IRIS Accounts Production v24.2.0.383 00299044 Board of Directors 1.1.23 31.12.23 31.12.23 9/5/2024 false true false false true false Auditors Opinion Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh002990442022-12-31002990442023-12-31002990442023-01-012023-12-31002990442021-12-31002990442022-01-012022-12-31002990442022-12-3100299044ns15:EnglandWales2023-01-012023-12-3100299044ns14:PoundSterling2023-01-012023-12-3100299044ns10:Director12023-01-012023-12-3100299044ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100299044ns10:SmallEntities2023-01-012023-12-3100299044ns10:Audited2023-01-012023-12-3100299044ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3100299044ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100299044ns10:FullAccounts2023-01-012023-12-3100299044ns10:OrdinaryShareClass12023-01-012023-12-3100299044ns10:Director22023-01-012023-12-3100299044ns10:Director32023-01-012023-12-3100299044ns10:Director42023-01-012023-12-3100299044ns10:RegisteredOffice2023-01-012023-12-3100299044ns5:CurrentFinancialInstruments2023-12-3100299044ns5:CurrentFinancialInstruments2022-12-3100299044ns5:Non-currentFinancialInstruments2023-12-3100299044ns5:Non-currentFinancialInstruments2022-12-3100299044ns5:ShareCapital2023-12-3100299044ns5:ShareCapital2022-12-3100299044ns5:RetainedEarningsAccumulatedLosses2023-12-3100299044ns5:RetainedEarningsAccumulatedLosses2022-12-3100299044ns5:PlantMachinery2023-01-012023-12-3100299044ns5:FurnitureFittings2023-01-012023-12-3100299044ns5:MotorVehicles2023-01-012023-12-3100299044ns5:PlantMachinery2022-12-3100299044ns5:FurnitureFittings2022-12-3100299044ns5:MotorVehicles2022-12-3100299044ns5:PlantMachinery2023-12-3100299044ns5:FurnitureFittings2023-12-3100299044ns5:MotorVehicles2023-12-3100299044ns5:PlantMachinery2022-12-3100299044ns5:FurnitureFittings2022-12-3100299044ns5:MotorVehicles2022-12-3100299044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3100299044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3100299044ns5:CurrentFinancialInstruments2023-01-012023-12-3100299044ns5:Non-currentFinancialInstruments2023-01-012023-12-3100299044ns5:WithinOneYear2023-12-3100299044ns5:WithinOneYear2022-12-3100299044ns5:BetweenOneFiveYears2023-12-3100299044ns5:BetweenOneFiveYears2022-12-3100299044ns5:AllPeriods2023-12-3100299044ns5:AllPeriods2022-12-3100299044ns5:DeferredTaxation2022-12-3100299044ns5:DeferredTaxation2023-01-012023-12-3100299044ns5:DeferredTaxation2023-12-3100299044ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 00299044 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Enertech Limited

Enertech Limited (Registered number: 00299044)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Enertech Limited

Company Information
for the Year Ended 31 December 2023







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



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



REGISTERED NUMBER: 00299044 (England and Wales)



AUDITORS: Haines Watts Leeds LLP
Chartered Accountants &
Statutory Auditor
3rd Floor
56 Wellington Street
Leeds
LS1 2EE



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

Enertech Limited (Registered number: 00299044)

Balance Sheet
31 December 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 4 151 87

CURRENT ASSETS
Stocks 5 1,118 1,321
Debtors 6 1,355 1,466
Cash at bank 1,388 1,750
3,861 4,537
CREDITORS
Amounts falling due within one year 7 1,317 1,635
NET CURRENT ASSETS 2,544 2,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,695

2,989

CREDITORS
Amounts falling due after more than one
year

8

(200

)

(400

)

PROVISIONS FOR LIABILITIES 10 (8 ) -
NET ASSETS 2,487 2,589

CAPITAL AND RESERVES
Called up share capital 11 249 249
Retained earnings 2,238 2,340
SHAREHOLDERS' FUNDS 2,487 2,589

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 May 2024 and were signed on its behalf by:





G Williamson - Director


Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Going Concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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

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

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

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

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

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

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

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

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

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

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

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

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

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

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

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

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

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

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

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

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

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

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

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 45 ) .

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1 January 2023 1,039 191 71 1,301
Additions 43 - 67 110
Disposals - - (31 ) (31 )
At 31 December 2023 1,082 191 107 1,380
DEPRECIATION
At 1 January 2023 957 186 71 1,214
Charge for year 35 5 6 46
Eliminated on disposal - - (31 ) (31 )
At 31 December 2023 992 191 46 1,229
NET BOOK VALUE
At 31 December 2023 90 - 61 151
At 31 December 2022 82 5 - 87

5. STOCKS
2023 2022
£'000 £'000
Raw materials 627 767
Work-in-progress 71 108
Finished goods 420 446
1,118 1,321

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade debtors 1,281 1,395
Deferred tax asset - 12
Prepayments and accrued income 74 59
1,355 1,466

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade creditors 629 702
Amounts owed to group undertakings 129 191
Tax (15 ) 66
Social security and other taxes 55 62
VAT 122 151
Accruals and deferred income 397 463
1,317 1,635

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£'000 £'000
Amounts owed to group undertakings 200 400

Other loans is an amount owed to the ultimate parent undertaking and is repayable in February 2027. Interest is charged on a quarterly basis based on the applicable IBOR or RFR rate.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£'000 £'000
Within one year 190 176
Between one and five years 254 394
444 570

10. PROVISIONS FOR LIABILITIES
2023
£'000
Deferred tax 8

Deferred
tax
£'000
Balance at 1 January 2023 (12 )
Provided during year 20
Balance at 31 December 2023 8

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £'000 £'000
249,490 Ordinary shares 1 249 249

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Haines Watts Leeds LLP

The audit report was signed on 9 May 2024.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £83,322 (2022: £69,429). Contributions totalling £0 (2022: £11,438) were payable to the fund at the balance sheet date and are included in creditors.

14. RELATED PARTY DISCLOSURES

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

15. ULTIMATE CONTROLLING PARTY

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

The largest and smallest group for which consolidated accounts for the year ended 31 December 2023 are prepared was NIBE Industrier AB. Consolidated accounts are available from NIBE Industrier AB, Box 14, Jarnvagsgaten 40, 285 21 Markaryd, Sweden or www.nibe.com