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Registered number: 00823259










PEKTRON GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PEKTRON GROUP LIMITED
 

COMPANY INFORMATION


Directors
I S Harpham 
J M Hatton 
G Ball 
G Colwill 




Company secretary
P D Morgan



Registered number
00823259



Registered office
Alfreton Road

Derby

DE21 4AP




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Prospect House

1 Prospect Place

Derby

DE24 8HG





 
PEKTRON GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
16 - 29


 
PEKTRON GROUP LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
Within this report the directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. We are satisfied with the performance of the Company, even though turnover has decreased, as profitability remains strong with a reasonable gross margin, which is due to the composition of sales. The impact of various external events has seen challenges to the supply chain costs and delivery.

Principal risks and uncertainties
 
Considering the risks and uncertainties the Company has identified, we are aware that any plans for the future development of the business may be subject to unforeseen events outside our control. The Company remain confident that the uncertainties arising from any uncertainties should be able to be managed.
The Company has experienced decreased turnover levels but cashflows remain healthy. The directors have not considered it necessary to prepare formal forecasts for the Group given the overall strength of the cash position of the Company, which retains considerable levels of cash and no external debt.

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and cash flow. Turnover has decreased by 14%, whilst the margin has decreased by 0.75%. Overall profitability, excluding exceptionals, has remained fairly stable. Cash being generated from operating activities remains strong.

Other key performance indicators
 
There are no other KPIs are used by the directors, although customer satisfaction is measured through the Quality Management System monitoring various criteria.

Page 1

 
PEKTRON GROUP LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of Pektron Group Limited consider that they have acted in the way they consider, in good faith,would be the most likely to promote the success of the Group and Company for the benefit of its members as a whole, having regard to matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2024. In particular:
(a) Likely consequences of any decision in the long-term
Our core business model and strategy are designed to secure sustainable long-term growth whilst continuing to deliver strong results in the meantime.
(b) The interests of the Company’s employees
Our employees are fundamental to the delivery of our strategy. We encourage employee participation and have worked hard on improving the working environment. We have regard for their interests and this has helped shaped our decision-making processes.
(c) The need to foster the Company’s business relationships with suppliers, customers and others
Engaging with our stakeholders is very much a part of our ethos as it strengthens our relationships and helps us make better business decisions.
(d) The impact of the Company’s operations on the community and the environment
We are proud to support our local community. In 2024, as part of our Corporate Social Responsibility (CSR)programme, we have donated funds to support local communities, charities and good causes.
We have introduced a number of initiatives to minimise our impact on the environment, including energy saving lighting and heating at our premises and a cycle to work scheme open to all our employees. We strive to reduce the use of natural resources and generation of waste.
Our environment policy states that our aim is to minimise the impacts of our operations onto the environment to protect the habitat from industrial damage.
(e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Board is committed to achieving and maintaining high standards of business conduct, corporate governance, integrity and business ethics.
A key to maintaining our reputation for high standards is to treat our customers, partners and employees fairly at all times, and our approach to conducting our business is focused on this outcome. We have designed a Risk Management Framework that is both robust and acts as an enabler to our business. This gives the Board confidence that the Company’s strategic and growth objectives can be met within our risk and business conduct framework.
Pektron Group Limited has always aimed to operate with the highest integrity. We seek excellence and are proud of our business integrity and commitment to our customers.
We measure customer satisfaction through our Quality Management System monitoring various criteria. This indicates that in 2024 all of our targets were achieved.
(f) The need to act fairly as between members of the Company.
The Company is a private limited company and the interests of the shareholders as a whole are considered so that members are treated fairly.

Page 2

 
PEKTRON GROUP LIMITED
 

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


This report was approved by the board on 8 August 2025 and signed on its behalf.



G Ball
Director

Page 3

 
PEKTRON GROUP 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.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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.

Results and dividends

The profit for the year, after taxation, amounted to £3,093,558 (2023 - £4,661,885).

Dividends of £1,200,000 were paid during the year (2023: £1,500,000). No further dividends are proposed for the year.

Directors

The directors who served during the year were:

I S Harpham 
J M Hatton 
G Ball 
G Colwill 

Future developments

The business continues to search out and win new business in all areas, however there are no likely future developments that will have a large impact on the business.

