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Ensco 1337 Limited

Registered number: 11940873
Annual report and
 financial statements
For the year ended 30 April 2024

 
ENSCO 1337 LIMITED
 
 
COMPANY INFORMATION


Directors
CJ Barkey 
D Dudley 
M Pandya 
RA Schofield 
D Stanley 
CA Pykett 
RL Shellard (appointed 20 October 2023)




Registered number
11940873



Registered office
41 Churchill Way
Lomeshaye Industrial Estate

Nelson

Lancashire

BB9 6RT




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
ENSCO 1337 LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Notes to the Financial Statements
 
17 - 38


 
ENSCO 1337 LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity of the Company is that of a holding company. The Company acquired the ELE Advanced Technologies Group in October 2019 comprising that company and its subsidiary in Slovakia ELE Advanced Technologies S.R.O. 

Business review
 
The principal activities of the Group involve the production of complex and high integrity super alloy components for the aerospace, power generation and automotive markets. The group is highly technically specialised and has extensive capabilities and experience of both non-conventional and conventional machining. The group is one of only a very few component manufacturers worldwide that is able to offer the complete package of engineering processes required to fully machine hot-end components, both rotative and static parts including turbine blades, seal segments and nozzle guide vanes for Power and aerospace applications.
The Group’s strategy has focused on supplying high integrity and safety critical machined components in its chosen global market sectors. In each sector competitive advantage has come from the application of specialised niche manufacturing technologies. Critical to this strategy has also been the investment in the latest technology and investment in people and developing their skills, with on-going continuous improvements in process systems and new technology in our factories. 
In 2023/24 the strategy was underpinned by finalising the relocation to a new modernised facility providing significant expansion space enabling growth and productivity gains from more efficient methods of manufacturing, thereby leading to a competitive advantage and enhanced customer experience. 
The relocation combined with the investment in the latest technology for onsite power generation, optimisation of energy in the plant along with several green initiatives in support of our business critical ESG strategy on the journey to net zero. 
A culture of continuous improvement has positioned the business for further growth. With further investment in research and development in 2024 and 2025 the group is well positioned to continue with further sustainable growth supporting key sectors and customers in both existing and new platforms. 
The results for 2023/24, a 15% downturn in volume, reflective of the factory relocation and various requalification of products required following the move, the benefits of the relocation and new investment in equipment are anticipated to reflect in the financial performance from H2 2024. The significant investment made in new technology and in key skills within the group will position the group for further sustainable growth anticipated and reflected in the strongest order book hitherto.
Following the completion of the secondary buyout of the group on 1st October 2019 supported by Lloyds Development Capital, a mid-market private equity investor, the business continues to make the required investments and to embed its position as a strategic supplier for its customers. The Group is committed to continuing organic growth and investing in its manufacturing infrastructure to increase capacity and meet the increasing global demand for the services it provides.

- 1 -

 
ENSCO 1337 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

ESG Strategy

The group recognise the importance of embedding sustainability into strategic decision making and have made significant progress in providing solutions for customers that support the journey to net zero and jet zero, the group is also committed to optimising the sustainability of its operations. The installation of photovoltaic solar panels at its new environmentally friendly manufacturing facility enables the group to generate up to 37% of its own clean energy, with the remaining energy used on site coming from alternative renewable sources. The site also features electric vehicle charging points for all employees and a streamlined waste management system to increase recycling rates. Plus, further ESG plans and targets are in place for the future. 
The group recognise that a continuous ESG assessment is the driver to make change, and the group engaged an external party to independently assess the progress being made, having been benchmarked in 2022, the assessment with an overall score of 70% is considered ‘Advanced’ in the framework when considering the three ESG pillars.
New Product Introduction (NPI), the group considers environmental factors when searching for new business, one key strategy is to consider the ‘miles travelled’ in the manufacture of a fully complete product and to source a much streamlined supply chain, part of the group’s bid and procurement strategy is to evaluate and provide a template for reducing the miles travelled to produce a part, leading to a much reduced co2 footprint, this has been successfully implemented with high volume orders delivered in 2023, this along with reusable packaging for the product. 

