IRIS Accounts Productionv25.1.0.73406406273Board of Directors1.10.2431.12.2431.12.24Recycling of scrap metal.truefalsetruetruefalsefalsetruefalseOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh064062732024-09-30064062732024-12-31064062732024-10-012024-12-31064062732024-04-22064062732024-04-232024-09-30064062732024-09-3006406273ns15:EnglandWales2024-10-012024-12-3106406273ns14:PoundSterling2024-10-012024-12-3106406273ns10:Director12024-10-012024-12-3106406273ns10:PrivateLimitedCompanyLtd2024-10-012024-12-3106406273ns10:FRS1022024-10-012024-12-3106406273ns10:Audited2024-10-012024-12-3106406273ns10:LargeCompaniesRegimeForDirectorsReport2024-10-012024-12-3106406273ns10:LargeCompaniesRegimeForAccounts2024-10-012024-12-3106406273ns10:FullAccounts2024-10-012024-12-3106406273ns10:OrdinaryShareClass12024-10-012024-12-3106406273ns10:Director22024-10-012024-12-3106406273ns10:CompanySecretary12024-10-012024-12-3106406273ns10:RegisteredOffice2024-10-012024-12-3106406273ns5:CurrentFinancialInstruments2024-12-3106406273ns5:CurrentFinancialInstruments2024-09-3006406273ns5:Non-currentFinancialInstruments2024-12-3106406273ns5:Non-currentFinancialInstruments2024-09-3006406273ns5:ShareCapital2024-12-3106406273ns5:ShareCapital2024-09-3006406273ns5:RetainedEarningsAccumulatedLosses2024-12-3106406273ns5:RetainedEarningsAccumulatedLosses2024-09-3006406273ns5:ShareCapital2024-04-2206406273ns5:RetainedEarningsAccumulatedLosses2024-04-2206406273ns5:RetainedEarningsAccumulatedLosses2024-04-232024-09-3006406273ns5:RetainedEarningsAccumulatedLosses2024-10-012024-12-3106406273ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-10-012024-12-3106406273ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-04-232024-09-3006406273ns5:OwnedAssets2024-10-012024-12-3106406273ns5:OwnedAssets2024-04-232024-09-3006406273112024-10-012024-12-3106406273112024-04-232024-09-300640627312024-10-012024-12-310640627312024-04-232024-09-300640627322024-10-012024-12-310640627322024-04-232024-09-3006406273ns5:HirePurchaseContracts2024-10-012024-12-3106406273ns5:HirePurchaseContracts2024-04-232024-09-3006406273ns5:LeaseholdImprovements2024-09-3006406273ns5:PlantMachinery2024-09-3006406273ns5:FurnitureFittings2024-09-3006406273ns5:MotorVehicles2024-09-3006406273ns5:LeaseholdImprovements2024-10-012024-12-3106406273ns5:PlantMachinery2024-10-012024-12-3106406273ns5:FurnitureFittings2024-10-012024-12-3106406273ns5:MotorVehicles2024-10-012024-12-3106406273ns5:LeaseholdImprovements2024-12-3106406273ns5:PlantMachinery2024-12-3106406273ns5:FurnitureFittings2024-12-3106406273ns5:MotorVehicles2024-12-3106406273ns5:LeaseholdImprovements2024-09-3006406273ns5:PlantMachinery2024-09-3006406273ns5:FurnitureFittings2024-09-3006406273ns5:MotorVehicles2024-09-3006406273ns5:LeasedAssetsHeldAsLessee2024-10-012024-12-3106406273ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3106406273ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3006406273ns5:FinanceLeasesns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3106406273ns5:FinanceLeasesns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3006406273ns5:FinanceLeasesns5:BetweenOneFiveYears2024-12-3106406273ns5:FinanceLeasesns5:BetweenOneFiveYears2024-09-3006406273ns5:FinanceLeases2024-12-3106406273ns5:FinanceLeases2024-09-3006406273ns5:WithinOneYear2024-12-3106406273ns5:WithinOneYear2024-09-3006406273ns5:BetweenOneFiveYears2024-12-3106406273ns5:BetweenOneFiveYears2024-09-3006406273ns5:MoreThanFiveYears2024-12-3106406273ns5:MoreThanFiveYears2024-09-3006406273ns5:AllPeriods2024-12-3106406273ns5:AllPeriods2024-09-3006406273ns10:OrdinaryShareClass12024-12-3106406273ns5:RetainedEarningsAccumulatedLosses2024-09-300640627312024-10-012024-12-31

