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CTC (Wholesalers) Limited
Annual Report and Financial Statements
Year Ended 31 October 2025

Registration number: 01727265

CTC (Wholesalers) Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Statement of Income and Retained Earnings | 9
Balance Sheet | 10
Notes to the Financial Statements | 11 to 22

CTC (Wholesalers) Limited

Company Information

Directors | Mr J A G Hartshorne Mrs D A Knight Mr N Davey

Registered office | Camel House Thorverton Road Marsh Barton Exeter Devon EX2 8FS

Auditors | PKF Francis Clark Statutory AuditorCentenary House Peninsula Park Rydon Lane Exeter EX2 7XE

CTC (Wholesalers) Limited

Strategic Report for the Year Ended 31 October 2025

The directors present their strategic report for the year ended 31 October 2025.

Principal activity

The principal activity of the company is the wholesale of goods.

Fair review of the business

The directors are pleased with the company's performance in the year in light of the general economic circumstances. Turnover decreased by 4.1% to £17,606,827 (2024: £18,352,649) and operating profit decreased 11.6% to £748,626 (2024: £846,699). The company had net assets at the year end of £5,355,609 (2024: £5,174,652).

Principal risks and uncertainties

The impacts of the uncertain economic future and disruption to the supply chain are the biggest risks to our business including the potential depressed economic climate, inflationary pressures and general competition. The company addresses these risks by providing excellent service to its customers and building strong relationships with its suppliers. The directors are continually seeking to improve efficiency and to invest in increased capacity to fuel further growth.

Approved and authorised by the Board on 4 March 2026 and signed on its behalf by:

......................................... Mr N Davey Director

CTC (Wholesalers) Limited

Directors' Report for the Year Ended 31 October 2025

The directors present their report and the financial statements for the year ended 31 October 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr J A G Hartshorne

Mrs D A Knight

Mr N Davey

Financial instruments

Objectives and policies

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The company's approach to these risks is detailed below.
The company's principal financial instruments comprise trade debtors, bank balances and trade creditors.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company is exposed to supplier price risk. The company manages its exposure to this risk by engaging in ongoing negotiations with suppliers over prices, including rebates, discounts and set price agreements.
Credit risk
The company's principal financial assets comprise trade debtors and bank balances. The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables.
Liquidity risk
The company's approach to managing liquidity in respect of bank balances is by successfully maintaining a balance between the continuity of funding and flexibility through the use of built up cash reserves.
Cash flow risk
The company's activities expose it primarily to the financial risk of recovering trade debtors. The company manages this risk by continually reviewing balances due from customers and ensuring debts are paid before continuing to trade where necessary.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 4 March 2026 and signed on its behalf by:

......................................... Mr N Davey Director

CTC (Wholesalers) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

CTC (Wholesalers) Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Limited

Opinion

We have audited the financial statements of CTC (Wholesalers) Limited (the 'company') for the year ended 31 October 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and 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 October 2025 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

CTC (Wholesalers) Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4, 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 is 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.

Auditor 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 an auditor’s 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:

CTC (Wholesalers) Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Limited

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation. We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements, review of associated correspondence and vouching certification;
• Challenging assumptions and judgements made by management in its significant accounting estimates;
• Testing the recognition of revenue and costs, in particular around the year end date;
• Reviewing draft tax computations and involving the use of our specialists as required;
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; and
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

CTC (Wholesalers) Limited

Independent Auditor's Report to the Members of CTC (Wholesalers) Limited

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 an auditor’s 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.

......................................
Benjamin Slater BA (Hons) ACA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

5 March 2026

CTC (Wholesalers) Limited

Statement of Income and Retained Earnings

Year Ended 31 October 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 17,606,827 | 18,352,649
Cost of sales |  | (13,681,651) | (14,556,355)
Gross profit |  | 3,925,176 | 3,796,294
Administrative expenses |  | (3,176,550) | (2,949,595)
Operating profit | 4 | 748,626 | 846,699
Other interest receivable and similar income | 8 | 649 | -
Interest payable and similar charges | 9 | (2,874) | -
Profit before tax |  | 746,401 | 846,699
Taxation | 10 | (186,934) | (217,202)
Profit for the financial year |  | 559,467 | 629,497
Retained earnings brought forward |  | 5,157,033 | 5,168,499
Dividends paid |  | (378,510) | (640,963)
Retained earnings carried forward |  | 5,337,990 | 5,157,033

