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REGISTERED NUMBER: 12229547 (England and Wales)














Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 January 2024

for

ELECTRIX INTERNATIONAL HOLDINGS LIMITED

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)






Contents of the Consolidated Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


ELECTRIX INTERNATIONAL HOLDINGS LIMITED

Company Information
for the Year Ended 31 January 2024







Director: M Thompson



Secretary: D Thompson



Registered office: 1a & 1b Dovecot Hill
South Church Enterprise Park
Bishop Auckland
Co. Durham
DL14 6XP



Registered number: 12229547 (England and Wales)



Senior statutory auditor: Karl Gordon BA FCCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Group Strategic Report
for the Year Ended 31 January 2024

The director presents his strategic report of the company and the group for the year ended 31 January 2024.

Review of business
The director reports that he is satisfied with the results of Electrix International Holdings Limited for the year ending 31st January 2024. The key financial and other performance indicators of the group as a whole are as follows:

31/1/24 31/1/23 Variance
£'000's
Turnover 12,345 12,668 -2.60%
Gross profit 7,440 7,706 -3.50%
Current assets as a % of current liabilities 253% 138% 115%

The business strategy for 2024-25 will be to continue development of new products, and to further diversify the range of products available to new and existing customers.

The director foresees a challenging year ahead with global economic matters, but the business will continue to focus on international expansion in the North American and European markets.

The director continues to drive a culture of continuous improvement, cost management to ensure Electrix remains the market leading manufacturer and stockist of stainless steel cable management systems.

Principal risks and uncertainties
The global economic and geopolitical situation represents a significant uncertainty for the company as their impact on supply chain, demand and pricing via commodity prices for raw materials and foreign currency fluctuations are likely to influence the performance of the company. However, in recent years the company has navigated various global challenges such as Covid-19 and wars in Ukraine and more recently the Middle East without a significant drop in performance. This will continue to be mitigated through competent forward planning and management of stock levels to ensure a maintained supply.

On behalf of the board:





M Thompson - Director


23 October 2024

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Report of the Director
for the Year Ended 31 January 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 January 2024.

Principal activity
The principal activity of the group in the year under review was that of the manufacture of stainless steel products for use in the food, brewing and pharmaceutical industries.

Dividends
The total distribution of dividends for the year ended 31 January 2024 will be £ 1,411,384 .

Director
M Thompson held office during the whole of the period from 1 February 2023 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M Thompson - Director


23 October 2024

Report of the Independent Auditors to the Members of
Electrix International Holdings Limited

Opinion
We have audited the financial statements of Electrix International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Electrix International Holdings Limited


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

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities within the group as a basis for an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion;
- the engagement partner ensured that the group's and parent company's 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 group and parent company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the group audit engagement teams regularly and requested the teams remained alert to instances of non-compliance throughout the audit and report any instances to the group engagement partner;

These procedures did not identify any potentially material actual or suspected non-compliance.

Report of the Independent Auditors to the Members of
Electrix International Holdings Limited

We assessed the susceptibility of the group's consolidated financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Karl Gordon BA FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

23 October 2024

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 January 2024

31/1/24 31/1/23
Notes £    £   

Turnover 3 12,344,786 12,668,012

Cost of sales 4,904,572 4,962,263
Gross profit 7,440,214 7,705,749

Administrative expenses 3,436,927 3,426,499
4,003,287 4,279,250

Other operating income 1,429 2,256
Operating profit 5 4,004,716 4,281,506

Interest receivable and similar income 23,549 36
4,028,265 4,281,542

Interest payable and similar expenses 6 52,379 33,055
Profit before taxation 3,975,886 4,248,487

Tax on profit 7 (240,732 ) 577,486
Profit for the financial year 4,216,618 3,671,001

Other comprehensive income - -
Total comprehensive income for the year 4,216,618 3,671,001

Profit attributable to:
Owners of the parent 4,216,618 3,671,001

Total comprehensive income attributable to:
Owners of the parent 4,216,618 3,671,001

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Consolidated Balance Sheet
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
Fixed assets
Intangible assets 10 1,412,534 462,897
Tangible assets 11 3,191,666 3,415,213
Investments 12 - -
4,604,200 3,878,110