REGISTERED NUMBER: 06406273 (England and Wales)










ENABLELINK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2024 TO 31 DECEMBER 2024






ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

8



Report of the Independent Auditors  

10



Income Statement  

14



Other Comprehensive Income  

15



Balance Sheet  

16



Statement of Changes in Equity  

17



Cash Flow Statement  

18



Notes to the Cash Flow Statement  

19



Notes to the Financial Statements

21




ENABLELINK LIMITED


COMPANY INFORMATION

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024









DIRECTORS:

J J Long


J Perry







SECRETARY:

J Perry







REGISTERED OFFICE:

George Henry Road


Great Bridge


Tipton


West Midlands


DY4 7BZ







REGISTERED NUMBER:

06406273 (England and Wales)







AUDITORS:

UHY Hacker Young (Birmingham) LLP


9-11 Vittoria Street


Birmingham


B1 3ND


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


The directors present their strategic report for the period 1 October 2024 to 31 December 2024.



Principal activity

The principal activity of the Company continues to be that of recycling scrap metal from various waste streams such as construction, automotive and other industrial sectors. The Company is engaged in all stages of the recycling process from acquisition, collection and processing of the materials and the marketing and distribution of these raw material products to the Company's customers.


Strategy

The Company has continued to follow a strategy of investing for growth through targeted capital expenditure to improve efficiencies, production consistency and to deliver high quality raw materials for our customers. This is underpinned by our commitment to providing prompt and high-quality service to our suppliers to effectively manage their metal waste streams and to seek to maintain consistent purchases.


The Company expects to continue to play a key role in the Circular Economy through high quality metal recycling to reduce the impact of the use of natural resources.


Business Overview for the Period

The Company was acquired by West Moorland Bidco limited on 23 April 2024, with Endless Fund V A LP and Endless Fund V B LP, funds managed by Endless LLP becoming the ultimate controlling parties.


The challenging market conditions experienced throughout 2024 continued during this short reporting period. The ongoing impact of the war in Ukraine has impacted on global economic activity and has been inflationary, particularly for energy costs. The weakness of the Chinese economy, particularly construction, has also impacted global demand for steel and other metals. The pressure on global demand has impacted upon our customers to whom we supply raw materials.


At the same time, low economic activity has impacted upon the availability of metals to recycle. The resultant increased competition for the available volume has put pressure on margins.


In response to the challenging conditions, the Company has been investing to improve the efficiency and capability of the business. Additional equipment has been installed in 2024 to improve the separation of metals and further improve efficiencies and production consistency. In addition, we continue to further train and develop our dedicated employees, particularly focussing in the year on further health and safety training and procedures.


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


Results and Key performance indicators

The Company reported a turnover of £18.6m for the 13-week period compared to £42.4m in the prior 23-week period.  Gross margin in the period was negative in the period, compared to 5.3% positive in the prior period. This negative margin reflects both lower average daily volumes, a period of 3 weeks downtime of the main Fragmentiser machine, and a challenging pricing environment.


An operating loss of £3.73m was reported in the period (prior period operating loss of £2.25m).


Due to the recent short reporting periods, comparison of performance year on year has been made difficult. The table below therefore shows the performance of the Company on an adjusted annualised basis.