CTC (Wholesalers) Limited

Balance Sheet

31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 11 | 41,130 | -
Tangible assets | 12 | 466,654 | 547,900
Investments | 13 | 6 | 6
|  | 507,790 | 547,906
Current assets |  |  |
Stocks | 14 | 1,652,802 | 1,537,253
Debtors | 15 | 4,150,836 | 4,230,654
Cash at bank and in hand |  | 816,485 | 651,439
|  | 6,620,123 | 6,419,346
Creditors: Amounts falling due within one year | 17 | (1,735,304) | (1,737,600)
Net current assets |  | 4,884,819 | 4,681,746
Total assets less current liabilities |  | 5,392,609 | 5,229,652
Provisions for liabilities | 19 | (37,000) | (55,000)
Net assets |  | 5,355,609 | 5,174,652
Capital and reserves |  |  |
Called up share capital |  | 755 | 755
Share premium reserve |  | 16,491 | 16,491
Capital redemption reserve |  | 373 | 373
Profit and loss account |  | 5,337,990 | 5,157,033
Shareholders' funds |  | 5,355,609 | 5,174,652

Approved and authorised by the Board on 4 March 2026 and signed on its behalf by:

......................................... Mr N Davey Director

Company Registration Number: 01727265

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Camel House
Thorverton Road
Marsh Barton
Exeter
Devon
EX2 8FS

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The functional currency of CTC (Wholesalers) Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Summary of disclosure exemptions

The company has taken advantage of the exemption avaiable under FRS 102 section 1.12(b) to wholly owned subsidiaries from preparing a cash flow statement.

Name of parent of group

These financial statements are consolidated in the financial statements of CTC (Wholesalers) Holdings Limited.

The financial statements of CTC (Wholesalers) Holdings Limited may be obtained from Companies House.

Revenue recognition

The turnover shown in the Profit and Loss Account comprises the fair value of the consideration received for the sale of goods during the year, exclusive of Value Added Tax.
Turnover is recognised when substantially all the risks and rewards are transferred to the customer, which occurs upon delivery of the goods.

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold property | 2% straight line
Leasehold property | Over the term of the lease
Plant and machinery | 25% on a reducing balance basis
Furniture and fittings | 25% on a reducing balance basis
Motor vehicles | 25% on a reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 20% straight line
Website contruction costs | 33.3% straight line

Investments

Investments in equity shares which are not publicly traded are measured at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is calculated as cost less supplier discounts.

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods, UK | 17,606,827 | 18,352,649

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 136,087 | 142,079
Amortisation expense | - | 8,800
Loss on disposal of property, plant and equipment | 14,099 | 10,849

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,904,133 | 1,744,504
Social security costs | 219,689 | 167,189
Pension costs, defined contribution scheme | 40,022 | 35,838
| 2,163,844 | 1,947,531

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 15 | 13
Sales | 13 | 15
Logistics | 11 | 11
Warehouse | 13 | 11
| 52 | 50

6 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 215,225 | 207,507
Contributions paid to money purchase schemes | 5,283 | 3,428
| 220,508 | 210,935

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 3

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 94,917 | 82,983
Company contributions to money purchase pension schemes | 2,642 | 1,541

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

7 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 10,370 | 9,800

8 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 649 | -

9 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest expense on other finance liabilities | 2,874 | -

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 210,329 | 207,000
UK corporation tax adjustment to prior periods | (5,395) | (798)
| 204,934 | 206,202
Deferred taxation |  |
Arising from origination and reversal of timing differences | (18,000) | 11,000
Tax expense in the income statement | 186,934 | 217,202

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 746,401 | 846,699
Corporation tax at standard rate | 186,600 | 211,675
Effect of expense not deductible in determining taxable profit | 438 | 3,577
Increase/(decrease) in current tax from adjustment for prior periods | 2,025 | (250)
Tax increase from effect of capital allowances and depreciation | - | 2,200
Effect of revenues exempt from taxation | (2,129) | -
Total tax charge | 186,934 | 217,202

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Fixed asset timing differences | 37,000
| 37,000

2024 | Liability £
Fixed asset timing differences | 55,000
| 55,000

11 | Intangible assets

| Goodwill £ | Website £ | Total £
Cost or valuation
At 1 November 2024 | 44,000 | - | 44,000
Additions acquired separately | - | 41,130 | 41,130
At 31 October 2025 | 44,000 | 41,130 | 85,130
Amortisation
At 1 November 2024 | 44,000 | - | 44,000
At 31 October 2025 | 44,000 | - | 44,000
Carrying amount
At 31 October 2025 | - | 41,130 | 41,130
At 31 October 2024 | - | - | -

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

12 | Tangible assets

| Plant and machinery £ | Fixtures and fittings £ | Other assets £ | Total £
Cost or valuation
At 1 November 2024 | 209,809 | 44,871 | 910,981 | 1,165,661
Additions | 1,250 | - | 138,340 | 139,590
Disposals | (21,972) | (32,590) | (230,674) | (285,236)
At 31 October 2025 | 189,087 | 12,281 | 818,647 | 1,020,015
Depreciation
At 1 November 2024 | 174,516 | 37,654 | 405,591 | 617,761
Charge for the year | 9,829 | 1,787 | 124,471 | 136,087
Eliminated on disposal | (21,858) | (32,521) | (146,108) | (200,487)
At 31 October 2025 | 162,487 | 6,920 | 383,954 | 553,361
Carrying amount
At 31 October 2025 | 26,600 | 5,361 | 434,693 | 466,654
At 31 October 2024 | 35,293 | 7,217 | 505,390 | 547,900

13 | Investments

| Investments in associates £
Cost
At 1 November 2024 | 6
At 31 October 2025 | 6
Carrying amount
At 31 October 2025 | 6
At 31 October 2024 | 6

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Details of undertakings

Details of the investments are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Associates
Alliance Distribution Group Limited | Gap Convenience Distribution Ltd, Lancashire Way, Preston, PR2 5PB | Ordinary | 33.33% | 33.33%
| England |  |  |

14 | Stocks

| 2025 £ | 2024 £
Stocks | 1,652,802 | 1,537,253

15 | Debtors

| 2025 £ | 2024 £
Trade debtors | 1,508,154 | 1,625,061
Amounts owed by group undertakings | 2,531,752 | 2,531,752
Other debtors | 110,930 | 73,841
| 4,150,836 | 4,230,654

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 816,485 | 651,439

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

17 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 1,188,223 | 1,387,610
Corporation tax | 106,406 | 115,202
Social security and other taxes | 223,115 | 119,767
Other creditors | 8,903 | 549
Accruals | 208,657 | 114,472
| 1,735,304 | 1,737,600

18 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 164,290 | 181,463
Later than one year and not later than five years | 237,092 | 401,382
| 401,382 | 582,845

The amount of non-cancellable operating lease payments recognised as an expense during the year was £166,488 (2024 - £172,014).

19 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 November 2024 | 55,000 | 55,000
Decrease in existing provisions | (18,000) | (18,000)
At 31 October 2025 | 37,000 | 37,000

20 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £40,022 (2024 - £35,838).

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £0.01 each | 75,522 | 755 | 75,522 | 755

The capital redemption reserve of £373 (2024: £373) dates from 2014 and 2015 when the company repurchased shares that were subsequently cancelled.

22 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividends of £5.012 (2024 - £8.487) per Ordinary A share |  | 378,510 |  | 640,963

23 | Parent and ultimate parent undertaking

The company's immediate, and ultimate, parent is CTC (Wholesalers) Holdings Limited, incorporated in England and Wales.
CTC (Wholesalers) Holdings Limited is parent of the smallest and largest group in which these financial statements are consolidated. The financial statements of CTC (Wholesalers) Holdings Limited are available upon request from Companies House

CTC (Wholesalers) Limited

Notes to the Financial Statements

Year Ended 31 October 2025

24 | Related party transactions

Expenditure with and payables to related parties

2025 | Entities with joint control or significant influence £
Leases | 181,041
Amounts payable to related party | -

2024 | Entities with joint control or significant influence £
Leases | 196,790
Amounts payable to related party | -

Loans to related parties

2025 | Associates £
At start of period | 9,530
At end of period | 9,530

2024 | Associates £
At start of period | 9,530
At end of period | 9,530