Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-310002023-01-01falseThe design, manufacture and distribution of darts-related products to trade partners throughout the world.false00falsefalse 09706360 2023-01-01 2023-12-31 09706360 2022-01-01 2022-12-31 09706360 2023-12-31 09706360 2022-12-31 09706360 2022-01-01 09706360 c:Director1 2023-01-01 2023-12-31 09706360 c:RegisteredOffice 2023-01-01 2023-12-31 09706360 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 09706360 d:PlantMachinery 2023-01-01 2023-12-31 09706360 d:MotorVehicles 2023-01-01 2023-12-31 09706360 d:FurnitureFittings 2023-01-01 2023-12-31 09706360 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09706360 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 09706360 d:Goodwill 2023-01-01 2023-12-31 09706360 d:CurrentFinancialInstruments 2023-12-31 09706360 d:CurrentFinancialInstruments 2022-12-31 09706360 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09706360 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09706360 d:ShareCapital 2023-12-31 09706360 d:ShareCapital 2022-12-31 09706360 d:ShareCapital 2022-01-01 09706360 d:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 09706360 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09706360 d:RetainedEarningsAccumulatedLosses 2023-12-31 09706360 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09706360 d:RetainedEarningsAccumulatedLosses 2022-12-31 09706360 d:RetainedEarningsAccumulatedLosses 2022-01-01 09706360 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09706360 c:OrdinaryShareClass1 2023-12-31 09706360 c:OrdinaryShareClass1 2022-12-31 09706360 c:FRS102 2023-01-01 2023-12-31 09706360 c:Audited 2023-01-01 2023-12-31 09706360 c:FullAccounts 2023-01-01 2023-12-31 09706360 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09706360 d:Subsidiary1 2023-01-01 2023-12-31 09706360 d:Subsidiary1 1 2023-01-01 2023-12-31 09706360 d:Subsidiary2 2023-01-01 2023-12-31 09706360 d:Subsidiary2 1 2023-01-01 2023-12-31 09706360 d:Subsidiary3 2023-01-01 2023-12-31 09706360 d:Subsidiary3 1 2023-01-01 2023-12-31 09706360 d:Subsidiary4 2023-01-01 2023-12-31 09706360 d:Subsidiary4 1 2023-01-01 2023-12-31 09706360 c:Consolidated 2023-12-31 09706360 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 09706360 2 2023-01-01 2023-12-31 09706360 6 2023-01-01 2023-12-31 09706360 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09706360










ELYSIAN HOLDINGS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ELYSIAN HOLDINGS LTD
 
 
COMPANY INFORMATION


Director
G Plummer 




Registered number
09706360



Registered office
910 The Crescent
Colchester Business Park

Colchester

Essex

CO4 9YQ




Independent auditor
MHA
Chartered Accountants and Statutory Auditors

Building 4, Foundation Park

Roxborough Way

Maidenhead

SL6 3UD





 
ELYSIAN HOLDINGS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 41


 
ELYSIAN HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Director presents the Group Strategic Report of Elysian Holdings Limited (the "Company") and its subsidiaries (the "Group") for the year ended 31 December 2023.

Principal activity and business review
 
The principal activity of the Company during the year ended 31 December 2023 continued to be a holding company for the Group. The principal activity of the Group during the year ended 31 December 2023 continued to be the design, manufacture and distribution of darts-related products to trade partners throughout the world.
During the year ended 31 December 2023 the Group grew revenue levels and gross profit margin year on year, in line with expectations.  
The Group maintains a strong Balance Sheet and net assets position.
We have grown our brand by establishing ourselves as creative and innovative designers and marketeers. It is a reputation that confers some considerable competitive advantage, but it is a reputation maintained only through dedicated teamwork, energy and focus throughout the business. The Group works hard to ensure that the business maintains its edge.
The Director is pleased with the overall performance of the business during 2023 and expects a continued positive performance in 2025 and beyond.

Future developments

The Company will continue to grow sales by the launching of new, innovative products and by the acquisition of new customers and new consumers across all sales channels.  The company will continue to invest in its operational and technological infrastructure, in pursuance of continued advancement in the efficiency and effectiveness of all business operations.
The Directors confidently expect a continued positive performance in 2025 and beyond.

