Registration number:
ETL Holdings (UK) Ltd
for the Year Ended 31 December 2024
ETL Holdings (UK) Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
ETL Holdings (UK) Ltd
Company Information
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Directors |
Mrs S Brassington Dr C Gorny Mrs R D C Martinez-Borrell |
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Registered office |
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Auditors |
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ETL Holdings (UK) Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is accountancy, audit, tax and legal services.
Fair review of the business
During the year ended 31 December 2024 the group acquired a minority shareholding in the following accountancy firms, Ad Valorem Audit Services Limited and Ad Valorem Group Limited. During 2024 the group acquired a controlling equity stake in the following firms, ETL LEX Holdings Limited and Naylor Accountancy Ltd. The Group disposed of part of its shareholding in HWB Holdings Limited as well during 2024.
The financial year ending 31 December 2024 showed an increase in the income of the its Group's Subsidiaries compared to the numbers porduced during 2023, this was expected and in line with the Directors' expectations. The Group's investment income from Associates and fixed asset investments continued to grow, supported by the previously mentioned acquisitions. The strategy of the Group remains the same as in previous years, the company will look to increases its investments in Associates and Subsidiaries, whilst investing in the long-term growth of its holdings.
This growth is expected to increase further moving forward as the Group continues to look to invest and increase its ownership or shareholdings further in future years.
The directors are happy with the Group’s performance overall and are confident in its ability to grow further in coming years.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Company investment in subsidiaries value |
£ |
4,241,145 |
3,752,835 |
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Company investment in associates value |
£ |
54,370,118 |
54,631,101 |
ETL Holdings (UK) Ltd
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
- Financial risk management
The Company’s activity exposes it to a variety of financial risks that include foreign exchange risk.
Foreign exchange rate risk arises from transactions when investments are acquired in Sterling, but finance is acquired in Euros rather than Sterling. The primary foreign exchange exposure arises from net Euro costs. The risk is managed by the regular review of exchange rates by the Board and timing of acquisitions as well as fixing good conditions on the loan with the bank, including fixed interest rates for the duration of the loan. The company is looking to increase loans initially in Sterling to reduce this risk of exchange variations.
- Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company faces market pressures on pricing from competitors as well.
The company actively manages its working capital requirements to ensure it has sufficient funds for its operations. The company aims to mitigate liquidity and cash flow risk by managing working capital, assessing and monitoring the requirements of the business, whilst working alongside its Parent company to ensure that these requirements are met. The company is funded by the larger group if necessary.
The directors are aware of the risks and uncertainties that the current economic and trading environment bring to the business. The Board of directors meet on a regular basis and the risks and uncertainties facing the company are discussed and appropriate actions taken to mitigate any impact on the company's performance.
- Credit Risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. Credit risk is managed by close attention to credit control procedures.
Engagement with employees
Communication with employees has continued at all levels of the group, with the aim of ensuring employer views are taken into account when decisions are made that are likely to affect their interests and to ensure all employees are aware of the financial performance of their relevant office and the group as a whole. Regular communication with employees continues at all levels, either via internal meetings, electronic communication or via formal meetings.
Approved and authorised by the
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ETL Holdings (UK) Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Dividend
The company has not paid any dividends during the current or previous financial year. The directors do not recommend payment of a final dividend.
Future developments
The company expects to continue to act as a holding company of the ETL Global group of companies within the United Kingdom and to act as a trading company for the provision of accountancy, legal, tax and complimentary services in the United Kingdom.
Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have the support of the company's ultimate parent company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors SCCA Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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ETL Holdings (UK) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ETL Holdings (UK) Ltd
Independent Auditor's Report to the Members of ETL Holdings (UK) Ltd
Opinion
We have audited the financial statements of ETL Holdings (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
ETL Holdings (UK) Ltd
Independent Auditor's Report to the Members of ETL Holdings (UK) Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of 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 5], 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 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.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
ETL Holdings (UK) Ltd
Independent Auditor's Report to the Members of ETL Holdings (UK) Ltd
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• Enquiring of management whether they are aware of any non-compliance with laws and regulations.
• Enquiring of management whether they are aware of any actual, suspected or alleged fraud.
• Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journal and fraudulent revenue recognition.
• Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included; the financial framework the company operates under (FRS102) , the UK Companies Act, tax legislation and data protection, anti-bribery and employment legislation.
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
• Audited the risk of management override of controls, including through testing journal entries for appropriateness.
• Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
• Investigated the rationale behind any significant or unusual transactions included in the financial statements.
Fraudulent revenue recognition
To address the risk of fraudulent revenue recognition we:
• Performed testing on a sample of turnover transactions that occurred during the financial year.
