Company registration number 01013962 (England and Wales)
ELGATE PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ELGATE PRODUCTS LIMITED
COMPANY INFORMATION
Directors
N Elliott (Chairman)
J Elliott (Chief Executive Officer)
G Askew
D Elliott
M S Elliott
Company number
01013962
Registered office
1 Patricia Way
Pysons Road Industrial Estate
Broadstairs
Kent
United Kingdom
CT10 2LF
Auditor
Azets Audit Services
2nd Floor
32-33 Watling Street
Canterbury
Kent
United Kingdom
CT1 2AN
ELGATE PRODUCTS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Notes to the financial statements
8 - 15
ELGATE PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

N Elliott (Chairman)
J Elliott (Chief Executive Officer)
G Askew
D Elliott
M S Elliott
Future developments

The company will continue to develop new products and customers to meet with changes to the market conditions as they arise.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
N Elliott (Chairman)
Director
7 August 2024
ELGATE PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the annual report 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:

 

 

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.

ELGATE PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELGATE PRODUCTS LIMITED
- 3 -
Opinion

We have audited the financial statements of Elgate Products Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audittrue:

ELGATE PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELGATE PRODUCTS LIMITED
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ELGATE PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELGATE PRODUCTS LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Claire Parry FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
7 August 2024
Chartered Accountants
Statutory Auditor
2nd Floor
32-33 Watling Street
Canterbury
Kent
United Kingdom
CT1 2AN
ELGATE PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
£
£
Turnover
11,591,631
8,359,083
Cost of sales
(5,681,644)
(3,759,869)
Gross profit
5,909,987
4,599,214
Distribution costs
(559,400)
(427,312)
Administrative expenses
(2,748,410)
(2,624,713)
Operating profit
2,602,177
1,547,189
Interest receivable and similar income
898
1,130
Interest payable and similar expenses
(136,114)
(176,951)
Profit before taxation
2,466,961
1,371,368
Tax on profit
(560,885)
(293,948)
Profit for the financial year
1,906,076
1,077,420

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ELGATE PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,835,592
1,859,929
Current assets
Stocks
4,423,928
3,401,351
Debtors
5
2,745,797
1,716,912
Cash at bank and in hand
400,528
1,063,512
7,570,253
6,181,775
Creditors: amounts falling due within one year
6
(1,905,346)
(1,755,087)
Net current assets
5,664,907
4,426,688
Total assets less current liabilities
7,500,499
6,286,617
Creditors: amounts falling due after more than one year
7
(534,473)
(1,226,667)
Net assets
6,966,026
5,059,950
Capital and reserves
Called up share capital
9
501
501
Capital redemption reserve
499
499
Other reserves
551,471
576,414
Profit and loss reserves
6,413,555
4,482,536
Total equity
6,966,026
5,059,950

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

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
N Elliott (Chairman)
Director
Company Registration No. 01013962
ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information

Elgate Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Patricia Way, Pysons Road Industrial Estate, Broadstairs, Kent, United Kingdom, CT10 2LF. The business operates from Unit 1, Patricia Way, St Peters, Kent, CT10 2LF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
25% reducing balance
Motor vehicles
10% to 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stock is recorded within the financial statements when it is shipped and the company has title to the goods.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
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.

Derrivatives designated as hedging instruments in an effective hedge

The company uses derivative financial instruments to manage exposures to fluctuations in foreign currency exchange rates. These derivative financial instruments are recognised initially at fair value on the date on which a derivative contract is entered into and subsequently measured at fair value.

 

Hedge relationships are formally designated and documented at inception, together with the risk management objective and strategy for the undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and how the entity will assess the hedging instrument effectiveness in offsetting the exposure to changes in the hedged item's fair value attributable to the hedged risk. Such hedges are expected at inception to be highly effective in achieving offsetting changes in fair value.

 

The change in fair value of a hedging derivative is recognised in profit or loss. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the carrying value of the hedged item and is also recognised in profit or loss.

 

If the criteria for hedge accounting are no longer met the accumulated adjustment to the carrying amount of a hedged item at such time is then amortised to profit or loss over the remaining period to maturity.

Debt factoring

A credit facility is offered that permits the company to draw up to 85% of the face value of debts transferred. These advances are repaid when either the debt is repaid or 120 days elapse, whichever happens sooner.

 

The company has access to the benefits of the factored debts and exposure to the risks inherent in those benefits and also has a liability to repay amounts received by the factor.

 

The factored debts are treated as a current asset of the company and a corresponding liability is shown within current liabilities in respect of the proceeds received from the factor.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing 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.

 

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 or 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.

ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Valuation of stock

The carrying value for stock includes an element of design and warehouse costs. These are based on past experience of what percentage of designs lead to finished products and time spend by the factory workers assigning stock into the warehouse.