Principal risks and uncertainties
 
The Director has recognised a number of risks for the Group which continue to be monitored:
Foreign currency risk
The Group’s principal foreign currency exposures arise from upstream costs in the supply chain, and to a lesser extent downstream trading in South East Asia. Foreign currency bank accounts are maintained, and forward contracts are taken out in foreign currency when appropriate.
C
redit risk
All customers who wish to trade on credit terms are subject to credit verification procedures, and all trade credit is insured. Receivable balances and credit limits are monitored on an ongoing basis and provision is made for doubtful debts in good time.
Liquidity risk
The Group’s liquidity risk is managed by the Director through tightly controlled cash management processes.
Debt service and interest rate risk
The Group is not significantly impacted by fluctuations in interest rates as the Group has no external borrowings.

Page 1

 
ELYSIAN HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Director considers the financial key performance indicators of the Group to be revenue growth and gross profit margin. Performance in these areas have been in line with expectations, as outlined in the business review.

Director's statement of compliance with duty to promote the success of the Group
 
Section 172(1) of the Companies Act 2006 requires the Directors of an entity to act in the way they consider, in good faith, would be most likely to promote the success of the entity for the benefit of its Members as a whole.  As part of their deliberations and decision making process the Director has taken into account the following;

The likely consequences of any action in the long term;
The interests of the Group’s employees;
The need to foster the Group’s business relationships with suppliers, customers and others;
The impact of the Group’s operations on the community and environment;
The desirability of the Company maintaining a reputation for high standards of business conducts; and
The need to act fairly as between members of the Group.

The Directors recognise that building strong relationships with stakeholders will help deliver the Group strategy in line with its long-term values and is committed to effective engagement with the Group’s stakeholders.  Accordingly, the Director requires management to ensure that all stakeholder interests are considered in the Group’s day to day management and operations, and seeks to understand the relative interests and priorities of the various stakeholders and to have regard to these in their decision making. The Director acknowledges, however, that not every decision will necessarily result in a positive outcome for all stakeholders.  
As a result of these activities, the Director believes that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006.


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



................................................
G Plummer
Director
Date: 18 February 2025

Page 2

 
ELYSIAN HOLDINGS LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Group's financial statements 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 Group will continue in business.

The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Dividends

During the year ended 31 December 2023, dividends of £2,300,000 were declared and paid (2022 - £322,477).

Director

The Director who served during the year was:

G Plummer 

Qualifying third party indemnity provisions

The Director has the benefit of the indemnity provisions contained in the Company’s Articles of Association (‘Articles’), and the Company has maintained throughout the year Directors’ and officers’ liability insurance for the benefit of the Company, the Director and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of its sole Director in a form and scope which complies with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Matters covered in the Group Strategic Report

In accordance with Section 414c (11) of the Companies Act 2006 the Director has chosen to include the following items in the Group Strategic Report:
 
Business review
Future developments
Principal risks and uncertainties

Page 3

 
ELYSIAN HOLDINGS LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

Under section 487(2) of the Companies Act 2006MHA will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
G Plummer
Director
Date: 18 February 2025

Page 4

 
ELYSIAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD
 

Opinion


We have audited the financial statements of Elysian Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or 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.


Page 5

 
ELYSIAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)


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 Director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Director's 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 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 directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 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 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 have no realistic alternative but to do so.


Page 6

 
ELYSIAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)


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 Group 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of company staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; 
Reviewing minutes of meetings of those charged with governance; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. ;


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
ELYSIAN HOLDINGS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Katharine Arnott BSc FCA (Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
Maidenhead, United Kingdom

Date:21 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) 
Page 8

 
ELYSIAN HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,794,292
17,691,461

Cost of sales
  
(8,723,874)
(7,284,719)

Gross profit
  
13,070,418
10,406,742

Administrative expenses
  
(11,049,418)
(7,116,303)

Other operating income
 5 
285,914
104,790

Other operating charges
  
(3,873)
(4,869)

Operating profit
 6 
2,303,041
3,390,360

Interest receivable and similar income
 10 
54,848
2

Interest payable and similar expenses
 11 
(170,010)
(1,468)

Profit before taxation
  
2,187,879
3,388,894

Tax on profit
 12 
(815,268)
(1,052,385)

Profit for the financial year
  
1,372,611
2,336,509

  

Foreign exchange movement
  
(480,336)
86,223

Total comprehensive income for the year
  
892,275
2,422,732

Profit for the year attributable to:
  

Owners of the parent Company
  
1,372,611
2,336,509

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
892,275
2,422,732

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 41 form part of these financial statements.

