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Registered number: 04579191
CENTRAL TECHNOLOGY LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRAL TECHNOLOGY LIMITED
COMPANY INFORMATION
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National Westminster Bank plc
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CENTRAL TECHNOLOGY LIMITED
CONTENTS
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Statement of Income and Retained Earnings
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Notes to the Financial Statements
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CENTRAL TECHNOLOGY 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.
Central Technology navigated a challenging economic environment throughout 2024, whilst maintaining its commitment to staff and customer development. Despite market uncertainty and a lower rate of growth than seen in previous years, the business delivered a resilient and robust performance. This was achieved through a strategic focus on service quality, investment in our people, and the continued enhancement of our infrastructure and technology platforms.
The company achieved a notable increase in turnover to £11,521,385 (2023: £10,146,730), representing a growth of 13.5% on the prior year. Operating profit increased to £511,643 (2023: £249,141), a significant rise of 105.5%. Administrative expenses were tightly controlled at £4,121,953 (2023: £3,985,060), an increase of just 3.4%, ensuring resources were directed towards strategic priorities. Recurring revenue streams continued to account for over 70% of total revenue.
Central Technology’s expertise in cloud solutions was recognised once again, as the company was awarded Veeam’s Backup for 365 Provider of the Year. Furthermore, Central Technology became the first UK partner of Object First, enabling it to provide immutable on-premise devices designed specifically for Veeam. This partnership has further strengthened the company’s data security offering, giving clients access to the latest innovations in backup and protection against cyber threats.
In April 2024, Central Technology, acquired Leicestershire-based managed service provider IT3000 Ltd. The acquisition brought 18 additional colleagues, over 70 new clients, and expanded Central Technology’s regional presence with new offices in Leicestershire and Dorset. IT3000 Ltd continued to operate as a separate entity during 2024 but will be integrated into Central Technology in 2025. This strategic addition strengthens our capabilities and reinforces our commitment to growth and regional expansion, positioning the company to better serve both existing and new clients.
Investment in our staff remained a priority, with ongoing training and development designed to support career progression and uphold the highest levels of customer service. The company’s consultative approach and commitment to innovation have been central to helping clients realise their own growth ambitions.
The directors who served during the year were:
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S Dono (appointed 1 May 2024, resigned 1 October 2024)
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CENTRAL TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Looking forward, Central Technology will continue to concentrate on expanding its managed services portfolio, with an emphasis on cloud solutions, cyber security, and unified communications for SME clients. The company is actively pursuing opportunities to extend its regional presence across the UK and will consider further strategic acquisitions to support national growth ambitions.
The Board remains committed to investment in staff wellbeing and professional development, with a continuing focus on mental health and fostering a supportive workplace environment.
Management policies will be regularly reviewed to ensure the business remains agile in response to evolving market conditions and sector trends.
Qualifying third party indemnity provisions
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The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 16 September 2025 and signed on its behalf.
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CENTRAL TECHNOLOGY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CENTRAL TECHNOLOGY LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Central Technology Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Central Technology Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Central Technology Limited and state those matters that we have agreed to state to the Board of Directors of Central Technology Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Technology Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Central Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Central Technology Limited. You consider that Central Technology Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Central Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shorts
Chartered Accountants
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA
16 September 2025
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CENTRAL TECHNOLOGY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 7 to 16 form part of these financial statements.
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CENTRAL TECHNOLOGY LIMITED
REGISTERED NUMBER: 04579191
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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CENTRAL TECHNOLOGY LIMITED
REGISTERED NUMBER: 04579191
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2025.
The notes on pages 7 to 16 form part of these financial statements.
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Central Technology Limited is a private company limited by shares, incorporated in England and Wales (registered number: 04579191). Its registered office is Quantum Point, Sheepbridge Works, Sheepbridge Lane, Chesterfield S41 9RX. The principal activity throughout the year continued to be that of the provision of managed IT and telecommunications services including IT support, cyber security, unified communications and cloud solutions.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's functional and presentation currency is the pound sterling.
The following principal accounting policies have been applied:
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.
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
The depreciation rates used are
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Leasehold property improvements
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price 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, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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Tax is recognised in the Statement of Income and Retained Earnings.
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.
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The average monthly number of employees, including directors, during the year was 93 (2023 - 87).
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Origination and reversal of timing differences
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Tax losses carried forward
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Remeasurement of deferred tax for changes in tax rates
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Total tax charge for the year
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Included in creditors due within and after more than one year is a bank loan of £70,833 (2023: £120,833) on which security has been given by the company.
Amounts due under finance leases and hire purchase contracts in creditors due within one year and after more than one year are secured over the assets to which they relate.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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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 £70,948 (2023: £144,629). Contributions totalling £15,149 (2023: £12,667) were payable to the fund at the balance sheet date and are included in creditors.
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CENTRAL TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The immediate and ultimate parent undertaking is Raveningham Technology Holdings Limited, a company registered in England and Wales. There is no controlling party of the ultimate parent undertaking as no shareholder owns more than 50% of the share capital.
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