Caseware UK (AP4) 2022.0.179 2022.0.179 The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; and 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 to 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.2023-12-31Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.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 Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.651273261011262107066662falsefalse2023-01-0182false89No description of principal activity 06081468 2023-01-01 2023-12-31 06081468 2022-01-01 2022-12-31 06081468 2023-12-31 06081468 2022-12-31 06081468 2022-01-01 06081468 5 2023-01-01 2023-12-31 06081468 5 2022-01-01 2022-12-31 06081468 d:CompanySecretary1 2023-01-01 2023-12-31 06081468 d:Director1 2023-01-01 2023-12-31 06081468 d:Director2 2023-01-01 2023-12-31 06081468 d:RegisteredOffice 2023-01-01 2023-12-31 06081468 e:Buildings 2023-01-01 2023-12-31 06081468 e:Buildings 2023-12-31 06081468 e:Buildings 2022-12-31 06081468 e:PlantMachinery 2023-01-01 2023-12-31 06081468 e:PlantMachinery 2023-12-31 06081468 e:PlantMachinery 2022-12-31 06081468 e:MotorVehicles 2023-01-01 2023-12-31 06081468 e:MotorVehicles 2023-12-31 06081468 e:MotorVehicles 2022-12-31 06081468 e:FurnitureFittings 2023-01-01 2023-12-31 06081468 e:FurnitureFittings 2023-12-31 06081468 e:FurnitureFittings 2022-12-31 06081468 e:OtherPropertyPlantEquipment 2023-12-31 06081468 e:OtherPropertyPlantEquipment 2022-12-31 06081468 e:CurrentFinancialInstruments 2023-12-31 06081468 e:CurrentFinancialInstruments 2022-12-31 06081468 e:Non-currentFinancialInstruments 2023-12-31 06081468 e:Non-currentFinancialInstruments 2022-12-31 06081468 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06081468 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 06081468 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06081468 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 06081468 f:UnitedKingdom 2023-01-01 2023-12-31 06081468 f:UnitedKingdom 2022-01-01 2022-12-31 06081468 f:RestWorldOutsideUK 2023-01-01 2023-12-31 06081468 f:RestWorldOutsideUK 2022-01-01 2022-12-31 06081468 e:UKTax 2023-01-01 2023-12-31 06081468 e:UKTax 2022-01-01 2022-12-31 06081468 e:ShareCapital 2023-01-01 2023-12-31 06081468 e:ShareCapital 2023-12-31 06081468 e:ShareCapital 2022-01-01 2022-12-31 06081468 e:ShareCapital 2022-12-31 06081468 e:ShareCapital 2022-01-01 06081468 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06081468 e:RetainedEarningsAccumulatedLosses 2023-12-31 06081468 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06081468 e:RetainedEarningsAccumulatedLosses 2022-12-31 06081468 e:RetainedEarningsAccumulatedLosses 2022-01-01 06081468 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 06081468 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 06081468 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06081468 d:OrdinaryShareClass1 2023-12-31 06081468 d:OrdinaryShareClass1 2022-12-31 06081468 d:FRS102 2023-01-01 2023-12-31 06081468 d:Audited 2023-01-01 2023-12-31 06081468 d:FullAccounts 2023-01-01 2023-12-31 06081468 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06081468 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-12-31 06081468 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2022-12-31 06081468 e:WithinOneYear 2023-12-31 06081468 e:WithinOneYear 2022-12-31 06081468 e:BetweenOneFiveYears 2023-12-31 06081468 e:BetweenOneFiveYears 2022-12-31 06081468 1 2023-01-01 2023-12-31 06081468 2 2023-01-01 2023-12-31 06081468 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06081468 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06081468 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06081468 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06081468 e:OtherDeferredTax 2023-12-31 06081468 e:OtherDeferredTax 2022-12-31 06081468 e:Buildings e:LeasedAssetsHeldAsLessee 2023-12-31 06081468 e:Buildings e:LeasedAssetsHeldAsLessee 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure



















E T Enterprises Limited
Registered number: 06081468
Directors' report and financial statements

For the year ended 31 December 2023

 
E T ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Directors
L Ludlum 
A Cormack 




Company secretary
G Chambers



Registered number
06081468



Registered office
45 Riverside Way
Cowley

Uxbridge

Middlesex

UB8 2YF




Independent auditors
Mazars LLP
Chartered Accountants & Statutory Auditor

First Floor

Two Chamberlain Square

Birmingham

B3 3AX





 
E T ENTERPRISES LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 27


 
E T ENTERPRISES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2023.

