REGISTERED NUMBER: 05669045 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

C. T. HOLDINGS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

18

DIRECTORS:

J D Chadwick

J Wilmott

REGISTERED OFFICE:

92 George Richards Way

Broadheath

Altrincham

Cheshire

WA14 5ZR

REGISTERED NUMBER:

05669045 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

This report aims to present a balanced view of the development and the performance of the company.

PRINCIPAL ACTIVITIES

The principal activities of the company are the sale of brand quality, sportswear fabric. The company is committed to the provision of high performance fabrics for sports teams, clubs & schools together with outstanding customer service and support with the objective of providing affordable high performance team wear.

REVIEW OF BUSINESS

Following the acquisition of the fabric trade, the company traded successfully through a period of an unsettled global market which brings on cost base challenges.

Ordinary dividends were paid during the year of £1 (2023 £222,216). The company's results for the period are included within these financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Effective working capital management is a priority to ensure the associated risks are controlled and balanced against the challenging market environment in which we operate. The main financial risks facing the company are those relating to rising labour costs, foreign currency exchange and the widely publicised global supply chain issues and the subsequent rising container costs. The director's policy agreed for managing these financial risks remain unchanged. The directors work closely to manage any foreign exchange fluctuations and working directly with freight forwarders to ensure we have secured space on vessels from China to the UK , managing pricing and delays caused by the global impact of the current wars.

NON - FINANCIAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy is robust and have few risks associated. The key business risks and uncertainties affecting the company are considered to relate to a certain level of dependence on the strength of our customer base and any government changes and in addition, the company's ability to maintain adequate continuity of supply chain within the context of global uncertainties on raw material availability and demand.

NON-FINANCIAL PERFORMANCE INDICATORS

The company had no employees of its own as such during the year but had access to the employees within the JDC Holdings Group. Despite this, the company's key non-financial indicators are those related to employee health, safety and well-being, training, development, quality, community, and customer satisfaction. The company continues to support a wide variety of community projects.

FUTURE DEVELOPMENTS AND INVESTMENT

The company will continue to invest in the continuous improvement of its existing products and in the development of new innovative products to facilitate sales growth, long term sustainability and efficiency gains across a range of market sectors. This ongoing investment will ensure the company provides ever increasing levels of product quality, performance, customer service and satisfaction.

Cyber security continues to be a focus for investment and is integrated into the organisation wide governance frameworks, including strategy, risk management processes and compliance and audit procedures.

SUPPLIERS

The company commits to regular engagement and collaboration with our supply chain and are committed to paying in line with supplier payment terms.

OUR COMMITMENT TO THE ENVIRONMENT

Corporate objectives continue to focus on doing the right thing for our community and the environment in everything we do, we have significantly reduced paper and plastic usage throughout both manufacturing and office activities and continue to find ways of 'recycling and reusing'.

Our philosophy is simple: do the right thing. As an independent British business with Directors who have over 60 years of experience, we've seen the industry change and we're evolving with it. Our "Three Ps" approach - People, Planet, Profit - is the backbone of every decision we make.

Whether it's our ethical sourcing practices, the durability of our products, or our approach to shipping and packaging, we are building a business that supports long term sustainability for everyone in the supply chain, including our retail partners.

- Sustainability in Action: From sourcing fabric and trims from OEKO-TEX® approved suppliers to packaging every garment in biodegradable bags, we're reducing environmental impact without compromising product quality.

- Ethical Sourcing: All our factories, under the stewardship of our team in China, are audited to amfori BSCI standards and we also make use of amfori BEPI, ensuring safe working conditions, fair pay and environmental care throughout our supply chain.

- Carbon Footprint Reduction: From container optimisation in shipping to switching to electric vehicles in our UK fleet, we're taking action to lower emissions across the board.

- Reforestation Initiatives: We've helped plant over 400,000 trees through long-term partnerships in the UK and Tanzania, offsetting some of our carbon footprint while making a tangible difference.

- Premium Products That Last: Our teamwear isn't fast fashion. It's designed for durability and longevity, with many of our bestselling products still going strong over a decade later.

- People First: From weekly fitness classes and employee coaching to mental health support, we champion our people just as passionately as we support our partners.

