Company Registration No. 00956066 (England and Wales)
ELIAS ENTERPRISES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ELIAS ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
S E Elias
D Teasdale
Company number
00956066
Registered office
2nd Floor
1 Ashley Road
Altrincham
WA14 2DT
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Bankers
HSBC Bank plc
PO Box 360
100 King Street
Manchester
M60 2HD
ELIAS ENTERPRISES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
ELIAS ENTERPRISES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

Turnover has fallen in both the trading and manufacturing businesses for the year end 30 June 2024. Much of the fall in turnover in the trading business is attributable to the fall in selling prices as the inflated freight prices and the disruption to costs of the previous year reduced. Margins remained under pressure due to the unpredictability of the freight rates. The manufacturing division suffered a loss as a result of the fall in turnover and the high depreciation charge for the year – the increase in the depreciation charge is due to further substantial investment in machinery and plant. Turnover has improved substantially during the current year.

 

The principal risks of the business are:

 

 

Following the relocation to the new factory, Stonebridge Non-Wovens Ltd, the group’s manufacturing business has invested heavily in new machinery and the investment is now complete. The company has an excellent new manufacturing facility which is well positioned to manufacture competitively and grow the business in the future.

 

The Board is responsible for the company’s system of internal control and risk management, and for reviewing its effectiveness. In discharging and delegating that responsibility, the Board has regard to the balance of risk, cost and opportunity.

 

In terms of monitoring risk the company continues to monitor sales and margins and these are reviewed and any necessary action taken. An important part of these reviews also includes overhead expense analysis to ensure maximum efficiency.

 

The Company continues to enjoy excellent relationships with its finance providers and during difficult economic conditions maintains credit lines and works closely with providers to ensure on-going support.

On behalf of the board

S E Elias
Director
8 April 2025
ELIAS ENTERPRISES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities
The principal activities of the company and the group are the manufacturing, merchandising, converting and warehousing of textiles, including import and export of the same.
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S E Elias
D Teasdale
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
S E Elias
Director
8 April 2025
ELIAS ENTERPRISES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

ELIAS ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELIAS ENTERPRISES LIMITED
- 4 -
Opinion

We have audited the financial statements of Elias Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ELIAS ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELIAS ENTERPRISES LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

ELIAS ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELIAS ENTERPRISES LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:

 

 

 

 

 

 

 

 

 

Due 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, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Jason Selig BA ACA CTA DChA
For and on behalf of Lopian Gross Barnett & Co
11 April 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
ELIAS ENTERPRISES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,656,221
25,600,129
Cost of sales
(17,059,837)
(22,043,362)
Gross profit
2,596,384
3,556,767
Distribution costs
(152,277)
(218,476)
Administrative expenses
(2,275,963)
(2,140,323)
Operating profit
4
168,144
1,197,968
Interest receivable and similar income
8
8,595
-
0
Interest payable and similar expenses
9
(15,041)
(32,336)
Profit before taxation
161,698
1,165,632
Tax on profit
10
(52,253)
(282,059)
Profit for the financial year
109,445
883,573
Profit for the financial year is all attributable to the owner of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ELIAS ENTERPRISES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
109,445
883,573
Other comprehensive income
-
-
Total comprehensive income for the year
109,445
883,573
Total comprehensive income for the year is all attributable to the owner of the parent company.
ELIAS ENTERPRISES LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
978,823
776,124
Current assets
Stocks
16
5,806,246
4,824,140
Debtors
17
4,540,074
5,276,447
Cash at bank and in hand
1,399,510
1,513,990
11,745,830
11,614,577
Creditors: amounts falling due within one year
18
(2,906,072)
(2,633,818)
Net current assets
8,839,758
8,980,759
Total assets less current liabilities
9,818,581
9,756,883
Provisions for liabilities
Deferred tax liability
20
228,188
175,935
(228,188)
(175,935)
Net assets
9,590,393
9,580,948
Capital and reserves
Called up share capital
22
631
631
Share premium account
619,436
619,436
Capital redemption reserve
1,031
1,031
Profit and loss reserves
8,969,295
8,959,850
Total equity
9,590,393
9,580,948