Page 4

 
PEKTRON GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial instruments

The Company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk and foreign exchange risk. The Company has a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of finance costs and returns.The Company has implemented policies that require appropriate credit checks before a sale is made. The Company hedges its exposure to foreign currency fluctuations by using bank accounts denominated in dollars and euros.

Research and development activities

The Group continues to invest in product research and development activities.

Engagement with employees

The Company believes in mutual respect and open, constructive dialogue. The Company believes that upholding human rights and freedoms is essential to running a successful business. The Company balances its commercial activities and providing innovative products to our customers with compliance to applicable laws. The Company prides itself in providing its associates with the professional development, support and resources they need to ensure they are successful in whatever role they fulfil.
The key to maintaining a sustainable business is to ensure the efficient and effective use of available resources is balanced with the economic requirements of the business and the expectations of interested parties. The Employee Handbook provides detailed approach to various issues affecting the Company, employees and the local and national environment.
All employees are empowered to communicate with Top Management and other managers when they feel the need to do so, without any fear of reprisal, intimidation or harassment. The Company are committed to diversity. All employees at Pektron enjoy equal opportunity , regardless of age, gender, race, religion, nationality or sexual orientation.

Engagement with suppliers, customers and others

The Company have included details of engagement with suppliers, customers and others have been included in the Strategic Report using the provisions of section 414(c) of the Companies Act 2006.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and the appropriate training is arranged.It is the policy of the Company that the training , career development and promotion of a disabled person should as far as possible, be identical to that of a person who does not suffer a disability.

Page 5

 
PEKTRON GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are as follows:
[1] Electricity
Electricity consumption (mains supply) (purchased)           2 110 284 kW (2023: 2 414 950 kWh)
Greenhouse gas emissions                        125.25 Tonnes CO2 (using supplier published CO2 emissions figures) (2023: 0.5 Tonnes CO2)

Methodology - using supplier published data for standard or green tariff to calculate the CO2 emissions.
For comparison, using conversion factor UK 2024 average figure 171g/kWh, emissions would be 360 Tonnes CO2. Methodology - using national conversion factors to calculate CO2 emissions.
Saving over national average by using green tariff from supplier calculated as 360 – 125.25 = 235.75 Tonnes CO2.
[2] Solar Photo-Voltaic generation  251 541 kWh (2023: 69 397 kWh)
Greenhouse gas saving from Solar PV using conversion factor UK average figure = 43 Tonnes.
Methodology - using national conversion factors UK 2024 average 171g/kWh to calculate CO2 emissions.
[3] Gas 
Consumption (Natural Gas supply)  431 027 kWh (2023:517 937 kWh) 
Greenhouse gas emissions   79 Tonnes CO2 (2023: 94 Tonnes)
Methodology - using national conversion factors 182.5 g/kWh to calculate CO2 emissions (natural gas)

Total electricity consumption [1] + [2]     2 792 852 kWh
      Total gas consumption [3]   431 027 kWh
      Total energy consumption [1] + [2] + [3] 3 223 879 kWh
Energy efficiency measures:
Ratio of total electricity consumption [1] + [2] (kWh) per unit sale.
Ratio of electricity per unit sale in 2024 3.12 kWh per unit (comprising 140 g CO2 emissions per sale).
Ratio of purchased electricity consumption [1] + [3] purchased Gas consumption in kWh per unit sale. 
Ratio of purchased energy (electricity + gas) per unit sale in 2024 3.12 + 0.48 = 3.60 kWh energy per unit. 
Comprising 140 g CO2 emissions from purchased electricity + 88 g CO2 from gas = 228 g CO2 per sale.
The Company remain committed to increasing energy efficiency and is reviewing measures to achieve this.

Matters covered in the Strategic Report

The Company has taken advantage of the provisions of section 414(c) of the Companies Act 2006 and have disclosed matters within the Strategic Report, where applicable.

Disclosure of information to auditors

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

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

Page 6

 
PEKTRON GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

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

Auditors

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

This report was approved by the board on 8 August 2025 and signed on its behalf.
 





