IRIS Accounts Production v24.2.0.383 05807564 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true true false true true false false false false true false Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058075642022-12-31058075642023-12-31058075642023-01-012023-12-31058075642021-12-31058075642022-01-012022-12-31058075642022-12-3105807564ns15:EnglandWales2023-01-012023-12-3105807564ns14:PoundSterling2023-01-012023-12-3105807564ns10:Director12023-01-012023-12-3105807564ns10:Consolidated2023-12-3105807564ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3105807564ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105807564ns10:Consolidatedns10:FRS1022023-01-012023-12-3105807564ns10:Consolidatedns10:Audited2023-01-012023-12-3105807564ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105807564ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3105807564ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105807564ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3105807564ns10:FullAccounts2023-01-012023-12-3105807564ns5:Subsidiary12023-01-012023-12-310580756412023-01-012023-12-3105807564ns10:OrdinaryShareClass12023-01-012023-12-3105807564ns10:OrdinaryShareClass22023-01-012023-12-3105807564ns10:Consolidated2023-01-012023-12-3105807564ns10:Director22023-01-012023-12-3105807564ns10:RegisteredOffice2023-01-012023-12-3105807564ns10:Consolidated2022-01-012022-12-3105807564ns5:CurrentFinancialInstruments2023-12-3105807564ns5:CurrentFinancialInstruments2022-12-3105807564ns5:ShareCapital2023-12-3105807564ns5:ShareCapital2022-12-3105807564ns5:RevaluationReserve2023-12-3105807564ns5:RevaluationReserve2022-12-3105807564ns5:CapitalRedemptionReserve2023-12-3105807564ns5:CapitalRedemptionReserve2022-12-3105807564ns5:RetainedEarningsAccumulatedLosses2023-12-3105807564ns5:RetainedEarningsAccumulatedLosses2022-12-3105807564ns5:ShareCapital2021-12-3105807564ns5:RetainedEarningsAccumulatedLosses2021-12-3105807564ns5:RevaluationReserve2021-12-3105807564ns5:CapitalRedemptionReserve2021-12-3105807564ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105807564ns5:RevaluationReserve2022-01-012022-12-3105807564ns5:CapitalRedemptionReserve2022-01-012022-12-3105807564ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105807564ns5:RevaluationReserve2023-01-012023-12-3105807564ns5:CapitalRedemptionReserve2023-01-012023-12-3105807564ns5:NetGoodwill2023-01-012023-12-3105807564ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105807564ns5:LandBuildings2022-12-3105807564ns5:LandBuildings2023-01-012023-12-3105807564ns5:LandBuildings2023-12-3105807564ns5:LandBuildings2022-12-3105807564ns5:CostValuation2022-12-3105807564ns5:Subsidiary112023-01-012023-12-3105807564ns5:Subsidiary12023-12-3105807564ns5:Subsidiary12022-12-3105807564ns5:Subsidiary12022-12-3105807564ns5:Subsidiary12022-01-012022-12-3105807564ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105807564ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105807564ns5:Non-currentFinancialInstruments2023-12-3105807564ns5:Non-currentFinancialInstruments2022-12-3105807564ns5:DeferredTaxation2022-12-3105807564ns5:DeferredTaxation2023-12-3105807564ns10:OrdinaryShareClass12023-12-3105807564ns10:OrdinaryShareClass22023-12-3105807564ns5:RetainedEarningsAccumulatedLosses2022-12-3105807564ns5:RevaluationReserve2022-12-3105807564ns5:CapitalRedemptionReserve2022-12-31
REGISTERED NUMBER: 05807564 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EMC GROUP HOLDINGS LIMITED

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


EMC GROUP HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D C Lambird
M D J Lambird





REGISTERED OFFICE: 103 Bourne Street
Eastbourne
East Sussex
BN21 3SE





REGISTERED NUMBER: 05807564 (England and Wales)





AUDITORS: LMDB Limited
t/a LMDB Accountants
Statutory Auditors
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company continued to be that of sales and servicing of new and used cars and commercial vehicles.

The continued pressure on gross margins remained an industry wide problem. The directors and managers of the company remain positive, our strategy is to continue to focus on retaining customers, customer satisfaction, staff training, stock and cash management and strong balance sheet, we are confident of our future success and profitability.

The availability of new cars improved toward the end of 2023; we added the Fiat franchise in July 2023, both opportunities were very welcome and have helped us improve the new car sales and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
We are subject to a number of risks, mostly from external threats that we are constantly monitoring. There was additional risk with the sudden rise of interest rates over the last period of 2023, however with the forecast going forward that they will stabilise and potentially lower, we are positive that our opportunity for an increase in sales with improve.