Principal risks and uncertainties
 
Change in market demand
The impact of changing market demand is mitigated by operating across both new build and spares markets and by serving three distinct sectors. 
Operation Risk
The Group employs a structured programme of continuous process improvement which has successfully delivered improved productivity and a subsequent reduction in operating cost, the productivity and gap in output in 2022 and 2023 was due to the impact of the major relocation programme which restricted operations, the sales output is anticipated to recover in 2024 and further in 2025 by delivering against the increased demand presented by our key customers. Investment in the latest technology is planned in for 2024 and beyond and will continue to focus on adopting new manufacturing technologies for a higher level of complexity in part design leading to enhanced cooling features and carbon reduction in operation.
Also, the Group has the advantage of flexibility afforded by operating from both the UK and the relatively low-cost economy, in Slovakia.
Competition
The nature of the business, highly specialised manufacturing processes producing high integrity products, requires close collaboration and alliances with customers working with long term agreements. The business is committed to working closely with customers in driving manufacturing improvement and efficiencies in order to provide a competitive solution highly valued by the OEM’s. 
Financial risk
The Group's policy is to match the currencies for revenue and costs wherever possible. 

- 2 -

 
ENSCO 1337 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
EBITDA
Within the year a loss of £2.7m has been recorded after depreciation and amortisation, interest and exceptional items of £5.3m, the Group recorded an EBITDA of £2.4m, the reduction in earnings followed the impact of the relocation of the main UK site whilst retaining all skills in the business, this followed three years of significant investment in capital equipment and in key resources in order to build a solid platform for future growth, the UK orderbook remained strong.
Sales in 2023/24 for the Group decreased by 13.5% to £17.8m, while sales added value reduced 15% to £11.7m resulting in a reduction in earnings. The performance reflects the significant investment made in relocating the facility to a modern manufacturing site, with a significantly increased space.
Working capital 
The Group remains committed to maintaining a prudent but efficient Balance Sheet. The Company generated an operating cash inflow of £3.8m compared to £2.4m inflow in the prior year, this reflects the relocation investment made to facilitate the anticipated future growth. 
Outlook
The Board looks to the future with high confidence, on the back of the recently secured contracts and the quality of the order book. The power generation sector continues to improve with a strong order book and the aerospace sector continues to reflect new platforms coming on stream, from the civil programmes. While some volatility continues to affect both Aerospace and power generation schedules, the impact on the business has been mitigated by winning market share across both spares and new engine platforms. Further investment in new technology has been planned along with securing the new premises for UK operations, this will provide the platform for growth and further enhance the operating performance, this also presents the opportunity to secure the sale of the current site providing funds for future investment in support of the increased customer demand.  
The Group therefore, looks forward to continuing development on the back of significant growth prospects in the chosen market sectors.


This report was approved by the board on 29 January 2025 and signed on its behalf.



D Stanley
Director

- 3 -

 
ENSCO 1337 LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £2,710k (2023 - loss £2,220k).

Directors

The directors who served during the year were:

CJ Barkey 
D Dudley 
M Pandya 
RA Schofield 
D Stanley 
CA Pykett 
RL Shellard (appointed 20 October 2023)

Matters covered in the Group Strategic Report

Information regarding the business review, principal risks and uncertainties, financial key performance indicators, Brexit considerations and future prospects are included within the Strategic Report.

- 4 -

 
ENSCO 1337 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Despite losses seen in the year to 30th April 2024, the directors have confirmed that they believe that the Group will be operating on a going concern. 
Demand from existing customers remains strong and the directors envisage that the Group position will enable the Group to continue its strategy of investment and growth.
Based on forecasted results, the Group expects to see a return to profitability in April 2025. 
The Group’s assets are assessed for recoverability on a regular basis, the directors consider that the Group is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. Based on this assessment, the directors consider that the Group maintains an appropriate level of liquidity sufficient to meet the demands of the business and have confirmed that they believe the Group will continue to operate on a going concern basis.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Group’s ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





D Stanley
Director

- 5 -

 
ENSCO 1337 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1337 LIMITED
 

Opinion

We have audited the financial statements of Ensco 1337 Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 FRS 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 Group's and of the Parent Company’s affairs as at 30 April 2024 and of the Group's loss 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent 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 Group's and the Parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 6 -

 
ENSCO 1337 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1337 LIMITED
 

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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company 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.

