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COMPANY REGISTRATION NUMBER: 02362589
Energizer Auto UK Limited
Annual Report
30 September 2024
Energizer Auto UK Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditors' report to the members of Energizer Auto UK Limited
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13
Energizer Auto UK Limited
Strategic Report
Year ended 30 September 2024
Business review
The company's principal activity is to operate as a manufacturer of autocare products on behalf of Energizer Trading Limited (ETL). The main KPIs used by the directors to assess the performance and position of the company are turnover, gross margin percentage (GM%), operating profit percentage (OP%) and days in inventory (DII). The following comparisons are versus the prior year. Turnover has increased by £5.7m (44%) from £12.8m to £18.5m as a result of increased distribution achieved by ETL and its affiliates. The GM% has decreased by 2 percentage points from 11% to 9%, due to a 46% increase in the Cost of Sales. This has been offset by a decrease in administrative expenses resulting in a 1 percentage point increase in Operating profit percentage from 7% to 8%. Days In Inventory (DII) has decreased by 27 days from 91 days to 64 days. The company had temporarily increased inventory levels in the prior year to compensate for global supply chain constraints and to ensure that service levels to ETL and ETL's customers could be maintained. The company is returning its inventory holding to more normalised levels. The company reported a profit before tax of £1.3m (2023: £0.8m) and net assets of £6.4m (2023: £5.5m) at the year end. The directors are satisfied with the performance and position of the company.
Future activities
The directors do not anticipate any significant changes to the activities of the company in the near future.
Financial risk management
The credit, liquidity and cash flow risks are deemed low due to the ability to obtain financing from group undertakings. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Treasury and financial risk management are conducted at a corporate level and further details can be found in section 1A of Energizer Holdings Inc.'s 2024 annual report, which does not form part of this report.
Principal risks and uncertainties
The principal risk that the company faces is that the group's operating subsidiaries are not successful in selling the products the company manufactures. The directors carry out regular performance reviews of the businesses of the group companies that sell the products.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Mrs S Hampton
Director
Registered office:
Sword House
Totteridge Road
High Wycombe
Bucks
England
HP13 6DG
Energizer Auto UK Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year and up to the date of signing the financial statements were as follows:
Mrs K Dugan
Mrs K Gabrielson
Mrs S Hampton
Dividends
The directors do not recommend the payment of a dividend.
Qualifying third party indemnity provisions
During the year qualifying third party indemnity provisions for the directors were provided by Energizer Holdings Inc., the ultimate parent company. Such qualifying indemnity provisions remain in force as at the date of approval of the financial statements.
Disclosure of information in the strategic report
Disclosure of the future activities of the company and the directors' assessment of the company's principal risks and uncertainties and financial risk management are set out in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; - make judgements and accounting estimates that are reasonable and prudent; 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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. Directors' confirmations
In the case of each director in office at the date the Directors' Report is approved: - so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and - they have taken all 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 auditors are aware of that information.
Independent auditors
The auditors PricewaterhouseCoopers LLP have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the next board meeting.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Mrs S Hampton
Director
Registered office:
Sword House
Totteridge Road
High Wycombe
Bucks
England
HP13 6DG
Energizer Auto UK Limited
Independent Auditors' Report to the Members of Energizer Auto UK Limited
Year ended 30 September 2024
Report on the audit of the financial statements
Opinion In our opinion, Energizer Auto UK Limited's financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law); and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: the statement of financial position as at 30 September 2024; the statement of comprehensive income and the statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities. With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Strategic report and directors's 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 year ended 30 September 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' Report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 auditors' 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. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the Companies Act 2006 and tax legislation as applicable in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Testing of journal entries for appropriateness, testing of the accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; and - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. - Challenging assumptions made by management in its critical accounting estimates and judgements. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report. Use of this report
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: - we have not obtained all the information and explanations we require for our audit; or - adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or - certain disclosures of directors' remuneration specified by law are not made; or - the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
Udaya Suddapalli
(Senior Statutory Auditor)
For and on behalf of
PricewaterhouseCoopers LLP
Chartered accountants & Statutory Auditors
Watford
26 June 2025
Energizer Auto UK Limited
Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£000
£000
Turnover
5
18,463
12,841
Cost of sales
( 16,753)
( 11,471)
--------
--------
Gross profit
1,710
1,370
Administrative expenses
( 290)
( 437)
-------
-------
Operating profit
6
1,420
933
Interest receivable and similar income
10
1
1
Amounts written off investments
( 40)
Interest payable and similar expenses
11
( 139)
( 49)
-------
-------
Profit before taxation
1,282
845
Tax on profit
12
( 346)
( 200)
-------
----
Profit for the financial year and total comprehensive income
936
645
-------
----
All the activities of the company are from continuing operations.
