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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
COMPANY INFORMATION
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G.T.K. (U.K.) LTD.
CONTENTS
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G.T.K. (U.K.) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The results shown in these financial statements are for the year ended 31 March 2025. The comparative figures are for the year ended 31 March 2024.
Summary results are:
31 March 2025 31 March 2024 £000 £000 Turnover 18,006 19,145 Gross Profit 6,417 6,824 Operating Profit 1,943 2,227 Adjusting Items* 53 237 Adjusted Operating Profit 1,996 2,464 Adjusted Operating Profit as a % of turnover 11.1% 12.9% *Adjusting Items includes: Royalty Charge - - Management Charge - 184 Share Award Payments - - Bonus Payments 53 53 Total 53 237 Net Assets 9,571 7,743 The principal activity of the company is the manufacture and sale of custom cable assemblies, connectors, optoelectronics and providing a full manufacturing solution service, including printed circuit board full assembly and packaging options. The G.T.K.(U.K.) Ltd group actively works with its customers to offer both highly competitive prices and acceptable gross margin. During the year, the Company experienced a 6% reduction in revenue compared to the prior year. This decline was primarily due to previous customer overstocking and a slower-than-expected recovery in the global market, which led to softened demand, particularly for manufacturing solution-type products. Additionally, a portion of revenue was redirected to our Romanian subsidiary, further contributing to the overall decrease. Despite these challenges, gross profit declined by £0.41m (2024: £6.8m), largely reflecting the reduction in revenue. The impact of inflation and rising raw material costs was effectively mitigated through proactive cost management by the Directors, helping to maintain a stable gross margin percentage. The Company maintains a strong balance sheet which continues to support confidence in the future. The Company continued to make strategic progress, notably by expanding its customer base within the defence industry. It remains committed to customer service excellence, with a strong focus on product quality and on-time delivery. Efforts to drive supply chain efficiency are ongoing. In addition, the Company has taken continued action to minimise exchange rate exposure across the Group, supporting the preservation of gross margins and overall financial stability. Globally, margins continued to be affected across all major industries as supply chains continued to cope with the ongoing economic impact of the pandemic and the inflation. Despite aggressive industry price increase caused by cost increases, the Company’s strong partnerships with its suppliers continued to help stabilise and minimise the impact on its customers.
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G.T.K. (U.K.) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company’s strategic focus and ongoing investment in its facilities and employees are expected to further increase operational efficiency and cost competitiveness. These initiatives will enable the Company to maintain high service quality for its customers while also being well-positioned to capitalise on new opportunities and respond effectively to economic volatility.
As a matter of course, the Company regularly recognises and actively manages the business’s risk and uncertainties both internally and externally, taking steps to mitigate these through sound business practices. These include leveraging managerial knowledge, implementing preventative measures, diversifying operations, and securing appropriate insurances coverage. Continued investment in employees, the product portfolio, logistics, infrastructure and the growing depth and breadth of its customers and suppliers helps reduce exposure across business segments.
The Company recognises the importance of a well-motivated and well-trained workforce for its long-term success. During the year, it has enhanced its internal communication strategy to ensure timely and relevant updates that support effective working and collaboration. In addition, comprehensive bullying and harassment awareness training was delivered to all employees, reinforcing the Company’s zero-tolerance policy and empowering staff to contribute to a respectful and safe working environment. The Directors continue to monitor the ongoing impacts of the war in Ukraine, tensions in the Middle East, global supply chain disruptions, and inflationary pressures. They have assessed the potential effects on the Company and have taken steps to prepare and adapt working practices accordingly. The Directors acknowledge the growing threat posed by cyber-attacks. In response, the Company has reinforced its cybersecurity infrastructure and continues to invest in staff training to raise awareness against potential threats. The Company’s commitment to sustainability remains firmly embedded within the Group’s long-term strategy. Efforts continue to focus on achieving a balanced approach to environmental impact, social responsibility, and strong governance. Key initiatives during the year have supported the Group’s ambition to operate responsibly, reduce its environmental footprint, and contribute positively to the communities in which it operates.
The Company’s operations subject it to certain financial risks including foreign exchange risk and credit risk and liquidity risk.
