Company registration number 03890795 (England and Wales)
ENSEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ENSEN LIMITED
COMPANY INFORMATION
Directors
Mr J J Prescott
Miss F Broadhurst
Secretary
Mr J J Prescott
Company number
03890795
Registered office
Unit 1 Sovereign Works
Deepdale Lane
Gornal
Dudley
DY3 2AF
Auditor
Sumer Auditco Limited
The Beehive Building
Beehive Ring Road
Gatwick
Crawley
United Kingdom
RH6 0PA
ENSEN LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 36
ENSEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The results for the year are set out on page 7. The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

 

Ensen Limited is the parent company of Hill Steels Limited.

Principal risks and uncertainties

Competitive pressure is a continuing risk for the group, which could result in a loss of sales to key competitors. The group manages this risk by providing added value services to its customers having fast response times not only in supplying products but also in handling all customers queries and by maintaining strong relationships with customers.

Development and performance

The group’s market has experienced significant demand throughout the year, which we have successfully supported. The group continues to invest heavily in our plant and machinery and asset base, all of which go to maintaining our position within the industry, while continuing to look for opportunities for growth.

Key performance indicators

By order of the board

Mr J J Prescott
Secretary
23 April 2025
ENSEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the supply and stockholding of steel.

Results and dividends

The results for the year are set out on page 7. The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

Ordinary dividends were paid amounting to £1,010,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J J Prescott
Miss F Broadhurst
Auditor

Sumer Auditco Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business and principal risks and uncertainties.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Mr J J Prescott
Secretary
23 April 2025
ENSEN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the Annual 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:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ENSEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENSEN LIMITED
- 4 -
Opinion

We have audited the financial statements of Ensen Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 our audit:

ENSEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENSEN LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation from the events and transactions reflected in the financial statements, as we will be less likely to be aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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

ENSEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENSEN LIMITED
- 6 -

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.

Mr Martin Bradley FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
The Beehive Building
Beehive Ring Road
Gatwick
Crawley
RH6 0PA
United Kingdom
2 June 2025
ENSEN LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
24,308,222
30,832,292
Cost of sales
(18,496,605)
(22,829,362)
Gross profit
5,811,617
8,002,930
Distribution costs
(488,633)
(544,916)
Administrative expenses
(3,911,321)
(3,954,510)
Other operating income
295,100
42,000
Operating profit
4
1,706,763
3,545,504
Interest receivable and similar income
7
30,768
6,533
Interest payable and similar expenses
8
(186,666)
(263,123)
Profit before taxation
1,550,865
3,288,914
Tax on profit
9
(441,151)
(844,346)
Profit for the financial year
23
1,109,714
2,444,568
Profit for the financial year is all attributable to the owners of the parent company.
ENSEN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
1,109,714
2,444,568
Other comprehensive income
Revaluation of tangible fixed assets
2,973,947
-
0
Fair value adjustments reclassified to profit or loss
53,831
172,677
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
(746,771)
-
0
Other comprehensive income for the year
2,281,007
172,677
Total comprehensive income for the year
3,390,721
2,617,245
Total comprehensive income for the year is all attributable to the owners of the parent company.
ENSEN LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
6,750
Tangible assets
12
9,634,495
6,576,320
9,634,495
6,583,070
Current assets
Stocks
15
6,528,017
6,777,783
Debtors
16
4,513,606
6,214,601
Cash at bank and in hand
4,154,895
2,551,311
15,196,518
15,543,695
Creditors: amounts falling due within one year
17
(5,054,475)
(4,499,110)
Net current assets
10,142,043
11,044,585
Total assets less current liabilities
19,776,538
17,627,655
Creditors: amounts falling due after more than one year
18
(1,601,526)
(2,564,660)
Provisions for liabilities
Deferred tax liability
20
1,601,565
870,269
(1,601,565)
(870,269)
Net assets
16,573,447
14,192,726
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
23
3,899,758
1,672,582
Other reserves
23
205,506
288,896
Profit and loss reserves
23
12,468,083
12,231,148
Total equity
16,573,447
14,192,726