Annualised


Annualised




23 Apr 24 to


1 Jan 23 to


Annualised


Annualised



31 Dec 24


22 Apr 24


Var


Var



(£'000)


(£'000)


(£'000)


%


Sales


88,320


100,407


(12,087

)

(12.0%

)

Cost of sales


87,713


91,164


3,451


3.8%


Gross profit


607


9,244


(8,637

)

(93.4%

)

Gross profit margin


0.7%


9.2%


(8.5%

)


Administration costs (excl

exceptionals)


7,624


7,416


(208

)

(2.8%

)

Operating profit / (loss) (excl

exceptionals)


(8,456

)

882


(9,339

)

(1,058.7%

)

Profit before tax (excl

exceptionals) margin


(9.6%

)

0.9%


(10.5%

)



Over the last few months, the Company has significantly improved financial controls and monitoring processes to control costs to mitigate margin and inflationary pressures. The directors believe that the company is emerging into the new financial period with improved production efficiency, improved financial controls, and improved flexibility to manage changing volumes.


Subsequent Event

In April 2025, the Company agreed increased funding of up to £10m from Endless Fund V A LP and Endless Fund V B LP, funds managed by Endless LLP. This additional RCF provides the business adequate cash funding for its planned growth.


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


Principal risks and uncertainties

The directors believe that the principal risks facing the business are as set out below. The directors have put processes in place to monitor and mitigate such risks.


Macroeconomic conditions

The business is exposed to changes in global metal demand and to changes in prices, both of which are linked to global economic activity.  Changes in the levels of consumer and industrial activity have a direct impact on the supply and demand for recycled metals.  In response to this, directors seek to monitor global demand and modify purchasing and sales strategies.


Global conflict and trade disputes

The global trading environment is volatile, impacted by long-standing conflicts such as the wars in Ukraine and the Middle-east and currently exacerbated by recent actions on tariffs from the US.  It is highly uncertain how long the military conflicts will continue, nor the extent of the impacts (positive or negative) of a potential global trade war.  The Company does not have any direct exposure to Ukraine, Russia or the US.


Fluctuating Commodity prices

The Company's revenue is exposed to fluctuating commodity prices. The Company minimises exposures by rapidly turning over inventories to minimise risk and seeks to adjust purchase prices to reflect changing market pricing.


Safety, Health and Environment

The Company maintains strong health and safety systems and operates robust practices to ensure compliance to environmental standards.  Performance is constantly monitored and reviewed by the board to ensure ongoing effectiveness.


Finance Risk

-


Credit Risk - the Company seeks to manage risk of customer payment default through the use of

stringent credit limits and where appropriate the use of advance payment or credit insurance.


-


Interest Rate Risk - the Company seeks to mitigate the risk of increasing interest rates by structuring

interest-bearing borrowings with an appropriate mix of floating and fixed rate debt instruments.


-


Going Concern and Liquidity Risk - the Company keeps its funding structure and liquidity under

review to ensure it has the capacity to meet operational requirements and to facilitate the

execution of its growth strategy.



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


Section 172 Statement

The directors understand their duty under Section 172 of the Companies Act 2006 and are committed to acting in a way that promotes the success of the company for the benefit of its members as a whole, while taking into consideration the long-term impact of decisions and the interests of all our stakeholders.


Throughout the period, the directors have carefully considered the following factors while making decisions and setting the strategic direction of the Company:


1





Our Employees   We value our employees as the core of our business and have continued to invest

in their development, well-being, and safety. Regular engagement initiatives such as toolbox talks

have been conducted to ensure their voices are heard and acted upon and we have provided EAP

and healthcare support benefits.


2



Our Customers   Providing consistent high-quality service to our customers remains a top priority.

We continue to ensure delivery of consistent product.


3




Our Suppliers   We maintain strong, collaborative relationships with our suppliers, ensuring high

quality service and support, and reliable collections. This supports the long-term resilience of our

supply chain.


4




Our Shareholders   We are dedicated to delivering sustainable growth and ensuring transparency

with our shareholders. We provide regular updates through ongoing reporting, meetings and

discussions.


