1,750,263
1,760,471


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

Page 15

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Contactum Limited manufactures and sells electrical accessories and circuit protection equipment.
Contactum Limited is a private company limited by shares and is incorporated in England. The address of its principal place of business is Unit 18 Eyncourt Road, Woodside Industrial Estate, Dunstable, LU5 4TS. The registered office of the business is Victoria Works, Edgware Road, London, NW2 6LF.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on shareholders funds at the end of the year. The directors consider this basis to be appropriate as the company has received a letter of financial support from its parent company, Al Fanar Company.
The company has net current liabilities of £17,952,103 and net total liabilities of £16,966,085 as at 31 December 2024.
The company currently meets its day-to-day working capital requirements from intercompany loans and balances with fellow group companies of the group headed by Al Fanar Company. 
The directors have prepared cash flow forecasts for the next 12 months which show that the company will continue to be reliant on the group to support its working capital needs. These forecasts include key assumptions specifically over the company's future trading activity and acknowledge that variations in the trading assumptions would impact the timing and quantum of cash flows.
On the basis of these forecasts Al Fanar Company has confirmed to the directors its intention to continue to provide the necessary support for at least 12 months from the date of approval of these financial statements to enable the company to continue to settle its liabilities as they fall due.
The company's directors have reviewed and considered the financial position and performance of Al Fanar Company. Accordingly, the directors consider that the indication of support from Al Fanar Company should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment and have prepared the financial statements on a going concern basis. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not continue.

Page 16

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

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

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

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 the profit and loss account. 
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income' or 'interest  payable and similar expenses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

 
2.5

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the term of the lease.

 
2.6

Interest income

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

Page 17

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

  
2.10

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance
sheet date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 18

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website costs
-
3
years

 
2.13

Tangible fixed assets

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

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the unexpired term of the related lease
Plant and machinery
-
20% straight line
Office equipment
-
25% straight line
Computer equipment
-
Between 14.3% and 33% straight line

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

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

 
2.14

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 of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Cost of material is based on invoiced cost. An appropriate amount of delivery and carriage costs are included in the balance sheet value.

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. The method of calculation has changed during the year to be reflective of the position of the stock held at the year end.
Page 19

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. 
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, trade financing facilities, and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
I
mpairment of financial assets 
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been
Page 20

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

recognised. The impairment reversal is recognised in the profit and loss account.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
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.


  
2.17

Share capital

Ordinary shares are classified as equity.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgments and estimates that are made by management.  The judgments relating to stock include an estimation of future expected average sales prices and disposal costs. These judgments also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates.
The carrying value of stock and the associated provisions are disclosed in note 16.

Page 21

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Sale of electrical equipment
14,568,376
18,670,413


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
13,388,425
17,316,810

Rest of the world
1,179,951
1,353,603

14,568,376
18,670,413



5.


Other operating income

2024
2023
£
£

Agency commission received
47,238
14,839



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Impairment of stock
1,486,498
352,147

Impairment of trade debtors
23,526
49,780

Audit fees payable to the company's auditor
31,940
28,600

Non-audit fees payable to the company's auditor
10,580
10,000

Depreciation of tangible fixed assets
228,290
136,857

Exchange differences
447,937
(1,397,462)

Defined contribution pension cost
108,587
99,866

Other operating lease rentals
961,685
933,195

Page 22

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,735,938
2,907,442

Social security costs
295,583
307,099

Cost of defined contribution scheme
108,587
99,866

3,140,108
3,314,407


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


        2024
        2023
            No.
            No.







Office and management
14
16



Production and sales
56
54

70
70


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
145,346
111,331

Company contributions to defined contribution pension schemes
6,750
-


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Foreign exchange gain
-
1,382,590


10.


Interest payable and similar expenses

2024
2023
£
£


Foreign exchange loss
356,190
-

Page 23

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
251,554


Total current tax
-
251,554

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
251,554

Factors affecting tax charge for the year

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

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(4,024,351)
790,687


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(1,006,088)
197,672

Effects of:


Fixed asset depreciation
61,334
-

Fixed asset loss on disposals
15,943
-

Capital allowance additions
(88,839)
-

Provisions tax adjustment
11,601
-

Non-trade loan relationship debits
89,048
-

Unrelieved trading losses carried forward
917,001
(174,922)

Adjustment to unrelieved tax losses carried forward - previously group relieved
-
251,554

Transfer pricing adjustments
-
(22,750)

Total tax charge for the year
-
251,554


Factors that may affect future tax charges

The company has carried forward tax losses of £25,097,320 (2023: £21,660,954) potentially available to offset against future taxable profits.

