REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ELNUR UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ELNUR UK LIMITED |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
ELNUR UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
32 Market Street |
Leigh |
Lancashire |
WN7 1DX |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
STRATEGIC REPORT |
for the Year Ended 31 December 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
REVIEW OF BUSINESS |
Opportunities in the electrical heating market improved after a disappointing and challenging 2023 resulting in strong growth for 2024. The general election in the summer created a slowdown of installations in Q2 & Q3 but recovered in Q4 resulting in 30% sales growth for the year. The company have a strong base to further develop the business in 2025. |
The grant funded sector of the market has been especially buoyant in supporting social housing upgrades. There are two main funds which created new opportunities last year, Social Housing Decarbonisation Fund and Warm Homes Local Grants. Both funds include electrical heating installations which benefit the company, and new funding announced for 2025. |
The Energy Company Obligation Scheme (ECO4) contributed to the company's sales growth in 2024; however, installations of electrical heating have not returned to the levels seen in ECO3. A consultation document to review ECO4 was circulated to stakeholders for comments with feedback expected Q2 2025. |
In summary, the new government's policies to increase the drive forward to renewable energy and reduce carbon in UK homes has had a significant impact, creating opportunities to further grow sales for the company. |
Key performance indicators |
KPI's include sales, margins, wages and overheads which are monitored by Senior Management Team. Efficiencies and utilisation indicators are used to guide the strategy of the company with close monitoring of volumes and order conversion. |
The following are key financial indicators: |
2024 | 2023 |
£'000 | £'000 |
Turnover | 11,186 | 8,548 |
Gross profit | 2,998 | 2,138 |
Margin % | 27% | 25% |
EBITDA | 545 | 105 |
Net assets | 4,098 | 3,700 |
The board also monitors performance by reference to certain non financial KPI's. These include sales conversion and retention, supply chain monitoring and productivity. |
Future developments |
The demand for stored energy electrical products to provide the flexibility the energy companies require is clear with opportunities for the company's products. The move to install heat pumps in UK homes will continue but it is becoming increasing acknowledged for many homes this is not a practical solution. |
The company developed the first solar compatible storage heater and will introduce a solar compatible domestic water heater in 2025. Other stored energy products are in development. |
A new electrical central heating boiler will be launched in 2025. |
Research and Development |
The market for electrical domestic heating will continue to evolve and the company are in a strong position to respond. |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
STRATEGIC REPORT |
for the Year Ended 31 December 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board are responsible for continually assessing the risks applicable to the business. |
The safety of employees, customers, public and property is paramount with procedures in place to ensure compliance. The company has accreditation via Elnur SA, it's parent company, on all products under ISO 9001 and ISO 14001. |
Other risks are as follows: |
Risk | Impact on company | Mitigation |
Currency fluctuations | Exchange fluctuations may impact cost of products |
The sterling Euro exchange rate is monitored daily and currency forward ordering used when appropriate |
Liquidity risk | Working capital constraints | Facilitated by the use of invoice financing facilities and monitoring of cashflow |
Bad debts | Reduced insurance cover through credit insurers creates increased risk of bad debt |
Accounts office instructed to strictly apply agreed credit limits, which only senior management can change |
ON BEHALF OF THE BOARD: |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the import and sale of electrical goods for the heating industry. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2024 will be £Nil (2023 - £Nil) and it is proposed that the retained profit of £397,154 be taken to reserves. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELNUR UK LIMITED |
Opinion |
We have audited the financial statements of Elnur UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELNUR UK LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELNUR UK LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- we identified the laws and regulations applicable to the company through discussions with directors and other |
management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, |
employment legislation and Health and Safety regulations. |
- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of |
potential bias. |
- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with |
relevant laws and regulations discussed above; |
- we enquired of the directors about actual and potential litigation and claims. |
Due to 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ELNUR UK LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
INCOME STATEMENT |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
STATEMENT OF FINANCIAL POSITION |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2024 |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
