REGISTERED NUMBER: |
ENABLELINK LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
REGISTERED NUMBER: |
ENABLELINK LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Income Statement | 13 |
Other Comprehensive Income | 14 |
Balance Sheet | 15 |
Statement of Changes in Equity | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 20 |
ENABLELINK LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
The directors present their strategic report for the period 1 January 2023 to 22 April 2024. |
Principal activity |
The principal activity of the company continued to be that of recycling scrap metal. |
Principal risks and uncertainties |
The UK scrap metal market remained volatile and challenging during the period. Scrap metal demand and pricing is subject to global market activity and demand for steel. |
Development and performance |
During the period the company continued to perform well in a volatile market. Fixed Asset investments of £9.7m included the completion of the Fragmentiser installation at the Tipton site. This equipment was fully up and running by the start of the current period. This is expected to enable increased separation of metals and production of high quality scrap grades. |
Key performance indicators |
The company reported a turnover of £131m for the 68 week period compared to £112m for the prior 52 week period. On a like for like basis, that is a reduction of 10.5%. This was due largely to the disruption during the equipment installation period. |
However gross margin improved in the period from 8.8% to 9.2%. Overheads increased due to higher depreciation, energy and employment costs due to the additional equipment. |
Operating profit was £1.4m in the period, a reduction from the £4.3m reported in the prior year. |
Subsequent Events |
After the date of the balance sheet, on 23 April 2024, 100% of the issued share capital of the company was purchased by West Moorland Bidco Limited. Following this, Endless LLP is the ultimate controlling party. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
SECTION 172(1) STATEMENT |
Long term results |
The directors have reviewed the company's strategy during the year and concluded that it remains appropriate to support the long term success of the company. |
Interest of company's employees |
Our employees are critical to the success of the company and the directors are aware of their responsibility for ensuring that their decisions consider the interest of employees. |
Our business relationships |
The directors acknowledge the importance of developing the company's business relationships with suppliers, customers and others. |
The community and the environment |
The directors are aware of the impact the company's operations on the community and the environment. As a result of which the directors are constantly seeking professional advice and assistance in this area. |
ON BEHALF OF THE BOARD: |
22 April 2025 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
The directors present their report with the financial statements of the company for the period 1 January 2023 to 22 April 2024. |
DIVIDENDS |
Ordinary dividends were paid amounting to £187,406. The directors do not recommend payment of a final dividend. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
DIRECTORS |
J J Long has held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
J Perry - appointed 5 August 2024 |
R C Millard - resigned 23 April 2024 |
STREAMLINED ENERGY AND CARBON REPORTING |
Energy and Carbon Report |
As the company has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption or energy efficiency activities. |
Period 1st Jan 2023 to 22nd April 2024 |
Energy Consumption |
Aggregate of energy consumption in the year | kWh |
- Gas combustion | 147,155 |
- Electricity purchased | 4,395,268 |
- Fuel consumed for transport | 13,173,896 |
17,716,319 |
Emissions of CO2 equivalent | Metric Tonnes |
Scope 1 - direct emissions |
- Gas combustion | 26.91 |
- Fuel consumed for owned transport | 3,319.43 |
3,346.34 |
Scope 2- indirect emissions |
- Electricity purchased | 910.04 |
Scope 3 - other indirect emissions |
Fuel consumed for transport not owned by the company | - |
Total gross emissions | 4,256.38 |
Intensity ratio |
Tonnes CO2e per £k of turnover | 0.031 |
Quantification and reporting methodology |
We have followed the 2019 HM Governmental Environmental reporting guidelines. We have also the GHR reporting protocol - Corporate Statement and have used the 2024 UK Governments Conversion Factors for Company Reporting. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Intensity measurement |
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of turnover, the recommended ratio for the sector. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
Qualified Opinion |
We have audited the financial statements of Enablelink Limited (the 'company') for the period ended 22 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
We have audited the financial statements of Enablelink Limited (the 'company') for the period ended 22 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 22 April 2024 and of its profit for the period 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 qualified opinion |
We were not appointed as auditor of the company until after 22 April 2024 and thus did not observe the counting of physical inventories at the end of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 22 April 2024, which are included in the balance sheet at £2,694,671, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. |
We were appointed as auditors of Enablelink Limited for the period ended 22 April 2024. The financial statements for the preceding year, ended 31 December 2022, were audited by another firm of auditors. We were unable to obtain sufficient appropriate audit evidence regarding the opening balances as at 31 December 2022. Specifically, we were unable to satisfy ourselves with the appropriateness of the opening balances and we did not perform sufficient alternative audit procedures to verify these balances. As a result, we were unable to determine whether any adjustments might have been necessary to the opening balances for the prior year and, consequently, to the comparative figures presented in these financial statements. |
