Company registration number 07634603 (England and Wales)
ENSPAN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
ENSPAN LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 14
ENSPAN LIMITED
STATEMENT OF FINANCIAL POSITION
1
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
625
68
Current assets
Trade and other receivables
5
510,969
513,543
Cash and cash equivalents
4,133
7,846
515,102
521,389
Current liabilities
7
(83,081)
(110,369)
Net current assets
432,021
411,020
Total assets less current liabilities
432,646
411,088
Provisions for liabilities
Deferred tax liabilities
9
(119)
(13)
Net assets
432,527
411,075
Equity
Called up share capital
11
1
1
Retained earnings
12
432,526
411,074
Total equity
432,527
411,075
The directors of the company have elected not to include a copy of the income statement within the financial statements.
These financial statements have been prepared and delivered 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 4 November 2023 and are signed on its behalf by:
Mr P J Whelan
Director
Company registration number 07634603 (England and Wales)
ENSPAN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
2
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2021
1
386,534
386,535
Year ended 30 June 2022:
Profit and total comprehensive income
-
24,540
24,540
Balance at 30 June 2022
1
411,074
411,075
Year ended 30 June 2023:
Profit and total comprehensive income
-
21,452
21,452
Balance at 30 June 2023
1
432,526
432,527
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
3
1
Accounting policies
Company information
Enspan Limited is a company limited by shares and is incorporated in England and Wales. The registered office is Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value.
Where required, equivalent disclosures are given in the group accounts of Interspan Holdings Pty Limited. The group accounts of Interspan Holdings Pty Limited are available to the public and can be obtained as set out in note 15.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
4
1.3
Revenue
The company has applied the following accounting policy in the preparation of its financial statements. For contracts determined to be within the scope of revenue recognition, the company is required to apply a five step model to determine when to recognise revenue, and at what amount. The company recognises revenue from contracts with customers based on the five step model set out in IFRS 15:
Step 1: Identify the contract(s) with a customer
A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.
Step 2: Identify the performance obligation in the contract
A performance obligation is a unit of account and a promise in a contract with a customer to transfer a good or service to the customer.
Step 3: Determine the transaction price
The transaction price is the amount of consideration the company expects to be entitled in exchange for
transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.
Step 4: Allocate the transaction price to the performance obligations in the contract
For a contract that has more than one performance obligation, the company will allocate the transaction price to each performance obligation in an amount that depicts the consideration to which the company expects to be entitled in exchange for satisfying each performance obligation.
Step 5: Recognise revenue when (or as) the company satisfies a performance obligation
The company satisfies a performance obligation and recognises revenue over time, when the company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is shown net of VAT and other sales related taxes.
Performance obligation
The company uses the percentage of completion method in accounting for its contract revenue recognition. Use of the percentage of completion method requires the company to estimate the contract work performed to date as a proportion of the total contract work to be performed.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line
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 income statement.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
5
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intent and ability to hold to maturity are classified as held to maturity investments.
Held to maturity investments are measured at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
6
1.8
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term, or
on initial recognition it is part of a portfolio of identified financial instruments that the manages together and has a recent actual pattern of short-term profit taking, or
it is a derivative that is not designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 when the company has 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.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
7
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.14
Foreign exchange
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.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,995
4,250
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
3
3
Contracted employees
7
9
Total
10
12
Employee wage costs includes £275,574 (2022: £246,394), in respect of related party charges that have been recharged from Interspan Europe Limited.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
4
Property, plant and equipment
Computer equipment
£
Cost
At 1 July 2022
953
Additions
685
At 30 June 2023
1,638
Accumulated depreciation and impairment
At 1 July 2022
885
Charge for the year
128
At 30 June 2023
1,013
Carrying amount
At 30 June 2023
625
At 30 June 2022
68
5
Trade and other receivables
2023
2022
£
£
Trade receivables
61,051
56,110
Corporation tax recoverable
210
210
Amount owed by parent undertaking
1
1
Amounts owed by fellow group undertakings
433,316
448,838
Prepayments and accrued income
16,391
8,384
510,969
513,543
6
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
7
Liabilities
2023
2022
Notes
£
£
Trade and other payables
8
42,922
79,150
Corporation tax
6,603
5,816
Other taxation and social security
33,556
25,403
83,081
110,369
8
Trade and other payables
2023
2022
£
£
Trade payables
26,314
33,742
Amounts owed to fellow group undertakings
-
36,361
Accruals and deferred income
15,113
8,437
Other payables
1,495
610
42,922
79,150
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 30 days. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
The directors consider that the carrying amount of trade payables approximates to their fair value.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated Capital Allowances
£
Liability at 1 July 2021
73
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(60)
Liability at 1 July 2022
13
Deferred tax movements in current year
Charge/(credit) to profit or loss
106
Liability at 30 June 2023
119
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Deferred taxation
(Continued)
10
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,915
8,245
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.
