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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

COMPANY INFORMATION


Directors
A Perrotta (resigned 30 November 2023)
J Soon Swee Har 
P Martinek (resigned 17 September 2024)
S Rustler 
J Gu (appointed 17 September 2024)




Company secretary
J Soon Swee Har



Registered number
SC045447



Registered office
Elliot Industrial Estate

Arbroath

DD11 2NN




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 29


 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the strategic report for the year ended 30 June 2024.

Business review
 
2024 demonstrated an improved financial performance. We were able to increase revenues by 9% over the prior year - 2024 £18,346,749 (2023 £16,904,287).   We are an energy intensive business and in common with most UK manufacturers, we have experienced very high energy price increases in recent years (over 200%) but we are pleased to note that energy costs stabilised, and actually reduced in the year under review (small reduction £68,321). Our gross profit margins improved to 31.8% ( 2023 = 28%) and we report a loss for the year of £685,218 – this represents an improvement of  £1,223,288 on the prior year performance (2023 loss £1,908,506). As part of an International Group we paid increased intercompany management charges of £1,538,649 through our Statement of Comprehensive Income (2023   £1,210,019). 
During the year the company rebranded itself from Interplex to Ennovi and changed it’s company name as noted above. Trading activities focus on designing and manufacturing interconnect solutions, mainly to the electric automotive sector. Exceptional rebranding costs of £67,163 were incurred. During the year an associated company converted a loan balance of £2,180,443 into a capital contribution reserve (Note 20),  further demonstrating the Group’s commitment to our UK activities. 
To remain competitive the directors recognise that fresh investment is necessary and in the period under review the Company invested £223,046 in new plant and machinery.

Financial key performance indicators
 
Key financial KPI's 2024  2023 
Gross profit margin  31.7%  28.0% 
Debtor days                  68  77 
We are satisfied with our liquidity position which shows a cash surplus generated in the period of £422,182
 

Outlook
 
The Company has maintained it’s excellent reputation for service levels and quality in the market, and continues to develop alliances with existing and new customers who recognise the unique advantages of our Company.  We have won exciting new programme awards from our customers which will generate substantial extra revenues in the years ahead. 


This report was approved by the board on 7 April 2025 and signed on its behalf.



J Soon Swee Har
Director

Page 1

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 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 £685,218 (2023 - loss £1,908,506).

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

A Perrotta (resigned 30 November 2023)
J Soon Swee Har 
P Martinek (resigned 17 September 2024)
S Rustler 

Page 2

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties

Our financial risk management objectives are to ensure sufficient working capital and cash flow for the company and to ensure there is sufficient support for its strategy. This is achieved through careful management of our cash resources, by loans from group companies and by obtaining finance leases. No treasury transactions or derivatives are entered into.
The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit verification and control procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
The nature of the company's financial instruments means it is subject to minimal price or liquidity risk.
The company's principal foreign currency exposures arise from trading with overseas companies. The company manages this risk by encouraging new and existing customers to trade in GBP sterling , and also by buying raw material denominated in Euros which provides a form of hedging.

Future developments

Operating under the new Ennovi brand, the Company will continue to focus its efforts primarily within the automotive sector, providing mobility electrification solutions to a rapidly expanding market.  

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 April 2025 and signed on its behalf.
 





J Soon Swee Har
Director
Page 3

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

Opinion


We have audited the financial statements of Ennovi Advanced Mobility Solutions UK Limited (formerly Interplex PMP Limited) (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED) (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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


Page 6

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED) (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

7 April 2025
Page 7

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
 4 
18,346,749
16,904,287

Cost of sales
  
(12,528,536)
(12,170,659)

Gross profit
  
5,818,213
4,733,628

Distribution costs
  
(157,335)
(157,953)

Administrative expenses
  
(6,760,830)
(6,847,991)

Other operating income
 5 
557,998
438,078

Exceptional other operating charges
  
(67,163)
-

Operating loss
 6 
(609,117)
(1,834,238)

Interest payable and similar expenses
 8 
(129,633)
(127,158)

Loss before tax
  
(738,750)
(1,961,396)

Tax on loss
 9 
53,532
52,890

Loss for the financial year
  
(685,218)
(1,908,506)

Other comprehensive income for the year
  

Actuarial gains on defined benefit pension scheme
  
(99,816)
374,494

Other comprehensive income for the year
  
(99,816)
374,494

Total comprehensive income for the year
  
(785,034)
(1,534,012)

The notes on pages 13 to 29 form part of these financial statements.

