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REGISTERED NUMBER: 01570249 (England and Wales)














Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 January 2023

for

ELECTRIX INTERNATIONAL LIMITED

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ELECTRIX INTERNATIONAL LIMITED

Company Information
for the Year Ended 31 January 2023







Directors: M Thompson
C P Thompson



Secretary: D Thompson



Registered office: Dovecot Hill
South Church Enterprise Park
Bishop Auckland
Co. Durham
DL14 6XP



Registered number: 01570249 (England and Wales)



Senior statutory auditor: Karl Gordon BA FCCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Strategic Report
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

Review of business
The directors can report that they are satisfied with the results of Electrix International Holdings Limited for the year ending 31st January 2023. The key financial and other performance indicators are as follows:

31/1/23 31/1/22 Variance
£   's
Turnover 12,668 12,063 5.01%
Gross profit 7,706 7,472 3.13%
Current assets as a % of current liabilities excluding group balances 480% 398% 82.00%

The business strategy for 2023-24 will be to continue development of new products, and to further diversify the range of products available to new and existing customers.

The directors foresee a more challenging year ahead, and they have marketing and supply chain strategies in place to manage the changing economic environment. Relationship management remains key to the success of the business, supporting and encouraging employee engagement; listening and reacting to customer feedback and maintaining positive and proactive relationships with suppliers to ensure the business can adapt quickly to new trends.

The directors continue to drive a culture of continuous improvement, cost management to ensure Electrix remains the market leading manufacturer and stockist of stainless steel cable management systems.

On behalf of the board:





D Thompson - Secretary


20 October 2023

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Report of the Directors
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

Principal activity
The principal activity of the company in the year under review was that of the manufacture of stainless steel products for use in the food, brewing and pharmaceutical industries.

Dividends
The total distribution of dividends for the year ended 31 January 2023 will be £ 3,667,000 .

Research and development
The company conduct a varity of research and development projects in order to further develop the company's products to better meet the needs of their customers.

Directors
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

M Thompson
C P Thompson

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



D Thompson - Secretary


20 October 2023

Report of the Independent Auditors to the Members of
Electrix International Limited

Opinion
We have audited the financial statements of Electrix International Limited (the 'company') for the year ended 31 January 2023 which comprise the Statement of 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 January 2023 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.

Report of the Independent Auditors to the Members of
Electrix International Limited


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 three, 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.

Report of the Independent Auditors to the Members of
Electrix International Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit;
These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.
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. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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.

Report of the Independent Auditors to the Members of
Electrix International 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 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.




Karl Gordon BA FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

20 October 2023

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Statement of Comprehensive
Income
for the Year Ended 31 January 2023

31/1/23 31/1/22
Notes £    £   

Turnover 3 12,668,012 12,063,324

Cost of sales 4,962,263 4,590,649
Gross profit 7,705,749 7,472,675

Administrative expenses 3,419,969 3,141,932
4,285,780 4,330,743

Other operating income 2,256 6,361
Operating profit 5 4,288,036 4,337,104

Interest receivable and similar income 36 32
4,288,072 4,337,136

Interest payable and similar expenses 6 33,055 23,653
Profit before taxation 4,255,017 4,313,483

Tax on profit 7 577,486 668,697
Profit for the financial year 3,677,531 3,644,786

Other comprehensive income - -
Total comprehensive income for the year 3,677,531 3,644,786

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Balance Sheet
31 January 2023

31/1/23 31/1/22
Notes £    £    £    £   
Fixed assets
Intangible assets 9 462,897 352,113
Tangible assets 10 3,415,213 3,646,236
3,878,110 3,998,349

Current assets
Stocks 11 4,307,340 3,201,402
Debtors 12 1,743,826 1,799,292
Cash at bank and in hand 446,646 447,662
6,497,812 5,448,356
Creditors
Amounts falling due within one year 13 4,716,887 3,627,221
Net current assets 1,780,925 1,821,135
Total assets less current liabilities 5,659,035 5,819,484

Creditors
Amounts falling due after more than one
year

14

(753,104

)

(913,687

)

Provisions for liabilities 18 (329,942 ) (340,339 )
Net assets 4,575,989 4,565,458

Capital and reserves
Called up share capital 19 1,400 1,400
Revaluation reserve 20 491,353 502,982
Capital redemption reserve 20 501 501
Retained earnings 20 4,082,735 4,060,575
Shareholders' funds 26 4,575,989 4,565,458

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





M Thompson - Director


ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 February 2021 1,400 3,930,750 630,021 501 4,562,672

Changes in equity
Dividends - (3,642,000 ) - - (3,642,000 )
Total comprehensive income - 3,771,825 (127,039 ) - 3,644,786
Balance at 31 January 2022 1,400 4,060,575 502,982 501 4,565,458

