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REGISTERED NUMBER: 03365414 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2024

for

Enicor Limited

Enicor Limited (Registered number: 03365414)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Enicor Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: W T Bird
J E Bowers





REGISTERED OFFICE: 3 Hazel Court Midland Way
Barlborough
Chesterfield
S43 4FD





REGISTERED NUMBER: 03365414 (England and Wales)





AUDITORS: Parkins Accountants Ltd
T/A, Parkins, Chartered Accountants and
Statutory Auditors
Moor Park House
Bawtry Rd
Wickersley
Rotherham
South Yorkshire
S66 2BL

Enicor Limited (Registered number: 03365414)

Strategic Report
for the Year Ended 31 May 2024

The principal activities of the company are metal recycling and metal trading.

REVIEW OF BUSINESS
On 13 April 2023, the Company joined forces with KJB Consulting (Global) Limited, another metal recycling company, and was acquired by Enicor Group Limited, a company which is ultimately owned by Pittsburgh Topco Limited. On 31 May 2023 the name of the Company was changed from Peterborough Metal Recycling Limited (trading as BW Riddle) to Enicor Limited.

During the year ended 31 May 2024 the company generated sales of £73.64m Gross profit percentage for the year to 31 May 2024 was 18.7%.

Net profit, after taxation for the year ended 31 May 2024 was £5.39m.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company recognises that the effective management of risk is essential to achieving its objectives of maximising performance and meeting its commitments to all stakeholders.

1. Commodity Price Volatility: Metal prices can be highly volatile due to global demand, supply chain disruptions, and economic conditions. Fluctuations in commodity prices on the London Metal Exchange can directly impact the Company's revenue and profitability.

2. Regulatory and Compliance Risks: the metal recycling industry is subject to regulations regarding environmental protection, health and safety, waste management, and transportation of hazardous materials. Non-compliance can lead to fines or legal actions

3. Market Demand Fluctuations: Demand for recycled metals can vary due to changes in industrial production, construction activity, and consumer demand. Economic downturns or shifts in market preferences towards alternative materials can affect the demand for recycled metals.

4. Operational Risks: These include risks related to the operation of heavy machinery, transportation of materials, and workplace safety. Accidents, equipment failures, or supply chain disruptions can disrupt operations and incur costs.

5. Technological Changes: Advances in technology, such as more efficient extraction methods or the development of alternative materials, could affect the competitiveness of the metal recycling industry. Companies must adapt and invest in new technologies to remain competitive.

6. Supply Chain Risks: Dependency on a consistent supply of scrap metal from various sources exposes the Company to risks such as shortages, quality issues, or disruptions in supply chains due to geopolitical tensions or natural disasters.

7. Foreign Exchange Risks: The majority of the Company's purchases are in GBP pound sterling, a significant proportion of sales are denominated in US dollars. The Company manages foreign exchange risk by taking out forward contracts to fix currency exchange rates.

8. Cybersecurity Risks: With increased digitalisation of operations and data management, metal recycling companies are vulnerable to cyber threats such as data breaches, ransomware attacks, or theft of sensitive information.


Enicor Limited (Registered number: 03365414)

Strategic Report
for the Year Ended 31 May 2024

SECTION 172(1) STATEMENT
In accordance with Section 172(1) of the Companies Act 2006, the directors present the following statement on how they have discharged their duty to promote the success of the company since being appointed on 13 April 2023.

The directors have had regard to the factors set out in Section 172(1)(a) to (f) of the Companies Act 2006, which require them to consider the following:

(a) the likely consequences of any decision in the long term: The directors have taken a long-term view in making decisions for the benefit of the company, considering the impact on its sustainability and future prospects.

(b) the interests of the company's employees: We recognise the importance of our employees and have prioritized their well-being, development, and engagement throughout the year. We have invested in training and development programs, promoted diversity and inclusion, and maintained fair and supportive working conditions.

(c) the need to foster the Company's business relationships with suppliers, customers, and others: We have fostered positive relationships with our suppliers, customers, and other stakeholders by adhering to ethical business practices, ensuring transparency and integrity in our dealings, and delivering high-quality products and services.

(d) the impact of the Company's operations on the community and the environment: We acknowledge our responsibility to minimise our environmental footprint and contribute positively to the communities in which we operate. We have implemented sustainable practices, supported local initiatives, and engaged with stakeholders to address environmental and social challenges.

(e) the desirability of the Company maintaining a reputation for high standards of business conduct: Upholding high standards of business conduct is fundamental to our corporate culture. We have maintained robust governance, compliance, and risk management frameworks to ensure ethical behaviour and accountability at all levels of the organization.