OWNERSHIP CHANGES DURING THE YEAR

On 1 January 2024 the company received a dividend in specie from its then subsidiary, Chadwick Textiles Limited, of £355,750 in the form of stock, debtors and creditors which represented that company's fabric business.

Within the Chadwick Textile's business there were two distinct trading activities: Fabrics and Garments. The directors of the group have separated the two trades for several reasons. The fabric and garments are imported from overseas, and the costs associated with the logistics worldwide have been challenging. The directors wanted to minimise risk and exposure from adverse trading conditions by separating the two trades as a means of protection going forward. In addition to protecting each trade from the other, the directors of the have been reflecting that each trade has its own challenges, and the separation of the trades would provide two distinct companies with differing objectives. The directors and senior management team believe the separation will provide focus with objectives being met more efficiently to improve trading going forward. The separation will give clarity of the trading expenses per division. The directors' expectation is that Fabrics already has a solid margin with a slight steadier and simpler cost base.

Following the above transaction the company transferred the £1 investment of 100% ownership of Chadwick Textiles Limited , to its former parent company, Team Edge Limited by way of dividend in specie for £1.

On 9 February 2024 the company's shares were transferred to JDC Holdco Limited.

On 10 February 2024, the company's shares were gifted to the shareholders of JDC Holdco Limited.

Following the demerger of CT Holdings Limited - the Fabric Trade , from the garment trade CT Holdings Limited subsequently left the previous group but remains under common control of the shareholders. The company's shares are now 100% owned by CT Team fabrics Limited.

The fabric trade operates out of CT Holdings Limited.

This has been a successful demerger and both trades have traded positively during 2024.

ON BEHALF OF THE BOARD:

J Wilmott - Director

25 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a sportswear fabric wholesaler.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £1 (2023: £222,216).

DIRECTORS

J D Chadwick has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

J Wilmott - appointed 26 September 2024

DIRECTORS INDEMNITY

The company has made qualifying third party provisions for the benefit of its directors which remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have chosen to disclose principal activities, results for the year future developments, risks and post balance sheet events in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Wilmott - Director

25 September 2025

Opinion

We have audited the financial statements of C. T. Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.

Karen Dent (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

25 September 2025

TURNOVER

3

1,790,336

-

Cost of sales

764,687

-

GROSS PROFIT

1,025,649

-

Distribution costs

54,139

-

Administrative expenses

559,664

3,614

613,803

3,614

OPERATING PROFIT/(LOSS)

5

411,846

(3,614

)

Interest receivable and similar income

355,750

222,216

767,596

218,602

Interest payable and similar expenses

7

3,305

-

PROFIT BEFORE TAXATION

764,291

218,602

Tax on profit

8

102,135

-

PROFIT FOR THE FINANCIAL YEAR

662,156

218,602

PROFIT FOR THE YEAR

662,156

218,602

OTHER COMPREHENSIVE INCOME

Share premium transfer

-

13,482

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

13,482

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

662,156

232,084

FIXED ASSETS

Investments

10

-

1

CURRENT ASSETS

Stocks

11

344,556

-

Debtors

12

282,718

-

Cash at bank

733,294

-

1,360,568

-

CREDITORS

Amounts falling due within one year

13

698,412

-

NET CURRENT ASSETS

662,156

-

TOTAL ASSETS LESS CURRENT LIABILITIES

662,156

1

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

16

662,155

-

SHAREHOLDERS' FUNDS

662,156

1

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

J Wilmott - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1

(9,868

)

13,482

3,615

Changes in equity

Issue of share capital

-

-

(13,482

)

(13,482

)

Dividends

-

(222,216

)

-

(222,216

)

Total comprehensive income

-

232,084

-

232,084

Balance at 31 December 2023

1

-

-

1

Changes in equity

Dividends

-

(1

)

-

(1

)

Total comprehensive income

-

662,156

-

662,156

Balance at 31 December 2024

1

662,155

-

662,156

Cash flows from operating activities

Cash generated from operations

1

736,599

-

Interest paid

(3,305

)

-

Net cash from operating activities

733,294

-

Cash flows from investing activities

Interest received

-

222,216

Net cash from investing activities

-

222,216

Cash flows from financing activities

Equity dividends paid

-

(222,216

)