Business review
 
The principal activities of ET Enterprises Limited (ETEL) are the design, development, manufacture, sales, and marketing of photomultipliers and related electronics, housings, and sockets. 
ETEL markets under the ‘Electron Tubes’ trade name and provides quality products designed to meet customers’ unique specifications. ETEL also markets photomultipliers outside the USA, manufactured by its parent company under the ‘ADIT’ trade name. ETEL’s sales in the USA are made to the parent company trading as ADIT/Electron Tubes, they market the Electron Tubes products in the USA. 
ETEL also manufactures, markets, and sells glass under the trading name Plowden and Thompson. Plowden and Thompson melts a range of clear and coloured glasses and sells bespoke pressed and blown glassware and tubing and the Plowden and Thompson low background glasses are used in the manufacture of ETEL’s photomultipliers.
ETEL Sales in 2023 were £8.27m, up by 5.37% from 2022. Europe remains the major market for ETEL’s sales. The operating profit before interest and tax was £681,180 in 2023.
 
Business risks and uncertainties have been reviewed. With the majority of sales in euros the exchange rates with respect to Sterling provides a degree of uncertainty each financial year. In 2023 the Sterling has been less volatile against the USD and Euro which continues to have an impact on the cost of components and materials used in the making of photomultipliers. The ability to mirror production of the Electron Tubes product range at the parent company’s site in the USA offers continuity of supply in the event of unplanned disruption in the UK. Manufacturing both in the USA and the UK is seen to give added strength to the combined activities of ETEL and its parent company. In 2024 the parent company has continued sales of Electron Tubes photomultipliers manufactured and tested in the USA. 


This report was approved by the board and signed on its behalf.



A Cormack
Director

Date: 9 April 2024

- 1 -

 
E T ENTERPRISES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £442,652 (2022 - £490,675).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:
L Ludlum
A Cormack

- 2 -

 
E T ENTERPRISES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Future developments

ET Enterprises Limited profit was £443k in 2023 and the forecast performance for 2024 is expected to be more in line with previous years performance. Our development expenditure in 2023 remains appropriate to our business at 4.33% of sales.  Major developments are focused on targeted opportunities in the marketplace along with increased automation in production.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Cormack
Director

Date: 9 April 2024

- 3 -

 
E T ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E T ENTERPRISES LIMITED
 

Opinion

We have audited the financial statements of E T Enterprises Limited (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows 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 FRS 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 2023 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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 4 -

 
E T ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E T ENTERPRISES LIMITED
 

Other information (continued)
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 course of 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 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.

Matters on which we are required to report by exception

In 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 Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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.
 
Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
- 5 -

 
E T ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E T ENTERPRISES LIMITED
 

Auditor's 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 an auditor’s report 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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK tax legislation, employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
- 6 -

 
E T ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E T ENTERPRISES LIMITED
 

Auditor's responsibilities for the audit of the financial statements (continued)
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 auditor’s report.

Use of the audit 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.


 

David Hoose
 (Senior statutory auditor)
for and on behalf of Mazars LLP 
Chartered Accountants
 and Statutory Auditor 
First Floor
Two Chamberlain Square
Birmingham
B3 3AX

10 April 2024
- 7 -

 
E T ENTERPRISES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,270,235
7,848,910

Cost of sales
  
(5,325,385)
(5,055,612)

Gross profit
  
2,944,850
2,793,298

Distribution costs
  
(368,554)
(333,162)

Administrative expenses
  
(1,895,116)
(1,816,831)

Operating profit
 5 
681,180
643,305

Interest receivable and similar income
 9 
1,831
2,154

Interest payable and similar expenses
 10 
(76,650)
(77,003)

Profit before tax
  
606,361
568,456

Tax on profit
 11 
(163,709)
(77,781)

Profit for the financial year
  
442,652
490,675

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 12 to 27 form part of these financial statements.

- 8 -

 
E T ENTERPRISES LIMITED
REGISTERED NUMBER: 06081468

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,603,871
2,629,409

  
2,603,871
2,629,409

Current assets
  

Stocks
 13 
3,858,386
3,180,982

Debtors: amounts falling due within one year
 14 
959,897
982,723

Cash at bank and in hand
 15 
1,527,461
1,571,403

  
6,345,744
5,735,108

Creditors: amounts falling due within one year
 16 
(940,105)
(869,812)

Net current assets
  
 
 
5,405,639
 
 
4,865,296

Total assets less current liabilities
  
8,009,510
7,494,705

Creditors: amounts falling due after more than one year
 17 
(2,004,768)
(1,932,615)