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
23 April 2025
Mr J J Prescott
Director
Company registration number 03890795 (England and Wales)
ENSEN LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,229,522
2,907,852
Investments
13
13,408,281
12,246,242
17,637,803
15,154,094
Current assets
Stocks
15
1,951,101
1,709,257
Debtors
16
1,551,054
1,935,331
Cash at bank and in hand
958,978
1,537,614
4,461,133
5,182,202
Creditors: amounts falling due within one year
17
(3,235,151)
(3,179,376)
Net current assets
1,225,982
2,002,826
Total assets less current liabilities
18,863,785
17,156,920
Creditors: amounts falling due after more than one year
18
(1,601,526)
(2,564,660)
Provisions for liabilities
Deferred tax liability
20
688,812
399,534
(688,812)
(399,534)
Net assets
16,573,447
14,192,726
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
23
1,681,739
835,718
Other reserves
23
9,191,788
8,113,139
Profit and loss reserves
23
5,699,820
5,243,769
Total equity
16,573,447
14,192,726
ENSEN LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,328,831 (2023 - £2,110,821 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
23 April 2025
Mr J J Prescott
Director
Company registration number 03890795 (England and Wales)
ENSEN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
100
1,672,582
237,753
12,275,046
14,185,481
Year ended 31 December 2023:
Profit for the year
-
-
-
2,444,568
2,444,568
Other comprehensive income:
Gains reclassified to profit or loss
-
172,677
-
-
172,677
Total comprehensive income
-
172,677
-
2,444,568
2,617,245
Dividends
10
-
-
-
(2,610,000)
(2,610,000)
Amortisation of capital contribution reserve
-
-
(121,534)
121,534
-
Adjustment to net present value of shareholders loan
-
(172,677)
172,677
-
-
Balance at 31 December 2023
100
1,672,582
288,896
12,231,148
14,192,726
Year ended 31 December 2024:
Profit for the year
-
-
-
1,109,714
1,109,714
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,973,947
-
-
2,973,947
Tax relating to other comprehensive income
-
(746,771)
-
-
0
(746,771)
Amounts attributable to non-controlling interests
-
53,831
-
-
53,831
Total comprehensive income
-
2,281,007
-
1,109,714
3,390,721
Dividends
10
-
-
-
(1,010,000)
(1,010,000)
Amortisation of capital contribution reserve
-
-
(137,221)
137,221
-
Adjustment to net present value of shareholders loan
-
(53,831)
53,831
-
-
Balance at 31 December 2024
100
3,899,758
205,506
12,468,083
16,573,447
ENSEN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Capital contribution reserve
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
100
835,718
237,753
5,617,872
5,621,414
12,312,857
Deferred tax provision adjustment
-
-
-
1,872,624
-
1,872,624
As restated
100
835,718
237,753
7,490,496
5,621,414
14,185,481
Year ended 31 December 2023:
Profit for the year
-
-
-
-
2,110,821
2,110,821
Other comprehensive income:
Adjustments to fair value of financial assets
-
333,747
-
-
-
333,747
Gains reclassified to profit or loss
-
172,677
-
-
-
172,677
Total comprehensive income
-
506,424
-
-
2,110,821
2,617,245
Dividends
10
-
-
-
-
(2,610,000)
(2,610,000)
Fair value movements on investment in subsidiaries
-
(333,747)
-
333,747
-
-
Amortisation of capital contribution reserve
-
-
(121,534)
-
121,534
-
Adjustment to net present value of shareholders loan
-
(172,677)
172,677
-
-
-
Balance at 31 December 2023
100
835,718
288,896
7,824,243
5,243,769
14,192,726
Year ended 31 December 2024:
Profit for the year
-
-
-
-
1,328,830
1,328,830
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,132,407
-
-
-
1,132,407
Adjustments to fair value of financial assets
-
1,162,039
-
-
-
1,162,039
Gains reclassified to profit or loss
-
53,831
-
-
-
53,831
Tax relating to other comprehensive income
-
(286,386)
-
-
-
0
(286,386)
Total comprehensive income
-
2,061,891
-
-
1,328,830
3,390,721
Dividends
10
-
-
-
-
(1,010,000)
(1,010,000)
Fair value movements on investment in subsidiaries
-
(1,162,039)
-
1,162,039
-
-
Amortisation of capital contribution reserve
-
-
(137,221)
-
137,221
-
Adjustment to net present value of shareholders loan
-
(53,831)
53,831
-
-
-
Balance at 31 December 2024
100
1,681,739
205,506
8,986,282
5,699,820
16,573,447
ENSEN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,055,089
5,784,362
Interest paid
(186,666)
(263,123)
Income taxes paid
(656,495)
(1,063,281)
Net cash inflow from operating activities
2,211,928
4,457,958
Investing activities
Purchase of tangible fixed assets
(638,841)
(784,291)
Proceeds from disposal of tangible fixed assets
154,403
197,352
Interest received
30,768
6,533
Other income received from investments
53,831
172,677
Net cash used in investing activities
(399,839)
(407,729)
Financing activities
Repayment of bank loans
(864,929)
(2,041,139)
Dividends paid to equity shareholders
(1,010,000)
(2,610,000)
Net cash used in financing activities
(1,874,929)
(4,651,139)
Net decrease in cash and cash equivalents
(62,840)
(600,910)
Cash and cash equivalents at beginning of year
2,551,311
3,152,221
Cash and cash equivalents at end of year
2,488,471
2,551,311
Relating to:
Cash at bank and in hand
4,154,895
2,551,311
Bank overdrafts included in creditors payable within one year
(1,666,424)
-
ENSEN LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(731,918)
3,379,714
Interest paid
(186,667)
(262,918)
Income taxes paid
(136,604)
(257,490)
Net cash (outflow)/inflow from operating activities
(1,055,189)
2,859,306
Investing activities
Purchase of tangible fixed assets
(533,445)
(382,860)
Proceeds from disposal of tangible fixed assets
123,904
120,388
Interest received
30,768
6,533
Dividends received
1,010,000
1,610,000
Other income received from investments
53,831
172,677
Net cash generated from investing activities
685,058
1,526,738
Financing activities
Repayment of bank loans
(864,929)
(2,041,139)
Dividends paid to equity shareholders
(1,010,000)
(2,610,000)
Net cash used in financing activities
(1,874,929)
(4,651,139)
Net decrease in cash and cash equivalents
(2,245,060)
(265,095)
Cash and cash equivalents at beginning of year
1,537,614
1,802,709
Cash and cash equivalents at end of year
(707,446)
1,537,614
Relating to:
Cash at bank and in hand
958,978
1,537,614
Bank overdrafts included in creditors payable within one year
(1,666,424)
-
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Ensen Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Steel House, Unit 1, Sovereign Works, Deepdale Lane, Gornal, DY3 2AF.

