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REGISTERED NUMBER: 00299044 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

Enertech Limited

Enertech Limited (Registered number: 00299044)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Enertech Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: P M J Davidsson
S O H Erlandsson
M O G Lindgren
H M Richmond
G Williamson



REGISTERED OFFICE: Unit 40 Ten Acres
Berry Hill Industrial Estate
Droitwich Spa
Worcestershire
WR9 9AQ



REGISTERED NUMBER: 00299044 (England and Wales)



AUDITORS: Haines Watts
Chartered Accountants &
Statutory Auditors
Sterling House
1 Sheepscar Court
Meanwood Road
Leeds
West Yorkshire
LS7 2BB



BANKERS: Lloyds Bank
4th Floor
125 Colmore Row
Birmingham
B3 3SF

Enertech Limited (Registered number: 00299044)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, manufacture, distribution, and servicing, of burners, heat pumps, and components.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

S O H Erlandsson
M O G Lindgren
H M Richmond
G Williamson

Other changes in directors holding office are as follows:

N W Larsson - resigned 26 January 2021
P M J Davidsson - appointed 26 January 2021

The financial year 2021 was one of consolidation for Enertech, as along with organisations across the world, the business continued to cope with the impacts of COVID-19.

On top of this, and especially early in the year, the United Kingdom battled with changes to Customs practices which resulted in delays to deliveries, alongside increased transport costs.

The year then ended with materials shortages and increased costs which further impacted performance.

In these circumstances, a year that closed with Turnover at virtually the same level as 2020, and with an increased profit, was viewed favourably by the directors who are confident that the business remains strong and well equipped for the challenges of 2022.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has made qualifying third party indemnity provisions for the benefit of its directors, which were made during the year and exist at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Enertech Limited (Registered number: 00299044)

Report of the Directors
for the Year Ended 31 December 2021


AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G Williamson - Director


24 May 2022

Report of the Independent Auditors to the Members of
Enertech Limited

Opinion
We have audited the financial statements of Enertech Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
Enertech Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Enertech Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- 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;
- we identified the laws and regulations applicable to the company through discussions with directors and other management; and from our commercial knowledge and experience of the sector
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, including the impact on revenue recognition, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions; and
- the use of data analytics to identify transactions requiring further investigation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosure to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Enertech Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Haines Watts
Chartered Accountants &
Statutory Auditors
Sterling House
1 Sheepscar Court
Meanwood Road
Leeds
West Yorkshire
LS7 2BB

28 June 2022

Enertech Limited (Registered number: 00299044)

Income Statement
for the Year Ended 31 December 2021

31/12/21 31/12/20
Notes £'000 £'000 £'000 £'000

TURNOVER 9,371 9,369

Cost of sales 5,842 6,171
GROSS PROFIT 3,529 3,198

Distribution costs 1,185 1,089
Administrative expenses 1,895 1,891
3,080 2,980
449 218

Other operating income 2 122
OPERATING PROFIT 5 451 340

Interest receivable and similar income - 2
451 342

Interest payable and similar expenses 5 8
PROFIT BEFORE TAXATION 446 334

Tax on profit 6 86 64
PROFIT FOR THE FINANCIAL YEAR 360 270

Enertech Limited (Registered number: 00299044)

Balance Sheet
31 December 2021

31/12/21 31/12/20
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 7 115 152

CURRENT ASSETS
Stocks 8 1,050 1,484
Debtors 9 1,639 1,486
Cash at bank 1,828 1,822
4,517 4,792
CREDITORS
Amounts falling due within one year 10 1,627 1,999
NET CURRENT ASSETS 2,890 2,793
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,005

2,945

CREDITORS
Amounts falling due after more than one
year

11

600

700
NET ASSETS 2,405 2,245

CAPITAL AND RESERVES
Called up share capital 14 249 249
Retained earnings 2,156 1,996
SHAREHOLDERS' FUNDS 2,405 2,245

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2022 and were signed on its behalf by:





G Williamson - Director


Enertech Limited (Registered number: 00299044)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000

Balance at 1 January 2020 249 1,726 1,975

Changes in equity
Total comprehensive income - 270 270
Balance at 31 December 2020 249 1,996 2,245

Changes in equity
Dividends - (200 ) (200 )
Total comprehensive income - 360 360
Balance at 31 December 2021 249 2,156 2,405

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Enertech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised
when the goods are dispatched to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Stock and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for obsolete and slow-moving stocks. Cost is determined on a first-in first-out basis. The
cost of work in progress and finished goods comprises materials, direct labour and attributable
overheads. Net realisable value is based on the estimated sales price after allowing for all further
costs of completion and disposal.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate, which is an approximation of the
amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is an enforceable right to set off the recognised amounts and there


Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and balances
At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the Statement of comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the Statement of comprehensive income within 'finance income or costs'. All other
foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the
contributions have been paid the company has no further payment obligations.