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
S E Elias
Director
Company registration number 00956066 (England and Wales)
ELIAS ENTERPRISES LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
183,614
185,776
Investments
13
216,000
216,000
399,614
401,776
Current assets
Stocks
16
5,624,095
4,393,412
Debtors
17
4,945,346
5,751,296
Cash at bank and in hand
1,306,283
1,349,625
11,875,724
11,494,333
Creditors: amounts falling due within one year
18
(2,870,957)
(2,710,140)
Net current assets
9,004,767
8,784,193
Total assets less current liabilities
9,404,381
9,185,969
Provisions for liabilities
Deferred tax liability
20
40,629
41,169
(40,629)
(41,169)
Net assets
9,363,752
9,144,800
Capital and reserves
Called up share capital
22
631
631
Share premium account
619,436
619,436
Capital redemption reserve
1,031
1,031
Profit and loss reserves
8,742,654
8,523,702
Total equity
9,363,752
9,144,800

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £318,952 (2023 - £880,805 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
08 April 2025
S E Elias
Director
Company registration number 00956066 (England and Wales)
ELIAS ENTERPRISES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
631
619,436
1,031
8,176,277
8,797,375
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
883,573
883,573
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 30 June 2023
631
619,436
1,031
8,959,850
9,580,948
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
109,445
109,445
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 30 June 2024
631
619,436
1,031
8,969,295
9,590,393
ELIAS ENTERPRISES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
631
619,436
1,031
7,742,897
8,363,995
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
880,805
880,805
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 30 June 2023
631
619,436
1,031
8,523,702
9,144,800
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
318,952
318,952
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 30 June 2024
631
619,436
1,031
8,742,654
9,363,752
ELIAS ENTERPRISES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(146,873)
3,695,374
Interest paid
(15,041)
(32,336)
Income taxes paid
(254,153)
(337,108)
Net cash (outflow)/inflow from operating activities
(416,067)
3,325,930
Investing activities
Purchase of tangible fixed assets
(398,987)
(81,969)
Interest received
8,595
-
0
Net cash used in investing activities
(390,392)
(81,969)
Financing activities
Movement of bank loans
-
(612,737)
Dividends paid to equity shareholders
(100,000)
(100,000)
Net cash used in financing activities
(100,000)
(712,737)
Net (decrease)/increase in cash and cash equivalents
(906,459)
2,531,224
Cash and cash equivalents at beginning of year
1,513,989
(1,017,235)
Cash and cash equivalents at end of year
607,530
1,513,989
Relating to:
Cash at bank and in hand
1,399,510
1,513,989
Bank overdrafts included in creditors payable within one year
(791,980)
-
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Elias Enterprises Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2nd Floor, 1 Ashley Road, Altrincham, WA14 2DT.

 

The group consists of Elias Enterprises Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Elias Enterprises Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land
Nil
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
25% Reducing balance method / 10% Straight line
Solar panels
10% Straight line (held within fixtures, fittings & equipment)
Motor vehicles
25% Reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group 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.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing 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 or 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 group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Textile sales
18,484,970
24,027,481
Sales of manufactured textiles
1,171,251
1,572,648
19,656,221
25,600,129
2024
2023
£
£
Other significant revenue
Interest income
8,595
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom and Republic of Ireland
19,656,221
25,600,129
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
196,288
139,232
Operating lease charges
9,655
9,497
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,500
21,896
Audit of the financial statements of the company's subsidiaries
12,500
12,000
34,000
33,896
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and distribution staff
4
3
4
3
Administration staff
2
2
2
2
Management staff
2
2
2
2
Production staff
9
8
-
-
Total
17
15
8
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
564,794
547,447
270,570
251,809
Social security costs
57,432
36,883
28,372
7,689
Pension costs
38,968
39,890
33,747
34,549
661,194
624,220
332,689
294,047
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
81,200
94,400

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,642
-
0
Other interest income
1,953
-
Total income
8,595
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
13,170
27,203
Other interest
1,871
5,133
Total finance costs
15,041
32,336
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
218,451
Deferred tax
Origination and reversal of timing differences
52,253
63,608
Total tax charge
52,253
282,059