Provisions for liabilities
  

Deferred tax
 19 
(114,112)
(114,112)

  
 
 
(114,112)
 
 
(114,112)

Net assets
  
5,890,630
5,447,978


Capital and reserves
  

Called up share capital 
 20 
10,000
10,000

Profit and loss account
  
5,880,630
5,437,978

  
5,890,630
5,447,978


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Cormack
Director

Date: 9 April 2024

- 9 -

 
E T ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10,000
4,947,303
4,957,303


Comprehensive income for the year

Profit for the year
-
490,675
490,675


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
490,675
490,675


Total transactions with owners
-
-
-



At 1 January 2023
10,000
5,437,978
5,447,978


Comprehensive income for the year

Profit for the year
-
442,652
442,652


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
442,652
442,652


Total transactions with owners
-
-
-


At 31 December 2023
10,000
5,880,630
5,890,630


The notes on pages 12 to 27 form part of these financial statements.

- 10 -

 
E T ENTERPRISES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
442,652
490,675

Adjustments for:

Depreciation of tangible assets
115,439
122,241

Loss on disposal of tangible assets
(3,088)
-

Interest paid
76,650
77,003

Interest received
(1,831)
(2,154)

Taxation charge
163,709
77,781

(Increase) in stocks
(677,404)
(354,028)

Decrease/(increase) in debtors
22,826
(326,844)

(Decrease)/increase in creditors
(9,853)
195,384

Corporation tax (paid)
(83,563)
(14,932)

Net cash generated from operating activities

45,537
265,126


Cash flows from investing activities

Purchase of tangible fixed assets
(90,988)
(6,603)

Sale of tangible fixed assets
4,175
-

Interest received
1,831
2,154

Net cash from investing activities

(84,982)
(4,449)

Cash flows from financing activities

Interest paid
(4,497)
(77,003)

Net cash used in financing activities
(4,497)
(77,003)

Net (decrease)/increase in cash and cash equivalents
(43,942)
183,674

Cash and cash equivalents at beginning of year
1,571,403
1,387,729

Cash and cash equivalents at the end of year
1,527,461
1,571,403


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,527,461
1,571,403

1,527,461
1,571,403


The notes on pages 12 to 27 form part of these financial statements.

- 11 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

E T Enterprises Limited is a private company limited by shares, incorporated in England and Wales and domiciled in England, registered number 06081468. The company's registered address can be found on the Company Information page.
The financial statements are presented in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have formed a judgement at the time of approving the financial statements that the Company has adequate resources available to continue operating for at least 12 months and conclude that there is no material uncertainties relating to events or conditions that may cast doubt over the ability of the company to continue as a going concern.
Post year end developments and current economic circumstances have been assessed by the directors. The strength of the company’s order book and working capital position indicates that the company is now progressing from the constraint of trading through recent global events, but continues to monitor the situation. The directors believe there to be no material adverse impact on turnover. For this reason the going concern basis has been adopted in preparing the financial statements.

- 12 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

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'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

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

- 13 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

  
2.7

Pensions

Defined contribution pension plan
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 contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Pensions

Defined contribution pension plan

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 contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 14 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

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 Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

- 15 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5% on cost
Plant & machinery
-
10-20% on cost
Motor vehicles
-
33.33% on cost
Fixtures & fittings
-
10-20% on cost

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 profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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 amortised cost using the effective interest method.

- 16 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 17 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 18 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgements or estimations are necessarily applied are summarised below:
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives and residual values are appropriate.
Stock provisioning
The Company measures inventories at the lower of cost and estimated selling price. Management is aware of the requirement to provide for obsolete and slow moving stock and utilise aged stock reports and budgeted future sales to identify any obsolete and slow moving stock that should be provided against.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,757,503
1,747,784

Export other than USA
5,144,699
4,887,017

USA
1,368,033
1,214,109

8,270,235
7,848,910



5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Research & development charged as an expense
358,006
329,500

Exchange differences
105,582
(92,632)

Other operating lease rentals
-
2,392

Depreciation
115,439
122,239

Audit fees
19,950
19,000

Fees payable to the Company's Auditors for assurance services
7,370
6,700

Fees payable to the Company's Auditors for other services
7,500
6,700

Pension costs
175,696
160,512

- 19 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,353,677
3,165,654

Social security costs
300,703
280,861

Cost of defined contribution scheme
175,696
160,512

3,830,076
3,607,027


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
10
7



Production
73
68



Marketing and Selling
6
7

89
82


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
144,230
128,393

Directors' pension costs
26,056
24,546

170,286
152,939


- 20 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Key management personnel