The assets of the scheme are held separately from those of the company in independently
administered funds. The annual contributions payable are charged to the profit and loss account in
the period in which they fall due.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are
measured at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method.

Research and development
Research and development expenditure is written off as incurred, except development expenditure
incurred on an individual project which is carried forward when its future recoverability can be
reasonably be regarded as assured. Any expenditure carried forward is amortized in line with the
expected future sales.

Product warranties
Provision is made for estimated liability costs on products still under warranty, including claims
already received, and is included in creditors and accrued charges.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt
using the effective interest method so that the amount charged is at a constant rate on the carrying
amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Operating Leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following estimate had the most significant effect on amounts recognised in the financial statements.
Stock provision
The company provides fully against the costs of stocks which have shown no movement for over 12
months, as in management's judgement these stocks are likely to be of no material value within the
foreseeable future.

4. EMPLOYEES AND DIRECTORS
31/12/21 31/12/20
£'000 £'000
Wages and salaries 1,608 1,611
Social security costs 184 174
Other pension costs 69 73
1,861 1,858

The average number of employees during the year was as follows:
31/12/21 31/12/20

Sales, administration and distribution 26 27
Manufacturing 24 26
50 53

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. EMPLOYEES AND DIRECTORS - continued

2021 2020
£'000 £'000
Directors' emoluments 114 105
Company contributions to defined contribution pension scheme 6 6
120 113

5. OPERATING PROFIT

The operating profit is stated after charging:
20212020
£'000£'000
Depreciation of tangible fixed assets6464
Operating lease rentals - buildings159156
Operating lease rentals - other3025
Loss on sale of tangible fixed asset10-
Auditor fees1014

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/21 31/12/20
£'000 £'000
Current tax:
UK corporation tax 89 67

Deferred tax (3 ) (3 )
Tax on profit 86 64

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1 January 2021 1,018 191 81 1,290
Additions 37 - - 37
Disposals (49 ) - - (49 )
At 31 December 2021 1,006 191 81 1,278
DEPRECIATION
At 1 January 2021 949 138 51 1,138
Charge for year 30 16 18 64
Eliminated on disposal (39 ) - - (39 )
At 31 December 2021 940 154 69 1,163
NET BOOK VALUE
At 31 December 2021 66 37 12 115
At 31 December 2020 69 53 30 152

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. STOCKS
31/12/21 31/12/20
£'000 £'000
Raw materials 577 637
Work-in-progress 71 63
Finished goods 402 784
1,050 1,484

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£'000 £'000
Trade debtors 1,565 1,401
Amounts owed by group undertakings - 3
Deferred tax asset 11 8
Prepayments and accrued income 63 74
1,639 1,486

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£'000 £'000
Trade creditors 780 781
Amounts owed to group undertakings 167 456
Tax 89 67
Social security and other taxes 81 68
VAT 188 370
Accruals and deferred income 322 257
1,627 1,999

Amounts owed to group undertakings falling due within one year are trading balances that do not bear interest and are settled on normal commercial terms.

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/21 31/12/20
£'000 £'000
Amounts owed to group undertakings 600 700

Other loans is an amount owed to ulitimate parent undertaking is repayable in February 2027. Interest is charged on a quarterly basis based on the prevailing LIBOR rate plus a margin of 0.625%.

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/21 31/12/20
£'000 £'000
Within one year 188 82
Between one and five years 560 23
748 105

13. DEFERRED TAX
£'000
Balance at 1 January 2021 (8 )
Provided during year (3 )
Balance at 31 December 2021 (11 )

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

14. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31/12/21 31/12/20
value: £'000 £'000
249,490 Ordinary shares 1 249 249

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £69 ,278 (2020: £72,738). Contributions totalling £11,672 (2020: £11,610) were payable to the fund at the balance sheet date and are included in creditors.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17. ULTIMATE CONTROLLING PARTY

The immediate controlling party and parent entity is Enertech AB. The ultimate parent entity is NIBE Industrier AB. Both companies are incorporated in Sweden.

The largest and smallest group for which consolidated accounts for the year ended 31 December 2021 are prepared was NIBE Industrier AB. Consolidated accounts are available from NIBE Industrier AB, Box 14, Jarnvagsgaten 40, 285 21 Markaryd, Sweden or www.nibe.com