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REGISTERED NUMBER: 03910988 (England and Wales)


















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: M J Molyneux
R J F Tome
A F Tome



SECRETARY: R J F Tome



REGISTERED OFFICE: Unit 1 Brown Street
Leigh
Lancashire
WN7 1BU



REGISTERED NUMBER: 03910988 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Natwest Bank Plc
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:





M J Molyneux - Director


30 April 2025

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.

M J Molyneux
R J F Tome
A F Tome

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:





M J Molyneux - Director


30 April 2025

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.




John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

30 April 2025

ELNUR UK LIMITED (REGISTERED NUMBER: 03910988)

INCOME STATEMENT
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 11,186,458 8,547,950

Cost of sales 8,188,799 6,410,023
GROSS PROFIT 2,997,659 2,137,927

Administrative expenses 2,466,044 2,041,024
OPERATING PROFIT and
PROFIT BEFORE TAXATION 531,615 96,903

Tax on profit 5 134,461 19,087
PROFIT FOR THE FINANCIAL YEAR 397,154 77,816

ELNUR UK LIMITED (REGISTERED NUMBER: 03910988)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 397,154 77,816


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

397,154

77,816

ELNUR UK LIMITED (REGISTERED NUMBER: 03910988)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 54,060 46,797

CURRENT ASSETS
Stocks 7 1,901,232 2,072,307
Debtors 8 4,056,228 3,155,745
Cash at bank 1,026,871 165,295
6,984,331 5,393,347
CREDITORS
Amounts falling due within one year 9 2,931,880 1,732,753
NET CURRENT ASSETS 4,052,451 3,660,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,106,511

3,707,391

PROVISIONS FOR LIABILITIES 12 8,869 6,903
NET ASSETS 4,097,642 3,700,488

CAPITAL AND RESERVES
Called up share capital 13 25,393 25,393
Retained earnings 14 4,072,249 3,675,095
SHAREHOLDERS' FUNDS 4,097,642 3,700,488

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:




M J Molyneux - Director



R J F Tome - Director


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 25,393 3,597,279 3,622,672

Changes in equity
Total comprehensive income - 77,816 77,816
Balance at 31 December 2023 25,393 3,675,095 3,700,488

Changes in equity
Total comprehensive income - 397,154 397,154
Balance at 31 December 2024 25,393 4,072,249 4,097,642

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 1 905,080 (142,632 )
Tax paid (22,889 ) (92,105 )
Net cash from operating activities 882,191 (234,737 )

Cash flows from investing activities
Purchase of tangible fixed assets (20,615 ) (18,333 )
Sale of tangible fixed assets - 10,750
Net cash from investing activities (20,615 ) (7,583 )

Increase/(decrease) in cash and cash equivalents 861,576 (242,320 )
Cash and cash equivalents at beginning of
year

2

165,295

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 531,615 96,903
Depreciation charges 13,352 9,766
Profit on disposal of fixed assets - (1,320 )
544,967 105,349
Decrease in stocks 171,075 538,395
Increase in trade and other debtors (900,483 ) (716,625 )
Increase/(decrease) in trade and other creditors 1,089,521 (69,751 )
Cash generated from operations 905,080 (142,632 )

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
165,295 861,576 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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 1,338,951 1,184,237
Social security costs 192,254 164,996
Other pension costs 53,708 45,043
1,584,913 1,394,276

The average number of employees during the year was as follows:
2024 2023

Operatives 23 23
Management 6 6
29 29

2024 2023
£    £   
Directors' remuneration 233,908 222,619

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 233,908 222,619

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 13,352 9,766
Profit on disposal of fixed assets - (1,320 )
Auditors' remuneration 12,075 11,500

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 132,527 23,575
Corporation tax - prior year (32 ) 525
Total current tax 132,495 24,100

Deferred tax 1,966 (5,013 )
Tax on profit 134,461 19,087

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 531,615 96,903
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.370%)

132,904

21,677

Effects of:
Expenses not deductible for tax purposes 1,589 1,704
Depreciation in excess of capital allowances - 193
Adjustments to tax charge in respect of previous periods (32 ) -
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 197,776
Additions 20,615
At 31 December 2024 218,391
DEPRECIATION
At 1 January 2024 150,979
Charge for year 13,352
At 31 December 2024 164,331
NET BOOK VALUE
At 31 December 2024 54,060
At 31 December 2023 46,797

7. STOCKS
2024 2023
£    £   
Stocks 1,901,232 2,072,307

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,484,426 3,094,139
Invoice discounting 517,328 -
Prepayments 54,474 61,606
4,056,228 3,155,745

Included in trade debtors are certain debts under an invoice discounting agreement.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,663,757 1,035,582
Corporation tax 132,527 22,921
Social security and other taxes 424,832 171,282
Invoice discounting - 35,178
Accrued expenses 710,764 467,790
2,931,880 1,732,753

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 111,444 94,694
Between one and five years 292,902 348,440
404,346 443,134

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 6,903
Movement in provision 1,966
Balance at 31 December 2024 8,869

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,392 Ordinary £1 25,392 25,392
1 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 3,675,095
Profit for the year 397,154
At 31 December 2024 4,072,249

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.