Page 24

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.


Analysis of net debt





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

1,760,471

(10,208)

-

1,750,263

Amounts owed to group undertakings

(23,522,290)

(2,200,640)

1,325,189

(24,397,741)


(21,761,819)
(2,210,848)
1,325,189
(22,647,478)


13.


Exceptional items

2024
2023
£
£


Stock write off
878,920
-

Redundancy costs
612,936
-

1,491,856
-

The Cricklewood site was closed in the year as a result of moving all operations to a single site. This resulted in a write  off of stock and redundancies.

Page 25

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Intangible assets




Website costs

£



Cost


At 1 January 2024
17,681


Additions - internal
42,263


Disposals
(15,337)



At 31 December 2024

44,607



Amortisation


At 1 January 2024
2,948


Charge for the year
17,046


On disposals
(5,701)



At 31 December 2024

14,293



Net book value



At 31 December 2024
30,314



At 31 December 2023
14,733



Page 26

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Improvements to leasehold
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
1,155,474
904,465
702,203
53,376
2,815,518


Additions
126,950
5,020
200,709
-
332,679


Disposals
(518,080)
(445,857)
(149,906)
-
(1,113,843)



At 31 December 2024

764,344
463,628
753,006
53,376
2,034,354



Depreciation


At 1 January 2024
460,519
849,228
546,943
53,376
1,910,066


Charge for the year
121,945
23,699
82,646
-
228,290


Disposals
(505,225)
(421,304)
(133,177)
-
(1,059,706)



At 31 December 2024

77,239
451,623
496,412
53,376
1,078,650



Net book value



At 31 December 2024
687,105
12,005
256,594
-
955,704



At 31 December 2023
694,955
55,237
155,260
-
905,452


16.


Stocks

2024
2023
£
£

Raw materials and consumables
49,572
226,639

Work in progress (goods to be sold)
637,447
1,651,747

Finished goods and goods for resale
2,836,557
5,757,715

3,523,576
7,636,101


There is no significant difference between the replacement cost of the stocks and its carrying amount.
Stocks are stated after provision for impairment of £2,665,090 (2023: £1,218,706).

Page 27

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

2024
2023
£
£

Due after more than one year

Rent deposit
564,000
564,000


2024
2023
£
£

Due within one year

Trade debtors
2,389,797
2,997,298

Amounts owed by group undertakings
507,948
854,191

Other debtors
227,249
298,985

Prepayments and accrued income
207,693
228,623

3,332,687
4,379,097



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,750,263
1,760,471



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
572,423
2,275,745

Amounts owed to group undertakings
24,397,741
23,522,290

Other taxation and social security
360,080
321,059

Other creditors
77,684
134,479

Accruals and deferred income
1,714,701
1,948,015

27,122,629
28,201,588


Amounts owed to group undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand.

Page 28

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary shares of £1.00 each
500
500

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



21.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


22.


Capital commitments


At 31 December 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
116,734


23.


Pension commitments

The company operates a defined contribution pension scheme whose assets are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £108,587 (2023: £99,866). At the year end £63,206 (2023: £46,275) has been accrued in respect of employer's pension commitments.

Page 29

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and building


Not later than 1 year
485,622
313,333

Later than 1 year and not later than 5 years
1,942,488
1,880,000

Later than 5 years
1,699,677
2,115,000

4,127,787
4,308,333

2024
2023

£
£

Other operating commitments


Not later than 1 year
118,464
104,182

Later than 1 year and not later than 5 years
164,741
169,894

283,205
274,076

Page 30

 

CONTACTUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with  (other) related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Entity under common control
Loan
402,401
(1,227,658)
(24,149,281)
(23,390,690)


FX
(356,190)
1,382,590
-
-


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.

Key management personnel
Total remuneration paid to key management personnel (including directors) was £620,550 (2023: £667,077).

26.


Controlling party

In the opinion of the directors the immediate controlling party is Al Fanar Company, a company incorporated in Saudi Arabia, whose registered office is located at Al Nafl District, P.O. Box 301, Riyadh 11411, Kingdom of Saudi Arabia.
The parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Al Fanar Company. Group financial statements are not publicly available.
 
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