 

The group consists of Ensen Limited and all of its subsidiaries.

1.1
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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ensen Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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:

Freehold land and buildings
0.5% and 2% per annum straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Livestock
Not depreciated

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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 group 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 group after deducting all of its liabilities.

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.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation

The group's freehold properties are held at their valuation, taking into account the most reliable evidence at each reporting date. The details of any such valuation is shown in note 11 to these financial statements. The total revaluation reserve generated from any such revaluations, including the deferred tax consideration on the revaluation, is £3,899,758 (2023: £1,672,582), as shown on the group statement of changes in equity.

Net present value of long term loans

Interest free loans from current and previous shareholders totalling have been restated at their present value, based on the expected repayment profile at the year end using a deemed interest rate. Interest rates and repayment profiles have been estimated taking into account the most reliable information available at the reporting date. The impact on the value of the loans in the financial statements is £203,015 (2023: £286,405). More details are shown in note 18 of these financial statements.

Investment valuation

The company's investment in its subsidiary is held at its fair value, taking into account the most reliable evidence at each reporting date. The details of any such valuation is shown in note 12 to these financial statements. The total revaluation reserve generated from any such revaluations, including the deferred tax consideration on the revaluation, is £8,968,282 (2023: £7,824,243), as shown on the company statement of changes in equity.

Stock valuation

Stock is shown in these financial statements less a provision for devaluation, as well as provisions for slow moving or obsolete stock. This provision is based on market conditions and directors' judgements. The value of stock held, after accounting for the above provisions, is shown in note 15 of these financial statements.

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
24,308,222
30,832,292
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,786,270
30,057,949
Europe and overseas
521,952
774,343
24,308,222
30,832,292
2024
2023
£
£
Other revenue
Interest income
30,768
6,533
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
10,400
10,100
Depreciation of owned tangible fixed assets
353,321
411,541
Loss/(profit) on disposal of tangible fixed assets
46,891
(48,378)
Amortisation of intangible assets
6,750
6,750
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
70
74
10
11
Administration
31
33
7
7
Management
3
3
2
2
Total
104
110
19
20
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,031,790
2,920,368
648,164
612,439
Social security costs
297,942
272,833
71,174
66,458
Pension costs
64,835
62,731
13,031
12,996
3,394,567
3,255,932
732,369
691,893
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
80,827
51,833
Company pension contributions to defined contribution schemes
1,841
3,413
82,668
55,246

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
30,768
6,533
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
30,768
6,533
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
27,117
140,808
Other finance costs:
Other interest
159,549
122,315
Total finance costs
186,666
263,123
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
456,626
751,494
Deferred tax
Origination and reversal of timing differences
(15,475)
92,852
Total tax charge
441,151
844,346
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,550,865
3,288,914
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
387,716
773,571
Tax effect of expenses that are not deductible in determining taxable profit
51,747
38,061
Permanent capital allowances in excess of depreciation
1,688
3,383
Depreciation on assets not qualifying for tax allowances
-
0
29,331
Taxation charge
441,151
844,346