(f) the need to act fairly between members of the company: We have acted fairly and transparently in our dealings with shareholders, ensuring equitable treatment and communication of relevant information.

In fulfilling our duties under Section 172(1) of the Companies Act 2006, the directors believe that our decisions and actions have been aligned with the long-term success of the company, considering the interests of all relevant stakeholders.

RISK MANAGEMENT POLICIES AND OBJECTIVES
To mitigate the identified risks, the Company has implemented robust risk management strategies, including regular assessment of risks, compliance with regulations, diversification of supply and customer base, investment in technology and innovation, prudent financial management, and maintaining a strong focus on safety and environmental stewardship.

HEALTH AND SAFETY
The Company is committed to providing a safe and healthy work environment for all individuals involved in our operations. Our dedication to Health and Safety is integral to our business practices, and we strive to continuously improve our Health and Safety performance.

The well-being of our employees, contractors, and visitors is paramount, and we prioritise the identification and mitigation of health and safety risks across all aspects of our business activities. We believe that all incidents and injuries are preventable, and we are committed to achieving a workplace free from accidents and occupational illnesses. The Company recognises that safeguarding the health and safety of employees is integral to the success of its business and aims to create a working environment that assures this.


Enicor Limited (Registered number: 03365414)

Strategic Report
for the Year Ended 31 May 2024

CLIMATE CHANGE
Metal recycling plays a crucial role in reducing the environmental footprint of metal production and consumption, thereby contributing to global efforts to combat climate change and promote sustainability.:

1. Energy Conservation: Recycling metal requires significantly less energy compared to primary metal production from ore. For example, recycling aluminium saves around 95% of the energy required for primary production and consequently lower CO2 emissions.

2. Reduction of Greenhouse Gas Emissions: Metal recycling reduces the need for mining and extraction of virgin ores, which is often energy-intensive and contributes to greenhouse gas emissions. Additionally, recycling metals produces fewer emissions compared to primary production processes.

3. Preservation of Natural Resources: Recycling metal conserves natural resources by extending the lifespan of existing materials reducing the need for new extraction activities, which can cause habitat destruction, soil erosion, and water pollution, all of which contribute to climate change.

4. Waste Reduction and Landfill Diversion: The metal recycling activities undertaken by the Company helps to divert waste from landfill, where decomposition processes generate methane, a potent greenhouse gas.

5. Carbon Footprint Reduction: The entire lifecycle of metal products, from extraction to production to disposal, contributes to carbon emissions. By recycling metals, the overall carbon footprint associated with metals is reduced, as less energy is required for recycling compared to primary production.

6. Promotion of Circular Economy: Metal recycling is a key component of the circular economy, where materials are reused and recycled to minimise waste and resource consumption. By promoting a circular approach to metal use, the Company contributes to a more sustainable and climate-resilient economy.

To maximise the climate benefits of metal recycling, the Company continues to invest in efficient recycling technologies, promoting recycling awareness and participation, and implementing policies that incentivise recycling and circular economy practices.

FINANCIAL POSITION
At 31 May 2024 the company had net assets of £37.46m (31 May 2023 £32.07m). The Company has no debt and at 31 May 2024 had net cash resources of £3.74m. (31 May 2023 no debt and cash resources of £2.52m).

ON BEHALF OF THE BOARD:





W T Bird - Director


16 January 2025

Enicor Limited (Registered number: 03365414)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of metal recycling.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

W T Bird
J E Bowers

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Parkins Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W T Bird - Director


16 January 2025

Report of the Independent Auditors to the Members of
Enicor Limited

Opinion
We have audited the financial statements of Enicor Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the 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 financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Enicor Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Enicor Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review payments to management / related party transactions and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the directors meetings, correspondence with regulators,

We completed a systematic sample of source documentation to the accounting records together with attended stocktakes.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the management that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Enicor Limited


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 a Report of the Auditors 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.




Robert D Parkin FCA (Senior Statutory Auditor)
for and on behalf of Parkins Accountants Ltd
T/A, Parkins, Chartered Accountants and
Statutory Auditors
Moor Park House
Bawtry Rd
Wickersley
Rotherham
South Yorkshire
S66 2BL

16 January 2025

Enicor Limited (Registered number: 03365414)

Income Statement
for the Year Ended 31 May 2024

Period
1/5/22
Year Ended to
31/5/24 31/5/23
Notes £    £   

TURNOVER 4 73,641,534 63,732,768

Cost of sales 59,868,178 52,123,301
GROSS PROFIT 13,773,356 11,609,467

Administrative expenses 9,311,898 5,404,115
OPERATING PROFIT 6 4,461,458 6,205,352