Current assets
Stocks 13 3,239,740 4,307,340
Debtors 14 2,952,276 1,743,826
Cash at bank and in hand 292,488 460,698
6,484,504 6,511,864
Creditors
Amounts falling due within one year 15 2,566,123 4,730,327
Net current assets 3,918,381 1,781,537
Total assets less current liabilities 8,522,581 5,659,647

Creditors
Amounts falling due after more than one
year

16

(604,959

)

(753,104

)

Provisions for liabilities 20 (535,787 ) (329,942 )
Net assets 7,381,835 4,576,601

Capital and reserves
Called up share capital 21 1,400 1,400
Revaluation reserve 22 479,724 491,353
Capital redemption reserve 22 501 501
Retained earnings 22 6,900,210 4,083,347
Shareholders' funds 7,381,835 4,576,601

The financial statements were approved by the director and authorised for issue on 23 October 2024 and were signed by:





M Thompson - Director


ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Company Balance Sheet
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
Fixed assets
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,400 1,400
1,400 1,400

Current assets
Debtors 14 4,293,254 3,365,203
Cash at bank 7,932 14,053
4,301,186 3,379,256
Creditors
Amounts falling due within one year 15 1,505,340 3,378,643
Net current assets 2,795,846 613
Total assets less current liabilities 2,797,246 2,013

Capital and reserves
Called up share capital 21 1,400 1,400
Retained earnings 22 2,795,846 613
Shareholders' funds 2,797,246 2,013

Company's profit for the financial year 4,206,617 3,660,458

The financial statements were approved by the director and authorised for issue on 23 October 2024 and were signed by:





M Thompson - Director


ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Consolidated Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 February 2022 1,400 4,060,717 502,982 501 4,565,600

Changes in equity
Dividends - (3,660,000 ) - - (3,660,000 )
Total comprehensive income - 3,682,630 (11,629 ) - 3,671,001
Balance at 31 January 2023 1,400 4,083,347 491,353 501 4,576,601

Changes in equity
Dividends - (1,411,384 ) - - (1,411,384 )
Total comprehensive income - 4,228,247 (11,629 ) - 4,216,618
Balance at 31 January 2024 1,400 6,900,210 479,724 501 7,381,835

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Company Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 1,400 155 1,555

Changes in equity
Dividends - (3,660,000 ) (3,660,000 )
Total comprehensive income - 3,660,458 3,660,458
Balance at 31 January 2023 1,400 613 2,013

Changes in equity
Dividends - (1,411,384 ) (1,411,384 )
Total comprehensive income - 4,206,617 4,206,617
Balance at 31 January 2024 1,400 2,795,846 2,797,246

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

31/1/24 31/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,213,608 3,823,007
Interest paid (49,718 ) (28,572 )
Interest element of hire purchase payments
paid

(2,661

)

(4,483

)
Tax paid (695,901 ) (731,645 )
Net cash from operating activities 4,465,328 3,058,307

Cash flows from investing activities
Purchase of intangible fixed assets (1,028,388 ) (144,121 )
Purchase of tangible fixed assets (197,149 ) (193,981 )
Interest received 23,549 36
Net cash from investing activities (1,201,988 ) (338,066 )

Cash flows from financing activities
Loan repayments in year (78,636 ) (88,774 )
Capital repayments in year (73,631 ) (71,809 )
Amount withdrawn by directors (940,032 ) (375,392 )
Movement in shareholder loans (927,867 ) 1,443,662
Equity dividends paid (1,411,384 ) (3,660,000 )
Net cash from financing activities (3,431,550 ) (2,752,313 )

Decrease in cash and cash equivalents (168,210 ) (32,072 )
Cash and cash equivalents at beginning of
year

2

460,698

492,770

Cash and cash equivalents at end of year 2 292,488 460,698

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31/1/24 31/1/23
£    £   
Profit before taxation 3,975,886 4,248,487
Depreciation charges 499,447 458,341
Finance costs 52,379 33,055
Finance income (23,549 ) (36 )
4,504,163 4,739,847
Decrease/(increase) in stocks 1,067,600 (1,105,938 )
(Increase)/decrease in trade and other debtors (328,855 ) 55,466
(Decrease)/increase in trade and other creditors (29,300 ) 133,632
Cash generated from operations 5,213,608 3,823,007