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 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 qualified opinion. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
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. |
Key audit matters |
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our 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. |
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 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. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £2,694,671 held at 22 April 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
We were not appointed as auditor of the company until after 22 April 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 22 April 2024, which are included in the balance sheet at £2,694,671, by using other audit procedures. |
Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended. |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 |
Except for the matter described in the basis for qualified opinion section of our report, 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. |
Arising solely from the limitation on the scope of our work relating to inventory, referred to above: |
- | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- | we were unable to determine whether adequate accounting records have been kept. |
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: |
- | 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. |
We have nothing to report in respect of the following matters where 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
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 a Report of the Auditors 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: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. |
We assessed the susceptibility of the company's financial statements to material misstatement, | including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed | procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; and |
- | enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in the audit procedures described above; any instance of non-compliance | with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENABLELINK LIMITED |
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 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 a Report of the Auditors 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 |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
INCOME STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,410,165 | 4,322,438 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,410,165 | 4,323,853 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD |
( |
) |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
BALANCE SHEET |
22 APRIL 2024 |
2024 | 2022 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 22 April 2024 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 219,063 | 1,434,900 |
New finance lease obligations |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
(83,755 |
) |
22,410 |
Cash and cash equivalents at end of period |
2 |
125,706 |
( |
) |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 1,238,952 | 460,992 |
Finance income | - | (1,390 | ) |
5,974,367 | 6,062,267 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 22 April 2024 |
22.4.24 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 125,706 | 20,927 |
Bank overdrafts | ( |
) |
125,706 | (83,755 | ) |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 20,927 | 22,410 |
Bank overdrafts | ( |
) |
(83,755 | ) | 22,410 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 22.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 20,927 | 104,779 | 125,706 |
Bank overdrafts | (104,682 | ) | 104,682 | - |
(83,755 | ) | 125,706 |
Debt |
Finance leases | (4,089,823 | ) | (1,064,879 | ) | (5,154,702 | ) |
Debts falling due within 1 year | (7,069,859 | ) | (917,582 | ) | (7,987,441 | ) |
(11,159,682 | ) | (1,982,461 | ) | (13,142,143 | ) |
Total | (11,243,437 | ) | (1,773,000 | ) | (13,016,437 | ) |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
1. | STATUTORY INFORMATION |
Enablelink Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. |
The period covered by the financial statements is 1 January 2023 to 22 April 2024, which is longer than one year. |
The reason for using a longer period was to align the financial period with the date of acquisition of the entity by its new owners on 23 April 2024. |
The prior period covered the one year ending 31 December 2022. It should therefore be noted that the amounts presented relating to the prior period are not entirely comparable. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
The directors have considered the availability of finance following obtaining an extended rolling credit facility from the ultimate controlling party in April 2025. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Land and buildings Leasehold improvements | 20.0% straight line basis |
Plant and machinery | 12.5% reducing balance basis |
Fixtures, fittings & equipment | 10.0% reducing balance basis / 25.0% straight line basis |
Motor vehicles | 25.0% reducing balance basis |
Other assets | 12.5% straight line basis |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
The valuation of stock is determined as the average cost of purchases within that month. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet 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. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax liabilities are a specific category of provisions recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. |
Deferred tax is measured on a discounted basis only where material and is recorded in line with the company's applicable tax rates and legislation. |
Government Grants and Tax Relief |
Government grants and tax reliefs relating to R&D activities are recognised in accordance with FRS 102. Government grants are recognised when there is reasonable assurance that the grant will be received, and the conditions for receiving the grant have been met. |
Provisions |
