REGISTERED NUMBER: 06413787 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Elecon Uk Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Searle

S P Synnott

REGISTERED OFFICE:

130 Bournemouth Road

Chandler's Ford

Southampton

Hampshire

SO53 3AL

REGISTERED NUMBER:

06413787 (England and Wales)

ACCOUNTANTS:

CBM Accountants Limited

130 Bournemouth Road

Chandler's Ford

Eastleigh

Hampshire

SO53 3AL

FIXED ASSETS

Intangible assets

4

59,990

79,994

Tangible assets

5

997,612

1,049,180

1,057,602

1,129,174

CURRENT ASSETS

Stocks

15,200

15,200

Debtors

6

1,965,136

2,508,960

Cash at bank and in hand

138,365

187,474

2,118,701

2,711,634

CREDITORS

Amounts falling due within one year

7

887,996

1,342,072

NET CURRENT ASSETS

1,230,705

1,369,562

TOTAL ASSETS LESS CURRENT LIABILITIES

2,288,307

2,498,736

CREDITORS

Amounts falling due after more than one year

8

(625,211

)

(655,869

)

PROVISIONS FOR LIABILITIES

10

(61,382

)

(61,382

)

NET ASSETS

1,601,714

1,781,485

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,601,614

1,781,385

SHAREHOLDERS' FUNDS

1,601,714

1,781,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

S P Searle - Director

1.	STATUTORY INFORMATION

Elecon 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asses as follows:

Goodwill - 20 years straight line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

400,000

AMORTISATION

At 1 January 2024

320,006

Charge for year

20,004

At 31 December 2024

340,010

NET BOOK VALUE

At 31 December 2024

59,990

At 31 December 2023

79,994

True and Fair override on acquisition of subsidiary undertaking:

Following the acquisition of the former subsidiary undertaking, Elecon Limited, the trade and net assets of the undertaking were transfered to the company. The cost of the Company's investment in the subsidiary reflected the underlying fair value of the net asset and goodwill at the time of acquisition. As a result of this transfer, the value of the company's investment in the subsidiary undertaking fell below the amount at which it was stated in the company's accounting records. The Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors consider that as there has been no overall loss to the group, it would fail to show a true and fair view to charge the impairment in value to the company's profit and loss account and it should instead be reallocated to goodwill and the identifiable net assets transferred, so as to recognise in the company's balance sheet the effective cost to the company of those net assets and goodwill. the effect on the company's balance sheet of this departure is to recognise goodwill of £303,333, net of accumulated amortisation of £96,667.

Given that the business concerned operates in a generally stable market, the directors have concluded the estimated economic life of the resulting goodwill was 20 years at the date the transfer took place.

The directors consider that the value of the inherent goodwill of the business is not less than the amount included in the company's balance sheet.

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2024

812,101

139,530

1,728,395

Additions

-

5,162

64,558

At 31 December 2024

812,101

144,692

1,792,953

DEPRECIATION

At 1 January 2024

48,711

124,029

1,488,234

Charge for year

10,824

1,212

98,624

At 31 December 2024

59,535

125,241

1,586,858

NET BOOK VALUE

At 31 December 2024

752,566

19,451

206,095

At 31 December 2023

763,390

15,501

240,161

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

41,813

70,000

2,791,839

Additions

1,643

-

71,363

At 31 December 2024

43,456

70,000

2,863,202

DEPRECIATION

At 1 January 2024

29,755

51,930

1,742,659

Charge for year

8,011

4,260

122,931

At 31 December 2024

37,766

56,190

1,865,590

NET BOOK VALUE

At 31 December 2024

5,690

13,810

997,612

At 31 December 2023

12,058

18,070

1,049,180

Included within the net book value of £997,612 is £74,400 (2023 - £86,800) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £12,400 (2023 - £12,400).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

396,110

643,159

Amounts owed by group undertakings

1,537,745

1,831,840

Other debtors

31,281

33,961

1,965,136

2,508,960

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

15,329

-

Hire purchase contracts

24,546

46,184

Trade creditors

98,363

149,369

Taxation and social security

119,831

242,919

Other creditors

629,927

903,600

887,996

1,342,072

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

625,211

655,869

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

640,540

655,869

Hire purchase contracts

24,546

46,184

665,086

702,053

The bank loan is secured on the company's freehold property.

Hire purchase liabilities are secured on the assets involved.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

61,382

61,382

Deferred

tax

£

Balance at 1 January 2024

61,382

Balance at 31 December 2024

61,382

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

Following the acquisition of the company by Elecon UK Holdings Limited, a company registered in England & Wales; Elecon UK Holdings Limited is the ultimate holding company.