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 292,488 460,698
Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 460,698 492,770


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/1/24
£    £    £   
Net cash
Cash at bank and in hand 460,698 (168,210 ) 292,488
460,698 (168,210 ) 292,488
Debt
Finance leases (142,804 ) 73,631 (69,173 )
Debts falling due within 1 year (89,599 ) - (89,599 )
Debts falling due after 1 year (679,447 ) 78,636 (600,811 )
(911,850 ) 152,267 (759,583 )
Total (451,152 ) (15,943 ) (467,095 )

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Electrix International Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared under the going concern basis of accounting. The director believes that the historic and ongoing performance of the trading subsidiary will be maintained for the foreseeable future and for this reason determine all entities within the group to be a going concern.

Basis of consolidation
The subsidiary company has been consolidated under the merger method of accounting. There are no excluded subsidiaries from the consolidation.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Percentage of wages capitalised
Included within intangible assets (note 10) are capitalised wage costs in relation to the installation and development of the ERP software. The percentage of wages capitalised is a flat rate percentage based on managements estimation of average time spent by specific employees and therefore inevitably includes a degree of judgement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible fixed assets
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a lease agreement, over the lease term, whichever is the shorter.

Patents and licences- 10% on cost
Website and software- 10% on cost and 20% on cost

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost or revaluation
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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

Government grants
Government grants are released to the profit and loss account at appropriate rates to match against the costs to which they relate.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

31/1/24 31/1/23
£    £   
United Kingdom 6,199,165 5,959,233
Europe 3,415,909 3,686,118
Non-Europe 2,729,712 3,022,661
12,344,786 12,668,012

4. EMPLOYEES AND DIRECTORS
31/1/24 31/1/23
£    £   
Wages and salaries 2,875,336 2,946,292
Social security costs 352,069 332,817
Other pension costs 65,477 63,566
3,292,882 3,342,675

The average number of employees during the year was as follows:
31/1/24 31/1/23

Director and senior management 2 2
Production manager 1 1
Sales, administration and production 61 66
64 69

31/1/24 31/1/23
£    £   
Director's remuneration 303,078 481,447

Information regarding the highest paid director is as follows:
31/1/24 31/1/23
£    £   
Emoluments etc 303,078 287,960

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/1/24 31/1/23
£    £   
Depreciation - owned assets 381,044 385,353
Depreciation - assets on hire purchase contracts 39,652 39,651
Patents and licences amortisation 14,156 13,274
Website and software amortisation 64,595 20,063
Auditors' remuneration 2,003 3,904
Audit of subsidiaries 7,849 7,143
Foreign exchange differences 36,724 (18,681 )
Operating lease payments - 1,396

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/1/24 31/1/23
£    £   
Bank loan interest 49,718 24,544
Interest payable - 4,028
Hire purchase 2,661 4,483
52,379 33,055

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31/1/24 31/1/23
£    £   
Current tax:
UK corporation tax - 587,883
Over provision in prior years (446,577 ) -
Total current tax (446,577 ) 587,883

Deferred tax 205,845 (10,397 )
Tax on profit (240,732 ) 577,486

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

7. TAXATION - continued

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

31/1/24 31/1/23
£    £   
Profit before tax 3,975,886 4,248,487
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

993,972

807,213

Effects of:
Expenses not deductible for tax purposes 2,539 271
Capital allowances in excess of depreciation (208,069 ) (1,313 )
Other adjustments - (521 )
Accelerated capital allowances 205,845 (10,397 )

Research and development - (136,665 )
Patent box relief (1,235,781 ) (81,102 )
Unused tax losses 762 -
Total tax (credit)/charge (240,732 ) 577,486