Manufacturer supply of new and improved products
The company is reliant on new vehicle products from Vauxhall, Fiat and Suzuki. This exposes the company to risks in a number of areas as the company is dependent on its manufacturer/supplier in respect of:

- Availability of new vehicle product and BEV mix.
- Quality of new vehicle product
- Pricing and competitiveness of new vehicle product
- Effects and management of the BEV mandate that came into effect in January 2024

The directors are confident that future new products from its manufacturers and suppliers will continue to be competitively priced and high quality and therefore consider that this "manufacturer risk" is minimal. It is, in any case, mitigated by other core business areas of the company, including used vehicle sales, parts sales and service work.

Used vehicle price variation
Used vehicle prices can increase and decline significantly. As a significant proportion of our business comprises used vehicle sales, these declines can have a material impact on our business. The impact of declines in used vehicle prices can result in reduced profits on sales and write-downs in the value of used vehicle inventory.


EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Development and performance
The directors plan to grow the business, by our commitment to our strategy and by adding to our franchise partners to form part of our future.

Company, people and reputation
The company has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the company result and reinforcing the underlying company brand. The company undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

We have completed our Annual Consumer Duty Board report, for period ending 31st July 2024, which outlines the steps we have taken to improve the effective use of management information, enabling us to put customer satisfaction at the heart of our business and adhering to the 3 main principles. This also outlines areas where improvements can be made to ensure we continue to reach both our own and manufacturers expectations.

Competition
Competition from new innovative products particularly from China is something that we are very aware of. Also, competition with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet-based buyers and sellers, independent service and repair shops and vehicle manufacturers who have entered the retail market. We compete for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principal competitive factors in service and parts sales are price, familiarity with a manufacturer's brands and models and the quality of customer service.

KPI MONITORING AND MEASUREMENT
The company uses the following ratios to monitor the business:

2023 2022
Turnover £35,407,100 £30,381,879
Gross profit £4,174,707 £3,939,701
Gross profit margin 11.79% 12.97%
Operating profit £642,114 £649,552
Operating profit margin 1.81% 2.14%

ON BEHALF OF THE BOARD:





M D J Lambird - Director


12 August 2024

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of sales and servicing of new and used cars and commercial vehicles.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 400,019 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D C Lambird
M D J Lambird

FINANCIAL INSTRUMENTS
The company's operations expose it to a variety of financial risks which include credit risk, liquidity risk and interest rate risk. The company has in place risk management policies, which are implemented by the company's finance department. These policies, which are consistent with those from the previous year, seek to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs.

Liquidity risk:

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future
developments, the company uses a mixture of long-term and short-term debt finance.

The company makes efforts to manage the financial risk by the monitoring of cashflow to ensure that the company is able to meet its foreseeable debts as they fall due and to invest any cash assets profitably.

Credit risk:

The company's principal financial assets are stock and trade debtors. The credit risk associated with stock is limited and therefore the principal credit risk arises from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. These credit limits are reviewed regularly by the directors together with the aged debtors and collection history.


EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, LMDB Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M D J Lambird - Director


12 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EMC GROUP HOLDINGS LIMITED

Opinion
We have audited the financial statements of EMC Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EMC GROUP HOLDINGS LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EMC GROUP HOLDINGS LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- Professional scepticism in course of the audit and with audit sampling in material audit areas.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EMC GROUP HOLDINGS LIMITED


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 a Report of the Auditors 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.




Samuel Jaquet FCCA (Senior Statutory Auditor)
for and on behalf of LMDB Limited
t/a LMDB Accountants
Statutory Auditors
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

13 August 2024

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 35,407,100 30,331,879

Cost of sales 31,232,393 26,392,178
GROSS PROFIT 4,174,707 3,939,701

Administrative expenses 3,552,515 3,304,649
622,192 635,052

Other operating income 4 19,922 14,500
OPERATING PROFIT 6 642,114 649,552

Interest receivable and similar income 8 52,774 14,956
694,888 664,508

Interest payable and similar expenses 9 28,317 21,993
PROFIT BEFORE TAXATION 666,571 642,515

Tax on profit 10 187,138 252,471
PROFIT FOR THE FINANCIAL YEAR 479,433 390,044
Profit attributable to:
Owners of the parent 433,213 344,157
Non-controlling interests 46,220 45,887
479,433 390,044

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 479,433 390,044


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

479,433

390,044

Total comprehensive income attributable to:
Owners of the parent 433,213 344,157
Non-controlling interests 46,220 45,887
479,433 390,044

