The directors present the strategic report for the year ended 31 December 2025.
Eland Cables is a global supplier of high-performance power, data, control and instrumentation cables to critical and quality-conscious industries including railways, data centres, factory automation, renewable energy, building management systems and e-mobility. We enable worldwide infrastructure electrification and the green energy transition, providing complete cable solutions of the highest standard to the electrical engineering industry.
Our customers benefit from expert technical support on cable specification and selection across a wide range of fast evolving product applications, industry norms, regulatory, compliance and international standards. We help them navigate complex and unique challenges, with our solutions ranging from new product development to international logistics and end-to-end project management.
Through the Cable Lab®, our in-house specialist cable laboratory, we provide unparalleled quality assurance based on extensive cable testing governed by world-class third-party quality accreditations including ISO/IEC 17025 (Testing & Calibration), IECEE CB Testing Laboratory and the BSI Kitemark: Cable Testing Verification.
Eland Cables is a purpose-driven organisation set on achieving market leadership across its key geographies, industries and products:
Our expert solutions are built on the engagement and wellbeing of our people.
We are alert and responsive to the needs of all our stakeholders.
Our relentless pursuit of excellence is without compromise to compliance or professional integrity.
We operate globally but live and work locally, supporting initiatives of benefit to our communities.
Our drive for sustainable operations reflects our responsibility to the environment
Financial performance and position summary
The directors are pleased to report an operating profit of £16.6m (2024: £14.0m) on sales of £317.8m (2024: £273.3m). The net assets of the group as at 31 December 2025 amounted to £21.5m (2024: £18.9m).
Sales growth was achieved despite challenging conditions in some of the group’s key markets, which reflects the strength of the group’s long-term growth profile.
Market conditions
The year ended 31 December 2025 was characterised by anaemic economic growth and high levels of market volatility. Despite a continued reduction in headline inflation levels and stabilising interest rates, industrial production and trade in goods remained relatively weak in the face of ongoing uncertainty.
The group’s activities expose it to a variety of market risks including raw material prices fluctuations, credit risk, and foreign exchange volatility.
Raw material prices fluctuation – The directors recognise the impact of fluctuating raw material prices on revenue, stock value and profitability. They believe that this risk is adequately monitored and mitigated by the group’s systems, procedures and terms of trade with suppliers and customers.
Credit risk – the group’s principal financial assets are cash and trade debtors. The credit risk associated with cash balances is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from the potential default of trade debtors, the vast majority of which is mitigated through robust credit control procedures and the use of trade credit insurance.
Foreign exchange volatility – the group is exposed to transaction foreign exchange risk, however this is mitigated through the use of foreign exchange banking facilities and forward contracts.
The group’s activities also expose it to a variety of commercial risks, the vast majority of which are fully insured through comprehensive insurance policies covering areas such as product liability, employer liability, and property liability. As part of its approach to identifying and managing commercial risks, the company actively maintain detailed management systems and accreditations which are updated continuously and audited periodically. These include:
ISO9001 Quality Management
ISO14001 Environmental Management
ISO14064-1 Carbon Footprint Verification
ISO/IEC17025 Testing & Calibration
ISO27001 Information Security
ISO39001 Road Traffic Safety Management
ISO45001 Occupational Health & Safety
ISO50001 Energy Management
IECEE CB Testing Laboratory
BSI Cable Testing Verification Kitemark
British Safety Council (Five Star Occupational Health & Safety)
EcoVadis Gold Sustainability Rating
Fleet Operator Recognition Scheme (FORS Gold)
Cyber Essentials Plus
The directors track a comprehensive set of key performance indicators covering financial and operational performance through hourly, daily, weekly and monthly reports. The following key performance indicators are perceived to be strategic markers of the group’s long-term performance.
| 2025 | 2024 |
Sales | £317.8m | £273.3m |
Sales growth (year on year) | 16.3% | 29.7% |
Sales cumulative average growth rate (10 years) | 18.1% | 14.7% |
Operating profit | £16.6m | £14.0m |
Return on equity (profit after tax and interest / net assets) | 43.7% | 39.5% |
Staff retention (employed on 1/1 and still employed 31/12) * | 89.7% | 88.8% |
* staff retention is calculated across the entire organisation including administration, operations and logistics (including drivers of our HGV transportation fleet)
People
Staff recruitment, development and retention remains a key area of focus for Eland Cables as we recognise the important link between our highly qualified and driven employees and our long-term success. The directors consider the group’s people and positive culture to be amongst the most important sources of competitive advantage.
The directors pay attention to diversity, gender equality and fairness. They aim to promote the values of integrity, respect and openness across the business. They also strive to create conditions that allows people dedicated to excellence to thrive, through training and empowerment, and rewarding them for exceptional performance.
