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REGISTERED NUMBER: 06394691 (England and Wales)

















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: Mr P T Gray
Mr G D Porter
Mr M Lees
Mr M Lees
Mr D Hughes





REGISTERED OFFICE: Abbey House
McGregors Way
Chesterfield
Derbyshire
S40 2WB





REGISTERED NUMBER: 06394691 (England and Wales)





AUDITORS: Sutton McGrath Hartley
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 2,125,127 1,976,778

CURRENT ASSETS
Stocks 116,768 127,726
Debtors 5 843,356 481,425
Cash at bank and in hand 116,802 90,373
1,076,926 699,524
CREDITORS
Amounts falling due within one year 6 3,949,186 2,676,262
NET CURRENT LIABILITIES (2,872,260 ) (1,976,738 )
TOTAL ASSETS LESS CURRENT LIABILITIES (747,133 ) 40

CREDITORS
Amounts falling due after more than one year 7 (136,166 ) (137,725 )

PROVISIONS FOR LIABILITIES 10 (204,485 ) (148,496 )
NET LIABILITIES (1,087,784 ) (286,181 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings (1,087,884 ) (286,281 )
SHAREHOLDERS' FUNDS (1,087,784 ) (286,181 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





Mr D Hughes - Director


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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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 39 (2022 - 39 ) .

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 3,021,722
Additions 795,304
At 31 July 2023 3,817,026
DEPRECIATION
At 1 August 2022 1,044,944
Charge for year 646,955
At 31 July 2023 1,691,899
NET BOOK VALUE
At 31 July 2023 2,125,127
At 31 July 2022 1,976,778

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
20232022
£   £   
Motor vehicles219,981216,074


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 487,979 324,699
Amounts owed by group undertakings 108,174 11,911
Other debtors 247,203 144,815
843,356 481,425

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 685,550 -
Hire purchase contracts (see note 8) 60,626 60,377
Trade creditors 475,378 360,172
Amounts owed to group undertakings 2,349,204 1,885,961
Taxation and social security 32,887 42,563
Other creditors 345,541 327,189
3,949,186 2,676,262

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) 136,166 137,725

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 60,626 60,377
Between one and five years 136,166 137,725
196,792 198,102

Non-cancellable
operating leases
2023 2022
£ £
Within one year 9,161 36,644
Between one and five years - 9,161
9,161 45,805

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 148,496
Provided during year 55,989
Balance at 31 July 2023 204,485

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathon Dickens FCA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley

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.