Registered number: SC045447
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
COMPANY INFORMATION
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
CONTENTS
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present the strategic report for the year ended 30 June 2024.
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.
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
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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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)
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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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)
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 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. 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.
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.
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.
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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)
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.
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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)
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
14 City Quay
DD1 3JA
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
REGISTERED NUMBER: SC045447
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 29 form part of these financial statements.
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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ENNOVI ADVANCED MOBILITY SOLUTIONS UK LIMITED (FORMERLY INTERPLEX PMP LIMITED)
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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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
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
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:
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.
Functional and presentation currency
Transactions and balances
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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
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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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
2.Accounting policies (continued)
Defined benefit pension plan
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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
2.Accounting policies (continued)
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.
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:
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.
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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
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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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
Analysis of turnover by country of destination:
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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
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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
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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
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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
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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
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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
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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
Share premium account
Capital contribution reserve
Profit and loss account
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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
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).
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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
22.Pension commitments (continued)
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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
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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
The ultimate parent undertaking is
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