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REGISTERED NUMBER: 03522135 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31st December 2022

for

Enerflex (UK) Limited

Enerflex (UK) Limited (Registered number: 03522135)

Contents of the Financial Statements
for the Year Ended 31st December 2022










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Enerflex (UK) Limited

Company Information
for the Year Ended 31st December 2022







DIRECTORS: P A J Pyle
H C Kinghorn





SECRETARY: Abogado Nominees Ltd.





REGISTERED OFFICE: 1-3 Manor Road
Chatham
Kent
ME4 6AE





REGISTERED NUMBER: 03522135 (England and Wales)





AUDITORS: Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

Enerflex (UK) Limited (Registered number: 03522135)

Report of the Directors
for the Year Ended 31st December 2022


The directors present their report with the financial statements of the company for the year ended 31st December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

P A J Pyle
H C Kinghorn

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.

AUDITORS
The auditors, Beak Kemmenoe, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

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:





P A J Pyle - Director


30th September 2023

Report of the Independent Auditors to the Members of
Enerflex (UK) Limited


Opinion
We have audited the financial statements of Enerflex (UK) Limited (the 'company') for the year ended 31st December 2022 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 101 'Reduced Disclosure Framework' (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 31st December 2022 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.

Report of the Independent Auditors to the Members of
Enerflex (UK) Limited


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.

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
Enerflex (UK) 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:

- 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 engineering and manufacturing industry together with commissions thereon;
- 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, employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 material 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; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, 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; and
- investigated the rationale behind significant or unusual transactions.

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 disclosures 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, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

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.


Report of the Independent Auditors to the Members of
Enerflex (UK) Limited

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.

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.




Ronald Price FCA (Senior Statutory Auditor)
for and on behalf of Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

30th September 2023

Enerflex (UK) Limited (Registered number: 03522135)

Income Statement
for the Year Ended 31st December 2022

2022 2021
Notes £    £   

TURNOVER 1,054,593 284,819

Cost of sales 782,301 194,866
GROSS PROFIT 272,292 89,953

Administrative expenses 273,262 312,625
(970 ) (222,672 )

Other operating income 144,876 150,682
OPERATING PROFIT/(LOSS) 143,906 (71,990 )

Interest receivable and similar income - 29
PROFIT/(LOSS) BEFORE TAXATION 4 143,906 (71,961 )

Tax on profit/(loss) 5 27,254 (13,679 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

116,652

(58,282

)

Enerflex (UK) Limited (Registered number: 03522135)

Other Comprehensive Income
for the Year Ended 31st December 2022

2022 2021
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 116,652 (58,282 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

116,652

(58,282

)

Enerflex (UK) Limited (Registered number: 03522135)

Balance Sheet
31st December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 - -

CURRENT ASSETS
Stocks and work in progress 33,412 18,831
Debtors 7 453,151 39,746
Cash at bank 827,528 728,941
1,314,091 787,518
CREDITORS
Amounts falling due within one year 8 614,001 204,080
NET CURRENT ASSETS 700,090 583,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

700,090

583,438

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 700,088 583,436
SHAREHOLDERS' FUNDS 700,090 583,438

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 30th September 2023 and were signed on its behalf by:





P A J Pyle - Director


Enerflex (UK) Limited (Registered number: 03522135)

Statement of Changes in Equity
for the Year Ended 31st December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st January 2021 2 641,718 641,720

Changes in equity
Total comprehensive income - (58,282 ) (58,282 )
Balance at 31st December 2021 2 583,436 583,438

Changes in equity
Total comprehensive income - 116,652 116,652
Balance at 31st December 2022 2 700,088 700,090

Enerflex (UK) Limited (Registered number: 03522135)

Notes to the Financial Statements
for the Year Ended 31st December 2022


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii),
B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS
16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c),
120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1
Presentation of Financial Statements;
the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between
two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Critical accounting judgements and key sources of estimation uncertainty
No assumptions or estimates that are material to the Financial Statements have been noted.

Enerflex (UK) Limited (Registered number: 03522135)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

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

Computer equipment - 33.33% straight line

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Long-term contracts
Revenue for all projects shall be calculated and accrued monthly using the percentage of completion method when the outcome of a contract can be estimated reliably. Under this method, contract revenue is matched with contract costs incurred in reaching the stage of completion, and therefore reflects the proportion of work completed.

3. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 110,179 105,152
Social security costs 8,018 9,593
Other pension costs 32,410 39,083
150,607 153,828

The average number of employees during the year was as follows:
2022 2021

Total number of employees 3 3

2022 2021
£    £   
Directors' remuneration - -

Enerflex (UK) Limited (Registered number: 03522135)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022


3. EMPLOYEES AND DIRECTORS - continued

The directors are remunerated via the Group.

4. PROFIT/(LOSS) BEFORE TAXATION

The profit before taxation (2021 - loss before taxation) is stated after charging/(crediting):
2022 2021
£    £   
Cost of inventories recognised as expense 782,301 194,866
Auditors remuneration 5,733 5,460
Auditors' remuneration for non audit work 1,724 1,661
Foreign exchange differences (36,863 ) 2,679

5. TAXATION

Analysis of tax expense/(income)
2022 2021
£    £   
Current tax:
Tax 27,285 (13,779 )

Deferred tax (31 ) 100
Total tax expense/(income) in income statement 27,254 (13,679 )

Factors affecting the tax expense
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit/(loss) before income tax 143,906 (71,961 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2021 - 19%)

27,342

(13,673

)

Effects of:
Expenses not deductible for tax purposes 19 -
Differences between capital allowances and depreciation (82 ) (100 )

Deferred tax (31 ) 100

Losses brought forward and repaid 6 (6 )
Tax expense/(income) 27,254 (13,679 )

Enerflex (UK) Limited (Registered number: 03522135)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022


6. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2022
and 31st December 2022 21,461
DEPRECIATION
At 1st January 2022
and 31st December 2022 21,461
NET BOOK VALUE
At 31st December 2022 -
At 31st December 2021 -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 423,679 7,607
Other debtors and prepayments 29,472 32,139
453,151 39,746

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 383,711 92,463
Corporation tax 18,183 -
Social security and other taxes 3,552 3,428
Other creditors and accruals 208,555 108,189
614,001 204,080

9. DEFERRED TAX
£   
Balance at 1st January 2022 (455 )
Provided during year (30 )
Balance at 31st December 2022 (485 )

Enerflex (UK) Limited (Registered number: 03522135)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

11. RESERVES
Retained
earnings
£   

At 1st January 2022 583,436
Profit for the year 116,652
At 31st December 2022 700,088

12. ULTIMATE PARENT COMPANY

Enerflex Limited (incorporated in Canada ) is regarded by the directors as being the company's ultimate parent company.

Enerflex Limited is a listed company and due to the diverse shareholding there is no ultimate controlling party.