Interest receivable and similar income 3,161 140,726
4,464,619 6,346,078

Interest payable and similar expenses 7 442,602 25,965
PROFIT BEFORE TAXATION 4,022,017 6,320,113

Tax on profit 8 (1,373,608 ) (86,996 )
PROFIT FOR THE FINANCIAL YEAR 5,395,625 6,407,109

Enicor Limited (Registered number: 03365414)

Other Comprehensive Income
for the Year Ended 31 May 2024

Period
1/5/22
Year Ended to
31/5/24 31/5/23
Notes £    £   

PROFIT FOR THE YEAR 5,395,625 6,407,109


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,395,625
Prior year adjustment (1,483,282 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

4,923,827

Enicor Limited (Registered number: 03365414)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 48,129 39,850
Tangible assets 10 1,685,683 552,087
1,733,812 591,937

CURRENT ASSETS
Stocks 11 1,872,131 2,047,289
Debtors 12 40,113,357 33,571,621
Cash at bank and in hand 3,739,094 2,515,813
45,724,582 38,134,723
CREDITORS
Amounts falling due within one year 13 9,946,640 6,657,622
NET CURRENT ASSETS 35,777,942 31,477,101
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,511,754

32,069,038

PROVISIONS FOR LIABILITIES 15 47,091 -
NET ASSETS 37,464,663 32,069,038

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 17 37,463,663 32,068,038
SHAREHOLDERS' FUNDS 37,464,663 32,069,038

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





W T Bird - Director


Enicor Limited (Registered number: 03365414)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,000 27,144,211 27,145,211
Prior year adjustment - (1,483,282 ) (1,483,282 )
As restated 1,000 25,660,929 25,661,929

Changes in equity
Total comprehensive income - 6,407,109 6,407,109
Balance at 31 May 2023 1,000 32,068,038 32,069,038

Changes in equity
Total comprehensive income - 5,395,625 5,395,625
Balance at 31 May 2024 1,000 37,463,663 37,464,663

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Brand development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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

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

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance
sheet date.

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

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade Debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. CRITICAL ACCOUNTING 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.

Stock valuation
The determination of the carrying value of stocks held, notably the different classes of materials and the impact on valuation caused by fluctuations in global commodity prices. The factors taken into consideration in reaching a discussion include a review of the market prices for materials held with reference to the agreed contracted prices. The value of processed goods held for resale include an estimate of the value added during the production process.

Measurement of stock quantities
Stock quantities require an estimation by management which is made using internal management information and adjusted on the basis of a year end physical inspection and managements historical experience.

Depreciation
The determination of the useful economic life if fixed assets held and the estimation of residual values. The
factors taken into account include the extent to which items of plant and machinery are subject to maintenance programmes and an assessment of the expected remaining lives of the assets based on performance measures.

Impairment of goodwill and intangible assets
Impairment tests have been undertaken in respect of goodwill and intangible assets using an assessment of the value in use of the respective Cash Generating Units The assessment requires a number of assumptions and estimates to be made including the allocation of assets to the Cash Generating Units, the expected future cash flows from each Cash Generating Unit and also the selection of the suitable discount rate in order to calculate the present value of those cash flows.

Fair values assigned to acquired assets and liabilities
The determination of the fair values attributed to acquired assets and liabilities requires estimates to be made
about the outcome of future events, including the condition of acquired assets, the ongoing value to the business of intangible assets and the recoverability of other assets. For liabilities, an assessment is required to identify any unrecorded liabilities or disputed amounts to determine whether liabilities should be recognised at the point of acquisition.

Bad debt provisions
A number of accounting estimates and judgements are necessary to determine in the impairment provisions
against trade receivables.

Corporation tax liabilities
The Company is required to estimate it tax assets and liabilities. The requires an assessment of the current tax liability together with the outcome of any open positions which may be subject to challenge by the tax
authorities. As assessment of the temporary differences which arise as a result of different accounting and tax treatments is also required as these temporary differences result in deferred tax assets or liabilities. Deferred tax assets are only recognised to the extent that is is more likely than not that the asset will be realised in the future. This requires judgement to be made, including the levels of forecast future taxable income.

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 May 2024 is given below:

£   
United Kingdom 38,383,261
Europe 4,728,960
Asia 30,529,313
73,641,534

This analysis is not considered to be applicable to the period ended 31 May 2023.