Page 9

 
ELYSIAN HOLDINGS LTD
REGISTERED NUMBER: 09706360

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
2,084,281
1,981,300

Tangible assets
 15 
1,585,961
1,727,085

Investments
 16 
7,233
8,196

  
3,677,475
3,716,581

Current assets
  

Stocks
 17 
6,341,884
4,895,544

Debtors: Amounts falling due within one year
 18 
3,524,898
3,704,494

Cash at bank and in hand
 19 
4,850,620
4,372,285

  
14,717,402
12,972,323

Creditors: Amounts falling due within one year
 20 
(6,496,809)
(3,201,133)

Net current assets
  
 
 
8,220,593
 
 
9,771,190

Creditors: Amounts falling due after more than one year
 21 
(4,857)
-

Deferred taxation
 23 
(78,709)
(26,483)

Other provisions
 24 
(1,056,728)
(1,295,789)

  
 
 
(1,135,437)
 
 
(1,322,272)

Net assets
  
10,757,774
12,165,499


Capital and reserves
  

Called up share capital 
 25 
100
100

Foreign exchange reserve
 26 
(274,419)
205,917

Profit and loss account
 26 
11,032,093
11,959,482

  
10,757,774
12,165,499


Page 10

 
ELYSIAN HOLDINGS LTD
REGISTERED NUMBER: 09706360
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G Plummer
Director
Date: 18 February 2025

The notes on pages 18 to 41 form part of these financial statements.

Page 11

 
ELYSIAN HOLDINGS LTD
REGISTERED NUMBER: 09706360

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 16 
13,286
13,286

Current assets
  

Debtors: Amounts falling due within one year
 18 
100
100

Creditors: Amounts falling due within one year
 20 
(12,945)
(13,286)

Net current liabilities
  
 
 
(12,845)
 
 
(13,186)

Net assets
  
441
100


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account carried forward
  
341
-

  
441
100


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G Plummer
Director
Date: 18 February 2025

The notes on pages 18 to 41 form part of these financial statements.

Page 12

 
ELYSIAN HOLDINGS LTD
 

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


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
119,694
9,945,450
10,065,244


Comprehensive income for the year

Profit for the year
-
-
2,336,509
2,336,509

Foreign exchange movement
-
86,223
-
86,223
Total comprehensive income for the year
-
86,223
2,336,509
2,422,732


Transactions with owners

Dividends: Equity capital
-
-
(322,477)
(322,477)



At 1 January 2023
100
205,917
11,959,482
12,165,499


Comprehensive income for the year

Profit for the year
-
-
1,372,611
1,372,611

Foreign exchange movement
-
(480,336)
-
(480,336)


Total comprehensive income
-
(480,336)
-
(480,336)


Transactions with owners

Dividends: Equity capital
-
-
(2,300,000)
(2,300,000)


At 31 December 2023
100
(274,419)
11,032,093
10,757,774


The notes on pages 18 to 41 form part of these financial statements.

Page 13

 
ELYSIAN HOLDINGS LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
-
100


Comprehensive income

Profit for the year
-
322,477
322,477


Transactions with owners

Dividends: Equity capital
-
(322,477)
(322,477)



At 1 January 2023
100
-
100


Comprehensive income

Profit for the year
-
2,300,341
2,300,341


Transactions with owners

Dividends: Equity capital
-
(2,300,000)
(2,300,000)


At 31 December 2023
100
341
441


The notes on pages 18 to 41 form part of these financial statements.

Page 14

 
ELYSIAN HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities
  

Profit for the financial year
  
1,372,611
2,336,509

Adjustments for:
  

Amortisation of intangible assets
  
218,077
146,018

Depreciation of tangible assets
  
359,807
376,517

Loss on disposal of tangible assets
  
16,977
28,798

Interest paid
  
170,010
1,468

Interest received
  
(54,848)
(2)

Taxation charge
  
815,268
1,052,385

(Increase) in stocks
  
(1,446,340)
(906,596)

(Increase) in debtors
  
(90,852)
(620,149)

Increase/(decrease) in creditors
  
3,423,520
(84,450)

(Decrease)/increase in provisions
  
(239,061)
1,295,789

Corporation tax (paid)
  
(618,036)
(720,690)