5





Our Community and Environment   We are committed to positively impacting the communities in

which we operate and minimizing our environmental footprint. We continue to contribute strongly

to the Circular Economy through our operations and invest to minimise our impact on the

environment.


6




Our Business Performance and Long-Term Success   All major strategic decisions have been made

with the aim of ensuring the long-term success of the company. This includes evaluating risks and

opportunities carefully to deliver sustainable growth.



Through these considerations, the directors believe they have upheld our responsibilities under Section 172 of the Companies Act 2006 and ensured that the Company operates ethically, sustainably, and successfully.


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


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 Oct 2024



to 31st Dec 2024


Energy Consumption


kWh


Aggregate of energy consumption in the year:



Gas combustion


29,982


Electricity purchased


1,731,219


Fuel consumed for transport


2,096,466



3,857,666




Period



1st Jan 2023



to 22nd Apr 2024


Energy Consumption


kWh


Aggregate of energy consumption in the year:



Gas combustion


147,155


Electricity purchased


4,395,268


Fuel consumed for transport


13,173,896



17,716,320



Emissions of CO2 equivalent


Metric Tonnes



Scope 1 - direct  emissions


26.91


Fuel consumed for owned transport


3,319.43



3,346.34


Scope 2 - indirect emissions



Electricity purchased


910.04



4,256.38



Intensity ratio


0.021


Tonnes CO2e per £k of turnover




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.


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.


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STRATEGIC REPORT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



ON BEHALF OF THE BOARD:






J J Long - Director



30 April 2025


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


REPORT OF THE DIRECTORS

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the period 1 October 2024 to 31 December 2024.  


DIVIDENDS

No ordinary dividends were issued during the period. 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.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.


J J Long

J Perry


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.


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


REPORT OF THE DIRECTORS

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



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:






J J Long - Director



30 April 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENABLELINK LIMITED


Opinion

We have audited the financial statements of Enablelink Limited (the 'company') for the period ended 31 December 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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

We have determined that there are the following key audit matters to be communicated in our report:


We have identified significant estimation uncertainty relating to the valuation and existence of stock quantities held by the Company at the balance sheet date. The Company’s inventory balance is material to the financial statements, and the determination of the correct quantity of stock is inherently subject to estimation and judgment. The process of stock taking and reconciliation is complex, and the risk of misstatement is heightened due to the reliance on manual processes and estimation methods.


We have performed procedures to assess the Company's internal controls over stock management, evaluated the reasonableness of management’s estimates, and performed substantive testing of stock quantities through physical observation, reconciliation procedures, and sample testing. Despite these efforts, given the inherent uncertainty involved in estimating stock quantities, this remains a key audit matter.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENABLELINK LIMITED



Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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.


In connection with our audit of the financial statements, 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.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors 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 Report of the Directors.


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.



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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.





Malcolm Winston (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP

9-11 Vittoria Street

Birmingham

B1 3ND


30 April 2025


ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


INCOME STATEMENT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24


Notes

£   

£   



TURNOVER

18,589,691


42,387,655




Cost of sales

20,417,451


40,140,654



GROSS (LOSS)/PROFIT

(1,827,760

)

2,247,001




Administrative expenses

1,900,240


4,497,767



(3,728,000

)

(2,250,766

)



Other operating income

4,123


-



OPERATING LOSS

4

(3,723,877

)

(2,250,766

)



Interest receivable and similar income

8,853


-



(3,715,024

)

(2,250,766

)



Interest payable and similar expenses

7

297,748


709,337



LOSS BEFORE TAXATION

(4,012,772

)

(2,960,103

)



Tax on loss

8

(926,512

)

(347,367

)


LOSS FOR THE FINANCIAL PERIOD

(3,086,260

)

(2,612,736

)



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


OTHER COMPREHENSIVE INCOME

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24


Notes

£   

£   



LOSS FOR THE PERIOD

(3,086,260

)

(2,612,736

)




OTHER COMPREHENSIVE INCOME


-


-



TOTAL COMPREHENSIVE INCOME FOR

THE PERIOD

(3,086,260

)