- 7 -

 
ENSCO 1337 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1337 LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 is 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 Group's and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the Group and the Parent Company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 8 -

 
ENSCO 1337 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1337 LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




John Daly (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

29 January 2025
- 9 -

 
ENSCO 1337 LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
17,828
20,611

Cost of sales
  
(14,407)
(14,643)

Gross profit
  
3,421
5,968

Distribution costs
  
(380)
(274)

Administrative expenses
  
(6,499)
(7,016)

Exceptional administrative expenses
 13 
(2,016)
-

Other operating income
 5 
4,166
-

Operating loss
 6 
(1,308)
(1,322)

Interest receivable and similar income
 10 
10
10

Interest payable and similar expenses
 11 
(1,673)
(1,576)

Loss before taxation
  
(2,971)
(2,888)

Tax on loss
 12 
261
668

Loss for the financial year
  
(2,710)
(2,220)

  

Foreign exchange movement
  
(45)
6

Other comprehensive income for the year
  
(45)
6

Total comprehensive income for the year
  
(2,755)
(2,214)

  

The notes on pages 17 to 38 form part of these financial statements.

- 10 -

 
ENSCO 1337 LIMITED
REGISTERED NUMBER: 11940873

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible Assets
 14 
2,658
3,147

Tangible assets
 15 
9,508
10,845

  
12,166
13,992

Current assets
  

Stocks
 17 
5,888
6,095

Debtors: amounts falling due within one year
 18 
4,824
5,391

Cash at bank and in hand
 19 
1,593
719

  
12,305
12,205

Creditors: amounts falling due within one year
 20 
(15,262)
(13,566)

Net current liabilities
  
 
 
(2,957)
 
 
(1,361)

Total assets less current liabilities
  
9,209
12,631

Creditors: amounts falling due after more than one year
 21 
(13,694)
(14,416)

Provisions for liabilities
  

Deferred taxation
 24 
(549)
(494)

Net liabilities
  
(5,034)
(2,279)


Capital and reserves
  

Called up share capital 
 25 
11
11

Share premium account
 26 
263
263

Foreign exchange reserve
 26 
(128)
(83)

Profit and loss account
 26 
(5,180)
(2,470)

Equity attributable to owners of the parent Company
  
(5,034)
(2,279)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.

D Stanley
Director

The notes on pages 17 to 38 form part of these financial statements.

- 11 -

 
ENSCO 1337 LIMITED
REGISTERED NUMBER: 11940873

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 16 
11,870
11,870

  
11,870
11,870

Current assets
  

Debtors: amounts falling due within one year
 18 
1,196
1,230

Cash at bank and in hand
 19 
11
-

  
1,207
1,230

Creditors: amounts falling due within one year
 20 
(5,899)
(4,658)

Net current liabilities
  
 
 
(4,692)
 
 
(3,428)

Total assets less current liabilities
  
7,178
8,442

  

Creditors: amounts falling due after more than one year
 21 
(12,800)
(12,800)

  

Net liabilities
  
(5,622)
(4,358)


Capital and reserves
  

Called up share capital 
 25 
11
11

Share premium account
 26 
263
263

Profit and loss account
 26 
(5,896)
(4,632)

  
(5,622)
(4,358)


The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £1,264k (2023: loss after tax £1,277k).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.


D Stanley
Director

The notes on pages 17 to 38 form part of these financial statements.

- 12 -

 
ENSCO 1337 LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 May 2022
11
263
(89)
(250)
(65)


Comprehensive income for the year

Loss for the year
-
-
-
(2,220)
(2,220)

Foreign exchange movement for the year
-
-
6
-
6
Total comprehensive income for the year
-
-
6
(2,220)
(2,214)



At 1 May 2023
11
263
(83)
(2,470)
(2,279)


Comprehensive expense for the year

Loss for the year
-
-
-
(2,710)
(2,710)

Foreign exchange for the year
-
-
(45)
-
(45)
Total comprehensive expense for the year
-
-
(45)
(2,710)
(2,755)


At 30 April 2024
11
263
(128)
(5,180)
(5,034)


The notes on pages 17 to 38 form part of these financial statements.

