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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRADO TRADING LIMITED
COMPANY INFORMATION
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CENTRADO TRADING LIMITED
CONTENTS
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CENTRADO TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's principal activity is the wholesale of picture framing materials to the picture framing trade.
The Directors are pleased to report a successful year for the Company.
The company has generated £27,484,334 (2023: £25,716,034) of turnover due to excellent products and customer service. The Company has generated £3,570,484 (2023: £3,079,547) of profits before tax to give satisfactory results. At the year end the company had shareholders’ funds of £10,764,057 (2023: £11,200,699) including distributable profits of £10,763,857 (2023: £11,200,499). The directors therefore believe the company’s position to be satisfactory, especially as the Company’s current assets exceed its current liabilities by £9,358,064 (2023: £10,009,730). The Company completed the acquisition of two regional wholesalers during the year as part of its ongoing strategy to strengthen its position as the leading supplier of picture framing materials in the UK. Wybenga Centrado GmbH continued to operate as a wholly owned German subsidiary during the year to reduce risk in a post-Brexit environment.
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CENTRADO TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have assessed the principal risks facing the Company as being uncertainties arising from global supply chain disruption and economic uncertainty. Whilst it is impossible to forecast the full impact of this uncertainty the Directors are confident that the business impact will remain manageable throughout 2025 due to thorough scenario planning and the healthy nature of the Company's balance sheet.
FINANCIAL RISK MANAGEMENT The Company has exposure to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. Foreign Exchange Transactional Currency Exposure The Company is exposed to currency exchange rate risk due to some receivables and cost of sale expenses being denominated in non-sterling currencies. The net exposure of each currency is monitored, and the Company uses forward contracts and options to hedge its exposure to currency fluctuations. Liquidity Risk The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through a combination of operating cash flows and external finance for some investment activities. Future obligations are regularly measured against forecasts and additional funding would be secured in good time if required. Customer Credit Exposure The Company offers credit terms to its customers which allow payment of the debt after delivery of the goods. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by developing long term customer relationships. Further internal controls are in place when on-boarding a new client to minimise credit risk and manage the overall commercial exposure. FUTURE DEVELOPMENTS Throughout 2024 the Company has demonstrated its ability to utilise its advantages in liquidity and supply chain contacts to positively react to changing market conditions and continue to solidify its position as the market leader in picture framing materials.
The company uses a set of key performance indicators, financial and non-financial, to monitor the business linked to the principal risks. The KPI's and results for the year are considered to be satisfactory by the directors and senior management within the company.
2024 2023 Turnover (£'000) 27,484 25,716 Cash (£'000) 3,060 4,021 Debtors (£'000) 5,713 5,429 Headcount 116 111
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CENTRADO TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 26 September 2025 and signed on its behalf.
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CENTRADO TRADING 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.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CHARITABLE DONATIONS
During the year the company made charitable donations of £118,000 (2023 - £112,530) to a charity to be used for a range of charitable causes.
The profit for the year, after taxation, amounted to £2,621,183 (2023 - £2,553,079).
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CENTRADO TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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CENTRADO TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED
We have audited the financial statements of Centrado Trading Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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CENTRADO TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CENTRADO TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and company. Our approach was as follows: • We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management. • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety. • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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CENTRADO TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)
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CENTRADO TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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CENTRADO TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRADO TRADING LIMITED
REGISTERED NUMBER: 08172714
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 29 form part of these financial statements.
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CENTRADO TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Centrado Trading Limited is a private company, limited by shares, in England and Wales, United Kingdom. The address of the registered office is Centrado House, Willow Road, The Lakes Business Park, Fenstanton, Huntingdon, Cambridgeshire, United Kingdom, PE28 9RB.
The principal activity of the company is that of the wholesale supply of picture frame mouldings, mounts and glass.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Company has taken advantage of the following exemptions under the provisions of FRS 102: (i) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the Company is a qualifying entity and the Company's ultimate parent, Centrado Group Limited, includes the Company's cash flows in its consolidated financial statements; (ii) The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the group in which the entity is consolidated; and (iii) From disclosing the Company key management personnel compensation, as required by paragraph 33.7.
In reaching the going concern conclusion the directors have considered the company's strong balance sheet position and bouyant market conditions throughout the year as well as the risks posed to the company.
The directors therefore believe the company continues to be a going concern and have prepared the financial statements on this basis.
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 5 years.
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
During the current accounting period the company opted to change its depreciation method in respect of plant and machinery, fixtures and fittings and property improvements from reducing balance basis to straight line on cost.
This has been treated as a change in accounting estimate and applied prospectively from the current period.
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The key assumptions concerning the future and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stock provisions Determining stock provisions involves estimating the recoverable amount of stock held by the company. Calculating the recoverable amount of stock requires a degeree of estimation in terms of the likely demand and prices for individual items. Amortisation, depreciation and carrying amounts of fixed assets Calculation of the amortisation and depreciation charge and hence the carrying value of fixed assets requires estimates to be made of the useful life of the assets. The estimates are based on the company's experience of similar assets and details are set out in notes 2.11 and 2.12.
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CENTRADO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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