REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Elmec Solutions Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 July 2023 |
for |
Elmec Solutions Limited |
Elmec Solutions Limited (Registered number: 06394691) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Elmec Solutions Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Elmec Solutions Limited (Registered number: 06394691) |
Statement of Financial Position |
31 July 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 LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Elmec Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Going concern |
The financial statements have been prepared on the going concern basis. |
The company has sufficient finance to control its cashflow and support its working capital requirements to enable future planned growth. |
Having carried out a detailed review of the company's position and its forecasts to the date 12 months from the date of signing of these financial statements, the directors consider the company to have adequate resources to meet its liabilities as they fall due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
2023 | 2022 |
£ | £ |
Motor vehicles | 219,981 | 216,074 |
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 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchases | 196,972 | - |
The hire purchases are secured against the assets to which they relate. They are repayable by monthly installments with interest being charged monthly. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 204,485 | 148,496 |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax |
£ |
Balance at 1 August 2022 |
Provided during year |
Balance at 31 July 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
The following companies are related parties as they are under common control of one or all of the directors: |
CK Rail Solutions Ltd |
During the year the company made sales totalling £1,163,577 (2022: £1,686,395) to and purchases totalling £28,619 (2022: £684) from CK Rail Solutions Ltd. As at 31 July 2023 the company owed £2,349,204 (2022: £1,860,692) to CK Rail Solutions Ltd. |
Hastec Rail Ltd |
During the year the company made purchases totalling £44,575 (2022: £42,707) from and sales totalling £NIL (2022: £24,310) to Hastec Rail Ltd. As at 31 July 2023 the company was owed £37,573 (2022: £11,911 owed to) by Hastec Rail Ltd. |
T.G. Beighton Ltd |
During the year the company made purchases totalling £NIL (2022: £26,645) from and sales totalling £NIL (2022: £3,652) to T.G. Beighton Ltd. As at 31 July 2023 the company was owed £20,700 (2022: £25,270 to) by T.G. Beighton Ltd. |
14. | POST BALANCE SHEET EVENTS |
On 5 March 2024 the entire issued share capital of the entity's parent company, C King Holdings Limited, was acquired by CK Eot Trustee Limited. CK Eot Trustee Limited, a company limited by guarantee, was incorporated to facilitate a transition to employee ownership for the group of companies under the control of C King Holdings Limited by way of an Employee Ownership Trust as defined by the Finance Act 2014. |
Elmec Solutions Limited (Registered number: 06394691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
15. | ULTIMATE CONTROLLING PARTY |
As at 31 July 2023 the company's parent company was C King Holdings Limited, a company which is incorporated in the UK, which is the parent of both the smallest and largest group in which the results of the company are published. |
The financial statements of C King Holdings Ltd can be obtained from Companies House or the registered office. |
The directors do not consider there to be an ultimate controlling party. |