Caseware UK (AP4) 2023.0.135 2023.0.135 The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and section 1A of FRS 102. 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.The financial statements have been prepared in Sterling Pounds (£) which is also the functional currency of the Company. The Company's functional and presentational currency is GBP (£).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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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. 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.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.Financial assets that are 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 Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.The parent company is CET Connect Limited which holds 100% of the share capital in the Company. The Company's ultimate parent company is MTM Engineering Group Limited (formerly Project Raglan Topco Limited). Both companies are registered and incorporated in Ireland, with a registered office at Grangegeeth, Slane, Meath, Ireland. MTM Engineering Group Limited, to whom the results of this company are consolidated, are publicly available at the Companies Registration Office. The Company ultimate controlling party is Waterland Private Equity Investments B.V., a company incorporated in the Netherlands.false61841truetrue139627truefalsetrue1The principal activity of the company during the period was the provision of data communications installation services.2024-01-012true 09888020 2024-01-01 2024-12-31 09888020 2022-07-01 2023-12-31 09888020 2024-12-31 09888020 2023-12-31 09888020 1 2024-01-01 2024-12-31 09888020 d:CompanySecretary1 2024-01-01 2024-12-31 09888020 d:Director1 2024-01-01 2024-12-31 09888020 d:Director1 2024-12-31 09888020 d:Director2 2024-01-01 2024-12-31 09888020 d:Director2 2024-12-31 09888020 d:Director3 2024-01-01 2024-12-31 09888020 d:Director3 2024-12-31 09888020 d:Director4 2024-01-01 2024-12-31 09888020 d:Director4 2024-12-31 09888020 d:Director5 2024-01-01 2024-12-31 09888020 d:Director5 2024-12-31 09888020 d:RegisteredOffice 2024-01-01 2024-12-31 09888020 d:Agent1 2024-01-01 2024-12-31 09888020 c:MotorVehicles 2024-01-01 2024-12-31 09888020 c:MotorVehicles 2024-12-31 09888020 c:MotorVehicles 2023-12-31 09888020 c:FurnitureFittings 2024-01-01 2024-12-31 09888020 c:FurnitureFittings 2024-12-31 09888020 c:FurnitureFittings 2023-12-31 09888020 c:CurrentFinancialInstruments 2024-12-31 09888020 c:CurrentFinancialInstruments 2023-12-31 09888020 c:Non-currentFinancialInstruments 2024-12-31 09888020 c:Non-currentFinancialInstruments 2023-12-31 09888020 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 09888020 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 09888020 c:ShareCapital 2024-01-01 2024-12-31 09888020 c:ShareCapital 2024-12-31 09888020 c:ShareCapital 2023-12-31 09888020 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 09888020 c:RetainedEarningsAccumulatedLosses 2024-12-31 09888020 c:RetainedEarningsAccumulatedLosses 2023-12-31 09888020 d:OrdinaryShareClass1 2024-01-01 2024-12-31 09888020 d:OrdinaryShareClass1 2022-07-01 2023-12-31 09888020 d:OrdinaryShareClass1 2024-12-31 09888020 d:FRS102 2024-01-01 2024-12-31 09888020 d:Audited 2024-01-01 2024-12-31 09888020 d:FullAccounts 2024-01-01 2024-12-31 09888020 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09888020 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 09888020 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 09888020 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 09888020 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 09888020 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09888020 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-12-31 09888020 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 09888020 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

img1c71.png






Financial Statements
CET Connect Limited
For the Year Ended 31 December 2024





































Registered number: 09888020
 
CET Connect Limited
 

Company Information


Directors
Brendan Mee (resigned 1 October 2024)
Thomas Mulryan (resigned 1 October 2024)
Brian Boylan (appointed 1 October 2024)
Patrick Finnegan (appointed 1 October 2024)
Paul O'Neill (appointed 1 October 2024)




Company secretary
Thomas Mulryan



Registered number
09888020



Registered office
71-75 Shelton Street
Covent Garden

London

WC2H 9JQ

England




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Republic of Ireland




Bankers
Bank of Ireland UK
Co. Fermanagh

Enniskillen

Northern Ireland




Solicitors
Kearns, Heffernan, Foskin

Otteran House

Newtown

Waterford

Republic of Ireland




 
CET Connect Limited
 

Contents



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 12

 
CET Connect Limited
Registered number:09888020

Statement of Financial Position
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
32,537
35,125

  
32,537
35,125

Current assets
  

Stocks
 7 
6,079
-

Debtors: amounts falling due within one year
 8 
306,765
388,233

Cash at bank and in hand
 9 
802,935
175,335

  
1,115,779
563,568

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(599,176)
(183,299)

Net current assets
  
 
 
516,603
 
 
380,269

Creditors: amounts falling due after more than one year
 11 
(13,880)
(19,761)

Net assets
  
535,260
395,633


Capital and reserves
  

Called-up share capital
 13 
100
100

Profit and loss account
 14 
535,160
395,533

Shareholders' funds
  
535,260
395,633


The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. 

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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

Paul O'Neill
Patrick Finnegan
Director
Director


Date: 23 June 2025

The notes on pages 2 to 12 form part of these financial statements.

Page 1
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

CET Connect Limited is a company limited by shares incorporated in the United Kingdom. 71-75 Shelton Street, Covent Garden, London is the registered office, which is also the principal place of business of the Company. The nature of the Company’s operations and its principal activity is the provision of data communications installation services. 

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 conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
 
The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and section 1A of FRS 102.

The financial statements have been prepared in Sterling Pounds (£) which is also the functional currency of the Company.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 MTM Engineering Group Limited (formerly Project Raglan Topco Limited)  as at 31 Decemember 2024 and these financial statements may be obtained from the Companies Registration Office..

 
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.

Page 2
 
CET Connect Limited
 

Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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'.

 
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:

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.

A construction contract's stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.

Page 3
 
CET Connect Limited
 

Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Taxation

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 reporting 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 reporting 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 reporting date.


 
2.6

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Motor vehicles
-
12.5% straight line
Fixtures and fittings
-
12.5% 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.

Page 4
 
CET Connect Limited
 

Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

  
2.7

Impairment of assets

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.8

Stocks

A construction contract's stage of completion is assessed by management by reference to a survey of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. The gross amount due from customers for contract work is presented within work in progress for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceed progress billings. The gross amount due to customers for contract work is presented within other liabilities for all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses).

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

 Cash

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.

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Page 5
 
CET Connect Limited
 

Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)


2.12
 Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are 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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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. 

 
2.13

 Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing financial statements, management makes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Critical management judgments in applying accounting policies

Impairment of trade and other receivables
Adequate amount of allowance is made and provided for specific Company of accounts where objective evidence of impairment exists. The Company evaluates these accounts, including, but not limited to, the length of the Company's relationship with its contracting parties, contracting parties' current credit status, average age of accounts, settlement experience and historical loss experience. The impairment allowance recognised at 31 December 2024 was €Nil (2023: €Nil).

Page 6
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Recoverability of amounts due under construction contracts
The Directors considered the recoverability of amounts due under construction contracts which is included in the Statement of financial position at 31 December 2024 amounting to €6,079 (2023: €Nil). The Directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also assessed the ability of these customers to discharge their contractual obligations as they fall due. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the reporting date.

4.


Employees

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


      Year ended
     31 December
18 month period ended
      31 December
        2024
        2023
            No.
            No.







Employees
2
1

Capitalised employee costs during the financial period amounted to £Nil (2023: £Nil).


5.


Directors' remuneration


The Directors did not receive any remununeration during the period (2023: £Nil). No further required disclosures under section 410 of the Companies Act 2006 for the current year or prior period.


Page 7
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost 


At 1 January 2024
34,977
2,367
37,344



At 31 December 2024

34,977
2,367
37,344



Depreciation


At 1 January 2024
1,336
883
2,219


Charge for the year 
2,288
300
2,588



At 31 December 2024

3,624
1,183
4,807



Net book value



At 31 December 2024
31,353
1,184
32,537



At 31 December 2023
33,641
1,484
35,125

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
31,353
33,641


7.


Stocks

2024
2023
£
£

Work in progress
6,079
-


Work in progress represents the value of amount recoverable on contracts in progress for work completed but not certified year end.
The Directors are satisfied that this amount is appropriately stated and recoverable in full. 

Page 8
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

8.


Debtors

2024
2023
£
£


Trade debtors
304,824
217,929

Amounts owed by group undertakings
1,941
168,615

Other debtors
-
1,689

306,765
388,233


Amounts owed by group undertakings and related party are interest free, unsecured and repayable on demand.
Trade debtors is net of provision for doubtful debts of £Nil (2023: £Nil).


9.


Cash

2024
2023
£
£

Cash at bank and in hand
802,935
175,335


There are no restrictions to the cash and cash equivalents held by the Company. 


10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
182,967
99,068

Amounts owed to group undertakings
296,488
-

Corporation tax
46,249
8,897

Other taxation and social security
14,679
52,430

Obligations under finance lease and hire purchase contracts
5,881
5,881

Other creditors
262
273

Accruals
52,650
16,750

599,176
183,299


Page 9
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

10.Creditors: Amounts falling due within one year (continued)

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The terms of the accruals are based on their underlying contracts.

2024
2023
£
£

Other taxation and social security

PAYE/NI control
3,944
8,552

Subcontractor taxes
1,617
5,390

VAT control
9,118
38,488

14,679
52,430



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
13,880
19,761



12.


Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follow
2024
2023
£
£


Within one year
5,881
5,881

Within 1-2 years
13,880
19,761

19,761
25,642

Leases are secured by the leased fixed assets.

Page 10
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

13.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



14.


Reserves

Share capital

Called-up share capital represents the nominal value of shares that have been issued.

Profit and loss account

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


15.


Related party transactions

The Company is availing of the exemption under FRS102 and Companies Act 2006 to not disclose transactions entered into between wholly-owned members of a group except for the transactions which is not exempted under FRS102.


16.


Post balance sheet events

There have been no significant events affecting the Company since the financial period end, which require adjustment to or disclosure in these financial statements. 


17.


Controlling party

The parent company is CET Connect Limited which holds 100% of the share capital in the Company.

The Company's ultimate parent company is MTM Engineering Group Limited (formerly Project Raglan Topco Limited). Both companies are registered and incorporated in Ireland, with a registered office at Grangegeeth, Slane, Meath, Ireland. MTM Engineering Group Limited, to whom the results of this company are consolidated, are publicly available at the Companies Registration Office.

The Company ultimate controlling party is Waterland Private Equity Investments B.V., a company incorporated in the Netherlands.


18.


Approval of financial statements

The Board of Directors approved these financial statements for issue on 23 June 2025.
Page 11
 
CET Connect Limited
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

19.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 23 June 2025 by Dan Holland (Senior Statutory Auditor) on behalf of Grant Thornton.


Page 12