2023
2022
£
£



Wages & Salaries
443,448
409,375

Social security costs
55,083
54,245

Cost of defined contribution scheme
39,707
40,360

538,238
503,980

The persons included are in administration and sales.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,831
2,154


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
4,497
7,472

Loans from group undertakings
72,153
69,531

76,650
77,003

- 21 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
163,709
77,781


Total current tax
163,709
77,781

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
163,709
77,781

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
606,361
568,456


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
142,616
108,007

Effects of:


Expenses not deductible for tax purposes
23
36,436

Fixed asset differences
15,823
(9,500)

Additional deduction for R&D expenditure
-
(47,500)

Other differences leading to an increase (decrease) in the tax charge
5,247
(9,662)

Total tax charge for the year
163,709
77,781

- 22 -

 


 
E T ENTERPRISES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


12.


Tangible fixed assets






Land
Buildings
Plant & machinery
Fixtures & fittings
Motor vehicles
Total

£
£
£
£
£
£



Cost


At 1 January 2023
800,000
2,319,445
1,686,275
733,568
20,150
5,559,438


Additions
-
7,382
63,469
20,137
-
90,988


Disposals
-
(988)
-
(29,214)
-
(30,202)



At 31 December 2023
800,000
2,325,839
1,749,744
724,491
20,150
5,620,224



Depreciation


At 1 January 2023
-
693,420
1,599,316
617,143
20,150
2,930,029


Charge for the year on owned assets
-
67,603
39,610
8,226
-
115,439


Disposals
-
(988)
-
(28,127)
-
(29,115)



At 31 December 2023
-
760,035
1,638,926
597,242
20,150
3,016,353



Net book value



At 31 December 2023
800,000
1,565,804
110,818
127,249
-
2,603,871



At 31 December 2022
800,000
1,626,025
86,959
116,425
-
2,629,409

- 23 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Land and buildings
-
2,437


13.


Stocks

2023
2022
£
£

Raw materials and consumables
1,356,811
976,880

Work in progress (goods to be sold)
1,250,210
1,066,816

Finished goods and goods for resale
1,251,365
1,137,286

3,858,386
3,180,982





14.


Debtors

2023
2022
£
£


Trade debtors
688,206
709,776

Amounts owed by group undertakings
119,498
65,238

Other debtors
20,821
81,929

Prepayments and accrued income
131,372
125,780

959,897
982,723


- 24 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,527,461
1,571,403



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
410,206
370,273

Amounts owed to group undertakings
11,114
57,740

Corporation tax
142,995
62,849

Other taxation and social security
88,606
80,989

Other creditors
212,217
188,898

Accruals and deferred income
74,967
109,063

940,105
869,812



17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,004,768
1,932,615



18.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through the Statement of Comprehensive Income
2,290,748
2,428,346


Financial liabilities


Financial liabilities measured at fair value through the Statement of Comprehensive Income
(438,547)
(537,076)

Financial assets measured at fair value through the Statement of Comprehensive Income comprise of trade debtors, other debtors and cash at bank and in hand.
Financial liabilities measured at fair value through the Statement of Comprehensive Income comprise trade creditors and deferred income.
- 25 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023


£






At beginning of year
(114,112)



At end of year
(114,112)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(157,056)
(157,056)

Tax losses carried forward
40,256
40,256

Short term timing differences
2,688
2,688

(114,112)
(114,112)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000



21.


Pension commitments

The company operates a defined contribution pension scheme for all employees within the Company.
The assets of the scheme are held separately from those of the company in an independently administered fund.  
Contributions payable by the Company during the year amounted to £175,696 (2022: £160,512) and have been recognised in the Statement of Comprehensive Income. As at the balance sheet date, contributions amounting to £21,801 (2022: £19,344) had not been paid over to the fund and are included within creditors.

- 26 -

 
E T ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Within 1 year
2,672
2,672

Later than 1 year and not later than 5 years
10,020
12,692

12,692
15,364


23.


Related party transactions

Advantage has been taken of the exemption contained in Financial Reporting Standard 102 (section 33.1A) from the requirement to disclose transactions with the parent company and other subsidiaries of the same group on the grounds that ET Enterprises Limited is a wholly owned subsidiary.


24.


Post balance sheet events

There are no adjusting or non-adjusting events following the year end.


25.


Controlling party

At 31 December 2023 the company's ultimate and immediate parent company was Ludlum Measurements Inc, a company incorporated in the United States of America.

- 27 -