Changes in equity
Dividends - (3,667,000 ) - - (3,667,000 )
Total comprehensive income - 3,689,160 (11,629 ) - 3,677,531
Balance at 31 January 2023 1,400 4,082,735 491,353 501 4,575,989

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Cash Flow Statement
for the Year Ended 31 January 2023

31/1/23 31/1/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,823,193 4,178,288
Interest paid (28,572 ) (17,365 )
Interest element of hire purchase payments
paid

(4,483

)

(6,288

)
Tax paid (731,645 ) (481,077 )
Net cash from operating activities 3,058,493 3,673,558

Cash flows from investing activities
Purchase of intangible fixed assets (144,121 ) (170,576 )
Purchase of tangible fixed assets (193,981 ) (140,317 )
Interest received 36 32
Net cash from investing activities (338,066 ) (310,861 )

Cash flows from financing activities
Loan repayments in year (88,774 ) (93,048 )
Capital repayments in year (71,809 ) (70,003 )
Movements on group balances 1,106,140 584,075
Equity dividends paid (3,667,000 ) (3,642,000 )
Net cash from financing activities (2,721,443 ) (3,220,976 )

(Decrease)/increase in cash and cash equivalents (1,016 ) 141,721
Cash and cash equivalents at beginning of
year

2

447,662

305,941

Cash and cash equivalents at end of year 2 446,646 447,662

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/1/23 31/1/22
£    £   
Profit before taxation 4,255,017 4,313,483
Depreciation charges 458,341 468,550
Finance costs 33,055 23,653
Finance income (36 ) (32 )
4,746,377 4,805,654
Increase in stocks (1,105,938 ) (525,529 )
Decrease/(increase) in trade and other debtors 55,466 (216,741 )
Increase in trade and other creditors 127,288 114,904
Cash generated from operations 3,823,193 4,178,288

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 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 446,646 447,662
Year ended 31 January 2022
31/1/22 1/2/21
£    £   
Cash and cash equivalents 447,662 305,941


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/22 Cash flow At 31/1/23
£    £    £   
Net cash
Cash at bank and in hand 447,662 (1,016 ) 446,646
447,662 (1,016 ) 446,646
Debt
Finance leases (214,613 ) 71,809 (142,804 )
Debts falling due within 1 year (89,599 ) - (89,599 )
Debts falling due after 1 year (768,221 ) 88,774 (679,447 )
(1,072,433 ) 160,583 (911,850 )
Total (624,771 ) 159,567 (465,204 )

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Electrix International 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

The financial statements have been prepared under the going concern basis of accounting.

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

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible fixed assets
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a lease agreement, over the lease term, whichever is the shorter.

Patents and licences- 10% on cost and 20% on cost
Website and software- 10% on cost and 20% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost or revaluation
Plant and machinery - 20% on cost, 20% on reducing balance, 10% on cost and Straight line over 25 years
Office equipment - 25% on cost, 25% on reducing balance, 20% on cost, 20% on reducing balance and 10% on cost

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

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

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
Basic financial assets, which include debtors 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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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
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 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.

Government grants
Government grants are released to the profit and loss account at appropriate rates to match against the costs to which they relate.

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

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 is given below:

31/1/23 31/1/22
£    £   
UK 5,959,233 5,994,729
Europe 3,686,118 3,635,714
Non Europe 3,022,661 2,432,881
12,668,012 12,063,324

4. EMPLOYEES AND DIRECTORS
31/1/23 31/1/22
£    £   
Wages and salaries 2,946,292 2,639,089
Social security costs 332,817 282,112
Other pension costs 63,566 54,124
3,342,675 2,975,325

The average number of employees during the year was as follows:
31/1/23 31/1/22

Directors 2 2
Production manager 1 1
Sales, administration and production 66 62
69 65

31/1/23 31/1/22
£    £   
Directors' remuneration 481,447 447,754

Information regarding the highest paid director is as follows:
31/1/23 31/1/22
£    £   
Emoluments etc 287,960 274,672

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/1/23 31/1/22
£    £   
Depreciation - owned assets 385,353 396,551
Depreciation - assets on hire purchase contracts 39,651 39,652
Patents and licences amortisation 13,274 12,284
Website and software amortisation 20,063 20,063
Auditors' remuneration 7,143 6,841
Foreign exchange differences (18,681 ) 39,916
Operating lease payments 1,396 2,973

In accordance with s494 of the Companies Act 2006, total remuneration received by the auditor is analysed as follows:

31/1/2331/1/22
£ £
Auditing of the company's accounts7,1436,841
Accountancy and tax compliance services3,5913,419
10,7349,535

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/1/23 31/1/22
£    £   
Bank loan interest 24,544 17,016
Corporation tax interest 4,028 349
Hire purchase 4,483 6,288
33,055 23,653

