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REGISTERED NUMBER: 02661167 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

ELUMATEC UNITED KINGDOM LIMITED

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ELUMATEC UNITED KINGDOM LIMITED

Company Information
for the year ended 31 December 2023







Directors: N Parton
P Bianchi





Secretary: S L Neasham





Registered office: Unit 1 Integra
Thornton Chase
Linford Wood
Milton Keynes
Buckinghamshire
MK14 6FD





Registered number: 02661167 (England and Wales)





Auditors: Haines Watts
Chartered Accountants and Statutory Auditors
3rd Floor
Marlborough House, 298 Regents Park Road
Finchley
London
N3 2SZ

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Statement of Financial Position
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 60,784 78,445

Current assets
Stocks 373,034 402,215
Debtors 5 2,884,804 2,684,143
Cash at bank and in hand 197,768 234,975
3,455,606 3,321,333
Creditors
Amounts falling due within one year 6 2,275,264 2,496,829
Net current assets 1,180,342 824,504
Total assets less current liabilities 1,241,126 902,949

Provisions for liabilities 11,230 14,458
Net assets 1,229,896 888,491

Capital and reserves
Called up share capital 8 50,000 50,000
Retained earnings 9 1,179,896 838,491
Shareholders' funds 1,229,896 888,491

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





N Parton - Director


ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

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

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating the warranty provision. A review of the warranty provision is carried out by management regularly. Whilst every attempt is made to ensure that the warranty provision is as accurate as possible, there remains a risk that the provision does not match the warranty claims relating to the period.

There is estimation uncertainty in calculating the stock provision. A full line by line review of stock depreciation report is carried out by management regularly. Whilst every attempt is made to ensure that the stock provision is as accurate as possible, there remains a risk that stock is not valued at the correct net realisable value.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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 represents net invoiced sales of goods excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold- Straight line over 10 years
Plant and Machinery- 25% on reducing balance
Fixtures, fittings & equipment- 35% on reducing balance and 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.

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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.

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. Employees and directors

The average number of employees during the year was 18 (2022 - 18 ) .

4. Tangible fixed assets
Fixtures,
Short Plant and fittings &
leasehold machinery equipment Totals
£ £ £ £
Cost
At 1 January 2023
and 31 December 2023 54,615 42,396 86,977 183,988
Depreciation
At 1 January 2023 21,846 23,218 60,479 105,543
Charge for year 5,462 4,794 7,405 17,661
At 31 December 2023 27,308 28,012 67,884 123,204
Net book value
At 31 December 2023 27,307 14,384 19,093 60,784
At 31 December 2022 32,769 19,178 26,498 78,445

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 27,315 285,611
Amounts owed by group undertakings 2,686,772 2,347,312
Other debtors 170,717 51,220
2,884,804 2,684,143

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 821,483 869,211
Amounts owed to group undertakings 593,761 852,941
Taxation and social security 587,880 474,577
Other creditors 272,140 300,100
2,275,264 2,496,829

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 100,330 103,041
Between one and five years 195,328 199,483
In more than five years 77,194 127,596
372,852 430,120

The company had total commitments under non-cancellable operating leases as above.

8. Called up share capital

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
50,000 Share capital 1 £1 50,000 50,000

9. Reserves
Retained
earnings
£

At 1 January 2023 838,491
Profit for the year 691,405
Dividends (350,000 )
At 31 December 2023 1,179,896

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Haines Watts

11. Pension costs

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £79,416 (2022: £75,511). Contributions outstanding at the balance sheet date amounted to £970 (2022: £4,772).

ELUMATEC UNITED KINGDOM LIMITED (REGISTERED NUMBER: 02661167)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. Ultimate controlling party

The immediate parent company is elumatec AG, registered office Pinacher Strasse 61, 75417 Muhlacker, Germany: a company incorporated in Germany. Elumatec AG heads the smallest group of which Elumatec United Kingdom Limited is a subsidiary. The ultimate parent company is Voilap Holding S.p.a, a company incorporated in Italy and which heads up the largest group of which Elumatec United Kingdom Limited is a subsidiary. It is privately owned by various individuals of which none hold individual control of the company. The company's registered address is as follows: Via Archimede, 10 - 41019 Limidi di Soliera (MO) Italy.