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Registration number: 06615156

Elpro UK Limited

Annual Report and Financial Statements

for the year ended 31 December 2023

 

Elpro UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Elpro UK Limited

Company Information

Directors

J Schmid

R Mulatz

B Bevan

Registered office

C/o Hodson & Co
Wiston House
1 Wiston House
Worthing
West Sussex
BN14 7QL

Auditors

Hodson & Co
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

 

Elpro UK Limited

(Registration number: 06615156)
Statement of Financial Position
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

70,874

13,559

Current assets

 

Stocks

5

14,064

12,480

Debtors

6

298,184

250,149

Cash at bank and in hand

 

287,038

473,491

 

599,286

736,120

Creditors: Amounts falling due within one year

7

(250,163)

(148,852)

Net current assets

 

349,123

587,268

Total assets less current liabilities

 

419,997

600,827

Creditors: Amounts falling due after more than one year

7

-

(329,881)

Net assets

 

419,997

270,946

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

319,997

170,946

Shareholders' funds

 

419,997

270,946

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

.........................................
J Schmid
Director

 

Elpro UK Limited

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

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:
C/o Hodson & Co
Wiston House
1 Wiston House
Worthing
West Sussex
BN14 7QL

The principal place of business is:
Chichester Enterprise Centre
Terminus Road
Chichester
West Sussex
PO19 8TX

These financial statements were authorised for issue by the Board on 30 January 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

 

Elpro UK Limited

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information in making their assessment including the continued support from it's parent company.

Based on these assessments and having regard to the resources available, the directors has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 January 2024 was Matthew Hodson BSc FCA, who signed for and on behalf of Hodson & Co.

.........................................

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

 

Elpro UK Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

over 5 years

Fixtures and fittings

over 10 years

Leasehold

over the lease period

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Elpro UK Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

 

Elpro UK Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

15,530

37,007

52,537

Additions

208

69,054

69,262

Disposals

-

(133)

(133)

At 31 December 2023

15,738

105,928

121,666

Depreciation

At 1 January 2023

11,462

27,516

38,978

Charge for the year

1,800

10,147

11,947

Eliminated on disposal

-

(133)

(133)

At 31 December 2023

13,262

37,530

50,792

Carrying amount

At 31 December 2023

2,476

68,398

70,874

At 31 December 2022

4,068

9,491

13,559

5

Stocks

2023
£

2022
£

Other inventories

14,064

12,480

 

Elpro UK Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

289,586

167,024

Prepayments

5,112

3,031

Other debtors

3,486

80,094

 

298,184

250,149

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

116,711

7,689

Taxation and social security

61,914

48,426

Accruals and deferred income

66,094

92,737

Other creditors

5,444

-

250,163

148,852

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

-

329,881

 

Elpro UK Limited

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

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

5,814

6,150

Later than one year and not later than five years

11,628

-

17,442

6,150

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,964 (2022 - £12,150).

9

Related party transactions

Summary of transactions with parent

At the year end the company had a loan of £nil outstanding to the Parent Company (2022 £329,881). The loan attracted interest at an annual rate of 5.25% in 2023. Interest of £16,618 (2022 £4,124) was charged in the year. The loan was repaid in full in December 2023.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Elpro-Buchs AG, incorporated in Switzerland.

 The ultimate parent is Robert Bosch Internationale Beteiligungen AG, incorporated in Switzerland.

 

The registered address of Elpro-Buchs AG is Langaulistrasse 45 Buchs SG, SANKT GALLEN, 9470 Switzerland.

11

APB Ethical Standards relevant circumstances

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.