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/1/23 31/1/22
£    £   
Current tax:
UK corporation tax 587,883 636,645

Deferred tax (10,397 ) 32,052
Tax on profit 577,486 668,697

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. TAXATION - continued

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:

31/1/23 31/1/22
£    £   
Profit before tax 4,255,017 4,313,483
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

808,453

819,562

Effects of:
Disallowable expenses 271 692
Timing difference between depreciation and capital allowances (1,313 ) 1,368

Other reliefs (1,761 ) (802 )
Movement in deferred tax (10,397 ) 32,052
Research and development (136,665 ) (129,819 )
Patent box relief (81,102 ) (54,356 )
Total tax charge 577,486 668,697

8. DIVIDENDS
31/1/23 31/1/22
£    £   
Ordinary shares of £1 each
Paid during the year 1,793,488 1,783,182
Ordinary shares of 1p each
Paid during the year 640,096 636,418
A Ordinary shares of 1p each
Paid during the year 566,708 561,200
Redeemable B Ordinary shares of 1p each
Paid during the year 566,708 561,200
Redeemable C Ordinary shares of 1p each
Paid during the year 25,000 25,000
Redeemable D Ordinary shares of 1p each
Paid during the year 25,000 25,000
Redeemable E Ordinary shares of 1p each
Paid during the year 25,000 25,000
Redeemable F Ordinary shares of 1p each
Paid during the year 25,000 25,000
3,667,000 3,642,000

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. INTANGIBLE FIXED ASSETS
Patents Website
and and
licences software Totals
£    £    £   
COST
At 1 February 2022 407,011 341,250 748,261
Additions 24,327 119,794 144,121
At 31 January 2023 431,338 461,044 892,382
AMORTISATION
At 1 February 2022 334,617 61,531 396,148
Amortisation for year 13,274 20,063 33,337
At 31 January 2023 347,891 81,594 429,485
NET BOOK VALUE
At 31 January 2023 83,447 379,450 462,897
At 31 January 2022 72,394 279,719 352,113

10. TANGIBLE FIXED ASSETS
Freehold Plant and Office
property machinery equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2022 2,509,500 4,665,734 939,950 8,115,184
Additions 8,042 110,565 75,374 193,981
At 31 January 2023 2,517,542 4,776,299 1,015,324 8,309,165
DEPRECIATION
At 1 February 2022 304,410 3,378,014 786,524 4,468,948
Charge for year 44,914 338,976 41,114 425,004
At 31 January 2023 349,324 3,716,990 827,638 4,893,952
NET BOOK VALUE
At 31 January 2023 2,168,218 1,059,309 187,686 3,415,213
At 31 January 2022 2,205,090 1,287,720 153,426 3,646,236

Included in cost or valuation of land and buildings is freehold land of £275,000 (2022: £275,000) which is not depreciated.

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2023 is represented by:

Freehold Plant and Office
property machinery equipment Totals
£    £    £    £   
Valuation in 1999 358,693 - - 358,693
Valuation in 2007 71,963 - - 71,963
Valuation in 2015 (101,073 ) - - (101,073 )
Cost 2,187,959 4,776,299 1,015,324 7,979,582
2,517,542 4,776,299 1,015,324 8,309,165

If freehold property had not been revalued it would have been included at the following historical cost:

31/1/23 31/1/22
£    £   
Cost 2,185,408 2,179,917
Aggregate depreciation 881,921 747,844

Value of land in freehold land and buildings 100,000 100,000

The company has chosen to use a previous GAAP valuation for freehold property as its deemed cost for future periods when transitioning to FRS102 for the first time under FRS102 35.10 (d).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 February 2022
and 31 January 2023 396,517
DEPRECIATION
At 1 February 2022 79,411
Charge for year 39,651
At 31 January 2023 119,062
NET BOOK VALUE
At 31 January 2023 277,455
At 31 January 2022 317,106

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

11. STOCKS
31/1/23 31/1/22
£    £   
Raw materials and consumables 2,376,277 1,255,963
Finished goods 1,931,063 1,945,439
4,307,340 3,201,402



12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Trade debtors 1,596,761 1,633,643
Other debtors 5,366 5,187
Prepayments 141,699 160,462
1,743,826 1,799,292

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Bank loans and overdrafts (see note 15) 89,599 89,599
Hire purchase contracts (see note 16) 69,147 69,147
Trade creditors 681,180 573,019
Amounts owed to group undertakings 3,365,203 2,259,063
Tax 262,883 406,645
Social security and other taxes 85,735 96,745
VAT 116,848 76,218
Other creditors 13,383 11,387
Accrued expenses 32,909 45,398
4,716,887 3,627,221