Foreign exchange
  
76,052
-

Foreign currency retranslation of reserves of subsidiary undertakings
  
(480,336)
-

Foreign currency retranslation of fixed asset of subsidiary undertakings
  
79,089
-

Net cash generated from operating activities

  

3,601,938
2,905,597

  

Cash flows from investing activities
  

Purchase of intangible fixed assets
  
(321,058)
(1,788,300)

Purchase of tangible fixed assets
  
(300,952)
(381,160)

Proceeds from sale of tangible fixed assets
  
116
-

Interest received
  
54,848
2

Net cash from investing activities

  

(567,046)
(2,169,458)

Cash flows from financing activities
  

Repayment of finance leases
  
(10,495)
(43,820)

Dividends paid
  
(2,300,000)
(322,477)

Interest paid
  
(170,010)
(1,468)

Net cash used in financing activities
  
(2,480,505)
(367,765)
Page 15

 
ELYSIAN HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023




2023
2022

£
£



Net increase in cash and cash equivalents
  
554,387
368,374

Cash and cash equivalents at beginning of year
  
4,372,285
3,917,678

Foreign exchange adjustments
  
(76,052)
86,233

Cash and cash equivalents at the end of year
  
4,850,620
4,372,285


Cash and cash equivalents at the end of year comprise:
  

Cash at bank and in hand
  
4,850,620
4,372,285

  
4,850,620
4,372,285


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
ELYSIAN HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

4,372,285

478,335

-

4,850,620

Debt due within 1 year

-

-

-

-

Finance leases

(6,287)

10,495

(12,950)

(8,742)


4,365,998
488,830
(12,950)
4,841,878

The notes on pages 18 to 41 form part of these financial statements.

Page 17

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Elysian Holdings Ltd is a private company, limited by shares, registered in England and Wales. The registered office address and registration number can be found on the company information page and the nature of the Group and Company's operation and its principal activity are set out in the Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Director considers that the Group and Company have sufficient liquid resources to enable the Group and Company to cover its costs and pay its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Consequently, the Director has concluded that there are no material uncertainties that may cast significant doubt about the Group's and Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 18

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Great British Pounds ("GBP").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is therefore recognised when the customer has received the goods and they have been signed for. Goods that have left the warehouse and are in transit to the customer are deferred and not recognised until the customer has receipt of the goods.

Page 19

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Operating leases are those leases where the Group has use of an asset but where the significant risks and rewards of ownership remain with the lessor and the lease term is not expected to be a significant portion of the useful life of the asset.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Finance costs

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

 
2.10

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 21

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

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

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property
-
10 years
Development expenditure
-
5-10 years straight line
Goodwill
-
10 years

The amortisation period above has been chosen as this is believed to be the useful life of the asset. Included is software which is believed to start to become obsolete after this period of time, or may need to be upgraded or replaced.

 
2.13

Tangible fixed assets

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
straight line / 25% reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Associates

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for at cost.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

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

Page 23

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

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

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 25

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)


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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. 
Critical judgements in applying the Company's accounting policies
There are no critical judgements (apart from those involving estimates and in particular those for depreciation and doubtful debt provisions) that the directors have made in the process of applying the Group's accounting policies that have had a significant effect on amounts recognised in the Financial Statements.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 
-
 Determining residual values and useful economic lives of tangible fixed assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on the historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technology innovation, product life cycle and maintenance programmes. 
Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. 
- Recoverability of debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management performs reviews to estimate the level of irrecoverable debt, and provisions are made specifically against invoices where recoverability is uncertain.
Management makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts when making a judgment to evaluate the adequacy of the provision for doubtful debts. Where the expectations are different from the original estimate, such differences will impact the carrying value of debtors and the charge in the profit and loss account.
- Damages for dilapidations provision
A provision is made for damages for dilapidations. This requires management's best estimate of the expenditure that will be incurred based on contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgement. For further details please see note 24. 

Page 27

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
21,794,292
17,691,461


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,789,232
4,308,618

Rest of the World
17,005,060
13,382,843

21,794,292
17,691,461



5.


Other operating income

2023
2022
£
£

Other operating income
271,022
104,790

Sundry income
14,892
-

285,914
104,790



6.


