| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ENOFLEX LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ENOFLEX LIMITED |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ENOFLEX LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Appledram Barns |
| Birdham Road |
| Chichester |
| West Sussex |
| PO20 7EQ |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Enoflex Limited is a |
| The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis. |
| As expected, being in line with the strategic business plans, the directors note that the company reported another loss for the year under review which increased retained losses to £2m. The company is supported by investor equity funding. The directors are pleased to report that investor funding of £2.5m was secured during the year, meaning the balance sheet reports net assets of £2.4m as at 31 December 2024 (31 December 2023: £0.5m). |
| The company is forecasting further losses for the foreseeable future. As with many start-up businesses, financial viability depends on capital investment rather than trading results at this stage. Should sufficient funding not be obtained, this could jeopardise the company's ability to continue as a going concern. The company has sufficient current cash levels, together with secured, and potential pipeline, commercial contracts and grant funding, for the company to continue operations for at least 12 months after the approval of these financial statements. |
| In forming their expectation, the directors have considered the additional future funding requirements as outlined in the budgets and cash flow forecasts up to at least 12 months after the approval of these financial statements. These forecasts are based on prudent estimates and assessments of uncertainties which includes reasonable conclusions on the securing of further commercial, and grant related, income streams; the capital expenditure requirements; investment in personnel; and the operating costs of the business going forward. It should be noted that these budgets and cash flow forecasts are uncertain but the directors do not believe there is a material uncertainty inherent in their assessment of going concern. |
| The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the company was unable to realise its assets and settle its liabilities as a going concern in the normal course of business. Such adjustments could be material. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised over its estimated useful life of 10 years. |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software is being amortised evenly over its estimated useful life of five years. |
| Licenses are being amortised over their respective estimated expected useful life as follows: |
| Agreement and license rights | - | 10 and 20 years straight line |
| In-Well license | - | 20 year straight line |
| SPC manufacture license | - | 10 year straight line |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
| Short leasehold | - | 10% on cost |
| Plant and machinery | - | 20% on cost |
| Fixtures and fittings | - | 33% on cost |
| Computer equipment | - | 33% on cost |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Financial instruments |
| Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 1A. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Grants |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
| Share-based payments |
| Certain employees of the company were awarded share options within a share option scheme. Each tranche is an award and is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. The compensation expense would be recognised over the tranche's vesting period based on the number of awards expected to vest, the directors however, believe the calculated charge is not material so the financial statements have not adjusted to reflect this. The number of awards expected to vest is reviewed over the vesting period, with any forfeitures recognised immediately. The number of options outstanding at the year end was 4,630 (2023: 4,850). |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included in other creditors are fixed rate unsecured convertible loan notes of £nil (2023 - £305,523). |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. At the balance sheet date the company had an outstanding pension contributions liability of £5,322 (2023 - £4,766). |
| 10. | OTHER FINANCIAL COMMITMENTS |
| At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life totalling £945,512 (2023 - £1,279,222). |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | OFF-BALANCE SHEET ARRANGEMENTS |
| The company has an arrangement in place with a third party for a product credit of £315,544 (2023 - £374,000). During the period £3,225 (2023 - £58,456) of this credit was utilised, therefore £312,319 (2023 - £315,544) was remaining at the balance sheet date within these financial statements. The credit agreement expires in October 2026. No accounting entries have been made in respect of the above. |