- 13 -

 
ENSCO 1337 LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 May 2022
11
263
(3,355)
(3,081)


Comprehensive income for the year

Loss for the year
-
-
(1,277)
(1,277)
Total comprehensive income for the year
-
-
(1,277)
(1,277)



At 1 May 2023
11
263
(4,632)
(4,358)


Comprehensive income for the year

Loss for the year
-
-
(1,264)
(1,264)
Total comprehensive income for the year
-
-
(1,264)
(1,264)


At 30 April 2024
11
263
(5,896)
(5,622)


The notes on pages 17 to 38 form part of these financial statements.

- 14 -

 
ENSCO 1337 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£000
£000

Cash flows from operating activities

Loss for the financial year
(2,710)
(2,220)

Adjustments for:

Amortisation of intangible assets
490
490

Depreciation of tangible assets
1,214
1,147

Interest paid
1,673
1,576

Interest received
(10)
(10)

Taxation charge
(261)
(668)

Decrease in stocks
207
216

Decrease in debtors
905
677

Increase in creditors
2,560
999

Corporation tax (paid)/received
(66)
166

Foreign exchange
(171)
44

Net cash generated from operating activities

3,831
2,417


Cash flows from investing activities

Purchase of tangible fixed assets
(970)
(2,232)

Sale of tangible fixed assets
1,262
-

Interest received
10
10

HP interest paid
(101)
(101)

Net cash from/(used in) investing activities

201
(2,323)
- 15 -

 
ENSCO 1337 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£000
£000



Cash flows from financing activities

Movement on invoice discounting
(914)
959

Repayment of/new finance leases
(627)
(520)

Interest paid
(1,572)
(1,475)

Net cash used in financing activities
(3,113)
(1,036)

Net increase/(decrease) in cash and cash equivalents
919
(942)

Cash and cash equivalents at beginning of year
719
1,655

Foreign exchange gains and losses
(45)
6

Cash and cash equivalents at the end of year
1,593
719


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,593
719

1,593
719


- 16 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ensco 1337 Limited (‘the Company’) is a private company limited by shares, incorporated within the United Kingdom, and registered in England. The address of its registered office and principal place of business is shown in the company information section.
The principal activity of the Company and its subsidiary is specialist engineering combining a number of niche processes to produce high integrity components for a variety of industries, all demanding flexible production.
The functional currency of Ensco 1337 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The consolidated financial statements are also presented in pounds sterling. Foreign operations are included in accordance with the policies set out below.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

- 17 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Despite losses seen in the year to 30th April 2024, the directors have confirmed that they believe that the Group will be operating on a going concern. 
Demand from existing customers remains strong and the directors envisage that the Group position will enable the Group to continue its strategy of investment and growth.
Based on forecasted results, the Group expects to see a return to profitability in April 2025. 
The Group’s assets are assessed for recoverability on a regular basis, the directors consider that the Group is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. Based on this assessment, the directors consider that the Group maintains an appropriate level of liquidity sufficient to meet the demands of the business and have confirmed that they believe the Group will continue to operate on a going concern basis.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Group’s ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

- 18 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'interest receivable or payable'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 19 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

- 20 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

- 21 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
L/Term Leasehold Property
-
over the remaining life of the lease
Plant & machinery
-
10%
Motor vehicles
-
33%
Fixtures & fittings
-
20%
Computer equipment
-
22-33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 22 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

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.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

- 23 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group 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, loans to related parties and investments in 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.
 

- 24 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that the directors have made in the process of applying the Group's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Judgments in applying accounting policies
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(ii) Recoverability of trade and other receivables 
The Company establishes a provision for receivable that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, financial position of the other party, and the credit profile of individual or groups of customers.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
5,223
11,542

Rest of the world
12,605
9,069

17,828
20,611



5.