STATEMENT OF CASH FLOWS |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
407,615 |
Cash and cash equivalents at end of year | 2 | 1,026,871 | 165,295 |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 31 December 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
544,967 | 105,349 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2024 |
31/12/24 | 1/1/24 |
£ | £ |
Cash and cash equivalents | 1,026,871 | 165,295 |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 165,295 | 407,615 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank | 165,295 | 861,576 | 1,026,871 |
165,295 | 1,026,871 |
Total | 165,295 | 861,576 | 1,026,871 |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Elnur UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
- Warranty provision |
The warranty provision is estimated using information and assessments by experienced management. The basis on which this is calculated is set out in the accounting policies for provisions for liabilities. |
Turnover |
The whole of the turnover is attributable to the company's principal activities, which, in the opinion of the directors, constitutes one class of business. |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of Value Added Tax. |
The company recognises revenue when the significant risks and rewards of ownership has transferred to the buyer. This is usually the point that the customer has signed for the delivery of the goods. |
Tangible fixed assets |
Tangible fixed assets are recorded at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Fixtures, fittings and equipment | - 25% reducing balance and 33% straight line basis |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Government income |
The company has claimed monies from HMRC as part of the Government furlough scheme. This is recognised immediately the benefit becomes due. |
Stocks |
Finished goods stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only holds basic financial instruments, as defined under Section 11 of FRS 102. |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
Derivative instruments, where forward exchange contracts are arranged, are initially recognised at the spot exchange rate of the transaction, and thereafter at fair value with changes recognised in the profit and loss account. |
Taxation |
Taxation expense represents the sum of the current and deferred tax payable. |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting period using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Short term employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement. |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Warranty provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operatives | 23 | 23 |
Management | 6 | 6 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax - prior year | (32 | ) | 525 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 22.37%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Prior year tax | - | 525 |
Remeasurement of deferred tax to average rate of 25% | - | (5,013 | ) |
Roundings | - | 1 |
Total tax charge | 134,461 | 19,087 |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
equipment |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Invoice discounting |
Prepayments |
Included in trade debtors are certain debts under an invoice discounting agreement. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Invoice discounting |
Accrued expenses |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Invoice discounting | - | 35,178 |
The invoice discounting facility is secured by a fixed and floating charge on all assets together with a limited personal guarantee provided by a director. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 8,869 | 6,903 |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Movement in provision | 1,966 |
Balance at 31 December 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 25,392 | 25,392 |
Deferred Ordinary | £1 | 1 | 1 |
25,393 | 25,393 |
Ordinary shares are denominated in Euros at the historical rate €1.607/£1. |
These shares carry full voting rights and rights to dividends. |
Deferred Ordinary £1 shares carry no voting rights or rights to dividends. On a return (on a sale or winding up), the shareholders of the deferred shares are entitled to receive an amount equal to 100% of the issue price of those shares, after any payments due to the holders of the Ordinary shares. |
ELNUR UK LIMITED (REGISTERED NUMBER: 03910988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2024 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
At 31 December 2024 |
15. | RELATED PARTY DISCLOSURES |
The following transactions took place between companies under common control: |
Elnur SA |
During the year the company purchased goods to the value of £5,426,874 (2023 - £3,736,189). As at 31 December 2024 the company had a balance owing of £1,964,140 (2023 - £1,015,976). |
Merinal Limited |
During the year the company purchased and sold goods to the value of £125,752 (2023 - £130,824) and £1,426,359 (2023 - £1,661,537) respectively. As at 31 December 2024 the company owed £963 (2023 - £Nil) and was due £695,895 (2023 - £685,035). |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Elnur S.A., a company incorporated in Spain, although the company is controlled on a day to day basis by Mr M Molyneux, a director and shareholder. |
17. | ULTIMATE PARENT COMPANY |
The ultimate parent is Elnur SA, a company registered in Spain. The company registered office and principal place of business is Pol Ind. El Nobel, Ria Mina 7, 28110 Alate, Madrid, Spain. |