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COMPANY REGISTRATION NUMBER: 06407965
ENABLE TRADING LIMITED
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS
31 December 2023
ENABLE TRADING LIMITED
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
12
Company statement of income and retained earnings
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of cash flows
16
Notes to the group strategic report, report of the directors and consolidated financial statements
17
ENABLE TRADING LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
JF Scherer
MP Ross
SD Louis
TE Fonternel
Company secretary
Jonathan Francis Scherer
Registered office
9a Broad Street
Wokingham
Berkshire
England
RG40 1AU
Auditor
UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditors
168 Church Road
Hove
East Sussex
BN3 2DL
ENABLE TRADING LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2023
Principal Business Activity The principal activities of the group are as follows: The supply and distribution of van styling accessories for the commercial and leisure markets; the manufacture and distribution of bespoke car shades, the supply and distribution of motor parts and accessories. Review of the business The Group's vision remains to be the market leader for van styling and leisure accessories in the UK, the leading manufacturer and international distributor of bespoke car shades and the market leader for the supply of Mazda MX 5 parts and accessories within the UK. The Group continues improving its manufacturing processes and procedures and maintained its ISO 9001 status during the financial year. The Group is committed to utilise best practice and to adhere to and follow rules and regulations protecting customer data and confidentiality. The continued impact of the Ukrainian war and hostilities in the Middle East and general economic challenges lead to a drop in the group turnover compared to the previous strong trading year. High carriage and shipping costs remain a challenge.
2023 2022
£ £
Turnover 14,648,042 15,325,738
Gross profit 4,127,873 4,265,439
EBITDA 778,057 1,591,174
Stock 3,368,276 3,393,962
Operating costs were well controlled during the year despite major inflationary and external cost pressures. The Group consolidated results include the once off amortisation charge of Group intangible assets and a contribution to a defined pension plan which led to an after-tax loss of £1,593,967 for the financial year. Group employees: The Group's employees are fundamental to the success and growth of the business and the Group continue to focus on staff welfare and employee working conditions Board members of companies within the Group continue to perform their duties in a responsible way based on the details set out in section 172 of the Companies Act 2006
Principal risks and uncertainties Other than local trading in the UK the Group is dependent on importing and exporting. The National and International business environment and conditions have a large influence on the success of the Group trading results. The main risk arises from the Group's ability to secure continuous reliable high-quality products at reasonable prices. This remains a high priority and focus across the Group with excellent relationships with existing suppliers whilst constantly looking for new products and supply lines locally and internationally and securing new international distributors for manufactured products. Currency risk The Group is exposed to the risk of foreign exchange transactions due to international product procurement. This risk is monitored on an ongoing basis and hedged where necessary. The risk is further mitigated through the Groups' sale and export of product in foreign currencies. Credit risk The Group trades mainly online with cash transactions and limited credit sales. Credit sales are monitored on an ongoing basis to ensure adherence to the agreed credit terms. Liquidity risk The Group manages financial risk by ensuring adequate liquidity is available to meet working capital requirements and capital expenditure and has no interest-bearing debt commitments. Supply chain risks Inventory management is a key focus for Group businesses, to ensure a responsive and flexible supply chain. The Group focusses on maintaining and building excellent supplier relationships and expanding its product portfolio. Logistics risk During summer of this financial year, a busy trading period, the Group's main logistic contractor went into administration overnight with hundreds of parcels stuck in limbo for months. This had a major negative impact on the business which has since been resolved. Operating cost pressures The current state of the economy locally and internationally has given rise to cost increases across the board. Management is focused on managing ongoing operating costs in the most effective and productive way whilst still ensuring good customer service. Going concern Board members regularly review the trading activities and results of the Group companies and are of the opinion that the Group is in a strong financial position to continue as a going concern. Future developments Manufacturing development will continue to be a key focus within the group. Position of the company at the year end The results for the year and the financial position at the year-end were considered satisfactory by the directors who expect improved stability and reasonable growth in the foreseeable future.
This report was approved by the board of directors on 5 July 2024 and signed on behalf of the board by:
TE Fonternel
Director
Registered office:
9a Broad Street
Wokingham
Berkshire
England
RG40 1AU
ENABLE TRADING LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the Group strategic report, report of the directors and consolidated financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
JF Scherer
MP Ross
SD Louis
TE Fonternel
Dividends
Particulars of recommended dividends are detailed in note 11 to the Group strategic report, report of the directors and consolidated financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Group strategic report, report of the directors and consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group strategic report, report of the directors and consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Group strategic report, report of the directors and consolidated financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Group strategic report, report of the directors and consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Group strategic report, report of the directors and consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Group strategic report, report of the directors and consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Group strategic report, report of the directors and consolidated 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 5 July 2024 and signed on behalf of the board by:
TE Fonternel
Director
Registered office:
9a Broad Street
Wokingham
Berkshire
England
RG40 1AU
ENABLE TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENABLE TRADING LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the Group strategic report, report of the directors and consolidated financial statements of Enable Trading Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 Group strategic report, report of the directors and consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group strategic report, report of the directors and consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Group strategic report, report of the directors and consolidated 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 Group strategic report, report of the directors and consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Group strategic report, report of the directors and consolidated 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Group strategic report, report of the directors and consolidated 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 Group strategic report, report of the directors and consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Group strategic report, report of the directors and consolidated financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the Group strategic report, report of the directors and consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Group strategic report, report of the directors and consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Group strategic report, report of the directors and consolidated financial statements or a material misstatement of the other information. 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 Group strategic report, report of the directors and consolidated financial statements are prepared is consistent with the Group strategic report, report of the directors and consolidated 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 the light of the knowledge and understanding of the group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Group strategic report, report of the directors and consolidated 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, the directors are responsible for the preparation of the Group strategic report, report of the directors and consolidated 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 Group strategic report, report of the directors and consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Group strategic report, report of the directors and consolidated financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the group strategic report, report of the directors and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Group strategic report, report of the directors and consolidated 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 Group strategic report, report of the directors and consolidated financial statements. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Group strategic report, report of the directors and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Group strategic report, report of the directors and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Group strategic report, report of the directors and consolidated financial statements, including the disclosures, and whether the Group strategic report, report of the directors and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Group strategic report, report of the directors and consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 Guest FCA
(Senior Statutory Auditor)
For and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditors
168 Church Road
Hove
East Sussex
BN3 2DL
5 July 2024
ENABLE TRADING LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
4
14,648,042
15,325,738
Cost of sales
10,520,169
11,060,300
---------------
---------------
Gross profit
4,127,873
4,265,438
Administrative expenses
5,525,428
2,798,556
-------------
-------------
Operating (loss)/profit
5
( 1,397,555)
1,466,882
Other interest receivable and similar income
9
72,582
-------------
-------------
(Loss)/profit before taxation
( 1,324,973)
1,466,882
Tax on (loss)/profit
10
268,994
187,833
-------------
-------------
(Loss)/profit for the financial year and total comprehensive income
( 1,593,967)
1,279,049
-------------
-------------
Dividends paid and payable
11
( 400,000)
( 600,000)
Retained earnings at the start of the year
6,675,922
5,996,873
-------------
-------------
Retained earnings at the end of the year
4,681,955
6,675,922
-------------
-------------
All the activities of the group are from continuing operations.
ENABLE TRADING LIMITED
COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
( 97,822)
642,058
Dividends paid and payable
11
( 400,000)
( 600,000)
Retained earnings at the start of the year
2,514,907
2,472,849
-------------
-------------
Retained earnings at the end of the year
2,017,085
2,514,907
-------------
-------------
ENABLE TRADING LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
734,276
2,762,308
Tangible assets
13
829,253
768,497
-------------
-------------
1,563,529
3,530,805
Current assets
Stocks
15
3,368,276
3,393,962
Debtors
16
543,562
226,110
Cash at bank and in hand
1,975,135
2,013,208
-------------
-------------
5,886,973
5,633,280
Creditors: amounts falling due within one year
18
1,413,096
1,183,204
-------------
-------------
Net current assets
4,473,877
4,450,076
-------------
-------------
Total assets less current liabilities
6,037,406
7,980,881
Provisions
20
155,451
104,959
-------------
-------------
Net assets
5,881,955
7,875,922
-------------
-------------
Capital and reserves
Called up share capital
24
1,200,000
1,200,000
Profit and loss account
4,681,955
6,675,922
-------------
-------------
Shareholders funds
5,881,955
7,875,922
-------------
-------------
These Group strategic report, report of the directors and consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Group strategic report, report of the directors and consolidated financial statements were approved by the board of directors and authorised for issue on 5 July 2024 , and are signed on behalf of the board by:
TE Fonternel
Director
Company registration number: 06407965
ENABLE TRADING LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
14
3,664,015
3,664,015
Current assets
Debtors
16
344,197
15,810
Cash at bank and in hand
1,604,229
56,316
-------------
---------
1,948,426
72,126
Creditors: amounts falling due within one year
18
2,395,356
21,234
-------------
---------
Net current (liabilities)/assets
( 446,930)
50,892
-------------
-------------
Total assets less current liabilities
3,217,085
3,714,907
-------------
-------------
Net assets
3,217,085
3,714,907
-------------
-------------
Capital and reserves
Called up share capital
24
1,200,000
1,200,000
Profit and loss account
2,017,085
2,514,907
-------------
-------------
Shareholders funds
3,217,085
3,714,907
-------------
-------------
The loss for the financial year of the parent company was £ 97,822 (2022: £ 642,058 profit).
These Group strategic report, report of the directors and consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Group strategic report, report of the directors and consolidated financial statements were approved by the board of directors and authorised for issue on 5 July 2024 , and are signed on behalf of the board by:
TE Fonternel
Director
Company registration number: 06407965
ENABLE TRADING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 1,593,967)
1,279,049
Adjustments for:
Depreciation of tangible assets
147,581
124,292
Amortisation of intangible assets
2,028,032
Other interest receivable and similar income
( 72,582)
Loss on disposal of tangible assets
3,449
Tax on (loss)/profit
268,994
187,833
Accrued expenses
363,949
21,192
Changes in:
Stocks
25,686
73,031
Trade and other debtors
( 317,452)
( 113,276)
Trade and other creditors
( 197,067)
( 9,820)
-------------
-------------
Cash generated from operations
653,174
1,565,750
Interest received
72,582
Tax paid
( 160,161)
( 238,967)
----------
-------------
Net cash from operating activities
565,595
1,326,783
----------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 209,010)
( 129,966)
Proceeds from sale of tangible assets
( 1,583)
----------
-------------
Net cash used in investing activities
( 209,010)
( 131,549)
----------
-------------
Cash flows from financing activities
Dividends paid
( 400,000)
( 600,000)
----------
-------------
Net cash used in financing activities
( 400,000)
( 600,000)
----------
-------------
Net (decrease)/increase in cash and cash equivalents
( 43,415)
595,234
Cash and cash equivalents at beginning of year
2,013,208
1,417,974
-------------
-------------
Cash and cash equivalents at end of year
17
1,969,793
2,013,208
-------------
-------------
ENABLE TRADING LIMITED
NOTES TO THE GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9a Broad Street, Wokingham, Berkshire, RG40 1AU, England.
2. Statement of compliance
These Group strategic report, report of the directors and consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Group strategic report, report of the directors and consolidated financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Group strategic report, report of the directors and consolidated financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102, as such, advantage has been taken of the following disclosure exemption available under paragraph 1.12 of FRS 102; * No cash flow statement has been presented by the company.
Consolidation
The Group strategic report, report of the directors and consolidated financial statements consolidate the Group strategic report, report of the directors and consolidated financial statements of Enable Trading Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In preparation of the financial statements in conformity with FRS102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimate and associated assumptions are based on historical experience and various other factors take are believe to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may defer from these estimates. In respect of the judgements, estimates and assumptions made be management in preparing these financial statements, none are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
4 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Short leasehold property
-
Equal instalments over the life of the lease
Plant and machinery
-
20%-25% straight line
Motor vehicles
-
25% reducing balance
Computer Software & Equipment
-
20%-33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
14,648,042
15,325,738
---------------
---------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
12,302,315
12,856,562
Overseas
2,345,727
2,469,176
---------------
---------------
14,648,042
15,325,738
---------------
---------------
5. Operating loss
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
2,028,032
Depreciation of tangible assets
147,580
124,292
Loss on disposal of tangible assets
3,449
Impairment of trade debtors
6,478
2,401
Foreign exchange differences
15,715
( 22,159)
-------------
----------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the group strategic report, report of the directors and consolidated financial statements
36,590
34,840
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
48
50
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,441,881
1,501,771
Social security costs
136,037
136,837
Other pension costs
461,496
6,634
-------------
-------------
2,039,414
1,645,242
-------------
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
162,810
160,022
----------
----------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
72,582
---------
----
10. Tax on (loss)/profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
218,503
207,695
Deferred tax:
Origination and reversal of timing differences
50,491
( 19,862)
----------
----------
Tax on (loss)/profit
268,994
187,833
----------
----------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 1,324,973)
1,466,882
-------------
-------------
(Loss)/profit on ordinary activities by rate of tax
196,626
172,656
Effect of expenses not deductible for tax purposes
13,111
( 12,839)
Effect of capital allowances and depreciation
( 10,665)
( 9,405)
Effect of revenue exempt from tax
94,000
136,800
Utilisation of tax losses
( 14,698)
( 29,618)
Less Forex gain
21,282
( 3,813)
Patent box relief
(59,597)
(46,087)
Deferred tax movement
28,935
(19,861)
-------------
-------------
Tax on (loss)/profit
268,994
187,833
-------------
-------------
11. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
400,000
600,000
----------
----------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3,446,918
-------------
Amortisation
At 1 January 2023
684,610
Charge for the year
2,028,032
-------------
At 31 December 2023
2,712,642
-------------
Carrying amount
At 31 December 2023
734,276
-------------
At 31 December 2022
2,762,308
-------------
The company has no intangible assets.
