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Registered number: 02894954









ELMEX SALES CORPORATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ELMEX SALES CORPORATION LIMITED
 
 
COMPANY INFORMATION


Directors
M A Hawkins 
J McMorris 
R James 




Registered number
02894954



Registered office
3 Brook Business Centre
Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
ELMEX SALES CORPORATION LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11 - 12
Notes to the financial statements
 
13 - 22


 
ELMEX SALES CORPORATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company is that of a holding company.

Business review
 
The environment in which the group operations remains challenging, with the logistics and freight forwarding market within the UK remaining highly competitive, and profit margins continuing to be under pressure from fluctuating freight rates and increased competition. Ongoing Customs compliance measures and regulations necessitate further investment in staff and IT resources to ensure a high level of service to our clients.
The board of directors are pleased with the results for the year ending December 2023. Revenue and profit remained elevated in the early part of the year due to heightened demand for our customs brokerage services, as well as inflated global shipping volumes during a time of increased freight rates. 
The directors continue to comprehensively review all aspects of the business, including operational efficiencies and cost control whilst investing further in client and staff retention. Our strategy to grow the company by acquisition of small and medium sized businesses continues, in addition to further developing an enhanced but diversified client base.
The Directors continue to review all potential risks and impacts on the business, and remain confident that the business is well placed to maximise any opportunities arising from ongoing global developments.

Principal risks and uncertainties
 
Financial instruments management and policies
The company's primary financial instrument is  group loans. The main purpose of these instruments is to finance the company's operations and working capital.

Financial key performance indicators
 
The key performance indicators (KPI) of the company reviewed by the board is the following:-
- the dividend income.


This report was approved by the board on 9 September 2024 and signed on its behalf.



................................................
R James
Director

Page 1

 
ELMEX SALES CORPORATION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Dividends

The profit for the year, after taxation, amounted to £10,292,030 (period ended 31 December 2022 - £85,993).
During the year, the company paid dividends of £10,272,292 (period ended 31 December 2022 - £53,500).

Directors

The directors who served during the year were:

D A Hill (resigned 30 June 2023)
H M C Jupp (resigned 30 June 2023)
M A Hawkins 
J McMorris 
R James 

Future developments

During 2024, the directors intend to continue to focus on improving efficiencies in order to increase the overall profitability of the group.

Page 2

 
ELMEX SALES CORPORATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the directors' report within the strategic report:
Likely financial risk management objectives and policies; business review of the company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the period end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 September 2024 and signed on its behalf.
 





................................................
R James
Director

Page 3

 
ELMEX SALES CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMEX SALES CORPORATION LIMITED
 

Opinion


We have audited the financial statements of Elmex Sales Corporation Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 4

 
ELMEX SALES CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMEX SALES CORPORATION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Page 5

 
ELMEX SALES CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMEX SALES CORPORATION LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.
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 an Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
° Companies Act 2006. 
° FRS102.
° Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
Page 6

 
ELMEX SALES CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMEX SALES CORPORATION LIMITED (CONTINUED)


 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; 
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
The areas that we identified as being susceptible to misstatement through fraud were:

Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.


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 Auditors' report.


Page 7

 
ELMEX SALES CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELMEX SALES CORPORATION LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Mark Hancock (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

10 September 2024
Page 8

 
ELMEX SALES CORPORATION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Year ended
31 December
2023
Period ended
31 December
2022
Note
£
£

  

Administrative expenses
  
(3,379)
(3,365)

Operating loss
 4 
(3,379)
(3,365)

Income from shares in group undertakings
  
10,272,292
53,500

Income from participating interests
  
-
61,215

Interest payable and similar expenses
  
(43)
-

Profit before taxation
  
10,268,870
111,350

Tax on profit
 8 
23,160
(25,357)

Profit for the financial year/period
  
10,292,030
85,993

  

Total comprehensive income for the year/period
  
10,292,030
85,993

The notes on pages 13 to 22 form part of these financial statements.

Page 9

 
ELMEX SALES CORPORATION LIMITED
REGISTERED NUMBER: 02894954

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 10 
147,200
150,400

Investments
 11 
6,147,619
6,137,489

  
6,294,819
6,287,889

Current assets
  

Debtors: amounts falling due within one year
 12 
5,865,728
704,067

Cash at bank and in hand
 13 
44
155

  
5,865,772
704,222

Creditors: amounts falling due within one year
 14 
(11,470,222)
(5,833,980)

Net current liabilities
  
 
 
(5,604,450)
 
 
(5,129,758)

Creditors: amounts falling due after more than one year
 15 
(387,500)
(875,000)

Net assets
  
302,869
283,131


Capital and reserves
  

Called up share capital 
 17 
2,000
2,000

Other reserves
 18 
150,000
150,000

Profit and loss account
 18 
150,869
131,131

  
302,869
283,131


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.




................................................
R James
Director

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 
ELMEX SALES CORPORATION LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
2,000
150,000
131,131
283,131


Comprehensive income for the year

Profit for the year
-
-
10,292,030
10,292,030
Total comprehensive income for the period
-
-
10,292,030
10,292,030


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,272,292)
(10,272,292)


Total transactions with owners
-
-
(10,272,292)
(10,272,292)


At 31 December 2023
2,000
150,000
150,869
302,869


The notes on pages 13 to 22 form part of these financial statements.

