REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Envol Cabling Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Envol Cabling Limited |
Envol Cabling Limited (Registered number: 09970207) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company information | 1 |
Report of the directors | 2 |
Income statement | 3 |
Balance sheet | 4 |
Statement of changes in equity | 6 |
Notes to the financial statements | 7 |
Envol Cabling Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
15a Harbour Road |
Inverness |
INVERNESS-SHIRE |
IV1 1SY |
Envol Cabling Limited (Registered number: 09970207) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
Holding of shares in Nexans Cote D'Ivoire. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Envol Cabling Limited (Registered number: 09970207) |
Income Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
€ | € |
TURNOVER |
Operational expenses | ( |
) | ( |
) |
(59,088 | ) | (57,367 | ) |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Envol Cabling Limited (Registered number: 09970207) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | € | € |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Envol Cabling Limited (Registered number: 09970207) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Envol Cabling Limited (Registered number: 09970207) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
€ | € | € |
Balance at 1 February 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2024 | ( |
) |
Envol Cabling Limited (Registered number: 09970207) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Envol Cabling Limited is a |
The presentation currency of the financial statements is the Euro (€). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit and loss. |
GOING CONCERN |
The company is dependent on the continued financial support of the lenders in order to enable it to continue operating and to meet its liabilities as they fall due. The lenders have agreed to continue to provide financial support to the company and accordingly the directors have prepared the financial statements under the going concern concept. |
INVESTMENT INCOME |
Investment income is accounted for on a receivable basis. |
INTEREST INCOME |
Interest income is accounted for on a receivable basis. |
EXPENSES |
Expenses are accounted for on an accruals basis. |
Envol Cabling Limited (Registered number: 09970207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
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 at 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. |
TAXATION |
Taxation expense for the period where applicable comprises current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. |
INVESTMENTS |
Unquoted investments |
Unquoted investments are stated at cost. Any surplus or deficit arising on the disposal of investments is transferred to the statement of comprehensive income |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Envol Cabling Limited (Registered number: 09970207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
€ | € |
Brought forward | 3,414,858 | 3,414,858 |
Carried forward | 3,414,858 | 3,414,858 |
Analysed as: |
Nexans Cote d'Ivoire | 3,414,858 | 3,414,858 |
Nexans Cote d'Ivoire |
The company owns 40% of the equity share capital of Nexans Cote d'Ivoire (2023: 40%) |
LOANS RECEIVABLE |
2024 | 2023 |
€ | € |
Loan receivable - Nexans Cote d'Ivoire (ii) | 1,800,000 | 1,800,000 |
Loan interest receivable - Nexans Cote d'Ivoire (ii) | 250,718 | 178,718 |
2,050,718 | 1,978,718 |
The Directors approved on 3rd February 2020 to grant Nexans Cote d'Ivoire a shareholder loan of €800,000 with an interest of 4% per year. On 24 March 2021, this facility was increased by €1,000,000 to €1,800,000. The Directors consider this loan to be long-term. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
€ | € |
Loan receivable - Nexans Cote d'Ivoire (i) | 1,816 | 1,816 |
Prepayments | 3,828 | 3,828 |
5,644 | 5,644 |
The loan receivable from Nexans Cote d'Ivoire is unsecured, interest free and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
€ | € |
Shareholders loan - Conway Investment Limited | 3,294,901 | 3,277,537 |
Shareholders loan - Executive Financing (Mauritius) | 307,051 | 306,951 |
Shareholders loan - Golden Heritage Ltd | 644,511 | 644,411 |
Shareholders loan - NH | 6,098 | 6,098 |
Trade creditors - Equiom SAM | 113 | - |
Accruals | 2,588 | 4,075 |
4,255,262 | 4,239,072 |
The loans payable are unsecured, interest free and repayable on demand. |
Envol Cabling Limited (Registered number: 09970207) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
€ | € |
Shareholders loan - Conway Investment Ltd | 1,000,000 | 1,000,000 |
Loan interest | 114,192 | 74,192 |
1,114,192 | 1,074,192 |
The shareholders loan payable is unsecured, interest bearing at 4% per annum and is considered long term liability by the Directors. |
9. | CALLED UP SHARE CAPITAL |
2024 | 2023 |
€ | € |
100,000 Ordinary shares of £1 each |
Allotted, called up and fully paid |
At 1 February & 31 January | 131,460 | 131,460 |
Authorised GBP | 100,000 | 100,000 |