Operating profit

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

2023
2022
£
£

Research & development charged as an expense
55,607
46,497

Operating lease rentals
149,365
116,353

Loss on disposal of fixed assets
16,977
26,777

Exchange differences
363,030
(170,879)

Impairment of trade receivables
44,601
17,648

Page 28

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Group's financial statements
43,750
27,250

Fees payable to the Company's auditor in respect of:

Taxation compliance services
3,500
3,025

All other services
9,950
9,875


8.


Employees

Staff costs, including Director's remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,367,547
2,555,958

Social security costs
336,874
242,073

Pension costs
58,265
58,944

3,762,686
2,856,975


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


        2023
        2022
            No.
            No.







Administration and finance
21
18



Production
130
102



Selling and distribution
30
23

181
143

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL)
Page 29

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Director's remuneration

2023
2022
£
£

Director's emoluments
362,135
308,658

Group contributions to defined contribution pension schemes
11,111
5,307

373,246
313,965


During the year retirement benefits were accruing to 4 Directors (2022 - 3) in respect of defined contribution pension schemes.

Director's emoluments for the Group's Director were paid by a subsidiary company of the Group.


10.


Interest receivable

2023
2022
£
£


Bank interest receivable
54,848
2


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
155,942
1,468

Other interest payable
14,068
-

170,010
1,468

Page 30

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on UK profits for the year
832,677
686,742

Adjustments in respect of previous periods
(243,832)
-


588,845
686,742

Foreign tax


Foreign tax on non-UK income for the year
174,197
187,912

Total current tax
763,042
874,654

Deferred tax


Origination and reversal of timing differences
14,004
(2,269)

Change of unrealised profit in stock
-
180,000

Adjustments relating to prior period
38,222
-

Total deferred tax
52,226
177,731


Taxation on profit on ordinary activities
815,268
1,052,385
Page 31

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
2,187,879
3,388,894


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
514,152
643,890

Effects of:


Expenses not deductible for tax purposes
696,623
7,185

Fixed asset differences
29,518
9,792

Higher rate taxes on overseas earnings
(141,826)
210,487

Adjustments to tax charge in respect of prior periods
(201,573)
-

Remeasurement of deferred tax for changes in tax rates
470
1,031

Change of unrealised profit in stock
(82,096)
180,000

Total tax charge for the year
815,268
1,052,385


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and are reflected in these financial statements.


13.


Dividends

2023
2022
£
£


Dividends paid on ordinary shares
2,300,000
322,477

Page 32

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group





Intellectual property
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
23,455
589,882
1,515,127
2,128,464


Additions - internal
-
321,058
-
321,058



At 31 December 2023

23,455
910,940
1,515,127
2,449,522



Amortisation


At 1 January 2023
586
45,570
101,008
147,164


Charge for the year on owned assets
2,346
64,218
151,513
218,077



At 31 December 2023

2,932
109,788
252,521
365,241



Net book value



At 31 December 2023
20,523
801,152
1,262,606
2,084,281



At 31 December 2022
22,869
544,312
1,414,119
1,981,300



The Company held no intangible assets during the current or previous year.

Page 33

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 January 2023
1,048,072
1,854,557
16,600
498,421
3,417,650


Additions
91,201
146,683
-
76,018
313,902


Disposals
(5,446)
(32,258)
-
(17,225)
(54,929)


Exchange adjustments
(20,671)
(153,204)
-
(10,535)
(184,410)



At 31 December 2023

1,113,156
1,815,778
16,600
546,679
3,492,213



Depreciation


At 1 January 2023
327,523
1,020,847
14,384
327,811
1,690,565


Charge for the year on owned assets
120,403
176,785
554
59,187
356,929


Charge for the year on financed assets
-
2,878
-
-
2,878


Disposals
(481)
(32,258)
-
(5,097)
(37,836)


Exchange adjustments
(12,422)
(87,851)
-
(6,011)
(106,284)



At 31 December 2023

435,023
1,080,401
14,938
375,890
1,906,252



Net book value



At 31 December 2023
678,133
735,377
1,662
170,789
1,585,961



At 31 December 2022
720,549
833,710
2,216
170,610
1,727,085

Page 34

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
10,072
-


16.