(2,612,736

)



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


BALANCE SHEET

31 DECEMBER 2024



31.12.24

30.9.24



Notes

£   

£   

£   


FIXED ASSETS

Tangible assets

9

21,219,801


21,127,483




CURRENT ASSETS

Stocks

10

3,109,948


4,545,934



Debtors

11

10,920,182


18,236,363



Cash at bank and in hand

422,161


9,150



14,452,291


22,791,447



CREDITORS

Amounts falling due within one year

12

22,921,262


26,914,402



NET CURRENT LIABILITIES

(8,468,971

)

(4,122,955

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

12,750,830


17,004,528




CREDITORS

Amounts falling due after more than

one year

13

(3,502,878

)

(3,743,804

)



PROVISIONS FOR LIABILITIES

16

(1,149,214

)

(2,075,726

)


NET ASSETS

8,098,738


11,184,998




CAPITAL AND RESERVES

Called up share capital

17

2


2



Retained earnings

18

8,098,736


11,184,996



SHAREHOLDERS' FUNDS

8,098,738


11,184,998




The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:






J J Long - Director



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 23 April 2024

2


13,797,732


13,797,734




Changes in equity

Total comprehensive income

-


(2,612,736

)

(2,612,736

)


Balance at 30 September 2024

2


11,184,996


11,184,998




Changes in equity

Total comprehensive income

-


(3,086,260

)

(3,086,260

)


Balance at 31 December 2024

2


8,098,736


8,098,738




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


CASH FLOW STATEMENT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

4,529,457


(4,842,901

)


Interest paid

(206,014

)

(537,095

)


Interest element of finance lease

payments paid

(91,734

)

(172,242

)


Net cash from operating activities

4,231,709


(5,552,238

)



Cash flows from investing activities

Purchase of tangible fixed assets

(1,077,744

)

(845,110

)


Sale of tangible fixed assets

33,333


633,238



Interest received

8,853


-



Net cash from investing activities

(1,035,558

)

(211,872

)



Cash flows from financing activities

New loans in year

2,000,000


6,135,483



Loan repayments in year

(4,544,886

)

-



Capital repayments in year

(238,254

)

(456,272

)


Amount withdrawn by directors

-


(31,657

)


Net cash from financing activities

(2,783,140

)

5,647,554




Increase/(decrease) in cash and cash equivalents

413,011


(116,556

)



Cash and cash equivalents at beginning

of period


2


9,150



125,706




Cash and cash equivalents at end of

period

2

422,161


9,150




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE CASH FLOW STATEMENT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Loss before taxation

(4,012,772

)

(2,960,103

)



Depreciation charges

950,225


1,620,818




Loss/(profit) on disposal of fixed assets

1,868


(8,406

)



Amounts owed to group participants

315,548


2,657,434




Finance costs

297,748


709,337




Finance income

(8,853

)

-



(2,456,236

)

2,019,080




Decrease/(increase) in stocks

1,435,986


(1,851,263

)



Decrease/(increase) in trade and other debtors

7,282,659


(6,403,824

)



(Decrease)/increase in trade and other creditors

(1,732,952

)

1,393,106




Cash generated from operations

4,529,457


(4,842,901

)



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 31 December 2024


31.12.24


1.10.24

£   

£   



Cash and cash equivalents

422,161


9,150




Period ended 30 September 2024


30.9.24


23.4.24

£   

£   



Cash and cash equivalents

9,150


125,706





ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE CASH FLOW STATEMENT

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.10.24

Cash flow

At 31.12.24

£   

£   

£   



Net cash



Cash at bank and in hand

9,150


413,011


422,161



9,150


413,011


422,161




Debt


Finance leases

(4,698,430

)

238,254


(4,460,176

)



Debts falling due within 1 year

(14,122,924

)

2,544,886


(11,578,038

)


(18,821,354

)

2,783,140


(16,038,214

)



Total

(18,812,204

)

3,196,151


(15,616,053

)



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


1.