Page 8

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
REGISTERED NUMBER: SC045447

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 12 
3,230,784
3,699,815

  
3,230,784
3,699,815

Current assets
  

Stocks
 13 
2,093,628
2,263,358

Debtors: amounts falling due within one year
 14 
3,686,258
3,872,385

Cash at bank and in hand
  
1,007,616
585,434

  
6,787,502
6,721,177

Creditors: amounts falling due within one year
 15 
(9,222,356)
(10,996,786)

Net current liabilities
  
 
 
(2,434,854)
 
 
(4,275,609)

Total assets less current liabilities
  
795,930
(575,794)

Creditors: amounts falling due after more than one year
 16 
(128,531)
(258,671)

  

Pension asset
  
86,811
193,266

Net assets/(liabilities)
  
754,210
(641,199)


Capital and reserves
  

Called up share capital 
 19 
70,322
70,322

Share premium account
 20 
182,362
182,362

Capital contribution reserve
 20 
2,229,935
49,492

Profit and loss account
 20 
(1,728,409)
(943,375)

  
754,210
(641,199)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2025.




J Soon Swee Har
Director

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

£
£
£
£
£


At 1 July 2022
70,322
182,362
49,492
590,637
892,813



Loss for the year
-
-
-
(1,908,506)
(1,908,506)

Actuarial gains on pension scheme
-
-
-
374,494
374,494



At 1 July 2023
70,322
182,362
49,492
(943,375)
(641,199)



Loss for the year
-
-
-
(685,218)
(685,218)

Actuarial losses on pension scheme
-
-
-
(99,816)
(99,816)

Capital contribution
-
-
2,180,443
-
2,180,443


At 30 June 2024
70,322
182,362
2,229,935
(1,728,409)
754,210


The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(685,218)
(1,908,506)

Adjustments for:

Depreciation of tangible assets
692,077
684,410

Loss on disposal of tangible assets
(515)
(1,273)

Government grants
-
(2,000)

Interest paid
129,633
127,158

Taxation charge
(53,532)
(52,890)

Decrease in stocks
169,730
1,066,794

Decrease in debtors
186,127
388,193

Decrease in amounts owed by groups
-
1,799,760

(Decrease) in creditors
(577,901)
(1,097,078)

(Decrease)/increase in amounts owed to groups
(738,974)
-

Increase in net pension assets/liabs
16,157
24,404

Corporation tax received
53,532
52,890

Net cash generated from operating activities

(808,884)
1,081,862


Cash flows from investing activities

Purchase of tangible fixed assets
(223,046)
(297,479)

Sale of tangible fixed assets
515
8,000

Government grants received
-
2,000

Net cash from investing activities

(222,531)
(287,479)

Cash flows from financing activities

Repayment of loans
(54,780)
(54,775)

Other new loans
-
474,477

Repayment of other loans
(334,407)
(555,644)

Repayment of/new finance leases
(198,508)
(325,006)

Interest paid
(139,151)
(120,945)

Members' capital contributed
2,180,443
-

Net cash used in financing activities
1,453,597
(581,893)

Net increase in cash and cash equivalents
422,182
212,490

Cash and cash equivalents at beginning of year
585,434
372,944

Cash and cash equivalents at the end of year
1,007,616
585,434


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,007,616
585,434

1,007,616
585,434


The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

585,434

422,182

1,007,616

Debt due after 1 year

(68,232)

68,232

-

Debt due within 1 year

(2,145,173)

320,955

(1,824,218)

Finance leases

(407,083)

198,508

(208,575)


(2,035,054)
1,009,877
(1,025,177)

The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Ennovi Advanced Mobility Solutions UK Limited is a private company limited by shares incorporated in Scotland. The registered office is Elliot Industrial Estate, Arbroath, DD11 2NN.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the future peformance of the Company, taking into account cash flow and working capital availability and are confident that the Company will have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In view of the above, the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company'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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company 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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

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.

Page 14

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 15

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Taxation

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 operates and generates income.


 
2.11

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.

 
2.12

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
-
40 years
Plant and machinery
-
varying rates

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.

 
2.13

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 weighted average 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.

Page 16

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles required the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Tangible Fixed Assets
The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives of the assets. The useful economic lives are assessed annually and amended when necessary to reflect judgement, based on technological advancements, future investments, economic utilisation and physical condition of the assets.
Defined Benefit Pension Scheme
Management's estimate of the defined benefit obligation is based on a number of underlying assumptions including rates of inflation, mortality, discount rate and asset valuations. The assumptions reflect historical experience and current trends. Variation in these assumptions may significantly impact the defined benefit obligation amount and the annual defined benefit expense amount.
Stock Provision
Stock is valued at the lower of cost and net realisable value. This includes any provisions for slow moving or obsolete stock. Calculation of such provisions requires judgments to be made on various aspects of stock based on forecasts and historical trading.
The Directors review the valuation method on a regular basis to ensure that the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end.