Page 11

 
ELMEX SALES CORPORATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 February 2021
2,000
150,000
98,638
250,638


Comprehensive income for the year

Profit for the period
-
-
85,993
85,993
Total comprehensive income for the period
-
-
85,993
85,993


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(53,500)
(53,500)


Total transactions with owners
-
-
(53,500)
(53,500)


At 31 December 2022
2,000
150,000
131,131
283,131


The notes on pages 13 to 22 form part of these financial statements.

Page 12

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Elmex Sales Corporation Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The principal activity of the company is that of an intermediate holding company.
The prior period was 11 months long from 1 February 2022 to 31 December 2022. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Chartis Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 13

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The company is considered to be a going concern by the directors. The directors prepare cashflow forecasts and, in conjunction with the headroom available in their group loan facility, believe that there should be no reason why they cannot meet their liabilities as they fall due, for a period of not less than 12 months from the approval of these financial statements. On this basis, the directors believe that the going concern assumption remains appropriate for the company.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property
-
2% on cost

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 14

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial
Page 15

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

position when there is an 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.

 
2.15

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 at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have confirmed that they have had to make no key  judgements in applying the above accounting policies that have had a significant effect on the amounts recognised in the financial statements.


4.


Operating loss

The operating profit is stated after charging:

Year ended
31 December
2023
Period ended
31 December
2022
£
£

Depreciation of tangible fixed assets
3,200
3,200


5.


Auditors' remuneration



The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees



The average monthly number of employees, including the directors, during the year was as follows:


Year ended
31 December
2023
Period ended
31 December
2022
            No.
            No.







Management
5
5

Page 16

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration


During the current period and prior year, the directors received no remuneration.




8.


Taxation


Year ended
31 December
2023
Period ended
31 December
2022
£
£

Corporation tax


Current tax on profits for the  period/year
-
25,357

Adjustments in respect of previous periods
(23,160)
-


Total current tax
(23,160)
25,357

Factors affecting tax charge for the period/year

The tax assessed for the year/period is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

Year ended
31 December
2023
Period ended
31 December
2022
£
£


Profit on ordinary activities before tax
10,268,870
111,350


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
2,413,184
34,077

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
25,388

Adjustments to tax charge in respect of prior periods
(23,160)
-

Other timing differences leading to an increase in taxation
752
608

Non-taxable income
(2,413,989)
(34,716)

Unrelieved tax losses carried forward
53
-

Total tax (credit)/charge for the year/period
(23,160)
25,357


Factors that may affect future tax charges

There are no other significant factors that may affect future tax charges. 

Page 17

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Dividends

Year ended
31 December
2023
Period ended
31 December
2022
£
£


Dividends paid
10,272,292
53,500

10,272,292
53,500

The directors and former directors had an interest in dividends paid during the period of £22,292 (period ended 31 December 2022 - £53,500).


10.


Tangible fixed assets





Freehold property

£



Cost


At 1 January 2023
160,000



At 31 December 2023

160,000



Depreciation


At 1 January 2023
9,600


Charge for the year
3,200



At 31 December 2023

12,800



Net book value



At 31 December 2023
147,200



At 31 December 2022
150,400

Page 18

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
542,690
6,489,968
7,032,658


Additions
-
10,130
10,130



At 31 December 2023

542,690
6,500,098
7,042,788



Impairment


At 1 January 2023
-
895,169
895,169



At 31 December 2023

-
895,169
895,169



Net book value



At 31 December 2023
542,690
5,604,929
6,147,619



At 31 December 2022
542,690
5,594,799
6,137,489

Page 19

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
5,865,728
696,067

Other debtors
-
8,000

5,865,728
704,067



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
44
155

44
155



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
10,239,990
4,633,104

Corporation tax
2,240
25,357

Other creditors
1,227,992
1,175,519

11,470,222
5,833,980



15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
387,500
875,000

387,500
875,000


Page 20

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
5,865,728
704,067


Financial liabilities


Financial liabilities measured at amortised cost
(11,605,482)
5,808,623


Financial assets that are debt instruments measured at amortised cost comprise amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise amounts owed to group undertakings and other creditors.


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



428 Ordinary A shares of £1 each
428
428
1,572 Ordinary B shares of £1 each
1,572
1,572

2,000

2,000

Ordinary A and B shares have attached to them full voting and capital distribution (including on a winding-up) right. The shares are a separate class of share for the payment of dividends. They do not confer any rights of redemption.



18.


Reserves

Other reserves

Amounts retained in the group and not distributed to the shareholders.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses less any amounts held within other reserves.

Page 21

 
ELMEX SALES CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Contingent liabilities

A subsidiary company has given a charge over a cash deposit of £20,000 (2022 - £20,000) in favour of National Westminster Bank Plc against all monies due or to become due from the company to the chargee. There was £Nil owing to the bank (2022 - £Nil) at the Statement of financial position date.


20.


Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, not to disclose any transactions with any wholly owned subsidiaries.
 
At the balance sheet date the group owed £798,019 (2022 - £738,019) to Mapcargo Logistics LLP, the LLP in which the directors are also the members. During the year, the company received profit share of £Nil (period ended 31 December 2022 - £61,215) from Mapcargo Logistics LLP.


21.


Controlling party

The immediate and ultimate parent undertaking is Chartis Holdings Limited, a company incorporated in England and Wales. The registered office of the company is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, England UB8 2FX.
The largest and smallest group preparing consolidated financial statements which includes company's financial statements is Chartis Holdings Limited. Consolidated accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
In the opinion of the directors, there was no ultimate controlling party in either the current or preceeding period.

 
Page 22