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 44,794 57,294
Tangible assets 14 5,771,336 5,158,248
Investments 15 - -
Investment property 16 473,000 1,021,086
6,289,130 6,236,628

CURRENT ASSETS
Stocks 17 4,722,020 4,059,540
Debtors 18 1,727,580 1,220,012
Prepayments and accrued income 156,710 124,276
Cash at bank and in hand 797,944 1,305,454
7,404,254 6,709,282
CREDITORS
Amounts falling due within one year 19 2,951,412 2,235,211
NET CURRENT ASSETS 4,452,842 4,474,071
TOTAL ASSETS LESS CURRENT LIABILITIES 10,741,972 10,710,699

PROVISIONS FOR LIABILITIES 22 475,208 470,760
NET ASSETS 10,266,764 10,239,939

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 23 3,646 3,646
Revaluation reserve 24 1,402,813 1,427,779
Capital redemption reserve 24 50 50
Retained earnings 24 8,129,586 8,071,426
SHAREHOLDERS' FUNDS 9,536,095 9,502,901

NON-CONTROLLING INTERESTS 25 730,669 737,038
TOTAL EQUITY 10,266,764 10,239,939


The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





M D J Lambird - Director


EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 2,253,340 2,288,006
Investments 15 37,170 37,170
Investment property 16 - -
2,290,510 2,325,176

CURRENT ASSETS
Debtors 18 953,204 793,788
Cash at bank 12,390 9,157
965,594 802,945
CREDITORS
Amounts falling due within one year 19 62,039 49,687
NET CURRENT ASSETS 903,555 753,258
TOTAL ASSETS LESS CURRENT LIABILITIES 3,194,065 3,078,434

PROVISIONS FOR LIABILITIES 22 395,189 395,189
NET ASSETS 2,798,876 2,683,245

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

COMPANY BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 23 3,646 3,646
Revaluation reserve 1,227,640 1,252,606
Capital redemption reserve 50 50
Retained earnings 1,567,540 1,426,943
SHAREHOLDERS' FUNDS 2,798,876 2,683,245

Company's profit for the financial year 515,650 428,976


The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





M D J Lambird - Director


EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 3,646 8,007,477 1,547,590

Changes in equity
Dividends - (400,019 ) -
Total comprehensive income - 344,157 -
Transfer - 119,811 (119,811 )
Balance at 31 December 2022 3,646 8,071,426 1,427,779

Changes in equity
Dividends - (400,019 ) -
Total comprehensive income - 433,213 -
Transfer - 24,966 (24,966 )
Balance at 31 December 2023 3,646 8,129,586 1,402,813
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 50 9,558,763 762,358 10,321,121

Changes in equity
Dividends - (400,019 ) (71,207 ) (471,226 )
Total comprehensive income - 344,157 45,887 390,044
Balance at 31 December 2022 50 9,502,901 737,038 10,239,939

Changes in equity
Dividends - (400,019 ) (52,589 ) (452,608 )
Total comprehensive income - 433,213 46,220 479,433
Balance at 31 December 2023 50 9,536,095 730,669 10,266,764

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 3,646 1,278,175 1,372,417 50 2,654,288

Changes in equity
Dividends - (400,019 ) - - (400,019 )
Total comprehensive income - 428,976 - - 428,976
Transfer - 119,811 (119,811 ) - -
Balance at 31 December 2022 3,646 1,426,943 1,252,606 50 2,683,245

Changes in equity
Dividends - (400,019 ) - - (400,019 )
Total comprehensive income - 515,650 - - 515,650
Transfer - 24,966 (24,966 ) - -
Balance at 31 December 2023 3,646 1,567,540 1,227,640 50 2,798,876

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 182,253 686,262
Interest paid (28,317 ) (21,993 )
Tax paid (125,031 ) (235,031 )
Net cash from operating activities 28,905 429,238

Cash flows from investing activities
Purchase of tangible fixed assets (239,020 ) (121,961 )
Purchase of investment property - (548,086 )
Interest received 52,774 14,956
Net cash from investing activities (186,246 ) (655,091 )

Cash flows from financing activities
Amount introduced by directors 82,438 -
Amount withdrawn by directors (14,999 ) (45,823 )
Loan repayments received 35,000 35,000
Equity dividends paid (400,019 ) (400,019 )
Dividends paid to minority interests (52,589 ) (71,197 )
Net cash from financing activities (350,169 ) (482,039 )