G Ball
Director

Page 7

 
PEKTRON GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEKTRON GROUP LIMITED
 

Opinion


We have audited the financial statements of Pektron Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 8

 
PEKTRON GROUP LIMITED
 

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


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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

 
PEKTRON GROUP LIMITED
 

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


Auditors' responsibilities for the audit of the financial statements
 

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


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

Based on our understanding of the Company and the Industry, we identify identify the key law and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.
We focussed on those area that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance/review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias and performing analytical procedures to identify any unexpected or unusual relationships that might indicate material misstatement due to fraud. In particular in relation to depreciation.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 10

 
PEKTRON GROUP LIMITED
 

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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Delve (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
Prospect House
1 Prospect Place
Derby
DE24 8HG

12 August 2025
Page 11

 
PEKTRON GROUP LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
46,148,760
53,953,717

Cost of sales
  
(32,140,624)
(37,170,760)

Gross profit
  
14,008,136
16,782,957

Administrative expenses
  
(13,172,613)
(12,809,082)

Other operating income
 5 
186,591
129,210

Operating profit
 6 
1,022,114
4,103,085

Amounts written off investments
  
-
(653,942)

Interest receivable and similar income
 10 
3,211,132
2,720,405

Interest payable and similar expenses
 11 
(64,201)
(168,712)

Profit before taxation
  
4,169,045
6,000,836

Tax on profit
 12 
(1,075,487)
(1,338,951)

Profit for the financial year
  
3,093,558
4,661,885

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 29 form part of these financial statements.

Page 12

 
PEKTRON GROUP LIMITED
REGISTERED NUMBER: 00823259

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible fixed assets
 14 
3,934,752
4,689,398

Fixed asset investments
 15 
-
485,611

  
3,934,752
5,175,009

Current assets
  

Stocks
 16 
13,259,762
17,010,530

Debtors: amounts falling due within one year
 17 
1,629,973
997,979

Cash at bank and in hand
 18 
68,274,887
69,617,218

  
83,164,622
87,625,727

Creditors: amounts falling due within one year
 19 
(15,927,339)
(23,426,812)

Net current assets
  
 
 
67,237,283
 
 
64,198,915

Provisions for liabilities
  

Deferred taxation
 20 
(59,511)
(154,958)

Net assets
  
71,112,524
69,218,966


Capital and reserves
  

Called up share capital 
 21 
9,500
9,500

Profit and loss account
 22 
71,103,024
69,209,466

  
71,112,524
69,218,966


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2025.




G Ball
Director

The notes on pages 16 to 29 form part of these financial statements.

Page 13

 
PEKTRON GROUP LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
9,500
66,047,581
66,057,081


Comprehensive income for the year

Profit for the year
-
4,661,885
4,661,885
Total comprehensive income for the year
-
4,661,885
4,661,885


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,500,000)
(1,500,000)


Total transactions with owners
-
(1,500,000)
(1,500,000)



At 1 January 2024
9,500
69,209,466
69,218,966


Comprehensive income for the year

Profit for the year
-
3,093,558
3,093,558
Total comprehensive income for the year
-
3,093,558
3,093,558


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,200,000)
(1,200,000)


Total transactions with owners
-
(1,200,000)
(1,200,000)


At 31 December 2024
9,500
71,103,024
71,112,524


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
PEKTRON GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,093,558
4,661,885

Adjustments for:

Depreciation of tangible assets
2,021,876
2,446,422

Loss on disposal of tangible assets
(147,711)
(261,431)

Government grants
(186,591)
(129,210)

Interest paid
64,201
168,712

Interest received
(3,211,132)
(2,720,405)

Taxation charge
1,075,487
1,338,951

Decrease in stocks
3,750,768
2,026,368

(Increase) in debtors
(631,994)
(331,755)

(Decrease)/increase in creditors
(6,927,013)
4,369,849

Corporation tax (paid)
(1,556,803)
(720,000)

Impairment of subsidiary
-
653,942

Net cash generated from operating activities

(2,655,354)
11,503,328


Cash flows from investing activities

Purchase of tangible fixed assets
(1,307,338)
(1,768,772)

Sale of tangible fixed assets
187,819
357,093

Sale of fixed asset investments
485,611
-

Interest received
3,211,132
2,720,405

Net cash from investing activities

2,577,224
1,308,726

Cash flows from financing activities

Dividends paid
(1,200,000)
(1,500,000)

Interest paid
(64,201)
(168,712)

Net cash used in financing activities
(1,264,201)
(1,668,712)

Net (decrease)/increase in cash and cash equivalents
(1,342,331)
11,143,342

Cash and cash equivalents at beginning of year
69,617,218
58,473,876

Cash and cash equivalents at the end of year
68,274,887
69,617,218


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
68,274,887
69,617,218


The notes on pages 16 to 29 form part of these financial statements.