5. EMPLOYEES AND DIRECTORS
Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Wages and salaries 1,505,574 1,383,429
Social security costs 145,570 145,284
Other pension costs 33,134 25,258
1,684,278 1,553,971

The average number of employees during the year was as follows:
Period
1/5/22
Year Ended to
31/5/24 31/5/23

Administration and support 5 4
Other department 33 35
38 39

Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Directors' remuneration - 10,624

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Hire of plant and machinery 813,392 22,862
Other operating leases 424,197 219,839
Depreciation - owned assets 455,269 328,615
(Profit)/loss on disposal of fixed assets (99,557 ) 203,072
Goodwill amortisation - 1
Brand development costs amortisation 11,617 -
Auditors' remuneration 28,000 35,000
Foreign exchange differences 92,955 165

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Other interest 442,602 25,965

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Current tax:
UK corporation tax (1,437,877 ) (39,204 )

Deferred tax 64,269 (47,792 )
Tax on profit (1,373,608 ) (86,996 )

UK corporation tax has been charged at 25% (2023 - 19.94%).

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/5/22
Year Ended to
31/5/24 31/5/23
£    £   
Profit before tax 4,022,017 6,320,113
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.940%)

1,005,504

1,260,231

Effects of:
Expenses not deductible for tax purposes 1,135 40,278
Capital allowances in excess of depreciation (27,809 ) -
Depreciation in excess of capital allowances - 9,919
Adjustments to tax charge in respect of previous periods (486,501 ) 2,715
Research and development tax credit claim (1,065,195 ) (1,352,347 )
Deferred taxation 64,269 (47,792 )
Group relief (865,011 ) -
Total tax credit (1,373,608 ) (86,996 )

9. INTANGIBLE FIXED ASSETS
Brand
development
Goodwill costs Totals
£    £    £   
COST
At 1 June 2023 1 39,850 39,851
Additions - 20,340 20,340
Disposals - (467 ) (467 )
At 31 May 2024 1 59,723 59,724
AMORTISATION
At 1 June 2023 1 - 1
Amortisation for year - 11,617 11,617
Eliminated on disposal - (23 ) (23 )
At 31 May 2024 1 11,594 11,595
NET BOOK VALUE
At 31 May 2024 - 48,129 48,129
At 31 May 2023 - 39,850 39,850

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Property Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 33,300 3,094,141 122,476 153,737 3,403,654
Additions 970,460 597,513 20,892 - 1,588,865
Disposals - (265,968 ) - - (265,968 )
At 31 May 2024 1,003,760 3,425,686 143,368 153,737 4,726,551
DEPRECIATION
At 1 June 2023 - 2,615,740 101,241 134,586 2,851,567
Charge for year 100,449 340,856 7,398 6,566 455,269
Eliminated on disposal - (265,968 ) - - (265,968 )
At 31 May 2024 100,449 2,690,628 108,639 141,152 3,040,868
NET BOOK VALUE
At 31 May 2024 903,311 735,058 34,729 12,585 1,685,683
At 31 May 2023 33,300 478,401 21,235 19,151 552,087

11. STOCKS
2024 2023
£    £   
Stocks 1,872,131 2,047,289

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,023,656 937,794
Other debtors 4,200 7,068
Amounts owing to group undertakings 32,340,308 30,655,657
Corporation tax 1,894,575 1,352,347
VAT 2,745,475 590,304
Deferred tax asset - 17,178
Prepayments 105,143 11,273
40,113,357 33,571,621

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,045,998 3,951,442
Corporation tax 113,819 851,268
Social security and other taxes 38,330 18,893
Other creditors 72,557 27,977
Accrued expenses 2,675,936 1,808,042
9,946,640 6,657,622

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 380,000 380,000
Between one and five years 1,089,458 1,470,082
1,469,458 1,850,082

15. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 47,091

Deferred
tax
£   
Balance at 1 June 2023 (17,178 )
Charge to Income Statement during year 64,269
Balance at 31 May 2024 47,091

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000

17. RESERVES
Retained
earnings
£   

At 1 June 2023 32,068,038
Profit for the year 5,395,625
At 31 May 2024 37,463,663

18. RELATED PARTY DISCLOSURES

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

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 11,673 -
Purchases 465,216 50,406

Enicor Limited (Registered number: 03365414)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

18. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£    £   
Sales - 97,782
Purchases 47,416 7,709
Amount due from related party 14,040 5,187,435
Amount due to related party 47,416 -

19. ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is Enicor Group Limited. Which is incorporated in England and Wales and registered at 3 Hazel Court, Midland Way, Barlborough S43 4FD.

The smallest and largest group in which the results are consolidated is that headed by Pittsburgh Topco Limited a company incorporated in England and Wales and registered at 3 Hazel Court, Midland Way, Barlborough S43 4FD. The consolidated accounts of the company are available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

The ultimate controlling party is considered to be Harwood Private Capital Gp LLP