• Performed cut-off testing on turnover around the year end.
• Performed testing on the valuation and recoverability of work in progress included at year end.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation.
• Enquiring of management as to actual and potential litigation claims they are aware of.
• Reviewing legal costs nominals for evidence of potential litigation or claims.
• Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
ETL Holdings (UK) Ltd
Independent Auditor's Report to the Members of ETL Holdings (UK) Ltd
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.
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For and on behalf of
320 Chorley Old Road
Bolton
Lancashire
BL1 4JU
ETL Holdings (UK) Ltd
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating (loss)/profit |
( |
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|
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Income from participating interests |
|
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Income from other fixed asset investments |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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9,387,354 |
7,365,919 |
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Profit before tax |
|
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Taxation |
( |
( |
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Profit for the financial year |
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|
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Profit/(loss) attributable to: |
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Owners of the company |
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minority interests |
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The above results were derived from continuing operations.
ETL Holdings (UK) Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Minority interests |
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ETL Holdings (UK) Ltd
(Registration number: 08085410)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Goodwill |
|
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Negative goodwill |
( |
( |
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Tangible assets |
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Investments |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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|
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
|
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Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
1,558,406 |
1,558,406 |
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Retained earnings |
26,025,314 |
19,584,412 |
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Equity attributable to owners of the company |
27,583,720 |
21,142,818 |
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minority interests |
1,111,539 |
1,046,203 |
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Shareholders' funds |
28,695,259 |
22,189,021 |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year ending 31 December 2024 was £6,768,965 (2023: £6,629,867).
ETL Holdings (UK) Ltd
(Registration number: 08085410)
Consolidated Balance Sheet as at 31 December 2024
Approved and authorised by the
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ETL Holdings (UK) Ltd
(Registration number: 08085410)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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Total assets less current liabilities |
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|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
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Called up share capital |
1,558,406 |
1,558,406 |
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Retained earnings |
26,826,222 |
20,057,257 |
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Shareholders' funds |
28,384,628 |
21,615,663 |
The company made a profit after tax for the financial year of £6,768,965 (2023 - profit of £6,629,867).
Approved and authorised by the
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ETL Holdings (UK) Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
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At 1 January 2024 |
|
|
|
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Profit for the year |
- |
|
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Increase in ownership interests in subsidiaries |
- |
- |
- |
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At 31 December 2024 |
|
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|
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Share capital |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
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At 1 January 2023 |
|
|
|
|
|
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Profit for the year |
- |
|
|
|
|
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Increase in ownership interests in subsidiaries |
- |
- |
- |
|
|
|
At 31 December 2023 |
1,558,406 |
19,584,412 |
21,142,818 |
1,046,203 |
22,189,021 |
ETL Holdings (UK) Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
|
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Profit for the year |
- |
|
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At 31 December 2024 |
|
|
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Share capital |
Retained earnings |
Total |
|
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At 1 January 2023 |
|
|
|
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Profit for the year |
- |
|
|
|
At 31 December 2023 |
1,558,406 |
20,057,257 |
21,615,663 |
ETL Holdings (UK) Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
Increase in trade debtors |
( |
( |
|
|
Decrease in trade creditors |
( |
( |
|
|
Decrease in provisions |
( |
( |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiaries |
( |
( |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Dividend income |
|
|
|
|
Acquisitions of investments in joint ventures and associates |
( |
( |
|
|
Proceeds from disposal of financial investments other than trading investments |
|
|
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
|
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
6,307,753 |
3,560,495 |
|
ETL Holdings (UK) Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in trade debtors |
|
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Dividend income |
|
|
|
|
Income from other investments |
( |
( |
|
|
Acquisitions of investments in joint ventures and associates |
( |
( |
|
|
Proceeds from disposal of investments in joint ventures and associates |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
|
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
5,236,625 |
2,110,699 |
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency used is Great British Pounds, and rounded to the nearest £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have the support of the company's ultimate parent company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
In the application of the company'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 available 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 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors do not consider any significant estimates or judgements are expected to affect the company's assets and liabilities over the next 12 months. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures & Fittings |
25% - 33% straight line basis |
|
Office equipment |
25% - 33% straight line basis |
|
Improvements to property |
Over the terms of the lease |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
12.5% straight line basis |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Recognition and measurement
Other financial assets, including investments in equity instruments which are not subsidiaries or associates, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangements constitutes a financing transaction, where the debt instrument is measured at 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 supplies. Amounts payable are classified as current liabilities. If payment is due within one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost, using the effective interest rate method.
