Ensco 1337 Limited
Registered number: 11940873
Annual report and
financial statements
For the year ended 30 April 2024
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ENSCO 1337 LIMITED
COMPANY INFORMATION
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RL Shellard (appointed 20 October 2023)
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Lomeshaye Industrial Estate
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Chartered Accountants & Statutory Auditor
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ENSCO 1337 LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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ENSCO 1337 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
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ENSCO 1337 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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
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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.
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ENSCO 1337 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Financial key performance indicators
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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.
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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
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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 2006. They 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.
The loss for the year, after taxation, amounted to £2,710k (2023 - loss £2,220k).
The directors who served during the year were:
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RL Shellard (appointed 20 October 2023)
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Matters covered in the Group Strategic Report
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Information regarding the business review, principal risks and uncertainties, financial key performance indicators, Brexit considerations and future prospects are included within the Strategic Report.
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ENSCO 1337 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Disclosure of information to auditor
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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.
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.
The auditor, Forvis Mazars LLP, will 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.
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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.
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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.
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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.
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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
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ENSCO 1337 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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Exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Foreign exchange movement
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 17 to 38 form part of these financial statements.
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ENSCO 1337 LIMITED
REGISTERED NUMBER: 11940873
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.
The notes on pages 17 to 38 form part of these financial statements.
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ENSCO 1337 LIMITED
REGISTERED NUMBER: 11940873
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 17 to 38 form part of these financial statements.
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ENSCO 1337 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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Comprehensive income for the year
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Foreign exchange movement for the year
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Total comprehensive income for the year
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Comprehensive expense for the year
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Foreign exchange for the year
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Total comprehensive expense for the year
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The notes on pages 17 to 38 form part of these financial statements.
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ENSCO 1337 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 17 to 38 form part of these financial statements.
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ENSCO 1337 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
Cash flows from operating activities
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Loss for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Corporation tax (paid)/received
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from/(used in) investing activities
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ENSCO 1337 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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Cash flows from financing activities
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Movement on invoice discounting
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Repayment of/new finance leases
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Foreign exchange gains and losses
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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
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Basis of preparation of financial statements
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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:
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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Foreign currency translation
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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.
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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessee
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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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
- 21 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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:
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:
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L/Term Leasehold Property
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over the remaining life of the lease
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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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
Analysis of turnover by country of destination:
- 25 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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The operating loss is stated after charging:
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Depreciation of tangible assets
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Defined contribution pension cost
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Other operating lease rentals
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During the year, the Group obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
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- 26 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £144k (2023 - £164k).
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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).
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- 27 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Interest receivable and similar income
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Other interest receivable
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Interest payable and similar expenses
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Other loan interest payable
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Finance leases and hire purchase contracts
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax on income for the year
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on loss on ordinary activities
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- 28 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Taxation (continued)
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Factors affecting tax charge for the year
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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:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
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Additional deduction for R&D expenditure
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Goodwill amortisation not deductible
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Adjustments to tax charge in respect of previous periods
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of previous periods - deferred tax
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Movement in deferred tax not recognised
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Remeasurement of deferred tax for changes in tax rates
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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Factors that may affect future tax charges
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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.
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All exceptional costs relate to the sale of the old premises and moving into the new one.
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- 29 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Company
The Company did not hold any intangible assets at year-end.
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- 30 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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L/Term Lease-hold Property
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Assets under construction
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Transfers between classes
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Transfers between classes
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- 31 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Investments in subsidiary companies
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- 32 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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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.
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Raw materials and consumables
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Work in progress (goods to be sold)
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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- 33 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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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.
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- 34 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
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Analysis of the maturity of loans is given below:
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Amounts falling due after more than 5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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- 35 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Charged to profit or loss
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Foreign exchange movement
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Losses and other deductions
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Short term timing differences
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- 36 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Allotted, called up and fully paid
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200,000 (2023 - 200,000) Ordinary A shares of £0.02 each
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17,213 (2023 - 17,213) Ordinary B shares of £0.10 each
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57,739 (2023 - 57,739) Ordinary C shares of £0.10 each
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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.
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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.
- 37 -
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ENSCO 1337 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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Commitments under operating leases
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At 30 April 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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Related party transactions
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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.
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The ultimate controlling party was considered to be LDC GP LLP for the year ended 30 April 2024.
- 38 -
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