STATUTORY INFORMATION



Enablelink Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


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 October 2024 to 31 December 2024, which is shorter than one year.



The reason for using a shorter period was to align the previous financial period with the date of acquisition of the entity by its new owners on 23 April 2024.



The prior period covered from the 23 April 2024 until 30 September 2024. 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 OCTOBER 2024 TO 31 DECEMBER 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 & equipment10.0% reducing balance basis / 25.0% straight line basis
Motor vehicles25.0% 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 OCTOBER 2024 TO 31 DECEMBER 2024


2.

ACCOUNTING POLICIES - continued



Stocks


Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.



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 based on the weighted average cost of purchases of the same grade of scrap metal.



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 OCTOBER 2024 TO 31 DECEMBER 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 OCTOBER 2024 TO 31 DECEMBER 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 OCTOBER 2024 TO 31 DECEMBER 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 OCTOBER 2024 TO 31 DECEMBER 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.

EMPLOYEES AND DIRECTORS


Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Wages and salaries

793,294


1,135,687




Social security costs

88,933


137,523




Other pension costs

16,010


26,176



898,237


1,299,386




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


3.

EMPLOYEES AND DIRECTORS - continued



The average number of employees during the period was as follows:


Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24



Directors

2


2




Admin

11


11




Production

48


43



61


56




The Directors consider key management personnel to be the same as Directors' remuneration.


Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Directors' remuneration

72,538


103,608




Directors' pension contributions to money purchase schemes  

657


864




4.

OPERATING LOSS



The operating loss is stated after charging/(crediting):



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Hire of plant and machinery

188,784


268,827




Depreciation - owned assets

950,225


1,620,818




Loss/(profit) on disposal of fixed assets

1,868


(8,406

)



Operating lease payments  

47,890


83,808




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


5.

AUDITORS' REMUNERATION



Fees payable to the company's auditor and associates:





Period


Period





1.10.24


23.4.24





to    


to





31.12.24


30.9.24





£  


£  




Audit of the financial statements


8,000


11,000




Taxation compliance


1,000


1,000




All other non-audit services


1,500


1,500






6.

EXCEPTIONAL ITEMS



Expenditure





Period


Period





1.10.24


23.4.24





to    


to    





31.12.24


30.9.24





£  


£  




Professional fees


-


659,000




Other


49,638


425,795





49,638


1,084,795





7.

INTEREST PAYABLE AND SIMILAR EXPENSES



Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Bank interest

-


11,239




Invoice finance interest

115,713


273,253




Loan arrangement fees

-


200,000




RCF interest

90,301


52,603




Finance lease interest

91,734


172,242



297,748


709,337




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


8.

TAXATION



Analysis of the tax credit


The tax credit on the loss for the period was as follows:


Period


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Deferred tax

(926,512

)

(347,367

)



Tax on loss

(926,512

)

(347,367

)




Reconciliation of total tax credit 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


Period


1.10.24


23.4.24


to


to


31.12.24


30.9.24

£   

£   



Loss before tax

(4,012,772

)

(2,960,103

)



Loss multiplied by the standard rate of corporation tax in the UK of

25% (30.9.24 - 25%)  

(1,003,193

)

(740,026

)




Effects of:


Expenses not deductible for tax purposes

542


164,750




Capital allowances in excess of depreciation

(15,516

)

-




Depreciation in excess of capital allowances

-


256,925





Unrelieved tax losses  

1,007,734


303,941




Deferred tax movement in respect of timing differences  

(926,512

)

(347,367

)



Utilisation of tax loss to group company  

10,433


14,410




Total tax credit

(926,512

)

(347,367

)



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


9.