Net cash from financing activities

-

(222,216

)

Increase in cash and cash equivalents

733,294

-

Cash and cash equivalents at beginning of year

2

-

-

Cash and cash equivalents at end of year

2

733,294

-

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

764,291

218,602

Finance costs

3,305

-

Finance income

(355,750

)

(222,216

)

411,846

(3,614

)

Increase in stocks

(159,733

)

-

(Increase)/decrease in trade and other debtors

(198,701

)

3,614

Increase in trade and other creditors

683,187

-

Cash generated from operations

736,599

-

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

733,294

-

Year ended 31 December 2023

31/12/23

1/1/23

£

£

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

-

733,294

733,294

-

733,294

733,294

Total

-

733,294

733,294

4.	MAJOR NON-CASH TRANSACTIONS

During the year the company received a dividend in specie from its former subsidiary, Chadwick Textiles Limited, of £355,750, in the form of stock, debtors and creditors which represented that company's fabric business. The effective date of this transfer was 1 January 2024.

Following the above transaction, the company transferred its £1 investment of 100% ownership of Chadwick Textiles Limited, to its former parent company, Team Edge Limited by way of dividend in specie for £1.

1.	STATUTORY INFORMATION

C T Holdings Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 05669045 and the registered office is 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. The company is a sportswear fabric wholesaler.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements represent the company as a single entity. The presentation and operational currency is £ sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have made no material judgements but have made estimates in preparing these financial statements. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued costs

Accrued expenditure is estimated by the directors at each year end, to ensure that all known liabilities are accounted for in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and benefits of

ownership of the product have been transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

Investments in subsidiaries

Investments are stated at cost less provision for permanent impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on purchase invoice plus freight and duty cost after allowing for exchange conversion to sterling.

Stocks are comprised entirely of fabric.

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.

Financial instruments are recognised 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.

Basic financial assets, which include trade debtors, other debtors, amounts due from group undertakings, amounts owed by related parties, directors' current accounts and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including bank loans and overdrafts, trade creditors, other creditors, amounts owed to related parties and accrued expenses that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Debtors

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

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.

Going concern

At the balance sheet date of 31 December 2024, the company made a profit for the year of £662,156 (2023: £218,602), and had net assets at that date of £662,156 (2023: £1).

Based on the current trading and future expectations the directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. Therefore the financial statements for the year ended 31 December 2024 have been prepared on a going concern basis.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2024 is given below:

£

United Kingdom

1,157,137

Europe

199,864

Rest of World

433,335

1,790,336

This analysis is not considered to be applicable to the year ended 31 December 2023.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was as follows:

2024

2023

Director

2

1

2024

2023

£

£

Directors' remuneration

-

-

Directors are remunerated by Chadwick Textiles Limited, a company under common control.

Recharges for overheads from Chadwick Textiles Limited include costs associated with that company's employees working on fabric trade for C.T. Holdings Limited.

5.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024

2023

£

£

Other operating leases

887

-

Auditor's remuneration

10,000

-

Foreign exchange loss

2,061

-

Rent

21,312

-

Management charge

444,855

-

Auditors remuneration for non audit services is £nil (2023: £nil).

Management charge costs represent a recharge of costs from Chadwick Textiles Limited, in respect of the costs incurred by Chadwick Textiles limited that relate to the fabrics trade which was transferred to C. T. Holdings Limited on 1 January 2024.

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Exceptional items

-

(3,615

)

Exceptional items in the prior year relates to the write off of inter company debt due from the previous parent company. This was carried out in advance of the demerger of the company from the J.D.C. Holdco Limited group in the year.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Stock financing interest

3,305

-

The stock financing interest is recharged from Chadwick Textiles Limited, in respect of their stock financing agreement with HSBC bank.

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

102,135

-

Tax on profit

102,135

-

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

764,291

218,602

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

191,073

54,651

Effects of:

Expenses not deductible for tax purposes

-

903

Income not taxable for tax purposes

(88,938

)

(55,554

)

Total tax charge

102,135

-

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023

Gross

Tax

Net

£

£

£

Share premium transfer

13,482

-

13,482