 

Impairment of stock

Management review the stock holdings and selling prices and make provisions based on slow selling items or where items are being discounted.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
32
30
ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,371,200
177,036
2,548,236
Additions
-
0
56,222
56,222
Disposals
-
0
(2,662)
(2,662)
At 31 December 2023
2,371,200
230,596
2,601,796
Depreciation and impairment
At 1 January 2023
543,250
145,057
688,307
Depreciation charged in the year
60,361
19,793
80,154
Eliminated in respect of disposals
-
0
(2,257)
(2,257)
At 31 December 2023
603,611
162,593
766,204
Carrying amount
At 31 December 2023
1,767,589
68,003
1,835,592
At 31 December 2022
1,827,950
31,979
1,859,929

Freehold land and buildings with a carrying amount of £1,767,589(2022 - £1,827,950) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,596,988
1,327,189
Other debtors
1,148,809
389,723
2,745,797
1,716,912

A credit facility is offered that permits the company to draw up to 85% of the face value of debts transferred. These advances are repaid when either the debt is repaid or 120 days elapse, whichever happens sooner.

 

The company has access to the benefits of the factored debts and exposure to the risks inherent in those benefits and also has a liability to repay amounts received by the factor.

 

The factored debts of £1,615,193 (2022 - £1,361,078) are treated as a current asset and a corresponding liability of £nil (2022 - £Nil) is shown within current liabilities in respect of the proceeds received from the factor.

ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
465,527
543,055
Trade creditors
276,620
233,095
Corporation tax
560,885
190,365
Other taxation and social security
219,664
153,841
Other creditors
382,650
634,731
1,905,346
1,755,087
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
534,473
1,226,667
8
Loans and overdrafts
2023
2022
£
£
Bank loans
1,000,000
1,769,722
Payable within one year
465,527
543,055
Payable after one year
534,473
1,226,667

As security for the loans the Bank are holding the following:-

 

-    charge over contract monies;

-    fixed charge over all property;

-    first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present

    and future;

-    first floating charge over all assets and undertaking both present and future;

-    first legal charge over 1 Patricia Way, Pysons Road Industrial Estate, Broadstairs, Kent.

-    General letter of pledge by way of a continuing security.

 

The company currently holds facilities in the form of a Class Guarantee facility of £350,000 and a guarantee of £350,000 in favour of HM Revenue and Customs.

9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
501 Ordinary of £1 each
501
501
ELGATE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Other reserves

The other reserve comprises of the difference between the deemed property cost and it's historical cost convention amount. This forms part of the company's profit and loss account but is not distributable and has been designated as a non distributable profit and loss account reserve.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
170,399
193,347
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Elgate Pension Scheme

Elgate Products Limited rent, on a short-term lease, Unit 4, 1 Patricia Way from the company's pension scheme for £64,000 for the year ended 31 December 2023 (2022 - £64,000).

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityN Elliott (Chairman)J Elliott (Chief Executive Officer)G AskewD ElliottM S Elliottfalsefalse010139622023-01-012023-12-3101013962bus:Director12023-01-012023-12-3101013962bus:Director22023-01-012023-12-3101013962bus:Director32023-01-012023-12-3101013962bus:Director42023-01-012023-12-3101013962bus:Director52023-01-012023-12-3101013962bus:RegisteredOffice2023-01-012023-12-31010139622023-12-31010139622022-01-012022-12-31010139622022-12-3101013962core:LandBuildings2023-12-3101013962core:OtherPropertyPlantEquipment2023-12-3101013962core:LandBuildings2022-12-3101013962core:OtherPropertyPlantEquipment2022-12-3101013962core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101013962core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101013962core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101013962core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101013962core:CurrentFinancialInstruments2023-12-3101013962core:CurrentFinancialInstruments2022-12-3101013962core:ShareCapital2023-12-3101013962core:ShareCapital2022-12-3101013962core:CapitalRedemptionReserve2023-12-3101013962core:CapitalRedemptionReserve2022-12-3101013962core:OtherMiscellaneousReserve2023-12-3101013962core:OtherMiscellaneousReserve2022-12-3101013962core:RetainedEarningsAccumulatedLosses2023-12-3101013962core:RetainedEarningsAccumulatedLosses2022-12-3101013962core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3101013962core:FurnitureFittings2023-01-012023-12-3101013962core:MotorVehicles2023-01-012023-12-3101013962core:LandBuildings2022-12-3101013962core:OtherPropertyPlantEquipment2022-12-31010139622022-12-3101013962core:LandBuildings2023-01-012023-12-3101013962core:OtherPropertyPlantEquipment2023-01-012023-12-3101013962core:WithinOneYear2023-12-3101013962core:WithinOneYear2022-12-3101013962core:Non-currentFinancialInstruments2023-12-3101013962core:Non-currentFinancialInstruments2022-12-3101013962bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101013962bus:FRS1022023-01-012023-12-3101013962bus:Audited2023-01-012023-12-3101013962bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP