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REGISTERED NUMBER: 06413787 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Elecon Uk Limited

Elecon Uk Limited (Registered number: 06413787)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elecon Uk Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: S P Searle
S P Synnott





REGISTERED OFFICE: 130 Bournemouth Road
Chandler's Ford
Southampton
Hampshire
SO53 3AL





REGISTERED NUMBER: 06413787 (England and Wales)





ACCOUNTANTS: CBM Accountants Limited
130 Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3AL

Elecon Uk Limited (Registered number: 06413787)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 100,002 120,000
Tangible assets 5 1,138,522 1,338,373
1,238,524 1,458,373

CURRENT ASSETS
Stocks 15,200 18,653
Debtors 6 1,766,364 403,276
Cash at bank and in hand 48,573 903,161
1,830,137 1,325,090
CREDITORS
Amounts falling due within one year 7 536,886 558,578
NET CURRENT ASSETS 1,293,251 766,512
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,531,775

2,224,885

CREDITORS
Amounts falling due after more than one
year

8

(705,664

)

(594,449

)

PROVISIONS FOR LIABILITIES 10 (61,382 ) (89,447 )
NET ASSETS 1,764,729 1,540,989

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 1,764,629 1,540,889
SHAREHOLDERS' FUNDS 1,764,729 1,540,989

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Elecon Uk Limited (Registered number: 06413787)

Balance Sheet - continued
31 December 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





S P Searle - Director


Elecon Uk Limited (Registered number: 06413787)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Elecon Uk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asses as follows:

Goodwill - 20 years straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

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.


Elecon Uk Limited (Registered number: 06413787)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 400,000
AMORTISATION
At 1 January 2022 280,000
Charge for year 19,998
At 31 December 2022 299,998
NET BOOK VALUE
At 31 December 2022 100,002
At 31 December 2021 120,000

Elecon Uk Limited (Registered number: 06413787)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS - continued

True and Fair override on acquisition of subsidiary undertaking:

Following the acquisition of the former subsidiary undertaking, Elecon Limited, the trade and net assets of the undertaking were transfered to the company. The cost of the Company's investment in the subsidiary reflected the underlying fair value of the net asset and goodwill at the time of acquisition. As a result of this transfer, the value of the company's investment in the subsidiary undertaking fell below the amount at which it was stated in the company's accounting records. The Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors consider that as there has been no overall loss to the group, it would fail to show a true and fair view to charge the impairment in value to the company's profit and loss account and it should instead be reallocated to goodwill and the identifiable net assets transferred, so as to recognise in the company's balance sheet the effective cost to the company of those net assets and goodwill. the effect on the company's balance sheet of this departure is to recognise goodwill of £303,333, net of accumulated amortisation of £96,667.

Given that the business concerned operates in a generally stable market, the directors have concluded the estimated economic life of the resulting goodwill was 20 years at the date the transfer took place.

The directors consider that the value of the inherent goodwill of the business is not less than the amount included in the company's balance sheet.

5. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2022 812,101 133,236 1,688,261
Additions - 6,294 14,617
Disposals - - -
At 31 December 2022 812,101 139,530 1,702,878
DEPRECIATION
At 1 January 2022 27,063 109,329 1,239,497
Charge for year 10,824 13,488 150,112
Eliminated on disposal - - -
At 31 December 2022 37,887 122,817 1,389,609
NET BOOK VALUE
At 31 December 2022 774,214 16,713 313,269
At 31 December 2021 785,038 23,907 448,764

Elecon Uk Limited (Registered number: 06413787)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2022 32,583 171,309 2,837,490
Additions 1,156 - 22,067
Disposals - (101,309 ) (101,309 )
At 31 December 2022 33,739 70,000 2,758,248
DEPRECIATION
At 1 January 2022 20,156 103,072 1,499,117
Charge for year 1,587 18,240 194,251
Eliminated on disposal - (73,642 ) (73,642 )
At 31 December 2022 21,743 47,670 1,619,726
NET BOOK VALUE
At 31 December 2022 11,996 22,330 1,138,522
At 31 December 2021 12,427 68,237 1,338,373

Included within the net book value of £1,138,522 is £118,400 (2021 - £170,167) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £19,840 (2021 - £26,156).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 504,297 385,549
Amounts owed by group undertakings 1,234,476 -
Other debtors 27,591 17,727
1,766,364 403,276

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 11,610 43,354
Hire purchase contracts 31,989 35,740
Trade creditors 186,845 159,289
Taxation and social security 139,201 182,612
Other creditors 167,241 137,583
536,886 558,578

Elecon Uk Limited (Registered number: 06413787)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 659,260 516,038
Hire purchase contracts 46,404 78,411
705,664 594,449

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 670,870 559,392
Hire purchase contracts 78,393 114,151
749,263 673,543

The bank loan is secured on the company's freehold property.

Hire purchase liabilities are secured on the assets involved.

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 61,382 89,447

Deferred
tax
£   
Balance at 1 January 2022 89,447
Credit to Income Statement during year (28,065 )
Balance at 31 December 2022 61,382

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

12. RELATED PARTY DISCLOSURES

Following the acquisition of the company by Elecon UK Holdings Limited, a company registered in England & Wales; Elecon UK Holdings Limited is the ultimate holding company.