Other operating income

2024
2023
£000
£000

Other operating income
4,166
-


- 25 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£000
£000

Depreciation of tangible assets
1,214
827

Exchange differences
9
81

Amortisation of goodwill
490
490

Defined contribution pension cost
305
296

Other operating lease rentals
-
221


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£000
£000

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
29
26

- 26 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£000
£000


Wages and salaries
6,474
6,191

Social security costs
840
850

Cost of defined contribution scheme
305
294

7,619
7,335


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
153
172



Sales and distribution
30
4



Administration
14
29

197
205


9.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
457
480

Group contributions to defined contribution pension schemes
44
35

501
515


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £144k (2023 - £164k).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8k (2023 - £NIL).

- 27 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable and similar income

2024
2023
£000
£000


Other interest receivable
10
10


11.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
292
185

Other loan interest payable
1,280
1,290

Finance leases and hire purchase contracts
101
101

1,673
1,576


12.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
-
1

Adjustments in respect of previous periods
(336)
(136)


(336)
(135)

Foreign tax


Foreign tax on income for the year
21
-

21
-

Total current tax
(315)
(135)

Deferred tax


Origination and reversal of timing differences
(503)
(574)

Adjustments in respect of prior periods
557
41

Total deferred tax
54
(533)


Taxation on loss on ordinary activities
(261)
(668)
- 28 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Loss on ordinary activities before tax
(2,971)
(2,888)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(743)
(549)

Effects of:


Fixed asset differences
(694)
(27)

Additional deduction for R&D expenditure
-
(203)

Goodwill amortisation not deductible
123
93

Adjustments to tax charge in respect of previous periods
(336)
(136)

Expenses not deductible for tax purposes
100
2

Adjustments to tax charge in respect of previous periods - deferred tax
557
41

Movement in deferred tax not recognised
316
45

Remeasurement of deferred tax for changes in tax rates
-
71

Chargeable gains
424
-

Other differences leading to an increase (decrease) in the tax charge
(8)
(5)

Total tax charge for the year
(261)
(668)


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


13.


Exceptional items

2024
2023
£000
£000


Exceptional items
2,016
-

All exceptional costs relate to the sale of the old premises and moving into the new one.

- 29 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group





Goodwill

£000



Cost


At 1 May 2023
4,904



At 30 April 2024

4,904



Amortisation


At 1 May 2023
1,757


Charge for the year
490



At 30 April 2024

2,247



Net book value



At 30 April 2024
2,657



At 30 April 2023
3,147


Company
The Company did not hold any intangible assets at year-end.
- 30 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Freehold
property
L/Term Lease-hold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Assets under construction
Total

£000
£000
£000
£000
£000
£000
£000
£000



Cost


At 1 May 2023
1,486
-
10,744
6
74
347
1,947
14,604


Additions
-
853
361
-
26
5
-
1,245


Disposals
(1,947)
-
(46)
-
(64)
-
(87)
(2,144)


Transfers between classes
(384)
2,126
25
-
78
15
(1,860)
-


Exchange adjustments
(7)
-
(103)
-
-
-
-
(110)



At 30 April 2024

(852)
2,979
10,981
6
114
367
-
13,595



Depreciation


At 1 May 2023
218
-
3,309
5
37
191
-
3,760


Charge
for the year
78
60
990
1
22
63
-
1,214


Disposals
(785)
-
(33)
-
(64)
-
-
(882)


Transfers between classes
(81)
81
-
-
-
-
-
-


Exchange adjustments
(6)
-
1
-
-
-
-
(5)



At 30 April 2024

(576)
141
4,267
6
(5)
254
-
4,087



Net book value



At 30 April 2024
(276)
2,838
6,714
-
119
113
-
9,508



At 30 April
2023
1,268
-
7,435
1
37
156
1,947
10,844
- 31 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2024
2023
£000
£000



Plant and machinery
3,748
4,058


16.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost


At 1 May 2023
11,870






Net book value



At 30 April 2024
11,870



At 30 April 2023
11,870

- 32 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name         Class of shares   Holding             
ELE Advanced Technologies Limited    Ordinary shares   100%
The company's registered office is 41, Churchill Way, Lomeshaye Industrial Estate, Nelson, BB9 6RT. The company's principal activity is precision engineering.
Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name         Class of shares   Holding
ELE Advanced Technologies S.R.O    Ordinary shares   100%
ELE Advanced Technologies S.R.O is a company incoporated in Slovakia. The company's registered office is Kvýstavisku 107/13, 91101 Trencín, Slovak. The company's principal activity is precision engineering.