Beyond our long-standing focus on health and safety, the directors seek to create conditions conducive to mental and physical wellbeing, both at work and beyond. As an employer, we provide group-wide private health insurance cover and wellbeing benefits. We are also committed to paying the “Living Wage” rather than the “Minimum National Wage” as a minimum to all our employees.
Our annual employee surveys confirm a strong alignment in values and priorities at all levels of the organisation and across our various sites. The findings serve to validate the group’s sustainability leadership agenda.
Environmental, Social & Corporate Governance
Eland Cables published its annual Sustainability Report for 2025 which is available to download from www.elandcables.com/company/about-us/esg-sustainability. It sets out in detail the group’s approach to reporting and mitigating its environmental impact. Additionally, it sets out our commitment to adhere to leading global frameworks including the Science Based Targets Initiative and the United Nations Global Compact - Sustainable Development Goals.
The Sustainability Report provides an overview of the group’s approach to our people and to managing our social impact. Amongst other highlights during year, the group made charitable donations amounting to £322,131 (2024: £337,616), with a focus on causes related to health, poverty alleviation and social mobility.
As part of its ongoing commitment to technical excellence, Eland Cables continually invests in research and development for its product range and operations.
The economic environment remained volatile in the first half of 2026. Nevertheless, the directors continue to focus on profitable growth opportunities, scalability and resilience with obsessive attention to product quality, technical excellence, customer service, our workforce, and sustainability leadership.
Despite the growing risk of a global economic recession, the directors anticipate a robust performance in 2026 in light of secular trends in the company’s key markets.
Section 172(1) statement
Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they consider the matters set out in section 172 (1) (a) to (f) when performing their duty to promote the success of the group for the benefit of its members as a whole
a) The likely consequences of any decision in the long term
The directors understand the business and the evolving environment in which it operates, including the challenges associated with operating across various international jurisdictions. Integrity, compliance, sustainability and a customer-centric approach is at the heart of every decision.
b) The interest of the group’s employees
The directors recognise that the long-term success of the business depends on the group’s ability to recruit, develop and retain great people. Understanding and promoting people’s interest is therefore a primary consideration when making decisions impacting the workforce as a whole or individual employees.
c) The need to foster the group’s business relationships with suppliers, customers and others
The directors seek to promote strong mutually beneficial relationships with suppliers, customers and other business stakeholders. Such an approach is vital to the delivery of the group’s strategy. The group’s relationships with all of its stakeholders are based on trust and respect, with a focus on long-term sustainability.
d) The impact of the group’s operations on the community and the environment
Recognising the significance of environmental, social and corporate governance, both as a quality in itself and as a matter of strategic importance for the business, the directors are heavily involved in all matters of sustainability leadership.
e) The desirability of the group maintaining a reputation for high standards of business conduct
As a purpose-driven organisation, the directors have identified product quality, technical excellence, customer service, people engagement and sustainability leadership as being fundamental to the group’s success in achieving market leadership. In addition to promoting the above on a daily basis through their interactions with the workforce and the group’s stakeholders, the directors establish clear operating frameworks providing clarity of purpose and enabling management and independent monitoring to ensure compliance with the highest standards of business conduct.
f) The need to act fairly between members of the group
The group directors are also its shareholders. Fairness and cohesion amongst members is understood by the directors, both individually and collectively, to be vital to the group’s long-term success. The directors work together openly, frankly and reasonably, having each other’s wellbeing at heart in all professional and personal interactions.
On behalf of the board
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £6,750,000 (2024: £5,000,000). The directors do not recommend payment of a further dividend.
The directors who served during the year were:
On 23 February 2026, the term of the Asset Based Lending facility was extended to 21 July 2029. The other terms of the facility remain unchanged.
On the 13 March 2026, two existing bank loans were refinanced. The new facilities have a maturity date of 9 April 2031. The refinancing has resulted in an increase in the monthly repayment amounts, otherwise the terms of the facilities remain unchanged.
On 7 May 2026 a new facility arrangement was entered into, increasing the overdraft facility limit to £15m. Interest is payable at a rate of 1.75% per annum over the Bank of England Base Rate.
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of research and development, and financial risk management objectives and policies of the company and its subsidiary undertaking. Future developments and disclosures regarding engagement with suppliers, customers and other in a business relationship with the group and company are also covered in the strategic report.
The directors are working with an environmental consultancy to advise on the company’s environmental impact reporting in accordance with the 2019 HM Government Environmental Reporting Guidelines, the 2020 HM Government’s conversion factors for company reporting and the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard.
The directors are also working with various specialist consultancies to mitigate the group's environmental impact.
Our SECR disclosure presents our carbon footprint across scopes 1 and 2, together with appropriate intensity metrics and our total energy use of electricity and gas.