Impairment
Financial assets are impaired where there is evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Rental income from investment property |
|
|
|
|
|
The analysis of the group's turnover for the year by class of business is as follows:
|
2024 |
2023 |
|
|
Business Services |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange (losses)/gains |
( |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
178,332 |
220,914 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
- |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
15,501 |
15,250 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
69,254 |
55,700 |
|
|
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(1,349) |
4,775 |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
|
Tax decrease from effect of dividends from UK companies |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax include is calculated on accelerated capital allowances.
Tax relating to items recognised in other comprehensive income or equity - group
|
2024 |
2023 |
|
|
Deferred tax related to items recognised as items of other comprehensive income |
|
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions acquired separately |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Negative goodwill |
2024 |
|
At 1 January 2024 |
( |
|
Recognised in profit or loss |
|
|
At 31 December 2024 |
( |
|
|
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Improvements to property |
Computer equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
- |
|
- |
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
- |
|
|
|
At 31 December 2023 |
|
|
- |
|
|
Included within the net book value of land and buildings above is £798,591 (2023 - £798,591) in respect of freehold land and buildings.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
||
|
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
|
|
|
|
England & Wales |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
|
|
|
|
England & Wales |
||||
|
|
3 Hardman Street, Glaisyers Etl, Manchester, England, M3 3HF |
|
|
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
England & Wales |
||||
|
|
1 Pavilion Square, Cricketers Way
|
|
|
|
|
England & Wales |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
|
|
|
|
England & Wales |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
|
|
|
|
England & Wales |
||||
|
|
4 Roche Close, Rochford, Essex, England, SS4 1PX |
|
|
|
|
England & Wales |
||||
|
|
1 St James' Square
|
|
|
|
|
England & Wales |
||||
|
|
16 Mount Pleasant Road, Tunbridge Wells, Kent, England, TN1 1QU |
|
|
|
|
England & Wales |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
|
|
|
|
England & Wales |
||||
|
Associates |
||||
|
|
1 Pavilion Square, Cricketers Way,
|
Ordinary B |
|
|
|
England & Wales |
||||
|
|
Regina House,
|
Designated Member |
|
|
|
England & Wales |
||||
|
|
55 Loudoun Road
|
Ordinary |
|
|
|
England & Wales |
||||
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
73 Cornhill,
|
Desigated Member |
|
|
|
England & Wales |
||||
|
|
1 Floor Tudor House,
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
Elsley Court, 20-22 Great Titchfield Street,
|
Designated Member |
|
|
|
England & Wales |
||||
|
|
39a Welbeck Street
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
Goodridge Court,
|
Ordinary |
|
|
|
England and Wales |
||||
|
|
78 Loughborough Road,
|
Ordinary |
|
|
|
England and Wales |
||||
|
|
Highland House, Mayflower Close,
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
111/113 High Street,
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
1st Floor Sackville House,
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
5 Brooklands Place,
|
Ordinary |
|
|
|
England & Wales |
||||
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Stag Gates House,
|
Ordinary |
|
|
|
England & Wales |
||||
|
|
2 Manor Farm Court Old Wolverton Road, Old Wolverton, Milton Keynes, Buckinghamshire, MK12 5NN |
Ordinary |
|
|
|
England & Wales |
||||
|
|
2 Manor Farm Court Old Wolverton Road, Old Wolverton, Milton Keynes, Buckinghamshire, MK12 5NN |
Ordinary |
|
|
|
England & Wales |
||||
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Subsidiary undertakings
|
ETL Cambridge LLP The principal activity of ETL Cambridge LLP is |
|
HRpeople Services Limited The principal activity of HRpeople Services Limited is |
|
ETL LEX Holdings Limited The principal activity of ETL LEX Holdings Limited is |
|
INNventory Limited The principal activity of INNventory Limited is |
|
ETL IT Limited The principal activity of ETL IT Limited is |
|
PAYEpeople Limited The principal activity of PAYEpeople Limited is |
|
AJ Chambers Recruitment Ltd The principal activity of AJ Chambers Recruitment Ltd is |
|
Glaisyers Solicitors LLP The principal activity of Glaisyers Solicitors LLP is |
|
Naylor Accountancy Services Ltd The principal activity of Naylor Accountancy Services Ltd is |
|
ETL Resourcing Ltd The principal activity of ETL Resourcing Ltd is |
Associate undertakings
|
EKWilliams Accountants Limited
The principal activity of EKWilliams Accountants Limited is |
|
Nyman Libson Paul LLP
The principal activity of Nyman Libson Paul LLP is |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Attention To Finance Group Limited
The principal activity of Attention To Finance Group Limited is |
|
Gerald Edelman LLP
The principal activity of Gerald Edelman LLP is |