TANGIBLE FIXED ASSETS


Improvements



Fixtures



to


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 October 2024

5,537,934


22,629,410


754,629


2,947,009


31,868,982




Additions

105,110


936,593


12,979


23,062


1,077,744




Disposals

-


-


-


(60,191

)

(60,191

)



At 31 December 2024

5,643,044


23,566,003


767,608


2,909,880


32,886,535




DEPRECIATION


At 1 October 2024

2,689,953


5,921,691


421,388


1,708,467


10,741,499




Charge for period

255,333


575,897


18,822


100,173


950,225




Eliminated on disposal

-


-


-


(24,990

)

(24,990

)



At 31 December 2024

2,945,286


6,497,588


440,210


1,783,650


11,666,734




NET BOOK VALUE


At 31 December 2024

2,697,758


17,068,415


327,398


1,126,230


21,219,801




At 30 September 2024

2,847,981


16,707,719


333,241


1,238,542


21,127,483





The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.


31.12.24

30.9.24


£   

£   



Plant and machinery


5,456,252


5,620,226




10.

STOCKS

31.12.24

30.9.24


£   

£   



Stocks

3,109,948


4,545,934




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.12.24

30.9.24


£   

£   



Trade debtors

8,452,584


14,317,854




Amounts owed by group undertakings

159,860


193,382




Other debtors

638,120


1,063,880




VAT

1,014,543


1,674,337




Prepayments

655,075


986,910



10,920,182


18,236,363




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.12.24

30.9.24


£   

£   



Bank loans and overdrafts (see note 14)

11,578,038


14,122,924




Finance leases  (see note 15)

957,298


954,626




Trade creditors

6,422,782


8,152,818




Amounts owed to group undertakings

3,132,842


2,850,816




Social security and other taxes

93,296


97,397




Other creditors

447,508


292,385




Accrued expenses

289,498


443,436



22,921,262


26,914,402




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


31.12.24

30.9.24


£   

£   



Finance leases  (see note 15)

3,502,878


3,743,804




14.

LOANS



An analysis of the maturity of loans is given below:


31.12.24

30.9.24


£   

£   



Amounts falling due within one year or on demand:


Bank loans

6,078,038


10,622,924




Loans

5,500,000


3,500,000



11,578,038


14,122,924





Bank loans and hire purchase contracts 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 bank loans at the balance sheet date was 6.75%.



The loan of £5,500,000 (30.9.24: £3,500,000) relates to a rolling credit facility provided by the ultimate controlling party, Endless V (GP) LP acting as General Partner to Endless V A LP and Endless V B LP. This attracts interest at 8% and is repayable on demand. This liability is secured via a fixed and floating charge over the company's assets.



ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


15.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Finance leases  


31.12.24

30.9.24


£   

£   



Net obligations repayable:


Within one year

957,298


954,626




Between one and five years

3,502,878


3,743,804



4,460,176


4,698,430







Non-cancellable  



operating leases  


31.12.24

30.9.24


£   

£   



Within one year

190,000


190,000




Between one and five years

760,000


760,000




In more than five years

390,932


438,822



1,340,932


1,388,822





The expiry date of hire purchase contracts 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 OCTOBER 2024 TO 31 DECEMBER 2024


16.

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:




31.12.24  


30.9.24  




Balances:


£    


£    




Advanced capital allowances


4,375,339


4,294,925




Tax losses


(3,226,125

)

(2,219,199

)




1,149,214


2,075,726






31.12.2024  




Movements in the year:



£    




Liability at 1 October 2024



2,075,726




Provided during the period



(926,512

)




1,149,214





17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.24

30.9.24



value:

£   

£   



2

Ordinary

£1

2


2




18.

RESERVES


Retained


earnings

£   



At 1 October 2024

11,184,996




Deficit for the period

(3,086,260

)



At 31 December 2024

8,098,736




ENABLELINK LIMITED (REGISTERED NUMBER: 06406273)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024


19.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



During the period the company traded on a commercial basis with the following business which the directors have a material interest. Costs in the accounts for the period include £641,524 (30 September 2024: £782,541) to JML Haulage Limited for transport.



At 31 December 2024 there were outstanding balances with related parties of £Nil (30 September 2024: £38,316) owed to JML Haulage Limited.


20.

POST BALANCE SHEET EVENTS


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.

21.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is 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.