Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Oyvind Wathne Aasmyr 19/07/2023 24/09/2021 Robert John Garden 13/07/2023 30/05/2018 Ingvar Grannes 24/09/2021 Robert Mcleod Gray 12/09/2024 30/05/2018 Gisle Odemotland 19/07/2023 07 October 2024 The principal activity of the Company during the financial year was that of the service and repair of diesel power units. SC598561 2023-12-31 SC598561 bus:Director1 2023-12-31 SC598561 bus:Director2 2023-12-31 SC598561 bus:Director3 2023-12-31 SC598561 bus:Director4 2023-12-31 SC598561 bus:Director5 2023-12-31 SC598561 2022-12-31 SC598561 core:CurrentFinancialInstruments 2023-12-31 SC598561 core:CurrentFinancialInstruments 2022-12-31 SC598561 core:Non-currentFinancialInstruments 2023-12-31 SC598561 core:Non-currentFinancialInstruments 2022-12-31 SC598561 core:ShareCapital 2023-12-31 SC598561 core:ShareCapital 2022-12-31 SC598561 core:SharePremium 2023-12-31 SC598561 core:SharePremium 2022-12-31 SC598561 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC598561 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC598561 core:OtherResidualIntangibleAssets 2022-12-31 SC598561 core:OtherResidualIntangibleAssets 2023-12-31 SC598561 core:PlantMachinery 2022-12-31 SC598561 core:Vehicles 2022-12-31 SC598561 core:FurnitureFittings 2022-12-31 SC598561 core:OfficeEquipment 2022-12-31 SC598561 core:PlantMachinery 2023-12-31 SC598561 core:Vehicles 2023-12-31 SC598561 core:FurnitureFittings 2023-12-31 SC598561 core:OfficeEquipment 2023-12-31 SC598561 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC598561 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC598561 bus:OrdinaryShareClass1 2023-12-31 SC598561 2023-01-01 2023-12-31 SC598561 bus:FilletedAccounts 2023-01-01 2023-12-31 SC598561 bus:SmallEntities 2023-01-01 2023-12-31 SC598561 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC598561 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC598561 bus:Director1 2023-01-01 2023-12-31 SC598561 bus:Director2 2023-01-01 2023-12-31 SC598561 bus:Director3 2023-01-01 2023-12-31 SC598561 bus:Director4 2023-01-01 2023-12-31 SC598561 bus:Director5 2023-01-01 2023-12-31 SC598561 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 SC598561 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC598561 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC598561 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC598561 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC598561 2022-01-01 2022-12-31 SC598561 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC598561 core:PlantMachinery 2023-01-01 2023-12-31 SC598561 core:Vehicles 2023-01-01 2023-12-31 SC598561 core:FurnitureFittings 2023-01-01 2023-12-31 SC598561 core:OfficeEquipment 2023-01-01 2023-12-31 SC598561 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC598561 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC598561 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC598561 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC598561 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC598561 (Scotland)

ENERION LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ENERION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

ENERION LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
ENERION LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 112,477
Tangible assets 4 47,366 50,807
47,366 163,284
Current assets
Debtors 5 162,472 59,244
Cash at bank and in hand 39,731 12,326
202,203 71,570
Creditors: amounts falling due within one year 6 ( 1,297,849) ( 817,768)
Net current liabilities (1,095,646) (746,198)
Total assets less current liabilities (1,048,280) (582,914)
Creditors: amounts falling due after more than one year 7 ( 17,056) ( 28,386)
Net liabilities ( 1,065,336) ( 611,300)
Capital and reserves
Called-up share capital 8 400 400
Share premium account 199,701 199,701
Profit and loss account ( 1,265,437 ) ( 811,401 )
Total shareholders' deficit ( 1,065,336) ( 611,300)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Enerion Limited (registered number: SC598561) were approved and authorised for issue by the Board of Directors on 07 October 2024. They were signed on its behalf by:

Ingvar Grannes
Director
ENERION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
ENERION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Enerion Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis Business Centre, Thainstone, Inverurie, AB51 5TB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,065,336 (2022: £611,300). The Company is supported through loans from the directors and related parties. The directors and related parties have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and they will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the service and repair of diesel power units.

Turnover is recognised on an accruals basis net of VAT based on when services are provided.

Turnover includes amounts receivable from rental income, which is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 10 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 117,315 117,315
Additions 843 843
At 31 December 2023 118,158 118,158
Accumulated amortisation
At 01 January 2023 4,838 4,838
Charge for the financial year 11,809 11,809
Impairment losses 101,511 101,511
At 31 December 2023 118,158 118,158
Net book value
At 31 December 2023 0 0
At 31 December 2022 112,477 112,477

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 134,053 6,550 2,903 7,086 150,592
Additions 0 9,400 9,734 3,441 22,575
Disposals ( 32,500) 0 0 0 ( 32,500)
At 31 December 2023 101,553 15,950 12,637 10,527 140,667
Accumulated depreciation
At 01 January 2023 94,041 2,717 60 2,967 99,785
Charge for the financial year 22,348 1,125 956 1,587 26,016
Disposals ( 32,500) 0 0 0 ( 32,500)
At 31 December 2023 83,889 3,842 1,016 4,554 93,301
Net book value
At 31 December 2023 17,664 12,108 11,621 5,973 47,366
At 31 December 2022 40,012 3,833 2,843 4,119 50,807

5. Debtors

2023 2022
£ £
Trade debtors 138,492 21,707
Corporation tax 18,048 0
Other debtors 5,932 37,537
162,472 59,244

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 11,104 11,037
Trade creditors 80,784 50,443
Amounts owed to related parties 1,025,210 384,646
Other taxation and social security 24,488 61,627
Other creditors 156,263 310,015
1,297,849 817,768

There are no amounts included above in respect of which any security has been given by the small entity. The bank loan is backed by a government guarantee.

The amount owed to related parties has no fixed repayment terms. Until 18th August 2023, interest was charged on the loan at 3.5%, thereafter part of the loan was subject to interest at 8%.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 17,056 28,386

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
400 Ordinary shares of £ 1.00 each 400 400

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 39,000 72,000

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Entities with a participating interest in the company 682,828 384,646

There are no fixed repayment terms for the above loan. Until 18th August 2023, interest was charged on the loan at 3.5%, thereafter part of the loan was subject to interest at 8%

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 342,382 263,876

There are no fixed repayment terms for the above loan. Until 18th August 2023, interest was charged on the loan at 3.5%, thereafter no interest was charged.

11. Events after the Balance Sheet date

Post year end, the company was acquired by Enerion As and has become a 100% owned subsidiary.