Decrease in cash and cash equivalents (507,510 ) (707,892 )
Cash and cash equivalents at beginning of
year

2

1,305,454

2,013,346

Cash and cash equivalents at end of year 2 797,944 1,305,454

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 666,571 642,515
Depreciation charges 184,697 164,788
Loss on disposal of fixed assets 1,821 6,781
Finance costs 28,317 21,993
Finance income (52,774 ) (14,956 )
828,632 821,121
(Increase)/decrease in stocks (662,480 ) 179,351
Increase in trade and other debtors (575,002 ) (47,053 )
Increase/(decrease) in trade and other creditors 591,103 (267,157 )
Cash generated from operations 182,253 686,262

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 797,944 1,305,454
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,305,454 2,013,346


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,305,454 (507,510 ) 797,944
1,305,454 (507,510 ) 797,944
Total 1,305,454 (507,510 ) 797,944

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

EMC Group Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgments (apart from those involving estimates) have had the most significant affect on amounts recognised in the financial statements:

Consignment stock - Vehicles held on consignment have been included in 'vehicle stock' within 'stocks' on the basis that the company has determined that it holds the significant risks and rewards attached to these vehicles.

Vehicle stock valuation - Stock valuation is regularly monitored against age profile and market demand. Management use a market tool during the appraisal process, being CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Property, plant and equipment assets - Property, plant and equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.

Investment property - Investment property is carried at fair value determined annually by either external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Incentives and other rebates from brand partners - The company receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.

Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.

The company may also receive contributions towards advertising and promotional expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.

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 from the sale of goods and services is recognised at fair value in the Statement of Comprehensive Income, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is recognised on a receivable basis.

Rental income
Rental income is recognised on an accruals basis.

Interest income
Interest income is recognised in the Statement of Comprehensive Income on a receivable basis.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold property- 2% on cost of building
Long - term leasehold property- 5% on reducing balance
Plant and machinery- 25% or 15% on reducing balance
Motor vehicles- 20% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are valued annually using a yield of methodology using market rental values capitalised at a market capitalisation rate, but there is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Consignment stocks
Consignment vehicles which bear considerably more of the risks and rewards of ownership are regarded as being under the control of the company and, in accordance with FRS 102, are included within stocks on the Statement of Financial Position, although legal title has not passed to the company. The corresponding liability is included in trade creditors and is secured directly on these vehicles.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Debtors
Short term debtors are measured at transaction price less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income on an accruals basis.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 32,087,593 27,649,779
Rendering of services 3,120,898 2,503,080
Commissions receivable 198,609 179,020
35,407,100 30,331,879

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 19,922 14,500

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,775,893 2,569,967
Social security costs 278,195 265,943
Other pension costs 71,617 67,348
3,125,705 2,903,258

The average number of employees during the year was as follows:
2023 2022

Sales and service 79 79
Administration 15 15
94 94

2023 2022
£    £   
Directors' remuneration 241,975 237,825
Directors' pension contributions to money purchase schemes 5,888 5,881

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 94,796 90,796

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 19,855 21,942
Depreciation - owned assets 172,197 152,287
Loss on disposal of fixed assets 1,821 6,781
Goodwill amortisation 12,500 12,500

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

17,464

21,440
Auditors' remuneration for non audit work 2,310 4,213

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 49,796 14,836
HMRC interest 2,978 120
52,774 14,956

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Stocking loan interest 22,499 21,545
HMRC interest 5,818 448
28,317 21,993

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 182,690 140,088

Deferred tax 4,448 112,383
Tax on profit 187,138 252,471

UK corporation tax has been charged at 23.52 % (2022 - 19 %).

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 666,571 642,515
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

156,777

122,078

Effects of:
Expenses not deductible for tax purposes 30,644 17,392


Movement in tax rate (283 ) 113,001
Total tax charge 187,138 252,471

11. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


12. DIVIDENDS
2023 2022
£    £   
Ordinary C shares of £1 each
Interim 400,019 400,019

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 125,000
AMORTISATION
At 1 January 2023 67,706
Amortisation for year 12,500
At 31 December 2023 80,206
NET BOOK VALUE
At 31 December 2023 44,794
At 31 December 2022 57,294

14. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 5,040,355 458,039 807,484 6,538 6,312,416
Additions 47,726 157,614 33,680 - 239,020
Disposals - - - (6,538 ) (6,538 )
Reclassification/transfer 548,086 - - - 548,086
At 31 December 2023 5,636,167 615,653 841,164 - 7,092,984
DEPRECIATION
At 1 January 2023 483,187 180,147 486,117 4,717 1,154,168
Charge for year 94,575 20,341 57,281 - 172,197
Eliminated on disposal - - - (4,717 ) (4,717 )
At 31 December 2023 577,762 200,488 543,398 - 1,321,648
NET BOOK VALUE
At 31 December 2023 5,058,405 415,165 297,766 - 5,771,336
At 31 December 2022 4,557,168 277,892 321,367 1,821 5,158,248

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 January 2023
and 31 December 2023 2,600,000
DEPRECIATION
At 1 January 2023 311,994
Charge for year 34,666
At 31 December 2023 346,660
NET BOOK VALUE
At 31 December 2023 2,253,340
At 31 December 2022 2,288,006

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 37,170
NET BOOK VALUE
At 31 December 2023 37,170
At 31 December 2022 37,170

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Eastbourne Motoring Centre Limited
Registered office: 103 Bourne Street, Eastbourne, East Sussex BN21 3SE
Nature of business: Motor dealership
%
Class of shares: holding
Ordinary 91.29
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 7,505,058 7,593,864
Profit for the year 363,791 361,176


16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 1,021,086
Reclassification/transfer (548,086 )
At 31 December 2023 473,000
NET BOOK VALUE
At 31 December 2023 473,000
At 31 December 2022 1,021,086

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 473,000

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. INVESTMENT PROPERTY - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 349,000 897,086

Investment property was valued on an open market basis on 31 December 2021 by Hunt Commercial Property Ltd .

17. STOCKS

Group
2023 2022
£    £   
Vehicle stock 4,335,013 3,760,083
Parts and accessories 387,007 299,457
4,722,020 4,059,540

18. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 833,713 677,934 - -
Amounts owed by group undertakings - - 953,204 793,788
Other debtors 395,981 9,192 - -
1,229,694 687,126 953,204 793,788

Amounts falling due after more than one year:
Other debtors 497,886 532,886 - -

Aggregate amounts 1,727,580 1,220,012 953,204 793,788

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 2,484,269 1,814,631 - -
Tax 100,038 42,379 46,225 37,173
Social security and other taxes 69,565 62,348 - -
VAT 78,726 162,819 - -
Other creditors 28,945 24,762 15,814 12,514
Directors' current accounts 139,033 71,594 - -
Accrued expenses 50,836 56,678 - -
2,951,412 2,235,211 62,039 49,687

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,814 -
Between one and five years 16,661 -
In more than five years 988 -
25,463 -

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Vehicle funding 886,855 585,707

The vehicle funding (included within trade creditors) is secured directly over the vehicles to which it relates.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 475,208 470,760 395,189 395,189

Group
Deferred
tax
£   
Balance at 1 January 2023 470,760
Accelerated capital allowances 9,228
Short term timing differences (4,780 )
Balance at 31 December 2023 475,208

Company
Deferred
tax
£   
Balance at 1 January 2023 395,189
Movement in tax rate
Balance at 31 December 2023 395,189

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary B £1 50 50
3,596 Ordinary C £1 3,596 3,596
3,646 3,646

The shares all rank equally for voting purposes, distributions made on a winding up and dividend rights.

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

24. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 8,071,426 1,427,779 50 9,499,255
Profit for the year 433,213 433,213
Dividends (400,019 ) (400,019 )
Transfer 24,966 (24,966 ) - -
At 31 December 2023 8,129,586 1,402,813 50 9,532,449

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 1,426,943 1,252,606 50 2,679,599
Profit for the year 515,650 515,650
Dividends (400,019 ) (400,019 )
Transfer 24,966 (24,966 ) - -
At 31 December 2023 1,567,540 1,227,640 50 2,795,230


25. NON-CONTROLLING INTERESTS

Non-controlling
Interests
£

At 1 January 2023 737,038
Profit for the year 46,220
Dividends (52,589 )

At 31 December 2023 730,669

EMC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 05807564)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

26. PENSION COMMITMENTS

The company operates a defined contributions 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 £71,617 (2022: £67,348). Contributions totalling £13,131 (2022: £12,248) were payable to the fund at the reporting date.

27. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 14,157

28. RELATED PARTY DISCLOSURES

Other related parties
2023 2022
£    £   
Sales 371,356 909,421
Purchases 369,796 904,981
Management charges 1,560 4,440
Amount due from related parties 501,439 535,889
Amount due to related parties 15,814 12,514

29. ULTIMATE CONTROLLING PARTY

The directors, D C Lambird and M D J Lambird have joint controlling interest in the share capital of the company. There is no single controlling party.