REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
ELUMATEC UNITED KINGDOM LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 |
Shareholders' funds |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
4. | Tangible fixed assets |
Fixtures, |
Short | Plant and | fittings & |
leasehold | machinery | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
Between one and five years |
In more than five years |
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: | £ | £ |
Share capital 1 | £1 | 50,000 | 50,000 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |