Company registration number 06784635 (England and Wales)
ENSCO 722 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ENSCO 722 LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
ENSCO 722 LIMITED
COMPANY INFORMATION
- 1 -
Directors
N Wagner
S Nielsen
R Schneider
B Coleman
(Appointed 2 May 2023)
Secretary
L Graham
Company number
06784635
Registered office
3800 Parkside Solihull Parkway
Birmingham Business Park
Birmingham
West Midlands
England
B37 7YG
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Solicitors
Addleshaw Goddard (Scotland) Secretarial Limited
Exchange Tower
19 Canning Street
Edinburgh
Midlothian
Scotland
EH3 8EH
ENSCO 722 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
1,733,325
1,733,325
Current assets
Debtors
7
1,451
984
Creditors: amounts falling due within one year
8
(861,918)
(856,727)
Net current liabilities
(860,467)
(855,743)
Net assets
872,858
877,582
Capital and reserves
Called up share capital
9
2
2
Share premium account
938,602
938,602
Profit and loss reserves
(65,746)
(61,022)
Total equity
872,858
877,582

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
The notes on pages 10 to 16 form part of these financial statements.
S Nielsen
Director
Company Registration No. 06784635
ENSCO 722 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
2
938,602
(56,825)
881,779
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(4,197)
(4,197)
Balance at 31 December 2022
2
938,602
(61,022)
877,582
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(4,724)
(4,724)
Balance at 31 December 2023
2
938,602
(65,746)
872,858
The notes on pages 10 to 16 form part of these financial statements.
ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Ensco 722 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3800 Parkside Solihull Parkway, Birmingham Business Park, Birmingham, West Midlands, England, B37 7YG. The company's registration number is 06784635.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company's balance sheet currently shows a net current liability position, however after making enquiries, the directors have a reasonable expectation that the Company has adequate financial resources to continue in operational existence for the foreseeable future. Demant A/S has provided a letter of support in favour of the entity covering the 12 month period from signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

1.8

Consolidation

The company is exempt from the obligation to prepare and deliver group financial statements under section 401 of the Companies Act 2006. The undertaking in whose consolidated financial statements it is included is Demant A/S and are available from Kongebakken 9, 2765 Smørum. Information within these financial statements is therefore presented for the individual company and not the group.

1.9

Cash flow statement

Exemption has been taken from preparing a cash flow statement under FRS 102 as the company's ultimate parent, Demant A/S, has included the company in its consolidated financial statements, which are publicly available.

1.10

Finance costs

Finance costs of financial liabilities are recognised in the income statement over the term of such instruments at a constant rate on the carrying amount.

ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Critical accounting judgements in applying the Company's accounting policies

In the opinion of the directors there are no critical accounting judgements made in applying the Company's accounting policies that require disclosure in the financial statements.

Key sources of estimation uncertainty

In the opinion of the directors there are no key sources of estimation that require disclosure in the financial statements.

3
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,375
3,181
Fees payable to the company's tax advisors for taxation compliance services
1,800
1,500
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
-
0
-
0

The directors received no emoluments during the current year or preceding year in their capacity as directors of this entity.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,149,754
1,149,754
Other investments other than loans
583,571
583,571
1,733,325
1,733,325
ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Exclusive Hearing Limited
81-83 The Parade, Oadby, Leicester, England, LE2 5BB
Retail of hearing aids
Ordinary
49.00
Imperial Hearing Limited
1 Imperial Square, Cheltenham, Gloucestershire, GL50 1GB
Retail of hearing aids
Ordinary
25.00
Diatec Diagnostic Limited
3800 Parkside Solihull Parkway, Birmingham Business Park, Birmingham, West Midlands, England B37 7YG
Technical testing and analysis
Ordinary
100.00
Guymark UK Limited
Veronica House, Old Bush Streer, Brierley Hill, West Midlands, DY5 1UB
Technical testing and analysis
Ordinary
100.00
TAC Holding Limited
71-75 Shelton Street, London, United Kingdom, WC2H 9JQ
Management consultancy activities
Ordinary
25.00

The investments in Exclusive Hearing Limited, Imperial Hearing Limited and TAC Holding Limited have been treated as associate investments as they are not controlled by Ensco 722 Limited and the company exercises no significant influence over the operating and financial policies of any of these companies.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,451
984

 

8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
854,374
851,826
Other creditors
7,544
4,901
861,918
856,727

The amounts owed to group undertakings are interest free and have no stipulated terms of repayment.

9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1
2
2
ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
ENSCO 722 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Related party transactions

As stated in note 12, the company is a subsidiary of William Demant Foundation. The company has therefore taken advantage of the exemption available within FRS 102 paragraph 33.1A with regard to non-disclosure of transactions between wholly owned group undertakings.

12
Ultimate controlling party

The immediate parent undertaking is WDH UK Limited, incorporated in Scotland. The ultimate parent undertaking is William Demant Foundation, incorporated in Denmark.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Demant A/S, incorporated in Denmark. The consolidated financial statements of this group are available to the public and may be obtained from Kongebakken 9, 2765 Smørum, Denmark or https://www.demant.com

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