Page 17

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Product revenue
17,678,230
15,336,667

Tooling revenue
668,519
1,567,620

18,346,749
16,904,287


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,984,092
7,919,449

Rest of Europe
13,161,681
7,738,999

Rest of the world
1,200,976
1,245,839

18,346,749
16,904,287



5.


Other operating income

2024
2023
£
£

Other operating income
557,998
436,078

Government grants receivable
-
2,000

557,998
438,078



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
37,263
(143,228)

Government grants receivable
-
(2,000)

Fees payable to the company's auditor for the audit of the company's financial statements
24,200
23,000

Depreciation of plant and equipment
692,077
684,410

(Profit)/loss on sale of tangible assets
(515)
(1,273)

Other operating lease rentals
103,299
94,694

Page 18

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,851,282
5,063,139

Social security costs
501,059
475,804

Cost of defined benefit scheme
120,979
100,050

Cost of defined contribution scheme
187,594
190,097

5,660,914
5,829,090


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


        2024
        2023
            No.
            No.







Office and management
35
39



Manufacturing
105
106

140
145


8.


Interest payable and similar expenses

2024
2023
£
£


Interest payable to associates/group companies
97,391
63,977

Hire purchase interest payable
41,760
56,968

Interest on net defined benefit liability
(9,518)
6,213

129,633
127,158

Page 19

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(53,532)
(52,890)


(53,532)
(52,890)


Total current tax
(53,532)
(52,890)

Deferred tax

Total deferred tax
-
-


Tax on loss
(53,532)
(52,890)

Factors affecting tax charge for the year

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

2024
2023
£
£


Loss on ordinary activities before tax
(738,750)
(1,961,396)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(184,688)
(372,665)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,315
3,975

Capital allowances for year in excess of depreciation
50,118
6,827

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(53,532)
(52,890)

Unrelieved tax losses carried forward
130,255
361,863

Total tax charge for the year
(53,532)
(52,890)

The Company has unrelieved tax losses and other timing differences of £3.7m (2023 - £3.4m) with an associated unrecognised deferred tax asset arising from these of £0.94m (2023- £0.85m). The deferred tax asset has not been recognised due to uncertainty over when it will be recovered against the reversal of deferred tax liabilities or future taxable profits.

Page 20

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Exceptional items

2024
2023
£
£


Rebranding costs
67,163
-

67,163
-


11.


Intangible assets




Development expenditure

£



Cost


At 1 July 2023
505,966



At 30 June 2024

505,966



Amortisation


At 1 July 2023
505,966



At 30 June 2024

505,966



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 21

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 July 2023
3,095,292
15,317,923
18,413,215


Additions
561
222,485
223,046



At 30 June 2024

3,095,853
15,540,408
18,636,261



Depreciation


At 1 July 2023
2,188,009
12,525,391
14,713,400


Charge for the year on owned assets
86,812
605,265
692,077



At 30 June 2024

2,274,821
13,130,656
15,405,477



Net book value



At 30 June 2024
821,032
2,409,752
3,230,784



At 30 June 2023
907,283
2,792,532
3,699,815

Included within plant and machinery are assets under the course of construction amounting to nil (2023 - £73,181) which are not depreciated.

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


2024
2023
£
£



Plant and machinery
879,034
1,153,668

879,034
1,153,668


13.


Stocks

2024
2023
£
£

Raw materials and consumables
1,167,976
1,415,844

Work in progress
833,161
735,527

Finished goods and goods for resale
92,491
111,987

2,093,628
2,263,358


Page 22

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Debtors

2024
2023
£
£


Trade debtors
3,412,912
3,519,092

Other debtors
66,345
58,775

Prepayments and accrued income
207,001
294,518

3,686,258
3,872,385



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Obligations under finance lease and hire purchase contracts
80,044
216,644