17.


Stocks

Group
Group
2024
2023
£000
£000

Raw materials and consumables
2,663
2,442

Work in progress (goods to be sold)
3,225
3,653

5,888
6,095


The difference between purchase price or production cost of stocks and their replacement cost is not material.

- 33 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Debtors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
2,530
4,096
128
128

Amounts owed by group undertakings
-
-
1,049
1,049

Other debtors
246
318
-
34

Prepayments and accrued income
1,710
977
19
19

Tax recoverable
338
-
-
-

4,824
5,391
1,196
1,230


Amounts owed by group undertakings are interest free and repayable on demand.


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
1,593
719
11
-



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Invoice discounting
45
959
-
-

Trade creditors
4,410
5,707
7
8

Corporation tax
20
64
-
4

Other taxation and social security
1,552
600
28
25

Obligations under finance lease and hire purchase contracts
923
850
-
-

Other creditors
143
177
-
-

Accruals and deferred income
8,169
5,209
5,864
4,621

15,262
13,566
5,899
4,658


Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. 
Invoice discounting creditor are secured over the trade debtors to which they relate.

- 34 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Other loans
12,800
12,800
12,800
12,800

Net obligations under finance leases and hire purchase contracts
861
1,561
-
-

Other creditors
33
55
-
-

13,694
14,416
12,800
12,800


Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. 


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000



Amounts falling due after more than 5 years

Other loans
12,800
12,800
12,800
12,800

12,800
12,800
12,800
12,800



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£000
£000

Within one year
905
850

Between 1-5 years
861
1,561

1,766
2,411

- 35 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Deferred taxation


Group



2024
2023


£000

£000






At beginning of year
(493)
(1,044)


Charged to profit or loss
(54)
533


Foreign exchange movement
(2)
18



At end of year
(549)
(493)

Company


2024
2023






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£000
£000

Accelerated capital allowances
(1,173)
(1,190)

Losses and other deductions
1,042
687

Short term timing differences
7
11

Capital gains
(425)
-

(549)
(492)

- 36 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary A shares of £0.02 each
4,000
4,000
17,213 (2023 - 17,213) Ordinary B shares of £0.10 each
1,721
1,721
57,739 (2023 - 57,739) Ordinary C shares of £0.10 each
5,774
5,774

11,495

11,495

The holders of each class of Ordinary shares are entitled to receive dividends at the discretion of the shareholders and are entitled to one vote per share at meetings of the Company.



26.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Foreign exchange reserve

This reserve is exchange differences on translation to the presentational currency arising in the consolidated financial statements and has no effect on distributable profits.

Profit & loss account

This reserve represents cumulative profits and losses, less dividends paid.

27.


Analysis of net debt




At 1 May 2023
Cash flows
At 30 April 2024
£000

£000

£000

Cash at bank and in hand

719

874

1,593

Debt due after 1 year

(12,800)

-

(12,800)

Finance leases

(2,411)

627

(1,784)


(14,492)
1,501
(12,991)

- 37 -

 
ENSCO 1337 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

28.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £260k (2023: £294k). Contributions totalling £42k (2023: £37k) were payable to the fund at the Statement of Financial Position date and are included in creditors.


29.


Commitments under operating leases

At 30 April 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Land and buildings

Not later than 1 year
443
89

Later than 1 year and not later than 5 years
1,656
356

Later than 5 years
1,241
356

3,340
801


Group
Group
2024
2023
£000
£000

Other

Not later than 1 year
90
9

Later than 1 year and not later than 5 years
136
9

226
18


30.


Related party transactions

The Group has taken advantage of the exemption from disclosing related party transactions with wholly owned subsidiaries.
During the year, fees of £50k (2023: £50k) were paid to LDC (Managers) Limited, a shareholder of the Company.


31.


Controlling party

The ultimate controlling party was considered to be LDC GP LLP for the year ended 30 April 2024.

- 38 -