Page 15

 
PEKTRON GROUP LIMITED
 

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

1.


General information

Pektron Group Limited is a company limited by shares incorporated and domiciled in England and Wales. The address of the registered office is given on Company information page of the financial statements. The Company's activities are the design and manufacture of electronic components.
The 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 Company has experienced positive levels of turnover and profitability and cashflows remain healthy.The directors have not considered it necessary to prepare formal forecasts for the Group given the overall strength of the cash position of the Company, which retains considerable levels of cash and no external debt.
The directors, therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16

 
PEKTRON GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Sales are recognised on the dispatch of goods. Aircraft rental is recognised at the point of hire.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 17

 
PEKTRON GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

The 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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

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.

Page 18

 
PEKTRON GROUP LIMITED
 

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Motor vehicles
-
25%
Straight Line
Aircraft
-
15%
Straight Line
Office equipment, plant & machinery
-
20%
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

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

 
2.16

Creditors

Short-term creditors are measured at the transaction price.

Page 19

 
PEKTRON GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Page 20

 
PEKTRON GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.18

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, The key area of judgement is:
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.


4.


Turnover

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


2024
2023
£
£

Design and Manufacturing of electronic components
45,762,064
53,572,188

Aircraft Rental
386,696
381,529

46,148,760
53,953,717


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable - RDEC
186,591
129,210



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
79,947
152,338

Exchange differences
99,655
(19,615)

Page 21

 
PEKTRON GROUP LIMITED
 

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

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
14,250
11,000

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
2,500
1,260

8.


Employees

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


2024
2023
£
£

Wages and salaries
11,727,108
11,817,165

Social security costs
1,117,546
1,056,420

Cost of defined contribution scheme
731,747
620,378

13,576,401
13,493,963


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


        2024
        2023
            No.
            No.







Management
41
39



Production& administration
175
196



Research & Development
71
72



Sales & Distribution
17
18

304
325

Page 22

 
PEKTRON GROUP LIMITED
 

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
681,154
940,111

Company contributions to defined contribution pension schemes
15,074
14,635

696,228
954,746


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

The highest paid director received remuneration of £210,608 (2023 - £346,134).

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


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
3,211,132
2,720,405


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
64,201
168,712

Page 23

 
PEKTRON GROUP LIMITED
 

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,144,105
1,435,628

Adjustments in respect of previous periods
26,829
(83,961)


Total current tax
1,170,934
1,351,667

Deferred tax


Origination and reversal of timing differences
(95,447)
(12,717)

Adjustment in respect of prior year
-
1

Total deferred tax
(95,447)
(12,716)


Taxation on profit on ordinary activities
1,075,487
1,338,951

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,982,454
6,000,836


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
995,614
1,411,430

Effects of:


Fixed asset differences
-
(20,739)

Expenses not deductible for tax purposes
12,241
166,228

R&D expenditure credits
40,803
5,499

Adjustments to tax charge in respect of prior periods
26,829
(83,961)

Adjustments to deferred tax charge in respect to prior periods
-
1

Remeasurement of deferred tax for changes in tax rates
-
(753)

Other differences leading to an increase (decrease) in the tax charge
-
(26,830)

Group relief
-
(111,924)

Total tax charge for the year
1,075,487
1,338,951


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
PEKTRON GROUP LIMITED
 

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

13.


Dividends

2024
2023
£
£


Final dividends paid on ordinary shares
1,200,000
1,500,000


14.