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
161,698
1,165,632
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
40,425
221,470
Tax effect of expenses that are not deductible in determining taxable profit
57,061
(902)
Unutilised tax losses carried forward
3,838
-
0
Effect of change in corporation tax rate
-
15,943
Permanent capital allowances in excess of depreciation
(101,324)
(18,060)
Deferred tax movements
52,253
63,608
Taxation charge
52,253
282,059
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
100,000
12
Tangible fixed assets
Group
Land
Plant and machinery
Fixtures, fittings & equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
21,100
1,071,418
193,459
103,796
1,389,773
Additions
-
0
283,321
115,666
-
0
398,987
At 30 June 2024
21,100
1,354,739
309,125
103,796
1,788,760
Depreciation and impairment
At 1 July 2023
-
0
502,570
77,712
33,367
613,649
Depreciation charged in the year
-
0
151,845
26,836
17,607
196,288
At 30 June 2024
-
0
654,415
104,548
50,974
809,937
Carrying amount
At 30 June 2024
21,100
700,324
204,577
52,822
978,823
At 30 June 2023
21,100
568,848
115,747
70,429
776,124
Company
Land
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
21,100
35,830
107,059
88,996
252,985
Additions
-
0
-
0
35,577
-
0
35,577
At 30 June 2024
21,100
35,830
142,636
88,996
288,562
Depreciation and impairment
At 1 July 2023
-
0
16,638
26,931
23,640
67,209
Depreciation charged in the year
-
0
7,162
14,238
16,339
37,739
At 30 June 2024
-
0
23,800
41,169
39,979
104,948
Carrying amount
At 30 June 2024
21,100
12,030
101,467
49,017
183,614
At 30 June 2023
21,100
19,192
80,128
65,356
185,776
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
216,000
216,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
216,000
Carrying amount
At 30 June 2024
216,000
At 30 June 2023
216,000
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
K Shaw Holdings Limited
England & Wales
Ordinary
100
Shaws Fabrics Limited
England & Wales
Ordinary
100
Stonebridge Non-Wovens Limited
England & Wales
Ordinary
100

The registered office for the parent and its subsidiaries is 2nd Floor, 1 Ashley Road, Altrincham, WA14 2DT.

15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,820,805
4,954,686
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,344,664
1,845,177
n/a
n/a
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
5,806,246
4,824,140
5,624,095
4,393,412
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,799,878
4,639,853
3,586,997
4,497,039
Corporation tax recoverable
35,844
-
0
35,844
-
0
Amounts owed by group undertakings
-
-
666,669
828,135
Other debtors
20,927
314,833
20,927
147,981
Prepayments and accrued income
683,425
321,761
634,909
278,141
4,540,074
5,276,447
4,945,346
5,751,296
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
791,980
-
0
791,980
-
0
Trade creditors
622,608
1,095,805
564,175
1,022,646
Amounts owed to group undertakings
-
0
-
0
215,998
215,998
Corporation tax payable
215
218,525
-
0
199,018
Other taxation and social security
561,193
570,116
494,785
556,017
Other creditors
109,000
100,000
109,000
100,000
Accruals and deferred income
821,076
649,372
695,019
616,461
2,906,072
2,633,818
2,870,957
2,710,140
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
791,980
-
0
791,980
-
0
Payable within one year
791,980
-
0
791,980
-
0

The bank overdraft is repayable on demand.

ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
228,188
175,935
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
40,629
41,169
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
175,935
41,169
Charge/(credit) to profit or loss
52,253
(540)
Liability at 30 June 2024
228,188
40,629

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,968
39,890

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
631
631
631
631
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
23
Financial commitments, guarantees and contingent liabilities

As at 30 June 2024 outstanding contingent liabilities under documentary credits and acceptances amounted to $671,377 (2023 - £nil). Terminable Indemnities in existence at the balance sheet date amounted to £160,000 (2023 - £160,000).

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
116,108
89,688
37,215
9,497
Between two and five years
308,457
313,632
101,990
28,489
In over five years
13,780
-
13,780
-
438,345
403,320
152,985
37,986
25
Events after the reporting date

There were no post balance sheet events which require disclosure at the balance sheet date.

26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sale of goods
2024
2023
£
£
Group
Other related parties
1,400,755
1,584,275
Company
Other related parties
1,400,755
1,584,275
ELIAS ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
26
Related party transactions
(Continued)
- 26 -
Management charges
Property rent
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
120,000
340,000
295,863
238,534
Company
Other related parties
120,000
340,000
295,863
238,534

During the year the company sold goods to a company connected to the director S E Elias.

The company paid Management Charges to a company in which S E Elias is a director.

The company occupies properties in which certain directors have an interest in those properties.

27
Ultimate controlling party

The Ultimate Controlling Party is Stephen Elias.

28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit after taxation
109,445
883,573
Adjustments for:
Taxation charged
52,253
282,059
Finance costs
15,041
32,336
Investment income
(8,595)
-
0
Depreciation and impairment of tangible fixed assets
196,288
139,232
Movements in working capital:
(Increase)/decrease in stocks
(982,106)
3,450,874
Decrease in debtors
772,217
484,690
Decrease in creditors
(301,416)
(1,577,390)
Cash (absorbed by)/generated from operations
(146,873)
3,695,374
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,513,990
(114,480)
1,399,510
Bank overdrafts
-
0
(791,980)
(791,980)
1,513,990
(906,460)
607,530
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