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Company registration number: SC380506
Ennova Limited
Unaudited filleted financial statements
30 April 2024
Ennova Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ennova Limited
Directors and other information
Directors
Mr J.M.M. Cumming
Mrs K.E. Ramsey (Resigned 31 May 2024)
Mr K.M. Dunlop
Mr F. Morrison
Mr R.W.L. Hardie
Mrs E.L. Forrester (Appointed 1 May 2023)
Company number SC380506
Registered office 26 George Square
Edinburgh
EH8 9LD
Accountants McDonald Gordon & Co Ltd
29 York Place
Edinburgh
EH1 3HP
Ennova Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ennova Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ennova Limited for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Ennova Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ennova Limited and state those matters that we have agreed to state to the board of directors of Ennova Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ennova Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ennova Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ennova Limited. You consider that Ennova Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ennova Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McDonald Gordon & Co Ltd
Chartered Certified Accountants
29 York Place
Edinburgh
EH1 3HP
27 January 2025
Ennova Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 52,441 56,348
Investments 6 97 97
_______ _______
52,538 56,445
Current assets
Stocks 40,000 40,000
Debtors 7 328,447 295,372
Cash at bank and in hand 2,284,528 985,873
_______ _______
2,652,975 1,321,245
Creditors: amounts falling due
within one year 8 ( 2,103,489) ( 845,479)
_______ _______
Net current assets 549,486 475,766
_______ _______
Total assets less current liabilities 602,024 532,211
Creditors: amounts falling due
after more than one year 9 ( 12,184) ( 22,399)
Provisions for liabilities 10 ( 13,111) ( 14,086)
_______ _______
Net assets 576,729 495,726
_______ _______
Capital and reserves
Called up share capital 145,303 128,720
Capital redemption reserve 69,697 61,280
Profit and loss account 361,729 305,726
_______ _______
Shareholders funds 576,729 495,726
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr J.M.M. Cumming
Director
Company registration number: SC380506
Ennova Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 May 2022 112,138 52,862 424,714 589,714
Profit for the year 457,257 457,257
_______ _______ _______ _______
Total comprehensive income for the year - - 457,257 457,257
Issue of shares 25,000 25,000
Dividends paid and payable ( 550,992) ( 550,992)
Cancellation of subscribed capital ( 8,418) 8,418 - -
Redemption of shares - - ( 25,253) ( 25,253)
_______ _______ _______ _______
Total investments by and distributions to owners 16,582 8,418 ( 576,245) ( 551,245)
_______ _______ _______ _______
At 30 April 2023 and 1 May 2023 128,720 61,280 305,726 495,726
Profit for the year 540,595 540,595
_______ _______ _______ _______
Total comprehensive income for the year - - 540,595 540,595
Issue of shares 25,000 25,000
Dividends paid and payable ( 484,592) ( 484,592)
Cancellation of subscribed capital ( 8,417) 8,417 - -
_______ _______ _______ _______
Total investments by and distributions to owners 16,583 8,417 ( 484,592) ( 459,592)
_______ _______ _______ _______
At 30 April 2024 145,303 69,697 361,729 576,729
_______ _______ _______ _______
Ennova Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ennova Limited, 26 George Square, Edinburgh, EH8 9LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.Revenue from the the provision of services is recognised when 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.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % reducing balance
Leasehold Improvements - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Work In Progress
Work in progress is recognised when 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.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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 in finance costs 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 or 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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 24 ).
5. Tangible assets
Fixtures, fittings and equipment Leasehold improvements Total
£ £ £
Cost
At 1 May 2023 112,206 8,316 120,522
Additions 9,416 - 9,416
_______ _______ _______
At 30 April 2024 121,622 8,316 129,938
_______ _______ _______
Depreciation
At 1 May 2023 59,185 4,990 64,175
Charge for the year 12,490 832 13,322
_______ _______ _______
At 30 April 2024 71,675 5,822 77,497
_______ _______ _______
Carrying amount
At 30 April 2024 49,947 2,494 52,441
_______ _______ _______
At 30 April 2023 53,021 3,326 56,347
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 and 30 April 2024 97 97
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 97 97
_______ _______
At 30 April 2023 97 97
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 271,473 247,905
Other debtors 56,974 47,467
_______ _______
328,447 295,372
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 35,730 15,346
Trade creditors 5,922 4,777
Amounts owed to group undertakings and undertakings in which the company has a participating interest 97 97
Corporation tax 190,279 120,605
Social security and other taxes 154,098 133,236
Other creditors 1,717,363 571,418
_______ _______
2,103,489 845,479
_______ _______
Included in Other creditors is a sum due to clients of £1,607,715 (2023: £462,310) which is exceeded by sums held in a designated clients' bank account. At the balance sheet date the clients' bank account held funds of £1,641,035 (2023: £512,402) on behalf of third parties.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,184 22,399
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 May 2023 14,086 14,086
Additions ( 975) ( 975)
_______ _______
At 30 April 2024 13,111 13,111
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 13,111 14,086
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances - 14,086
_______ _______