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
746,771
-
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,010,000
2,610,000
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
82,765
Amortisation and impairment
At 1 January 2024
76,015
Amortisation charged for the year
6,750
At 31 December 2024
82,765
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
6,750
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Livestock
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
6,235,172
2,096,342
49,802
1,320,481
47,350
9,749,147
Additions
-
0
160,501
2,059
476,281
-
0
638,841
Disposals
-
0
-
0
(2,134)
(307,108)
-
0
(309,242)
Revaluation
3,775,643
-
0
-
0
-
0
-
0
3,775,643
At 31 December 2024
10,010,815
2,256,843
49,727
1,489,654
47,350
13,854,389
Depreciation and impairment
At 1 January 2024
1,284,813
1,375,381
24,878
487,755
-
0
3,172,827
Depreciation charged in the year
-
0
115,859
4,290
233,172
-
0
353,321
Eliminated in respect of disposals
-
0
-
0
(1,780)
(106,168)
-
0
(107,948)
Revaluation
801,694
-
0
-
0
-
0
-
0
801,694
At 31 December 2024
2,086,507
1,491,240
27,388
614,759
-
0
4,219,894
Carrying amount
At 31 December 2024
7,924,308
765,603
22,339
874,895
47,350
9,634,495
At 31 December 2023
4,950,359
720,961
24,924
832,726
47,350
6,576,320
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
2,603,913
327,326
49,802
713,923
3,694,964
Additions
-
0
153,880
2,059
377,506
533,445
Disposals
-
0
-
0
(2,134)
(264,631)
(266,765)
Revaluation
1,308,527
-
0
-
0
-
0
1,308,527
At 31 December 2024
3,912,440
481,206
49,727
826,798
5,270,171
Depreciation and impairment
At 1 January 2024
345,051
222,792
24,878
194,391
787,112
Depreciation charged in the year
-
0
21,780
4,290
148,681
174,751
Eliminated in respect of disposals
-
0
-
0
(1,780)
(95,552)
(97,332)
Revaluation
176,118
-
0
-
0
-
0
176,118
At 31 December 2024
521,169
244,572
27,388
247,520
1,040,649
Carrying amount
At 31 December 2024
3,391,271
236,634
22,339
579,278
4,229,522
At 31 December 2023
2,258,862
104,534
24,924
519,532
2,907,852

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
7,924,308
4,950,359
3,391,271
2,258,862

The directors consider that the difference between the carrying value and the market value of freehold land and buildings is not significant.

 

Livestock are currently not being depreciated.

 

Land and buildings with a carrying amount of £7,924,308 were revalued in July 2024 by Colliers International Valuation UK LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 30 -
Freehold property
2024
2023
£
£
Group
Cost
3,681,726
3,681,726
Accumulated depreciation
(837,750)
(764,115)
Carrying value
2,843,976
2,917,611
Company
Cost
1,444,596
1,444,596
Accumulated depreciation
(245,401)
(216,509)
Carrying value
1,199,195
1,228,087
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
13,408,281
12,246,242
Fixed asset investments revalued

The above investment relates to the company's 100% shareholding in the share capital of Hill Steels Limited, and has been revalued annually by the directors using the net assets method. The initial cost of the investment was £4,422,000.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
12,246,242
Valuation changes
1,162,039
At 31 December 2024
13,408,281
Carrying amount
At 31 December 2024
13,408,281
At 31 December 2023
12,246,242
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hill Steels Limited
Unit 1 Sovereign Works Deepdale Lane Dudley DY3 2AF
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,528,017
6,777,783
1,951,101
1,709,257
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,063,758
6,007,271
1,433,012
1,889,920
Amounts owed by group undertakings
-
-
75,258
-
Other debtors
44,000
56,000
-
0
-
0
Prepayments and accrued income
405,848
151,330
42,784
45,411
4,513,606
6,214,601
1,551,054
1,935,331
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,666,424
377,455
1,666,424
377,455
Trade creditors
2,836,055
3,162,526
1,346,865
1,391,834
Amounts owed to group undertakings
-
0
-
0
-
0
963,736
Corporation tax payable
76,626
276,494
38,512
16,602
Other taxation and social security
321,312
363,610
60,605
151,139
Other creditors
85,294
241,429
85,100
241,417
Accruals and deferred income
68,764
77,596
37,645
37,193
5,054,475
4,499,110
3,235,151
3,179,376
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
487,474
-
0
487,474
Other creditors
1,601,526
2,077,186
1,601,526
2,077,186
1,601,526
2,564,660
1,601,526
2,564,660

Interest free loans from current and previous shareholders totalling £1,888,965 (2023: £2,603,591) have been restated at present value of £1,685,950 (2023: £2,317,186) based on the expected repayment profile at the year end using a deemed interest rate of 6% (2023: 6%).