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS
31/1/24 31/1/23
£    £   
Ordinary shares of £0.01 each
Paid during the year - 1,788,329
A Ordinary shares of £0.01 each
Paid during the year - 638,255
Redeemable B Ordinary shares of £0.01 each
Paid during the year 655,692 566,708
Redeemable C Ordinary shares of £0.01 each
Paid during the year 655,692 566,708
Redeemable D Ordinary shares of £0.01 each
Paid during the year 25,000 25,000
Redeemable E Ordinary shares of £0.01 each
Paid during the year 25,000 25,000
Redeemable F Ordinary shares of £0.01 each
Paid during the year 25,000 25,000
Redeemable G Ordinary shares of £0.01 each
Paid during the year 25,000 25,000
1,411,384 3,660,000

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

10. INTANGIBLE FIXED ASSETS

Group
Patents Website
and and
licences software Totals
£    £    £   
COST
At 1 February 2023 431,338 461,044 892,382
Additions 7,011 1,021,377 1,028,388
Disposals (88,179 ) - (88,179 )
At 31 January 2024 350,170 1,482,421 1,832,591
AMORTISATION
At 1 February 2023 347,891 81,594 429,485
Amortisation for year 14,156 64,595 78,751
Eliminated on disposal (88,179 ) - (88,179 )
At 31 January 2024 273,868 146,189 420,057
NET BOOK VALUE
At 31 January 2024 76,302 1,336,232 1,412,534
At 31 January 2023 83,447 379,450 462,897

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2023 2,517,542 4,776,299 1,015,324 8,309,165
Additions 14,852 147,954 34,343 197,149
At 31 January 2024 2,532,394 4,924,253 1,049,667 8,506,314
DEPRECIATION
At 1 February 2023 349,324 3,716,990 827,638 4,893,952
Charge for year 45,092 330,729 44,875 420,696
At 31 January 2024 394,416 4,047,719 872,513 5,314,648
NET BOOK VALUE
At 31 January 2024 2,137,978 876,534 177,154 3,191,666
At 31 January 2023 2,168,218 1,059,309 187,686 3,415,213

Included in cost or valuation of land and buildings is freehold land of £275,000 (2023: £275,000) which is not depreciated.

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 January 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 1996 121,195 - - 121,195
Valuation in 1998 199,116 - - 199,116
Valuation in 1999 38,383 - - 38,383
Valuation in 2008 71,963 - - 71,963
Valuation in 2015 (101,073 ) - - (101,073 )
Cost 2,202,810 4,924,253 1,049,667 8,176,730
2,532,394 4,924,253 1,049,667 8,506,314

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

31/1/24 31/1/23
£    £   
Cost 2,200,260 2,187,959
Aggregate depreciation 927,374 881,921

Value of land in freehold land and buildings 100,000 100,000

The group has chosen to use a previous GAAP valuation for freehold property as its deemed cost for future periods when transitioning to FRS102 for the first time under FRS102 35.10 (d).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 396,517
DEPRECIATION
At 1 February 2023 119,062
Charge for year 39,652
At 31 January 2024 158,714
NET BOOK VALUE
At 31 January 2024 237,803
At 31 January 2023 277,455

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1,400
NET BOOK VALUE
At 31 January 2024 1,400
At 31 January 2023 1,400

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

Subsidiary

Electrix International Limited
Registered office: Dovecot Hill, South Church Enterprise Park, Bishop Auckland, County Durham, DL14 6XP
Nature of business: Manufacture of stainless steel products.
%
Class of shares: holding
Ordinary, A Ordinary 100.00
Redeemable B, C, D, E, F and G 100.00
31/1/24 31/1/23
£    £   
Aggregate capital and reserves 4,585,989 4,575,989
Profit for the year 4,219,669 3,677,531


13. STOCKS

Group
31/1/24 31/1/23
£    £   
Stocks 1,319,463 2,376,277
Raw materials 1,920,277 1,931,063
3,239,740 4,307,340

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/1/24 31/1/23 31/1/24 31/1/23
£    £    £    £   
Trade debtors 1,838,942 1,596,761 - -
Amounts owed by group undertakings - - 4,293,254 3,365,203
Other debtors 55,944 5,366 - -
Tax 879,595 - - -
Prepayments 177,795 141,699 - -
2,952,276 1,743,826 4,293,254 3,365,203

