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REGISTERED NUMBER: 13048748 (England and Wales)















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: C A Tavner
J P Jonhede
D J Van Steenbergen
O J Kassam





REGISTERED OFFICE: Hercules House
Merlin Quay
Hazel Road
Southampton
Hampshire
SO19 7GB





REGISTERED NUMBER: 13048748 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
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 39,837 46,638
Tangible assets 5 134,741 165,957
174,578 212,595

CURRENT ASSETS
Debtors 6 989,084 651,536
Cash at bank 1,365,702 54,682
2,354,786 706,218
CREDITORS
Amounts falling due within one year 7 170,497 388,787
NET CURRENT ASSETS 2,184,289 317,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,358,867

530,026

CAPITAL AND RESERVES
Called up share capital 40 13
Share premium 4,499,949 1,999,988
Retained earnings (2,141,122 ) (1,469,975 )
SHAREHOLDERS' FUNDS 2,358,867 530,026

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





C A Tavner - Director


ENOFLEX LIMITED (REGISTERED NUMBER: 13048748)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Enoflex 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.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£ £ £
COST
At 1 January 2024
and 31 December 2024 1 59,005 59,006
AMORTISATION
At 1 January 2024 1 12,367 12,368
Charge for year - 6,801 6,801
At 31 December 2024 1 19,168 19,169
NET BOOK VALUE
At 31 December 2024 - 39,837 39,837
At 31 December 2023 - 46,638 46,638

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 55,401 190,010 245,411
Additions 1,000 22,238 23,238
At 31 December 2024 56,401 212,248 268,649
DEPRECIATION
At 1 January 2024 6,272 73,182 79,454
Charge for year 5,557 48,897 54,454
At 31 December 2024 11,829 122,079 133,908
NET BOOK VALUE
At 31 December 2024 44,572 90,169 134,741
At 31 December 2023 49,129 116,828 165,957

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 989,084 651,536

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 94,612 32,846
Taxation and social security 26,880 24,573
Other creditors 49,005 331,368
170,497 388,787

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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited

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.