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Registration number: 11012478

Ensco 1259 Limited

Annual Report and Consolidated Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Ensco 1259 Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Ensco 1259 Limited

Company Information

Directors

Mrs Mimi Lau-Smith

Mr Andrew Richardson

Registered office

8 Spencer Court
Corby
NN17 1NU

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Ensco 1259 Limited

Strategic Report for the period from 1 July 2022 to 31 December 2023

The directors present their strategic report for the period from 1 July 2022 to 31 December 2023.

Principal activity

The principal activity of the group is that of a dispensing chemist.

Fair review of the business

The results for the period which are set out in the profit and loss account show turnover of £30,158,725 (2022 - £23,593,158) and an operating loss of £5,574,785 (2022 - (£6,172,056). At 31 December 2023, the group had net liabilities of £15,653,301 (2022 - £7,496,011). The directors consider the performance for the period and the financial position at the period end to be satisfactory.

Principal risks and uncertainties

The management of the company and the execution of the company's strategy is subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to reductions in NHS funding and the competition in the local market. Given the plan to sell the trade and assets held within Pickfords Pharmacy Limited, this risk is reduced.

Approved by the Board on 30 April 2025 and signed on its behalf by:


Mrs Mimi Lau-Smith
Director


Mr Andrew Richardson
Director

 

Ensco 1259 Limited

Directors' Report for the Period from 1 July 2022 to 31 December 2023

The directors present their report and the for the period from 1 July 2022 to 31 December 2023.

Directors of the company

The directors who held office during the period were as follows:

Mrs Mimi Lau-Smith

Mr Andrew Richardson (appointed 15 December 2023)

Going concern

Management has decided to sell the trade and assets held within the group with sale completions expected to be commencing over the next year. The company will then be liquidated once all sales have been completed. Therefore, the directors; do not consider it appropriate to prepare the financial statements on a going concern basis. This includes, where applicable, writing the group's assets down to their net realisable value and making provisions against contracts that have become onerous at the reporting date. No material adjustments arose as a result of ceasing to apply the going concern basis.

Financial instruments

Objectives and policies

The group's financial instruments comprise of borrowings, cash and liquid resources, and various other items such as trade debtors and trade creditors etc, that arise directly from its operations. The main purposes of these financial instruments is to finance the operations of the group. As the company's main source of income is prescription receipts from the NHS, trade debtors are not subject to credit risk although the timing of these receipts gives rise to a cash flow risk.

The group's liquidity risk and interest rate risk is primarily attributable to its borrowings via Ensco 1277 Limited. The group aims to mitigate this liquidity risk by managing cash generation of its operations and monitoring trading results to ensure that the company can meet its future obligations as they fall due. The company managed its interest rate risk by monitoring the amount of its external borrowings.

Important non adjusting events after the financial period

Since the year end, the group has completed the sale of twelve pharmacies for a total consideration of £5,993,000.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 30 April 2025 and signed on its behalf by:


Mrs Mimi Lau-Smith
Director


Mr Andrew Richardson
Director

 

Ensco 1259 Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ensco 1259 Limited

Independent Auditor's Report to the Members of Ensco 1259 Limited

Qualified opinion

We have audited the financial statements of Ensco 1259 Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 July 2022 to 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 group's and the parent company's affairs as at 31 December 2023 and of the group's 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 qualified opinion on financial statements

Due to shortcomings in the quality of the accounting records for the prior period (which were not subject to audit), we have been unable to obtain sufficient, appropriate audit evidence in relation to trade creditors at 30 June 2022. We have consequently therefore been unable to obtain sufficient, appropriate audit evidence over the amount of cost of sales included in the profit and loss account for the period ended 31 December 2023.

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 responsibilities for the audit of the financial statements section of our report. We are independent to 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


Other matters

The financial statements of the prior period, ending 30 June 2022, were not audited. Accordingly, we do not express an opinion on the comparatives for the year ended 30 June 2022.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Ensco 1259 Limited

Independent Auditor's Report to the Members of Ensco 1259 Limited

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 our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

challenging assumptions and judgements made by management in its significant accounting estimates; and

identifying and testing journal entries, in particular any journal entries with unusual characteristics.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

Use of 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Ensco 1259 Limited

Independent Auditor's Report to the Members of Ensco 1259 Limited





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

30 April 2025

 

Ensco 1259 Limited

Consolidated Profit and Loss Account for the Period from 1 July 2022 to 31 December 2023