11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
Ordinary shares rank equally with regard to the Company's residual assets. The holders of Ordinary shares are entitled to receive dividends as declared from time to time, are entitled to the repayment of capital upon wind up, and are entitled to one vote per share at meetings of the Company.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
12
Retained earnings
Profit and loss reserve includes all current and prior period retained profits and losses available for distribution.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Steven Knowles FCA
Date of audit report:
8 November 2023
14
Related party transactions
Related parties include; Interspan Holdings Pty Ltd, incorporated in Australia and its subsidiary undertakings ("The Group"). Enspan Limited is a subsidiary undertaking of Interspan Holdings Pty Ltd. Other related parties include Applied Post Tensioning Solutions Limited, related by way of common directorship.
Transactions with related parties include:
Interspan Holdings Pty Ltd
2023
2022
£
£
Related party debtor
1
1
Interspan Holdings Pty Ltd, incorporated in Australia, is the immedate parent company of Enspan Limited.
Interspan Holdings Pty Ltd (Dubai Branch)
2023
2022
£
£
Related party creditor:
Balance brought forward
36,361
-
Exchange rate movement increase / (decrease)
(941)
-
Purchase invoices from
36,361
Loan repayments
(36,105)
-
Related party cross charges
685
-
Balance carried forward
-
36,361
Interspan Holdings Pty Ltd (Dubai Branch) is a branch of Interspan Holdings Pty Ltd.
Interspan Europe Limited
2023
2022
£
£
Related party debtor:
Balance brought forward
81,172
438,816
Sales invoices to
1,047,884
825,365
Purchase invoices from
(398,921)
(379,743)
Related party cross charges
(332,650)
(91,943)
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Related party transactions
(Continued)
12
Loan repayments
35,831
(711,323)
Balance carried forward
433,316
81,172
Interspan Europe Limited, incorporated in the UK, is a wholly owned subsidiary of Interspan Holdings Pty Ltd.
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Related party transactions
(Continued)
13
Interspan Post Tensioning Limited
2023
2022
£
£
Related party debtor:
Balance brought forward
-
-
Sales invoices to
183,953
88,931
Related party cross charges
-
-
Loan repayments
(183,953)
(88,931)
Balance carried forward
-
-
Interspan Post Tensioning Limited, incorporated in Ireland, is a wholly owned subsidiary of Interspan Europe Limited.
Interspan Belgium BV
2023
2022
£
£
Related party debtor:
Balance brought forward
367,666
-
Sales invoices to
183,799
362,489
Related party cross charges
-
5,177
Loan repayments
(551,465)
-
Balance carried forward
-
367,666
Interspan Belgium BV, is a wholly owned subsidiary of Interspan Holdings Netherlands BV, a wholly owned subsidiary of Interspan Holdings Pty Limited.
Interspan Netherlands BV
2023
2022
£
£
Related party debtor:
Balance brought forward
-
-
Sales invoices to
-
-
Related party cross charges
-
5,177
Loan repayments
-
(5,177)
Balance carried forward
-
-
Interspan Netherlands BV is a subsidiary of Interspan Holdings Netherlands BV, a wholly owned subsidiary of Interspan Holdings Pty Limited.
Applied Post Tensioning Solutions Limited
2023
2022
£
£
Related party creditor:
Balance brought forward
-
-
Purchase invoices from
67,629
176,159
Loan repayments
(67,629)
(176,159)
Balance carried forward
-
-
ENSPAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Related party transactions
(Continued)
14
Applied Post Tensioning Solutions Limited is related by way of the common Directorship of Mr David Huw Jones.
All above balances are interest free and have no fixed date for repayment. The fair value of the Related party balances is approximately equal to their carrying amount.
No guarantees have been given or received.
15
Controlling party
The immediate and ultimate parent company of Enspan Limited is Interspan Holdings Pty Ltd, a company incorporated in Australia.
Interspan Holdings Pty Ltd has the power to amend the financial statements after their issue, should it wish to do so.
Enspan Limited is consolidated into the accounts of Interspan Holdings Pty Ltd, copies of which are available via the Australian Securities & Investments Commission.
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