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/23 31/1/22
£    £   
Bank loans (see note 15) 679,447 768,221
Hire purchase contracts (see note 16) 73,657 145,466
753,104 913,687

15. LOANS

An analysis of the maturity of loans is given below:

31/1/23 31/1/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,599 89,599

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

15. LOANS - continued
31/1/23 31/1/22
£    £   
Amounts falling due between one and two years:
Bank loans 95,468 95,468

Amounts falling due between two and five years:
Bank loans 297,425 297,425

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 286,554 375,328

Bank loans are repayable in equal monthly instalments. Interest is charged in arrears at 2.5% above Bank of England base rate for the first £1m and 3% thereafter.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/1/23 31/1/22
£    £   
Net obligations repayable:
Within one year 69,147 69,147
Between one and five years 73,657 145,466
142,804 214,613

Non-cancellable operating leases
31/1/23 31/1/22
£    £   
Within one year - 1,396

17. SECURED DEBTS

The following secured debts are included within creditors:

31/1/23 31/1/22
£    £   
Bank loans 769,046 857,820
Hire purchase contracts 142,804 214,613
911,850 1,072,433

Bank borrowings are secured by a legal charge over factory BT88 / 1A,1B and adjoining land at South Church Enterprise Park, Bishop Auckland, Co. Durham dated 11th September 2012 and by a fixed and floating charge over all assets dated 30th September 2015. The floating charge covers all property or undertaking of the company.

Hire purchase creditors are secured against the assets to which they relate.

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

18. PROVISIONS FOR LIABILITIES
31/1/23 31/1/22
£    £   
Deferred tax
Balance brought forward 340,339 308,287
Movement during the year (10,397 ) 32,052
329,942 340,339

Deferred
tax
£   
Balance at 1 February 2022 340,339
Accelerated capital allowances (10,397 )
Balance at 31 January 2023 329,942

The amount of the net reversal of deferred tax expected to occur next year is £67,933 (2022: £7,508), relating to the reversal of existing timing differences on tangible fixed assets.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/23 31/1/22
value: £    £   
50,000 Ordinary 1p 500 500
16,600 A Ordinary 1p 166 166
36,100 Redeemable B Ordinary 1p 361 361
36,100 Redeemable C Ordinary 1p 361 361
300 Redeemable D Ordinary 1p 3 3
300 Redeemable E Ordinary 1p 3 3
300 Redeemable F Ordinary 1p 3 3
300 Redeemable G Ordinary 1p 3 3
1,400 1,400

Ordinary and A Ordinary shares have the right to receive dividends as recommended by the director, hold full voting rights and have the right to participate in a winding up. Dividends on A Ordinary shares are equal to 1.075 times any dividend declared on the Ordinary shares.

Redeemable B, C, D, E, F and G shares have the right to receive dividends as recommended by the director, hold no voting rights and have the right to participate in a winding up.

The redeemable shares are open ended, redemption is at the entity's option and no premiums are payable upon redemption.

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

20. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2022 4,060,575 502,982 501 4,564,058
Profit for the year 3,677,531 3,677,531
Dividends (3,667,000 ) (3,667,000 )
Transfer realised depreciation 11,629 (11,629 ) - -
At 31 January 2023 4,082,735 491,353 501 4,574,589

21. ULTIMATE PARENT COMPANY

Electrix International Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Electrix International Holdings Limited is the ultimate and immediate parent company. It is also the only company within the group which prepares consolidated financial statements, of which this company is included. Copies of the consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

22. CONTINGENT LIABILITIES

There is an unlimited multilateral guarantee dated 24 February 2020 between Electrix International Limited and Electrix International Holdings Limited in favour of HSBC Bank plc. At the balance sheet date the amount owed to HSBC Bank plc by Electrix International Holdings Limited amounted to £nil (2022: £nil).

23. LETTERS OF CREDIT

At the year end the company had letters of credit in place valued at £66,801 (2022: £101,530).

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/1/23 31/1/22
£    £   
Dividends paid to 3,667,000 3,642,000
Amount due to related party 3,365,203 2,259,063

Amounts owed at the balance sheet date are unsecured.

Key management personnel of the entity or its parent (in the aggregate)
31/1/23 31/1/22
£    £   
Remuneration 809,146 754,500
Amount due from related party 5,366 5,067
Amount due to related party 3,622 3,194

25. ULTIMATE CONTROLLING PARTY

The controlling party is M Thompson.

ELECTRIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 01570249)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

26. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31/1/23 31/1/22
£    £   
Profit for the financial year 3,677,531 3,644,786
Dividends (3,667,000 ) (3,642,000 )
Net addition to shareholders' funds 10,531 2,786
Opening shareholders' funds 4,565,458 4,562,672
Closing shareholders' funds 4,575,989 4,565,458