Note

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Turnover

3

30,158,725

23,593,158

Cost of sales

 

(20,880,441)

(16,627,371)

Gross profit

 

9,278,284

6,965,787

Administrative expenses

 

(14,877,069)

(13,139,965)

Other operating income

4

24,000

2,122

Operating loss

5

(5,574,785)

(6,172,056)

Interest payable and similar expenses

6

(2,593,005)

(1,218,985)

Loss before tax

 

(8,167,790)

(7,391,041)

Tax on loss

9

10,500

(117,072)

Loss for the financial period

 

(8,157,290)

(7,508,113)

Profit/(loss) attributable to:

 

Owners of the company

 

(8,157,290)

(7,508,113)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the period other than the results above.

 

Ensco 1259 Limited

(Registration number: 11012478)
Consolidated Balance Sheet as at 31 December 2023

Note

31 December 2023
£

Unaudited
30 June 2022
£

Fixed assets

 

Intangible assets

10

7,448,657

8,938,388

Tangible assets

11

732,493

860,873

 

8,181,150

9,799,261

Current assets

 

Stocks

13

964,726

1,227,514

Debtors

14

1,904,114

1,859,249

Cash at bank and in hand

 

866,638

661,246

 

3,735,478

3,748,009

Creditors: Amounts falling due within one year

16

(27,569,929)

(20,948,294)

Net current liabilities

 

(23,834,451)

(17,200,285)

Total assets less current liabilities

 

(15,653,301)

(7,401,024)

Creditors: Amounts falling due after more than one year

16

-

(84,487)

Provisions for liabilities

-

(10,500)

Net liabilities

 

(15,653,301)

(7,496,011)

Capital and reserves

 

Called up share capital

18

12,102

12,102

Retained earnings

(15,665,403)

(7,508,113)

Equity attributable to owners of the company

 

(15,653,301)

(7,496,011)

Shareholders' deficit

 

(15,653,301)

(7,496,011)

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

Mrs Mimi Lau-Smith
Director

Mr Andrew Richardson
Director

 

Ensco 1259 Limited

(Registration number: 11012478)
Balance Sheet as at 31 December 2023

Note

31 December 2023
£

Unaudited
30 June 2022
£

Fixed assets

 

Investments

12

451

451

Current assets

 

Debtors

14

11,651

11,651

Creditors: Amounts falling due within one year

16

(694,018)

(288,213)

Net current liabilities

 

(682,367)

(276,562)

Net liabilities

 

(681,916)

(276,111)

Capital and reserves

 

Called up share capital

18

12,102

12,102

Retained earnings

(694,018)

(288,213)

Shareholders' deficit

 

(681,916)

(276,111)

The company made a loss after tax for the financial period of £405,805 (2022 - loss of £288,213 ).

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

Mrs Mimi Lau-Smith
Director

Mr Andrew Richardson
Director

 

Ensco 1259 Limited

Consolidated Statement of Changes in Equity for the Period from 1 July 2022 to 31 December 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

12,102

(7,508,113)

(7,496,011)

(7,496,011)

Loss for the period

-

(8,157,290)

(8,157,290)

(8,157,290)

At 31 December 2023

12,102

(15,665,403)

(15,653,301)

(15,653,301)

Unaudited
Share capital
£

Unaudited
Retained earnings
£

Unaudited
Total
£

Unaudited
Total equity
£

At 1 July 2021

12,102

-

12,102

12,102

Loss for the period

-

(7,508,113)

(7,508,113)

(7,508,113)

At 30 June 2022

12,102

(7,508,113)

(7,496,011)

(7,496,011)

 

Ensco 1259 Limited

Statement of Changes in Equity for the Period from 1 July 2022 to 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

12,102

(288,213)

(276,111)

Loss for the period

-

(405,805)

(405,805)

At 31 December 2023

12,102

(694,018)

(681,916)

Unaudited
Share capital
£

Unaudited
Retained earnings
£

Unaudited
Total
£

At 1 July 2021

12,102

-

12,102

Loss for the period

-

(288,213)

(288,213)

At 30 June 2022

12,102

(288,213)

(276,111)

 

Ensco 1259 Limited

Consolidated Statement of Cash Flows for the Period from 1 July 2022 to 31 December 2023

Note

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Cash flows from operating activities

Loss for the period

 

(8,157,290)