Other loans
1,755,715
2,090,122

Trade creditors
1,063,796
1,381,877

Amounts owed to group undertakings
5,401,938
6,140,912

Other taxation and social security
115,130
127,092

Other creditors
242,160
421,633

Accruals and deferred income
495,070
563,455

Bank loans
68,503
55,051

9,222,356
10,996,786



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
68,232

Net obligations under finance leases and hire purchase contracts
128,531
190,439

128,531
258,671


Page 23

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
68,503
55,051

Other loans
1,755,715
2,090,122


1,824,218
2,145,173

Amounts falling due 1-2 years

Bank loans
-
68,232


-
68,232



1,824,218
2,213,405


Bank loans comprises of a lending facility obtained under the Coronavirus Business Interruption Loan Scheme (CBILS), which is 100% guaranteed by the UK Government. This is repayable in monthly instalments until September 2024.
Other loans comprises of balances payable to the parent and a fellow subsidiary company in monthly instalments over the period until June 2024. Interest is charged at a rate of 2.5% per annum.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Amounts falling due within 1 year
80,044
216,644

Amounts falling due after 1 year
128,531
190,439

208,575
407,083

Finance lease payables are secured over the fixed assets to which they relate.

Page 24

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



66,806 (2023 - 66,806) Ordinary shares of £1.00 each
66,806
66,806
3,516 (2023 - 3,516) Redeemable shares of £1.00 each
3,516
3,516

70,322

70,322



20.


Reserves

Share premium account

Share premium account represents the surplus amount received on the issue of share capital 

Capital contribution reserve

The capital contribution reserve represents monies paid by group companies that are not loans or share capital 

Profit and loss account

Profit and loss account represents accumulated comprehensive income for the financial year and prior financial years 


21.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
26,345

-
26,345

Page 25

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


22.


Pension commitments

The Company operates a Defined benefit pension scheme.

The defined benefit pension scheme stopped accruing benefits on 30 September 2003. The scheme is subject to an annual actuarial valuation by a qualified actuary.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 30 June 2024 by Spence & Partners Limited, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
The company currently pays contributions of £117,199 per annum, increasing in line with RPI on 1 March each year, as noted in the Recovery Plan agreed as part of the annual actuarial valuation as at 30 June 2020.
The pension contributions paid in the year were £104,822 (2023 - £75,646).



Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
1,139,027
1,363,011

Current service cost
120,979
100,050

Interest cost
56,500
50,039

Actuarial gains and losses
40,199
(170,396)

Benefits paid
(79,617)
(103,627)

Charges paid
(120,979)
(100,050)

At the end of the year
1,156,109
1,139,027

2024
2023
£
£


Fair value of plan assets
1,242,920
1,332,293

Present value of plan liabilities
(1,156,109)
(1,139,027)

Net pension scheme liability
86,811
193,266


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Current service cost
120,979
100,050

Interest on obligation
(9,518)
6,213

Total
111,461
106,263


Page 26

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
22.Pension commitments (continued)


Reconciliation of fair value of plan assets were as follows:

2024
2023
£
£


Opening fair value of scheme assets
1,332,293
1,212,400

Interest income
66,018
43,826

Return on plan assets
(59,617)
204,098

Contributions by employer
104,822
75,646

Pension asset - benefits paid
(79,617)
(103,627)

Administration costs
(120,979)
(100,050)

1,242,920
1,332,293


The Company expects to contribute £119,900 to its Defined benefit pension scheme in 2025.





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2024
2023
%
%
Discount rate


4.86

5.14
 
Price inflation - RPI


3.28

3.3
 
Price inflation - CPI


2.83

2.9
 
Mortality rates



 
- for a male aged 65 now


20.9

20.7
 
- at 65 for a male aged 45 now


21.8

21.5
 
- for a female aged 65 now


24.9

24.7
 
- at 65 for a female member aged 45 now


26.0

25.8
 

The Company also operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £187,594 (2023 - £190,097). Contributions totalling £69,438 (2023 - £54,449) were payable to the fund at the reporting date and are included in creditors.





Page 27

 
ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
45,725
14,790

Later than 1 year and not later than 5 years
109,440
8,301

155,165
23,091


24.


Related party transactions

Remuneration of key management personnel
The remuneration of key management personnel, including directors, is as follows:


2024
2023
£
£

Aggregate remuneration
347,673
663,879


Transactions with related parties

During the year, the company entered into the following transactions with related parties:


2024
2023
£
£



Sales
940,844
319,267

Purchases
1,654,671
1,689,266

The following amounts were outstanding at the reporting end date:

Amounts due to related parties

2024
2023
        £
        £
Other related parties

5,801,095

6,336,417
 

5,801,095

6,336,417
 
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.

Related party transactions (continued)

Amounts due from related parties

2024
2023
        £
        £
Other related parties

399,157

195,505
 

399,157

195,505
 


25.


Controlling party

The ultimate parent undertaking is Ionesco Bidco Pte. Ltd., a company registered in Singapore. Its registered office is 77 Robinson Road, # 13-00 Robinson 77, Singapore, 068896.

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