Tangible fixed assets





Motor vehicles
Aircraft
Office equipment, Plant & machinery
Total

£
£
£
£



Cost 


At 1 January 2024
1,265,261
6,386,760
15,867,954
23,519,975


Additions
483,014
-
824,324
1,307,338


Disposals
(401,677)
-
(132,559)
(534,236)



At 31 December 2024

1,346,598
6,386,760
16,559,719
24,293,077



Depreciation


At 1 January 2024
710,266
5,827,284
12,293,027
18,830,577


Charge for the year on owned assets
310,177
559,476
1,152,223
2,021,876


Disposals
(361,569)
-
(132,559)
(494,128)



At 31 December 2024

658,874
6,386,760
13,312,691
20,358,325



Net book value



At 31 December 2024
687,724
-
3,247,028
3,934,752



At 31 December 2023
554,995
559,476
3,574,927
4,689,398

Page 25

 
PEKTRON GROUP LIMITED
 

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

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost less provision


At 1 January 2024
485,611


Disposals
(485,611)



At 31 December 2024
-





16.


Stocks

2024
2023
£
£

Raw materials and consumables
12,533,459
15,808,264

Work in progress (goods to be sold)
166,004
267,137

Finished goods and goods for resale
560,299
935,129

13,259,762
17,010,530



17.


Debtors

2024
2023
£
£


Trade debtors
36,633
64,468

Other debtors
317,589
224,942

Prepayments and accrued income
1,275,751
708,569

1,629,973
997,979



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
68,274,887
69,617,218


Page 26

 
PEKTRON GROUP LIMITED
 

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

19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
389,966
1,158,240

Corporation tax
128,741
701,201

Other taxation and social security
1,159,830
1,559,284

Other creditors
13,097,449
18,883,675

Accruals and deferred income
1,151,353
1,124,412

15,927,339
23,426,812


Included in other creditors are amounts owed to related parties. For further details, see note 25 to the financial statements


20.


Deferred taxation




2024


£






At beginning of year
(154,957)


Charged to profit or loss
95,447



At end of year
(59,510)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(72,010)
(167,458)

Provisions
12,500
12,500

(59,510)
(154,958)


The expected net reversal of deferred taxation assets and liabilities is not anticipated to be material.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,500 (2023 - 9,500) Ordinary shares of £1.00 each
9,500
9,500


Page 27

 
PEKTRON GROUP LIMITED
 

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

22.


Reserves

Profit and loss account

Includes all current and prior period distributable retained profits and losses.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £731,747 (2023- £620,378) .Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


24.Other financial commitments

At the year end, the Company was committed to an exchange from US$ to GBP £ through the use of a forward exchange contract of £396,825.


25.


Related party transactions

During the year the Company paid rent of £2,111,530 (2023: £2,035,440) to a company under common control. A management charge of £33,000 (2023: £33,000) was received from this company. At 31 December 2024 the Company owed £6,532,540 (2023: £9,806,667) to this company.
The Company sold goods to a value of £39,341,423 (2023: £46,253,086), and charged management charges of £608,373 (2023: £715,253) to a company under common control. At 31 December 2024 the Company owed £1,700,754 (2023: £450,440) to this company.
The Company also sold goods to a value of £3,060,231 (2023: £4,756,143), and charged management charges of £47,323 (2023: £73,549) to a company under common control. At 31 December 2024 the Company owed £1,101,613 (2023: £2,434,401) to this company.
At the year end, Pektron Group Limited was owed £Nil (2023: £7,291) from a company under common control. During the year the Company purchased services of £91,907 (2023: £133,799) from the company, of which £19,617 (2023: £Nil) was owed by this company at the year end.
The Company also sold goods to a value of £1,326,472 (2023: £624,692), and charged management charges of £20,512 (2023: £9,660) to a company under common control. At 31 December 2024 the Company was owed £210,828 (2023: £315,929) by this company.
The Company also sold goods to a value of £1,277,172 (2023: £814,447), and charged management charges of £19,750 (2023: £12,595) to a company under common control. At 31 December 2024 the Company owed £1,833,293 (2023: £2,234,695) to this company.
At the year end, there was an amount owing to the shareholders by the Company of £1,745,229 (2023: £4,087,927). These amounts are unsecured, have no fixed repayment date and accrue interest at a rate of 3% per annum.
During the year key management received remuneration of £1,177,995 (2023: £739,675). Key management received dividends of £1,200,000 (2023: £1,500,000).

Page 28

 
PEKTRON GROUP LIMITED
 

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

26.


Controlling party

The Company is controlled by N,P and R Morgan.


Page 29