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
864,929
-
0
864,929
Bank overdrafts
1,666,424
-
0
1,666,424
-
0
1,666,424
864,929
1,666,424
864,929
Payable within one year
1,666,424
377,455
1,666,424
377,455
Payable after one year
-
0
487,474
-
0
487,474

The long-term loans are secured by unlimited guarantees by the company and its subsidiary Hill Steels Limited, and by way of debentures and legal charges on the company and it's subsidiary Hill Steels Limited.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
297,267
312,742
Revaluations
1,304,298
557,527
1,601,565
870,269
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 33 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
123,854
120,962
Revaluations
564,958
278,572
688,812
399,534
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
870,269
399,534
(Credit)/charge to profit or loss
(15,475)
2,892
Charge to equity
746,771
286,386
Liability at 31 December 2024
1,601,565
688,812

Of the group deferred tax liability set out above, £74,219 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period. The deferred tax on revaluations will only be realised when the assets are sold, which is not expected to be within 12 months.

 

Of the parent company deferred tax liability set out above, £37,871 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period. The deferred tax on revaluations will only be realised when the assets are sold, which is not expected to be within 12 months.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,835
62,731

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50
Ordinary A shares of £1 each
50
50
50
50
100
100
100
100
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
23
Reserves
Capital contribution reserve

This reserve records the difference between the net present value and actual value of the previous shareholder's loan, and is amortised in line with the deemed interest charged to the profit and loss account each year.

Fair value reserve

These reserves record the value of asset revaluations and fair value movements on assets recognised in other comprehensive income, less any adjustment for deferred taxation.

Profit and loss reserves

Retained earnings records retained earnings and accumulated losses.

24
Directors' transactions

Dividends totalling £731,600 (2023 - £1,974,600) were paid in the year in respect of shares held by the company's directors.

25
Controlling party

The controlling parties are Mr J J Prescott and Miss F Broadhurst by virtue of their controlling interest in the issued share capital of the company.

26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,109,714
2,444,568
Adjustments for:
Taxation charged
441,151
844,346
Finance costs
186,666
263,123
Investment income
(30,768)
(6,533)
Loss/(gain) on disposal of tangible fixed assets
46,891
(48,378)
Amortisation and impairment of intangible assets
6,750
6,750
Depreciation and impairment of tangible fixed assets
353,321
411,541
Movements in working capital:
Decrease in stocks
249,766
1,266,733
Decrease in debtors
1,700,995
1,421,317
Decrease in creditors
(1,009,397)
(819,105)
Cash generated from operations
3,055,089
5,784,362
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
27
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
1,328,830
2,110,821
Adjustments for:
Taxation charged
161,404
209,009
Finance costs
186,667
262,918
Investment income
(1,040,768)
(1,616,533)
Loss/(gain) on disposal of tangible fixed assets
45,529
(28,839)
Depreciation and impairment of tangible fixed assets
174,751
189,831
Movements in working capital:
(Increase)/decrease in stocks
(241,844)
730,672
Decrease in debtors
384,277
411,887
(Decrease)/increase in creditors
(1,730,764)
1,109,948
Cash (absorbed by)/generated from operations
(731,918)
3,379,714
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,551,311
1,603,584
4,154,895
Bank overdrafts
-
0
(1,666,424)
(1,666,424)
2,551,311
(62,840)
2,488,471
Borrowings excluding overdrafts
(864,929)
864,929
-
1,686,382
802,089
2,488,471
29
Analysis of changes in net funds/(debt) - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,537,614
(578,636)
958,978
Bank overdrafts
-
0
(1,666,424)
(1,666,424)
1,537,614
(2,245,060)
(707,446)
Borrowings excluding overdrafts
(864,929)
864,929
-
672,685
(1,380,131)
(707,446)
ENSEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
30
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in equity - company
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Deferred tax provision adjustment
1,872,624
1,956,061
Equity as previously reported
12,312,857
12,236,665
Equity as adjusted
14,185,481
14,192,726
Analysis of the effect upon equity
Other reserves
1,872,624
1,956,061
Notes to reconciliation
Deferred tax provision movement

In previous years, deferred tax has been provided for on the revaluation of the company's investment in its 100% subsidiary, Hill Steels Limited. As the substantial shareholding exemption criteria applies, the directors have agreed to reverse this part of the deferred tax liability, as they feel no chargeable gain would be payable should any or all of this investment be disposed of.

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