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Registered number: 10214958
Engineering, Logistics And Trading International UK Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Statement of Comprehensive Income 7
Statement of Financial Position 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—15
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
The demand for domestic appliances continued to reduce in the year with turnover reducing by 26%. Turnover has reduced to pre-pandemic levels. Gross profit margin remained consistent at 9%. The balances due to and from fellow group companies are considered recoverable and payable in full.
The statement of financial position on page 9 shows that the company remained in a sound financial position at the year end.
Principal Risks and Uncertainties
The directors believe the following to be the company's principle risks and uncertainties, which have been addressed as follows:
The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk. The directors consider the group company balances to be fully recoverable.
The company's liquid resources are to be invested having regard to the timing of payments to be made in the ordinary course of the company's activities.
Funds which are not required to meet the immediate needs of the company are to placed with a main clearing bank and be held in interest bearing deposit accounts. The company will not be financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business.
The company will hold cash in the currencies of anticipated expenditure.
On behalf of the board
G de Jenlis
Director
11 March 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of a distribution agent of domestic kitchen appliances.
Dividends
The value of dividends paid amounted to £2,800,000 . The directors recommended that no final dividend be paid.
Directors
The directors who held office during the year were as follows:
N Debavelaere
G de Jenlis
E de Jenlis
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Page 3
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
G de Jenlis
Director
11 March 2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Engineering, Logistics And Trading International UK Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) 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's 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 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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 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.
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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 or 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 Directors' Responsibilities Statement set out on page 2—3, 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.
Auditor's 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.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:
· We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were the most significant: the Companies Act 2006 and UK corporate taxations laws.
· We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.
· We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:
· identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
· understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
· challenging assumptions and judgements made by management in its significant accounting estimates;
· identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
· assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that 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.
Frank Harling (Senior Statutory Auditor)
for and on behalf of Ward Williams Limited , Statutory Auditor
12 March 2024
Ward Williams Limited
Chartered Accountants and Statutory Auditors
Belgrave House
39-43 Monument Hill
Weybridge, Surrey
KT13 8RN
Page 6
Page 7
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 12,193,379 16,474,786
Cost of sales (11,130,210 ) (14,955,835 )
GROSS PROFIT 1,063,169 1,518,951
Administrative expenses (5,734 ) (5,163 )
OPERATING PROFIT 4 1,057,435 1,513,788
Other interest receivable and similar income 7 8,932 2,319
PROFIT BEFORE TAXATION 1,066,367 1,516,107
Tax on Profit 8 (250,833 ) (288,122 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 815,534 1,227,985
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 815,534 1,227,985
The notes on pages 11 to 15 form part of these financial statements.
Page 7
Page 8
Statement of Financial Position
Registered number: 10214958
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 9 1,687,154 7,926,024
Cash at bank and in hand 4,620,703 85,307
6,307,857 8,011,331
Creditors: Amounts Falling Due Within One Year 10 (3,758,593 ) (3,477,601 )
NET CURRENT ASSETS (LIABILITIES) 2,549,264 4,533,730
TOTAL ASSETS LESS CURRENT LIABILITIES 2,549,264 4,533,730
NET ASSETS 2,549,264 4,533,730
CAPITAL AND RESERVES
Called up share capital 11 1,250 1,250
Income Statement 2,548,014 4,532,480
SHAREHOLDERS' FUNDS 2,549,264 4,533,730
The financial statements were approved by the board of directors on 11 March 2024 and were signed on its behalf by:
G de Jenlis
Director
11 March 2024
The notes on pages 11 to 15 form part of these financial statements.
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Page 9
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2022 1,250 3,304,495 3,305,745
Profit for the year and total comprehensive income - 1,227,985 1,227,985
As at 31 December 2022 and 1 January 2023 1,250 4,532,480 4,533,730
Profit for the year and total comprehensive income - 815,534 815,534
Dividends paid - (2,800,000) (2,800,000)
As at 31 December 2023 1,250 2,548,014 2,549,264
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Page 10
Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 7,693,397 (3,544,499 )
Tax paid (366,933 ) (237,069 )
Net cash generated from/(used in) operating activities 7,326,464 (3,781,568 )
Cash flows from investing activities
Interest received 8,932 2,319
Cash flows from financing activities
Equity dividends paid (2,800,000 ) -
Increase/(decrease) in cash and cash equivalents 4,535,396 (3,779,249 )
Cash and cash equivalents at beginning of year 2 85,307 3,864,556
Cash and cash equivalents at end of year 2 4,620,703 85,307
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
2023 2022
£ £
Profit for the financial year 815,534 1,227,985
Adjustments for:
Tax on profit 250,833 288,122
Interest income (8,932 ) (2,319 )
Movements in working capital:
Decrease/(increase) in trade and other debtors 6,238,870 (4,658,798 )
Increase/(decrease) in trade and other creditors 397,092 (399,489 )
Net cash generated from/(used in) operations 7,693,397 (3,544,499 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 4,620,703 85,307
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 85,307 4,535,396 4,620,703
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Notes to the Financial Statements
1. General Information
Engineering, Logistics And Trading International UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10214958 . The registered office is C/O BWBCA Limited, Dukes Court, Duke Street, Woking, Surrey, GU21 5BH.
2. Statement of Compliance
The 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.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors of the company have reviewed the company's financial performance and forecasts and consider the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing financial statements.
3.3. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions in areas where this information is not readily available from other sources. In particular the directors use judgement in assessing the warranty provision as well as the carrying amount of assets and liabilities. The estimates and assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts rebates, value added tax and other sales taxes for services completed within the UK.
3.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.6. 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 accounts receivable and payable and investments in non-puttable ordinary shares.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except that investments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss account, are assessed for indicators of impairment at each reporting end date.
Other financial liabilities
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit and loss account.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and aremeasured subsequently at amortised cost using the effective interest method.
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3.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised or all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to the recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is changed or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax asset is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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.
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts - 250
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 3,750 2,950
Non-Audit Services
Other taxation advisory services - 250
6. Average Number of Employees
Average number of employees during the year was: NIL (2022: NIL)
- -
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7. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable - 2,319
Other interest receivable 8,932 -
8,932 2,319
8. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 250,833 288,122
Total tax charge for the period 250,833 288,122
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 1,066,367 1,516,107
Tax on profit at 23.5% (UK standard rate) 250,815 288,060
Expenses not deductible for tax purposes 18 62
Total tax charge for the period 250,833 288,122
9. Debtors
2023 2022
£ £
Due within one year
Trade debtors 52,107 -
Prepayments and accrued income 10,078 14,160
Amounts owed by group undertakings 1,624,969 7,911,864
1,687,154 7,926,024
10. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 1,072,329
Amounts owed to group undertakings 3,345,961 2,051,962
Corporation tax 81,366 197,466
Taxation and social security 326,266 152,353
Accruals and deferred income 5,000 3,491
3,758,593 3,477,601
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11. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1,250 Ordinary Shares of £ 1.00 each 1,250 1,250
12. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 2,800,000 -
2,800,000 -
13. Controlling Parties
The company's immediate parent undertaking is ELT International SA .
The ultimate parent undertaking is Hameur SA (incorporated in Luxembourg). Its registered office is 40 Rangwee, L-2412, Luxembourg .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is P R J Bosquillon de Jenlis by virtue of their interest in the share capital of the
company.
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