(7,508,113)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,623,782

1,224,116

Loss on disposal of investments

-

2,072,684

Finance costs

2,593,005

1,218,985

Income tax expense

9

(10,500)

117,072

 

(3,951,003)

(2,875,256)

Working capital adjustments

 

Decrease in stocks

13

262,788

86,400

(Increase)/decrease in trade debtors

14

(44,865)

4,429,285

(Decrease)/increase in trade creditors

16

(1,242,857)

277,822

Cash generated from operations

 

(4,975,937)

1,918,251

Income taxes paid

9

-

(108,978)

Net cash flow from operating activities

 

(4,975,937)

1,809,273

Cash flows from investing activities

 

Acquisitions of tangible assets

(5,671)

(569,058)

Net cash flows from investing activities

 

(5,671)

(569,058)

Cash flows from financing activities

 

Proceeds from bank borrowing draw downs

 

5,187,000

-

Repayment of bank borrowing

 

-

(1,191,212)

Net cash flows from financing activities

 

5,187,000

(1,191,212)

Net increase in cash and cash equivalents

 

205,392

49,003

Cash and cash equivalents at 1 July

 

661,246

612,243

Cash and cash equivalents at 31 December

 

866,638

661,246

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Spencer Court
Corby
NN17 1NU
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

A consolidation was not performed for the previous periods unaudited accounts but has been brought in for the comparatives shown in these accounts.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Going concern

Management has decided to sell the trade and assets held within the group with sale completions expected to be commencing over the next year. The company will then be liquidated once all sales have been completed. Therefore, the directors; do not consider it appropriate to prepare the financial statements on a going concern basis. This includes, where applicable, writing the group's assets down to their net realisable value and making provisions against contracts that have become onerous at the reporting date. No material adjustments arose as a result of ceasing to apply the going concern basis.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

3

Turnover

The analysis of the group's Turnover for the period from continuing operations is as follows:

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Sale of goods

24,700,271

19,638,622

Rendering of services

5,068,153

3,579,004

Other revenue

390,301

375,532

30,158,725

23,593,158

The analysis of the group's Turnover for the period by market is as follows:

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

UK

30,158,725

23,593,158

 

4

Other operating income

The analysis of the group's other operating income for the period is as follows:

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Miscellaneous other operating income

24,000

2,122

 

5

Operating profit

Arrived at after charging/(crediting)

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Depreciation expense

134,052

186,593

Amortisation expense

1,489,731

993,154

Operating lease expense - property

698,187

490,944

Operating lease expense - plant and machinery

79,436

1,472

 

6

Interest payable and similar expenses

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Interest on obligations under finance leases and hire purchase contracts

11,209

-

Interest expense on other finance liabilities

2,581,796

1,218,985

2,593,005

1,218,985

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Wages and salaries

6,195,524

5,482,306

Social security costs

557,400

362,331

Pension costs, defined contribution scheme

147,098

74,440

6,900,022

5,919,077

The average number of persons employed by the company (including directors) during the period, was 231 (2022 - 268).

Company
The company incurred no staff costs and had no employees other than the directors.

 

8

Directors' remuneration

The directors' remuneration for the period was as follows:

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Remuneration

564,358

1,619

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

18 month period ended 31 December 2023
£

Unaudited
Year ended 30 June 2022
£

Current taxation

UK corporation tax

-

58,117

UK corporation tax adjustment to prior periods

-

58,955

-

117,072

Deferred taxation

Arising from origination and reversal of timing differences

(10,500)

-

Tax (receipt)/expense in the income statement

(10,500)

117,072

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

Unaudited
30 June
2022
£

Loss before tax

(8,167,790)

(7,391,041)

Corporation tax at standard rate

(2,041,948)

(1,404,298)

Increase in tax from adjustment for prior periods

-

58,955

Increase in tax from unrecognised tax loss

2,031,448

1,462,415

Total tax (credit)/charge

(10,500)

117,072

Deferred tax

Group

Deferred tax assets and liabilities

2022

Unaudited
Liability
£

Capital allowances in excess of depreciation

10,500

10,500

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

10

Intangible assets

Group

Goodwill
 £

Cost or valuation

At 1 July 2022

9,931,542

At 31 December 2023

9,931,542

Amortisation

At 1 July 2022

993,154

Amortisation charge

1,489,731

At 31 December 2023

2,482,885

Carrying amount

At 31 December 2023

7,448,657

At 30 June 2022

8,938,388

 