13. Tangible assets
Group
Long leasehold property
Short leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
121,568
281,785
686,988
187,653
630,331
1,908,325
Additions
74,162
70,419
64,429
209,010
Revaluations
( 674)
( 674)
----------
----------
----------
----------
----------
-------------
At 31 Dec 2023
121,568
281,785
761,150
257,398
694,760
2,116,661
----------
----------
----------
----------
----------
-------------
Depreciation
At 1 Jan 2023
56,157
141,157
486,188
132,867
323,459
1,139,828
Charge for the year
2,223
38,117
35,422
30,628
41,190
147,580
----------
----------
----------
----------
----------
-------------
At 31 Dec 2023
58,380
179,274
521,610
163,495
364,649
1,287,408
----------
----------
----------
----------
----------
-------------
Carrying amount
At 31 Dec 2023
63,188
102,511
239,540
93,903
330,111
829,253
----------
----------
----------
----------
----------
-------------
At 31 Dec 2022
65,411
140,628
200,800
54,786
306,872
768,497
----------
----------
----------
----------
----------
-------------
The company has no tangible assets.
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
3,664,015
-------------
Impairment
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 1 January 2023 and 31 December 2023
3,664,015
-------------
At 31 December 2022
3,664,015
-------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Palm Automotive Limited - Unit 1 Bilsthorpe Business Park, Eakring Road, Bilsthorpe, Newark, England, NG22 8ST
Ordinary
100
Car Shades Holdings Limited - Unit 1 Bilsthorpe Business Park, Eakring Road, Bilsthorpe, Newark, England, NG22 8ST
Ordinary
100
Car Shades Limited - Unit 1 Bilsthorpe Business Park, Eakring Road, Bilsthorpe, Newark, England, NG22 8ST
Ordinary
100
Scimitar International Limited - 4 Cluster Industrial Estate, Rodney Road, Southsea, Hampshire, PO4 8ST
Ordinary
100
15. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
198,872
235,412
Finished goods and goods for resale
3,169,404
3,158,550
-------------
-------------
----
----
3,368,276
3,393,962
-------------
-------------
----
----
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
122,160
124,521
4,197
Amounts owed by group undertakings
13,212
Prepayments and accrued income
63,978
76,297
Other debtors
357,424
25,292
340,000
2,598
----------
----------
----------
---------
543,562
226,110
344,197
15,810
----------
----------
----------
---------
17. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
1,975,135
2,013,208
Bank overdrafts
( 5,342)
-------------
-------------
1,969,793
2,013,208
-------------
-------------
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
5,342
Trade creditors
458,187
613,125
54
4,391
Amounts owed to group undertakings
1,939,590
Accruals and deferred income
608,243
244,294
455,712
3,630
Corporation tax
156,233
97,891
13,212
Social security and other taxes
167,000
209,292
Obligations under finance leases and hire purchase contracts
674
Other creditors
18,091
17,928
1
-------------
-------------
-------------
---------
1,413,096
1,183,204
2,395,356
21,234
-------------
-------------
-------------
---------
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
674
----
----
----
----
20. Provisions
Group
Warranties
Deferred tax (note 21)
Total
£
£
£
At 1 January 2023
8,000
96,959
104,959
Additions
50,492
50,492
-------
----------
----------
At 31 December 2023
8,000
147,451
155,451
-------
----------
----------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 20)
147,451
96,959
----------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
149,047
98,922
Pension plan obligations
( 1,596)
( 1,963)
----------
---------
----
----
147,451
96,959
----------
---------
----
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 461,496 (2022: £ 6,634 ).
23. Prior period errors
Subsequent to the issuance of the Company's financial statements for the year ended 31 December 2022, it was noted that the intercompany sales and purchases where not eliminated within the group financial statements, this has now been corrected by restating each of the affected financial statement line items and respective notes for the year 2022 as summarised by the following table: Due to the error the sales and purchases were both over stated by the amount of £308,549 which has to be recognised in sales and purchases in the year ended 31 December 2022. As the amount is stated to be material, sales and purchases have been restated by £308,549.
2022 (Orginal) 2022 (Restated) Decrease
£ £ £
Profit and loss and OCI
Sales 15,634,287 15,325,738 308,549
Purchases 14,762,811 14,454,264 308,549
24. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,200,000
1,200,000
1,200,000
1,200,000
-------------
-------------
-------------
-------------
25. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
2,013,208
(38,073)
1,975,135
Bank overdrafts
(5,342)
(5,342)
Debt due within one year
(674)
674
-------------
---------
-------------
2,012,534
( 42,741)
1,969,793
-------------
---------
-------------
ENABLE TRADING LIMITED
NOTES TO THE GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
211,831
192,937
Later than 1 year and not later than 5 years
308,683
486,681
----------
----------
----
----
520,514
679,618
----------
----------
----
----