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/1/24 31/1/23 31/1/24 31/1/23
£    £    £    £   
Bank loans and overdrafts (see note 17) 89,599 89,599 - -
Hire purchase contracts (see note 18) 65,025 69,147 - -
Trade creditors 523,632 685,995 - 4,817
Tax - 262,883 - -
Social security and other taxes 95,764 85,735 - -
VAT 206,993 116,848 - -
Other creditors 1,316,249 2,243,652 1,302,400 2,230,267
Directors' current accounts 198,500 1,138,532 198,500 1,138,532
Accrued expenses 70,361 37,936 4,440 5,027
2,566,123 4,730,327 1,505,340 3,378,643

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31/1/24 31/1/23
£    £   
Bank loans (see note 17) 600,811 679,447
Hire purchase contracts (see note 18) 4,148 73,657
604,959 753,104

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
31/1/24 31/1/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,599 89,599
Amounts falling due between one and two years:
Bank loans 85,450 95,468
Amounts falling due between two and five years:
Bank loans 295,164 297,425
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 220,197 286,554

Bank loans are repayable in equal monthly instalments. Interest is charged in arrears at 1.75% above Bank of England base rate.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/1/24 31/1/23
£    £   
Net obligations repayable:
Within one year 65,025 69,147
Between one and five years 4,148 73,657
69,173 142,804

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31/1/24 31/1/23
£    £   
Bank loans 690,410 769,046
Hire purchase contracts 69,173 142,804
759,583 911,850

Bank borrowings are secured by a legal charge over factory BT88 / 1A,1B and adjoining land at South Church Enterprise Park, Bishop Auckland, Co. Durham dated 11th September 2012 and by a fixed and floating charge over all assets dated 30th September 2015. The floating charge covers all property or undertaking of the group.

Hire purchase creditors are secured against the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
31/1/24 31/1/23
£    £   
Deferred tax
Deferred tax 329,942 340,339
Movement during the period 205,845 (10,397 )
535,787 329,942

Group
Deferred
tax
£   
Balance at 1 February 2023 329,942
Accelerated capital allowances 205,845
Balance at 31 January 2024 535,787

The amount of the net reversal of deferred tax expected to occur next year is £86,629 (2023: £67,933), relating to the reversal of existing timing differences on tangible fixed assets.

ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
50,000 Ordinary £0.01 500 500
16,600 A Ordinary £0.01 166 166
36,100 Redeemable B Ordinary £0.01 361 361
36,100 Redeemable C Ordinary £0.01 361 361
300 Redeemable D Ordinary £0.01 3 3
300 Redeemable E Ordinary £0.01 3 3
300 Redeemable F Ordinary £0.01 3 3
300 Redeemable G Ordinary £0.01 3 3
1,400 1,400

Ordinary and A Ordinary shares have the right to receive dividends as recommended by the director, hold full voting rights and have the right to participate in a winding up. Dividends on A Ordinary shares are equal to 1.075 times any dividend declared on the Ordinary shares.

Redeemable B, C, D, E, F and G shares have the right to receive dividends as recommended by the director, hold no voting rights and have the right to participate in a winding up.

The redeemable shares are open ended, redemption is at the entity's option and no premiums are payable upon redemption.

22. RESERVES

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

At 1 February 2023 4,083,347 491,353 501 4,575,201
Profit for the year 4,216,618 4,216,618
Dividends (1,411,384 ) (1,411,384 )
Transfer realised depreciation 11,629 (11,629 ) - -
At 31 January 2024 6,900,210 479,724 501 7,380,435

Company
Retained
earnings
£   

At 1 February 2023 613
Profit for the year 4,206,617
Dividends (1,411,384 )
At 31 January 2024 2,795,846


ELECTRIX INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 12229547)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

23. LETTERS OF CREDIT

At the period end the group had letters of credit in place valued at £145,621 (2023: £66,801) for the benefit of the subsidiary company's trade.

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/1/24 31/1/23
£    £   
Remuneration 880,841 809,146
Dividends paid 1,411,384 3,660,000
Amount due from related party 5,974 5,366
Amount due to related party 1,500,900 3,372,421

Balances owed at the period end are interest free and repayable on demand.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Thompson.