Provisions are recognised when the company has a present obligation as a result of a past event at the reporting date, and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. |
Provisions are measured at the best estimate of the expenditure required to settle the obligation. Where the effect of the time value of money is material, the provision is determined at its present value, using a pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised as a finance cost in the statement of profit or loss. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
Judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
A significant source of estimation uncertainty relates to the valuation and quantities of stock (inventory) at the balance sheet date. The company estimates stock quantities based on physical counts. |
Given the inherent uncertainty, actual stock quantities and valuations may differ materially from those estimated, affecting the cost of sales and the balance sheet. Management regularly reviews its assumptions to mitigate these risks, but adjustments may be required in future periods. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
United Kingdom |
Overseas | 17,033,623 | 14,046,648 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
Directors | 2 | 2 |
Admin | 11 | 11 |
Production | 42 | 41 |
The Directors consider key management personnel to be the same as Directors' remuneration. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Foreign exchange differences | ( |
) |
Operating lease payments |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
6. | AUDITORS' REMUNERATION |
Fees payable to the company's auditor and associates: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Audit of the financial statements | 28,000 | 12,000 |
Taxation compliance | 3,000 | - |
All other non-audit services | 5,000 | 36,950 |
7. | EXCEPTIONAL ITEMS |
Expenditure |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Fire - loss of stock | 664,594 | - |
Fire - cost of tipping | 281,638 | - |
Other | 37,677 | - |
983,909 | - |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Bank interest |
Invoice finance interest |
Finance lease interest |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
R&D enhanced expenditure | - | (299,507 | ) |
Unrelieved tax losses | 638,730 | 949,175 |
Deferred tax movement in respect of timing differences | 260,173 | 286,705 |
Total tax charge | 260,173 | 327,517 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
10. | DIVIDENDS |
Period |
1.1.23 |
to | Year Ended |
22.4.24 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 22 April 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 22 April 2024 |
NET BOOK VALUE |
At 22 April 2024 |
At 31 December 2022 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 22 April 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 22 April 2024 |
NET BOOK VALUE |
At 22 April 2024 |
At 31 December 2022 |
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. |
2024 | 2022 |
£ | £ |
Plant and machinery | 5,960,453 | 5,623,858 |
12. | STOCKS |
2024 | 2022 |
£ | £ |
Stocks |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | - | 187,406 |
Tax |
VAT |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Finance leases (see note 17) |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 31,657 | - |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Finance leases (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Bank loans and finance leases are secured by the way of fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. The interest rate on loans at the balance sheet date was 7.25%. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The expiry date of finance leases range from August 2026 to July 2030. Interest rates vary from 5.8% to 8.5%. |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
18. | PROVISIONS FOR LIABILITIES |
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes: |
2024 | 2022 |
Balances: | £ | £ |
Advanced capital allowances | 4,336,715 | 3,410,662 |
Tax losses | (1,913,622 | ) | (1,247,742 | ) |
2,423,093 | 2,162,920 |
2024 |
Movements in the year: | £ |
Liability at 1 January 2023 | 2,162,920 |
Provided during the period | 260,173 |
2,423,093 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the period | ( |
) |
Dividends | ( |
) |
At 22 April 2024 |
ENABLELINK LIMITED (REGISTERED NUMBER: 06406273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 22 APRIL 2024 |
21. | RELATED PARTY DISCLOSURES |
During the period the company traded on a commercial basis with the following business which the directors family have a material interest. Costs in the accounts for the period include £302,000 (2022: £220,000) to J D Services for rent, £336,400 (2022: £151,200) to JD Services (Plant) Limited for plant hire £1,909,104, (2022: £1,656,031) to JML Haulage Limited for transport and £1,760,126 (2022: £1,728,035) to MT Transport Limited for transport. |
At 22 April 2024 there were outstanding balances with related parties of £247,572 owed to MT Transport Limited, £155,681 owed from JD Services and £124,134 owed from JD Services (Plant) Limited. |
22. | POST BALANCE SHEET EVENTS |
Company Control |
On 23 April 2024, 100% of the issued share capital was purchased by West Moorland Bidco Limited. |
Plant and Machinery Repairs |
Following the period end, certain items of plant and machinery became non-operational and required repair. This has impacted operational capacity and is expected to result in a reduction in revenue in the subsequent financial period. |
Additional Borrowing Facilities |
In April 2025, the company secured additional borrowing facilities from the Ultimate Controlling Party. The Directors have considered these facilities as part of their assessment of the Company's ability to continue as a going concern. |
23. | ULTIMATE CONTROLLING PARTY |
At the balance sheet date of 22 April 2024, the ultimate controlling party is R C Millard who is a director and owns 100% of the issued share capital |
On 23 April 2024, 100% of the issued share capital was purchased by West Moorland Bidco Limited. Following this, the ultimate controllingpartyis Endless V (GP) LP acting as General Partner to Endless V A LP and Endless V B LP. |
The company's immediate parent is West Moorland Bidco Limited. |