Registration number:
Elmhurst Energy Systems Limited
for the Year Ended 31 December 2023
Elmhurst Energy Systems Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Elmhurst Energy Systems Limited
Company Information
Directors |
S. J. O'Hara M. H. Reed G. N. Dunn P. Barry T. Lakhani S. A. Fairlie R. L. Rostas |
Registered office |
|
Auditors |
|
Elmhurst Energy Systems Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is energy efficiency surveyors and suppliers of software.
Fair review of the business
The company has enjoyed a year of strong growth as the business continues to expand sales through the existing sales network and from the introduction of new income streams which have been transferred from a fellow subsidiary company during the year.
Turnover has increased by 36.2% during the year and the business maintained its profit margins.
The business continued to be cash generative and without the existence of any long term debt within the company. The net assets increased by £1m to £2.7m at the year end.
The board are pleased with the year under review and look forward to reporting continued profitability in the foreseeable future.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£'000 |
14,289 |
10,493 |
Gross profit margin |
% |
70 |
71 |
Net assets |
£'000 |
2,709 |
1,686 |
Principal risks and uncertainties
The directors consider the key risk facing the business as being the genral macro-economic market and its potential impact on its customers. Trading conditions continue to be challenging. Competition, alternative product availability and inflation are all areas requiring the close attention of the senior management team. The directors continue to closely monitor and control all aspects of the trading operations.
Elmhurst Energy Systems Limited
Strategic Report for the Year Ended 31 December 2023
Economic impact of global events
UK businesses are currently facing uncertainties such as the consequences of Covid 19, environmental sustainability, economic downturn and geopolitical events such as recent, high profile conflicts which have an impact on the global economy. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, high interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may present themselves to the business.
Approved and authorised by the
......................................... |
Elmhurst Energy Systems 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 of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
As permitted by paragraph 1A of schedule 7 to large and medium-sized companies and groups (accounts and reports) regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report.
Future developments
The company plans to continue as energy efficiency surveyors and supplies of software for the foreseeable future. The company is constantly developing its software to ensure that the software remains the leading software on the market.
Going concern
Having carefully reviewed its forecasts, the directors consider the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to prepare the financial statements on the going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Elmhurst Energy Systems Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Elmhurst Energy Systems Limited
Independent Auditor's Report to the Members of Elmhurst Energy Systems Limited
Opinion
We have audited the financial statements of Elmhurst Energy Systems Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
Elmhurst Energy Systems Limited
Independent Auditor's Report to the Members of Elmhurst Energy Systems Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 our 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 and the Directors' Report.
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, 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.
Elmhurst Energy Systems Limited
Independent Auditor's Report to the Members of Elmhurst Energy Systems Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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: |
|
• |
enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
• |
we obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company, sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, Corporate and VAT legislation, Employment Taxes, Health and Safety and the Bribery Act 2010. |
• |
discussing amongst the engagement team, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: management override of control; and revenue recognition, specifically the manipulation of revenue using fraudulent journals. |
• |
we tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. |
• |
we reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business. |
• |
we critically assessed the appropriateness and tested the application of the revenue policies. |
Elmhurst Energy Systems Limited
Independent Auditor's Report to the Members of Elmhurst Energy Systems Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
............................................................................
For and on behalf of
Westwood House
78 Loughborough Road
Quorn
Leicestershire
LE12 8DX
Elmhurst Energy Systems Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
7,531,491 |
5,476,225 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
31,475 |
37,351 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Elmhurst Energy Systems Limited
(Registration number: 02805846)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Capital redemption reserve |
1,900 |
1,900 |
|
Non-distributable reserve |
3,662 |
9,154 |
|
Retained earnings |
2,703,164 |
1,675,165 |
|
Shareholders' funds |
2,708,826 |
1,686,319 |
Approved and authorised by the
......................................... |
Elmhurst Energy Systems Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Capital redemption reserve |
Non- distributable reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
|
- |
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Non- distributable reserve |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
|
- |
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of 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 33 Related Party Disclosures paragraph 33.7.
Name of parent of group
These financial statements are consolidated in the financial statements of TIC Holdco Limited.
The financial statements of TIC Holdco Limited may be obtained from Companies House, Crown Way, Maindy, Cardiff.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account except that a change attritutable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
over the period of the lease |
Fixtures, fittings and computer equipment |
20% and 50% on cost |
Motor vehicles |
20% on cost |
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years |
Software development |
20% on cost |
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods - UK |
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging:
2023 |
2022 |
|
Depreciation |
|
|
Amortisation |
|
|
Loss on disposal of property, plant and equipment |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
455,402 |
453,706 |
During the year two of the directors accrued amounts totalling approximately £280,840 on a long term incentive bonus scheme. This is to be paid in 2025.
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
- |
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
|
1,712,322 |
961,146 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
( |
|
Total deferred taxation |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit |
|
|
Deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
Increase in UK current tax from adjustment for prior periods |
- |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax decrease arising from group relief |
( |
( |
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
- |
Total tax charge |
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
From 1 April 2023 the UK government increased the main rate of corporation tax from 19% to 25%.
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Intangible assets |
Goodwill |
Software development |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
Additions |
- |
|
|
At 31 December 2023 |
|
|
|
Amortisation |
|||
At 1 January 2023 |
|
|
|
Amortisation charge |
- |
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
- |
|
|
At 31 December 2022 |
- |
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Leasehold improvements |
Fixtures, fittings and computer equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Revaluation
The fair value of the company's motor vehicles was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Stocks |
2023 |
2022 |
|
Stocks |
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Other debtors |
- |
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accrued expenses |
|
|
|
Income tax liability |
101,631 |
1,271 |
|
Deferred income |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Additional provisions |
|
|
At 31 December 2023 |
|
|
|
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
Ordinary have the following rights, preferences and restrictions: |
Reserves |
Capital redemption reserve
The capital redemption reserve represents the nominal value of previously issued shares that have been repurchased by the company.
Non-distributable reserve
The non-distributable reserve arose on the revaluation of certain fixed assets. The amounts representing the equivalent depreciation are transferred to the profit and loss account reserve each year.
Retained earnings
The retained earnings represents accumulated comprehensive income for the year and prior years, transfers from the non-distributable reserve relating to depreciation realised on revaluations less dividends paid.
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Retained earnings |
|
Surplus on property, plant and equipment revaluation |
( |
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
|
Surplus on property, plant and equipment revaluation |
( |
|
|
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £ |
4,800,000 |
3,950,000 |
||
Related party transactions |
Summary of transactions with subsidiaries
Elmhurst Energy Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Summary of transactions with other related parties
During the year Elmhurst Energy Systems Limited has raised sales invoices amounting to £56,132 and purchases amounting to £17,127 from companies associated through the TIC Holdco Limited group. At the year end the these associated companies owed £7,925,253 to Elmhurst Energy Systems Limited.
During the year Elmhurst Energy Systems Limited has taken on the assets and trade of a fellow subsidiary associated through the TIC Holdco Limited group. Wages of £726,435 have been recharged to the associated company and £29,908 recharged from this company regarding pension contributions. At the year end this associated company was owed £8,601,254 by Elmhurst Energy Systems Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is