2025 UK Government’s conversion factors for company reporting.
Scope 1: Direct GHG emissions:
Direct GHG emissions occur from sources that are owned or controlled by the organisation, for example fuel combustion or organisation vehicles, including the group's fleet of HGV's which has grown significantly during the year, hence the increase in Scope 1 emissions.
Scope 2: Electricity indirect GHG emissions:
This is mainly defined as electricity but heat and steam can apply where it is supplied to the organisation from outside their own premises.
Scope 3: Business travel
Emissions from business travel in rental or employee vehicles where the group is responsible for the purchase of the fuel.
We have audited the financial statements of Eland Electrical Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud;
We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, along with those referred to in the strategic report;
We considered the incentives and opportunities that exist in the group, including the extent of management bias, which presents a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly;
Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual;
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied;
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates in determining the fair value of land and buildings;
Assessing the extent of compliance, or lack of, with the relevant laws and regulations;
Performing a physical verification of key assets and stock items (including testing of the stock system);
Testing key revenue lines, in particular cut-off, for evidence of management bias;
Obtaining third-party confirmation of material bank and loan balances;
Documenting and verifying all significant related party balances and transactions;
Testing material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
The Statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £6,950,000 (2024 - £5,200,000 profit).
Eland Electrical Limited (“the Company”) is private company limited by shares domiciled and incorporated in England and Wales. The registered office is 10 Jamestown Road, London, NW1 7HW.
The Group consists of Eland Electrical Limited and its subsidiary.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Eland Electrical Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The directors have considered the current performance and forecasts of the group. The group has strong relationships with all key stakeholders including its bank, suppliers and customers. The directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and that it will continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. Therefore the directors continue to adopt the going concern basis of accounting preparing the financial statements.
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 despatch 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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Depreciation in excess of historic cost is transferred from the profit and loss reserve to the revaluation reserve.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The group 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 material financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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 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 the 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The directors have determined the fair value of the land and buildings as at 31 December 2025. An independent firm of Chartered Surveyors carried out a valuation in June 2024. The directors have considered the current market activity and conditions, and do not consider there to be any material changes to the fair value of the investment properties since the June 2024 valuation.
An analysis of the group's turnover is as follows:
An analysis of turnover by geographical market is not provided on the basis that it would be prejudicial to the affairs of the group.
Exchange differences recognised in profit or loss during the year amounted to a gain of £624,602 (2024: loss of £158,239).
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Freehold land and buildings were revalued by an independent valuer on 28 June 2024. Valuations of the properties were prepared with the definition of market value as set out in the Royal Institute of Chartered Surveyors ("RICS") Professional Standards (Global and UK edition). The market value was determined using recognition valuation techniques and taking into consideration any recent market transactions for similar properties in similar locations to the land and buildings held by the company. The directors consider the value of the freehold land and buildings as at 31 December 2025 to be materially in line with the June 2024 valuation.
Freehold land and buildings in the company are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £5,989,229 (2024: £5,444,754) being cost £6,891,818 (2024: £6,254,869) and depreciation £902,589 (2024: £810,115).
Details of the company's subsidiaries at 31 December 2025 are as follows:
Other loans includes amounts of £56,064,422 (2024: £60,714,047) due in respect of an Asset Based Lending funding facility. The facility has a discounting margin of 2.05% plus the Bank of England base rate. The available facility is £80m and has a minimum period ending on 21 July 2028. Following the year end, on 23 February 2026, the maturity date of the facility was extended to 21 July 2029.
Bank loans bear interest at 2.6% plus the Bank of England base rate and have respective repayment dates of 28 January 2026 and 28 January 2027. Following the year end, on 13 March 2026, both bank loans have been refinanced extending the maturity date for both loans to 9 April 2031
Bank loans and other borrowings are secured by fixed charges over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future.
A composite company unlimited multilateral guarantee is given by Eland Cables and Eland Electrical Limited.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Shares have full voting, dividend and capital distribution rights. They do not confer rights of redemption.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The bank guarantees the contract value in certain circumstances where customers pay in advance of goods received or in respect of a performance guarantees in case of a fault with goods.
As at 31 December 2025 the company owed the directors amounts of £83,507 (2024: £112,359). The company paid the directors, who are also shareholders of the group, dividends of £6,750,000 (2024: £5,000,000). Other movements in the year relate to expenses paid by the company on behalf of the directors which have been cleared through the dividends.
On 23 February 2026, the term of the Asset Based Lending facility was extended to 21 July 2029. The other terms of the facility remain unchanged.
On the 13 March 2026, two existing bank loans were refinanced. The new facilities have a maturity date of 9 April 2031. The refinancing has resulted in an increase in the monthly repayment amounts, otherwise the terms of the facilities remain unchanged.
On 7 May 2026 a new facility arrangement was entered into, increasing the overdraft facility limit to £15m. Interest is payable at a rate of 1.75% per annum over the Bank of England Base Rate.