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# ELMTRONICS GROUP LIMITED

## Company Registration Number:
11852236 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2024

## Period of accounts

## Start date: 1 January 2024

## End date: 31 December 2024

# ELMTRONICS GROUP LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# ELMTRONICS GROUP LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Principal activities of the company

The principal activity of the company continued to be that of a holding company.

Political and charitable donations

The company made no charitable donations during the year (2022: nil). The Company made no political donations during the year (2022: nil).

Additional information

Directors' insurance The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company. Financial instruments Risks As a Holding company there are no significant risks in which the Company is exposed to. All risk management is done by the subsidiaries which the Company is invested in. Post reporting date events Post reporting date events are detailed in note 14. Future developments As the Company is reviewed based on the performance of its investment in subsidiaries there are no future developments to disclose. Going Concern The parent company, Mer AS, has informed the Company that it is its present intention to provide sufficient finance for at least one year after the date that these financial statements are signed for the continued operation of the Company. Accordingly, the Directors consider it appropriate for these financial statements to be prepared on a going concern basis. Small companies exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Alex Hinchcliffe
Kristoffer Thoner
Ole Thorsnes

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 February 2026

And signed on behalf of the board by:
Name: Alex Hinchcliffe
Status: Director

# ELMTRONICS GROUP LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2024

| 2024 | 2023
--- | --- | ---
| £ | £
Turnover: | 0 | 0
Cost of sales: | 0 | 0
Gross profit(or loss): | 0 | 0
Distribution costs: | 0 | 0
Administrative expenses: | ( 13,800,759 ) | ( 4,817 )
Other operating income: | 0 | 0
Operating profit(or loss): | (13,800,759) | (4,817)
Interest receivable and similar income: | 0 | 1,151
Interest payable and similar charges: | 0 | 0
Profit(or loss) before tax: | (13,800,759) | (3,666)
Tax: | 0 | 0
Profit(or loss) for the financial year: | (13,800,759) | (3,666)

# ELMTRONICS GROUP LIMITED

## Balance sheet

As at 31 December 2024

| Notes | 2024 | 2023
--- | --- | --- | ---
|  | £ | £
Called up share capital not paid: |  | 0 | 0
Fixed assets
Intangible assets: |  | 0 | 0
Tangible assets: |  | 0 | 0
Investments: | 3 | 0 | 10,500,759
Total fixed assets: |  | 0 | 10,500,759
Current assets
Stocks: |  | 0 | 0
Debtors: | 4 | 6,819,718 | 6,819,717
Cash at bank and in hand: |  | 0 | 0
Investments: |  | 0 | 0
Total current assets: |  | 6,819,718 | 6,819,717
Prepayments and accrued income: |  | 0 | 0
Creditors: amounts falling due within one year: | 5 | ( 420,557 ) | ( 420,557 )
Net current assets (liabilities): |  | 6,399,161 | 6,399,160
Total assets less current liabilities: |  | 6,399,161 | 16,899,919
Creditors: amounts falling due after more than one year: |  | 0 | 0
Provision for liabilities: |  | 0 | 0
Accruals and deferred income: |  | 0 | 0
Total net assets (liabilities): |  | 6,399,161 | 16,899,919
Capital and reserves
Called up share capital: |  | 14,513,000 | 11,212,999
Share premium account: |  | 6,244,586 | 6,244,586
Other reserves: |  | 0 | 0
Profit and loss account: |  | (14,358,425 ) | (557,666 )
Total Shareholders' funds: |  | 6,399,161 | 16,899,919

The notes form part of these financial statements

# ELMTRONICS GROUP LIMITED

## Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 17 February 2026
and signed on behalf of the board by:

Name: Alex Hinchcliffe
Status: Director

The notes form part of these financial statements

# ELMTRONICS GROUP LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation. When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income. The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows: Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

  Other accounting policies

  Fixed asset investments Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the 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 the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Judgements and key sources of estimation uncertainty There are no critical judgements or key sources of estimation uncertainty.

# ELMTRONICS GROUP LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

- ## 2. Employees

  | 2024 | 2023
  --- | --- | ---
  Average number of employees during the period | 3 | 4

# ELMTRONICS GROUP LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 3. Fixed assets investments note

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

# ELMTRONICS GROUP LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 4. Debtors

| 2024 | 2023
--- | --- | ---
| £ | £
Other debtors | 6,819,718 | 6,819,717
Total | 6,819,718 | 6,819,717

# ELMTRONICS GROUP LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 5. Creditors: amounts falling due within one year note

| 2024 | 2023
--- | --- | ---
| £ | £
Other creditors | 420,557 | 420,557
Total | 420,557 | 420,557