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

271,311

1,988,392

2,259,703

Additions

-

5,671

5,671

At 31 December 2023

271,311

1,994,063

2,265,374

Depreciation

At 1 July 2022

467,915

1,127,519

1,595,434

Charge for the period

-

134,051

134,051

Eliminated on disposal

(196,604)

-

(196,604)

At 31 December 2023

271,311

1,261,570

1,532,881

Carrying amount

At 31 December 2023

-

732,493

732,493

At 30 June 2022

-

860,873

860,873

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

12

Investments

Company

31 December 2023
£

Unaudited
30 June 2022
£

Investments in subsidiaries

451

451

Subsidiaries

£

Cost or valuation

At 1 July 2022 & 31 December 2023

451

Carrying amount

At 31 December 2023

451

At 30 June 2022

451

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Ensco 1277 Limited

8 Spencer Court, Corby

England

Ordinary

100%

100%

 

13

Stocks

 

Group

Company

31 December 2023
£

Unaudited
30 June 2022
£

31 December 2023
£

Unaudited
30 June 2022
£

Raw materials and consumables

964,726

1,227,514

-

-

 

14

Debtors

   

Group

Company

Note

31 December 2023
£

Unaudited
30 June 2022
£

31 December 2023
£

Unaudited
30 June 2022
£

Trade debtors

 

1,367,674

1,252,818

-

-

Amounts owed by related parties

20

-

-

11,651

11,651

Other debtors

 

379,994

559,268

-

-

Prepayments

 

156,446

47,163

-

-

 

1,904,114

1,859,249

11,651

11,651

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

15

Cash and cash equivalents

 

Group

Company

31 December 2023
£

Unaudited
30 June 2022
£

31 December 2023
£

Unaudited
30 June 2022
£

Cash at bank

866,638

661,246

-

-

 

16

Creditors

   

Group

Company

Note

31 December 2023
£

Unaudited
30 June 2022
£

31 December 2023
£

Unaudited
30 June 2022
£

Due within one year

 

Loans and borrowings

23,185,589

15,344,126

-

-

Trade creditors

 

2,660,157

4,443,980

-

-

Amounts due to related parties

20

-

-

686,518

288,213

Social security and other taxes

 

92,463

85,367

-

-

Other payables

 

49,382

388,502

-

-

Accruals

 

1,442,237

569,247

7,500

-

Corporation tax liability

9

140,101

117,072

-

-

 

27,569,929

20,948,294

694,018

288,213

Due after one year

 

Loans and borrowings

-

84,487

-

-

 

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £147,098 (2022 - £74,440).

Contributions totalling £Nil (2022 - £Nil) were payable to the scheme at the end of the period and are included in creditors.

 

18

Share capital

Allotted, called up and fully paid shares

31 December 2023

Unaudited
30 June 2022

No.

£

No.

£

A Ordinary of £0.01 each

559,982

5,600

559,982

5,600

B Ordinary of £0.01 each

140,021

1,400

140,021

1,400

C Ordinary of £0.01 each

218,783

2,188

218,783

2,188

D Ordinary of £0.01 each

45,007

451

45,007

451

E Ordinary of £0.01 each

176,279

1,763

176,279

1,763

F Ordinary of £0.01 each

70,013

700

70,013

700

1,210,085

12,102

1,210,085

12,102

 

Ensco 1259 Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

Unaudited
30 June
2022
£

Not later than one year

356,055

356,055

Later than one year and not later than five years

1,370,919

1,370,919

Later than five years

2,075,512

2,431,567

3,802,486

4,158,541

The amount of non-cancellable operating lease payments recognised as an expense during the period was £603,922 (2022 - £373,909).

 

20

Related party transactions

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.
 

Summary of transactions with other related parties

As at the balance sheet date, the company was owed £11,651 (2022: £11,651) from Ensco 1277 Limited (a subsidiary). There are no fixed repayment terms and no interest is charged.

As at the balance sheet date, the company owed £288,213 (2022: £288,213) to The Pillbox & Case Co Limited (a subsidiary). There are no fixed repayment terms and no interest is charged.

As at the balance sheet date, the company owed £398,305 (2022: £nil) to Pickfords Pharmacy Limited (a subsidiary). There are no fixed repayment terms and no interest is charged.

 

21

Non adjusting events after the financial period

Since the year end, the group has completed the sale of twelve pharmacies for a total consideration of £5,993,000.