Fixed asset investments

Group





Investments in associates

£



Cost


At 1 January 2023
8,196


Foreign exchange movement
(963)



At 31 December 2023
7,233




Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
13,286



At 31 December 2023
13,286




Page 35

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Country 
of incorporation

Class of shares

Holding

Target Sports Limited
United Kingdom
Ordinary
100%
Target Sports Japan Ltd
Japan
Ordinary
100%
Gravity Brands Limited
United Kingdom
Ordinary
100%
Nastri, Inc.
United States
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Country 
of incorporation

Class of shares

Holding

Target (Tianjin) International Trade Co Limited
China
Ordinary
100%
Dart World, Inc.
United States
Ordinary
100%


17.


Stocks

Group
Group
2023
2022
£
£

Work in progress
250
1,313

Finished goods and goods for resale
6,341,634
4,894,231

6,341,884
4,895,544


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Stock recognised in cost of sales during the year as an expense was £5,832,211 (2022 - £5,553,956).

Page 36

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,577,809
2,735,469
-
-

Other debtors
482,725
489,822
100
100

Prepayments and accrued income
464,364
479,203
-
-

3,524,898
3,704,494
100
100


Trade debtors are stated after provisions for impairment of £44,172 (2022: £30,513).


19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
4,850,620
4,372,285



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,459,922
265,826
-
-

Amounts owed to group undertakings
-
-
2,894
3,235

Corporation tax
726,997
852,439
-
-

Other taxation and social security
228,819
180,445
-
-

Obligations under finance leases
3,885
6,287
-
-

Other creditors
3,455,271
1,039,503
10,051
10,051

Accruals and deferred income
621,915
856,633
-
-

6,496,809
3,201,133
12,945
13,286


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Obligations under finance leases and hire purchase contracts of £3,885 (2022: £6,287) are secured against the assets to which they relate.

Page 37

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
4,857
-


Obligations under finance leases and hire purchase contracts of £4,857 (2022: £Nil) are secured against the asset to which they relate.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
3,885
6,287

Between 1-5 years
4,857
-


23.


Deferred taxation


Group



2023
2022


£

£






Deferred tax (liability)/asset at 1 January
(26,483)
151,000


Charged to profit or loss
(52,226)
(177,483)



Deferred tax (liability)/asset at 31 December
(78,709)
(26,483)

Page 38

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

Company


2023
2022






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Fixed asset timing differences
(102,835)
(52,872)

Short term timing differences
(874)
1,389

Unrealised profit in stock
25,000
25,000

(78,709)
(26,483)


24.


Provisions


Group



Contingent consideration
Damages for dilapidation provision
Total

£
£
£





At 1 January 2023
1,295,789
-
1,295,789


Charged to profit or loss
-
1,056,728
1,056,728


Foreign exchange movement
(71,972)
-
(71,972)


Reclass to other creditors
(1,223,817)
-
(1,223,817)



At 31 December 2023
-
1,056,728
1,056,728

The damages for dilapidation provision relates to the expected costs to re-establish the building to its pre-lease condition on termination of the lease. The works are expected to be finalised in 2025.


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

Page 39

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.Share capital (continued)

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and  the repayment of capital.



26.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents the accumulation of non-distributable unrealised foreign exchange differences arising from the consolidation of foreign subsidiaries.

Profit and loss account

The profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £58,265 (2022 - £58,944). Contributions totalling £11,072 (2022 - £10,943) were payable to the fund at the Balance Sheet date and are included in other creditors.


28.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
130,752
177,290

Later than 1 year and not later than 5 years
232,738
406,503

363,490
583,793
Page 40

 
ELYSIAN HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Related party transactions

G Plummer is a Director of the Company. During the year ended 31 December 2023, £105,000 (2022 - £91,200) was paid to G Plummer as rent for the Group's head office and £1,217 (2022 - £1,026) was paid for insurance on the property.
A damages for dilapidations provision of £1,056,728 (2022: £Nil) has been recognised in the year in respect of the office premises leased from director, G Plummer. 
During the year ended 31 December 2023, G Plummer provided an unsecured loan to the Group of £1,500,000 at an interest rate of 10% per annum. During the year ended 31 December 2023, interest of £88,769 against this loan was charged to the Group. At 31 December 2023 £1,500,000 were owed to G Plummer.
The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group. 
The Group has taken advantage of the exemption in Section 33.7A in FRS 102 from the requirement to disclose Key Management Personnel compensation as the Group has concluded that Key Management Personnel and the Director are the same. 


30.


Controlling party

The ultimate controlling party is considered to be G Plummer by virtue of his 100% shareholding in the Company.

Page 41