|
Carston Holdings Limited
The principal activity of Carston Holdings Limited is |
|
SRLV LLP
The principal activity of SRLV LLP is |
|
Sampson West Accountancy Limited
The principal activity of Sampson West Accountancy Limited is |
|
Kingscott Dix Limited
The principal activity of Kingscott Dix Limited is |
|
Robert Whowell & Partners LLP
The principal activity of Robert Whowell & Partners LLP is |
|
HWB Holdings Limited
The principal activity of HWB Holdings Limited is |
|
Clement Rabjohns Limited
The principal activity of Clement Rabjohns Limited is |
|
Wilder Coe Ltd
The principal activity of Wilder Coe Ltd is |
|
Harold Sharp Limited
The principal activity of Harold Sharp Limited is |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Fiander Tovell Group Limited
The principal activity of Fiander Tovell Group Limited is |
|
Ad Valorem Audit Services Limited
The principal activity of Ad Valorem Audit Services Limited is |
|
Ad Valorem Group Limited
The principal activity of Ad Valorem Group Limited is |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Provision |
|
|
At 1 January 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Associates |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Provision |
|
|
At 1 January 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
|
|
|
|
|
||
Details of non-current trade and other debtors
Group
£7,680,420 (2023 - £7,860,000) of EKWilliams Accountants Limited is classified as non current. Part of the related party loan to associate company, EKWilliams Accountants Limited, is expected to be repaid after more than 1 year from the balance sheet date.
Company
£7,680,420 (2023 - £7,860,000) of EKWilliams Accountants Limited is classified as non current. Part of the related party loan to associate company, EKWilliams Accountants Limited, is expected to be repaid after more than 1 year from the balance sheet date.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
6,307,753 |
3,560,495 |
5,236,625 |
2,110,699 |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
1,083,470 |
616,439 |
883,903 |
467,430 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Other financial liabilities |
|
|
|
|
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) due to passage of time or unwinding of discount |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100.00 |
|
100.00 |
|
|
|
1,558,306 |
|
1,558,306 |
|
|
|
|
|
|
Redeemable preference shares
|
The |
|
Minority interests |
The minority interests relate to:
ETL Cambridge LLP of which 0% (2023 - 0%) of the voting rights are held outside of the group.
HRpeople Services Limited of which 30% (2023 - 30%) of the voting rights are held outside of the group.
ETL LEX Holdings Limited of which 25% (2023 - 0%) of the voting rights are held outside of the group.
INNventory Limited of which 27.11% (2023 - 27.11%) of the voting rights are held outside of the group.
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
ETL IT Limited of which 30% (2023 - 30%) of the voting rights are held outside of the group.
PAYEpeople Limited of which 37.5% (2023 - 37.5%) of the voting rights are held outside of the group.
AJ Chambers Recruitment Ltd of which 49% (2023 - 49%) of the voting rights are held outside of the group.
Glaisyers Solicitors LLP of which 49% (2023 - 49%) of the voting rights are held outside of the group.
Naylor Accountancy Services Ltd of which 49% (2023 - 49%) of the voting rights are held outside of the group.
ETL Resourcing Ltd of which 0% (2023 - 30%) of the voting rights are held outside of the group.
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
- |
- |
- |
|
|
|
|
|
|
Group
Bank borrowings
|
Monthly repayment of capital and interest |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Monthly repayments covering capital and interest |
|
Monthly repayments covering capital and interest |
|
Monthly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Quarterly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest |
|
INNventory Limited's business premises in Westhoughton, which is included in tangible fixed assets is secured against this loan |
Company
Bank borrowings
|
Monthly repayment capital and interest |
|
Monthly repayments covering capital and interest |
|
Monthly repayments covering capital and interest |
|
Monthly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest. |
|
Quarterly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest |
|
Quarterly repayments covering capital and interest |
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
Group
Summary of transactions with parent
Formal loan repayment arrangements have been put in place between the company and its related companies ETL International AG and Freund & Partners GmbH. It was agreed annual repayments against the intercompany loans would be made and spread over a 5 year period. These loans have an interest rate between 3% - 6.9% per annum charged to the company on these balances.
Loans from related parties
|
2024 |
Parent |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
Interest transactions |
|
|
|
At end of period |
|
|
|
|
||
ETL Holdings (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2023 |
Parent |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
Interest transactions |
|
|
|
At end of period |
|
|
|
|
||
|
Parent and ultimate parent undertaking |
The company's immediate parent is