The Company is subject to exchange rate fluctuations due to the multi-currency nature of its operations. Revenues are primarily denominated in GBP, USD, and EUR, while purchases of goods for resale are made in USD, EUR, and NTD in varying proportions. Overheads are incurred in GBP, NTD, and EUR. To manage this exposure, the Directors actively monitor currency positions and aim to align currency inflows and outflows through natural hedging wherever possible. Any remaining currency translation exposure—arising from converting foreign currency revenues and costs into the functional currency (GBP) is not hedged. The Company does not engage in formal currency hedging instruments The Company’s principal credit risk arises from trade receivables. To mitigate this risk, the Directors establish credit limits for customers based on their payment history and third-party credit assessments. Customer creditworthiness is regularly reviewed, and aged receivables are monitored weekly. Customers identified as high risk are placed on hold, and any future credit sales require management approval. Alternatively, pro forma invoices are issued, requiring payment in advance. Liquidity risk is managed through weekly monitoring of cash positions and regular review of cash flow forecasts. The Company also has access to additional funding through the Group’s financing facility, providing flexibility to meet short-term liquidity needs.
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G.T.K. (U.K.) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Directors monitor turnover compared to budget and operating profit before Volex plc charges. These are monitored regularly with explanations sought for variances against budgets. The financial position of the Company at the year end is shown in the Balance Sheet on page 10.
This report was approved by the board and signed on its behalf.
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G.T.K. (U.K.) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙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 2006. They 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.
The profit for the year, after taxation, amounted to £1,862,476 (2024 - £2,086,953).
There were dividends of £nil (2024: £3,178,069) authorised by the Directors and distributed by the Company during this financial year.
In accordance with the Companies Act 2006 ad the Company's Articles of Association, the Company has purchased Directors' and Officers' Liability insurance. The indemnity was in force throughout the last financial year and is currently in force at the date of this report. The Company reviews its insurance policies on an annual basis in order to satisfy itself that its level of cover remains adequate.
Further details of the Company's financial risk management, particularly with regard to exchange rate management, can be found in the strategic report.
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G.T.K. (U.K.) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Further details of the Company's future strategy can be found in the Strategic report section of this Annual report and financial statements.
The financial statements have been prepared on the going concern basis, under the historical cost of convention unless otherwise specified within these accounting policies. The Directors are satisfied that there are no material uncertainties that cast doubt on the Company's going concern status.
In addition, the performance of the Company has also been considered as part of the Volex plc group's going concern assessment.
The Company has a branch in Taiwan that sources products from the Far East for the Company.
There have been no significant events affecting the Company since the year end.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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G.T.K. (U.K.) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G.T.K. (U.K.) LTD.
We have audited the financial statements of G.T.K. (U.K.) LTD. (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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G.T.K. (U.K.) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G.T.K. (U.K.) LTD. (CONTINUED)
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.
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.
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G.T.K. (U.K.) LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G.T.K. (U.K.) LTD. (CONTINUED)
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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to 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 evidence of bias.
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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G.T.K. (U.K.) LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
REGISTERED NUMBER: 02460213
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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G.T.K. (U.K.) LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
G.T.K. (U.K.) Ltd is a private company limited by shares and is incorporated, domiciled and registered in England, United Kingdom. The address of the registered office and principal place of business is Unit C2, Antura, Bond Close, Basingstoke, Hampshire, RG42 8PZ.
The principal activity of the Company is that of manufacturing and distribution of electronic components including cable assemblies, connectors, displays, power cords and manufacturing solutions.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Volex Plc as at 31 March 2025 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (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:
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.
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Functional and presentation currency
Transactions and balances
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Stock Stock is carried at the lower of cost and net realisable value, which is calculated as the estimated sales proceeds less costs of sales. Factors considered in the determination of net realisable value are the ageing category and condition of stock, recent stock utilisation and forecasts of projected stock utilisation. Reviews of the provision held against damaged obsolete and slow-moving stock are carried out at least quarterly by management and these reviews require the application of judgement and estimates. Changes to these estimates could result in changes to the net valuation of stock. Trade debtors Trade debtors are carried at cost with provisions against recoverability made where appropriate. Factors considered in making provisions are the credit rating of the debtor, their payment history, the avaliability of credit insurance on the debtor, the ageing of the debt and any stock held specifically for the debtor and not yet invoiced. Reviews of provisions held against outstanding debtors are carried out at least quarterly by management and these reviews require the application of judgement and estimates. Changes to these estimates could result in changes to the amount of provisions.
The Company has a single class of business being the global provision of electronics solutions including cable assemblies, connectors, displays, power cords and manufacturing solutions. The analysis of turnover by country of destination is:
Analysis of turnover by country of destination:
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 18
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
8.Taxation (continued)
There were no factors that may affect future tax charges.
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 20
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Capital redemption reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately 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 £82,918 (2024: £77,107). No contributions were outstanding as at 31 March 2025 or 31 March 2024.
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G.T.K. (U.K.) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
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