Energizer Auto UK Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£000
£000
£000
Fixed assets
Intangible assets
13
30
Tangible assets
14
3,387
2,685
Investments
15
80
80
-------
-------
3,497
2,765
Current assets
Stocks
16
2,925
2,907
Debtors
17
3,932
4,212
Cash at bank and in hand
688
985
-------
-------
7,545
8,104
Creditors: amounts falling due within one year
18
( 4,546)
( 5,369)
-------
-------
Net current assets
2,999
2,735
-------
-------
Total assets less current liabilities
6,496
5,500
Provisions for liabilities
19
( 60)
-------
-------
Net assets
6,436
5,500
-------
-------
Capital and reserves
Called up share capital
22
1
1
Share premium account
23
1,359
1,359
Merger reserve
23
1,513
1,513
Capital contribution reserve
23
1,748
1,748
Profit and loss account
1,815
879
-------
-------
Total shareholders' funds
6,436
5,500
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mrs S Hampton
Director
Company registration number: 02362589
Energizer Auto UK Limited
Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Merger reserve
Capital contribution reserve
Profit and loss account
Total
£000
£000
£000
£000
£000
£000
At 1 October 2022
1
1,359
1,513
1,748
234
4,855
Profit for the year
645
645
----
-------
-------
-------
----
-------
Total comprehensive income for the year
645
645
At 30 September 2023
1
1,359
1,513
1,748
879
5,500
Profit for the year
936
936
----
-------
-------
-------
----
-------
Total comprehensive income for the year
936
936
----
-------
-------
-------
-------
-------
At 30 September 2024
1
1,359
1,513
1,748
1,815
6,436
----
-------
-------
-------
-------
-------
Energizer Auto UK Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sword House, Totteridge Road, High Wycombe, Bucks, HP13 6DG, England.
2. Statement of compliance
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006.
3. Accounting policies
The following accounting policies have been applied consistently throughout the period in dealing with items which are considered material in relation to the company's financial statements.
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in this note under the heading judgements and key sources of estimation uncertainty. Going concern The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company is expected to be able to continue to meet its day to day working capital requirements from cash generated through its operations. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Energizer Holdings Inc., which can be obtained from Investor relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA. As such, advantage has been taken of the following disclosure exemptions: - from the requirement to prepare a statement of cash flows as required by paragraph 3.17(d) of FRS 102; - from the requirement to disclose the key management personnel compensation in total as required by paragraph 33.7 of FRS 102; - from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv) of FRS 102 and; - from the requirement to present certain financial instrument disclosures, as required by sections 11 and 12 of FRS 102; Consolidation The company is a wholly owned subsidiary of Energizer Trading Limited and of its ultimate parent, Energizer Holdings Inc., a company incorporated in the USA. It is included in the consolidated financial statements of Energizer Holdings Inc. which are publicly available and can be obtained from Investor Relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA. Therefore the company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. Related party transactions The company has made use of the exemption contained in paragraph 33.1A of FRS 102, not to disclose related party transactions with other group companies, as it is a wholly owned subsidiary of a company, Energizer Holdings Inc., which prepares consolidated financial statements incorporating those transactions. Turnover Turnover represents invoiced amounts (stated net of value added tax) presented net of trade discounts and rebates, and is recognised when the goods are dispatched to the customer which is when title to the product passes to the customer. The company only makes sales to other group companies. Other operating income Other operating income represents the income from recharges of regional costs to Energizer Group Limited, the European Principal, during the year. Other operating Income is recognised in the accounting period in which the services are rendered. Taxation The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax is recognised in respect of all timing differences that have originated, but not reversed by the balance sheet date and which would give rise to an obligation to pay more or less taxation in the future. Deferred tax assets are recognised to the extent they are regarded as recoverable. They are regarded as recoverable to the extent that, on the basis of all available evidence, it is regarded more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date . Software Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Software is amortised over its estimated useful life of three years on a straight line basis. Tangible assets Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements - 15 years straight line
Plant and machinery - 3 to 20 years straight line
Fixtures and fittings - 5 to 10 years straight line
Investments Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Impairment of non-financial assets At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
Inventory
Inventories are stated at the lower of cost and estimated selling prices less any further costs expected to be incurred to completion and sale. Inventories are recognised as an expense in the period in which the related revenue is recognised. Where necessary, provision is made for obsolete, slow moving and defective inventory.
Provisions
Provisions are recognised where there is a present obligation that can be reliably estimated as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions payable in the period in respect of services rendered are recognised as an expense. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
Share capital
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Dividend income is recognised when the right to receive payment is established.
4. Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Inventory provisioning
The company makes estimates of the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature, condition and age of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 16 for the net carrying amount of the inventory, which includes a provision of £170,000 (2023:£434,000) for obsolete and slow moving products.
5. Turnover
Turnover arises from:
2024
2023
£000
£000
Sale of goods
18,463
12,841
--------
--------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£000
£000
Amortisation of intangible assets
3
Depreciation of tangible assets
291
176
Foreign exchange differences
( 52)
17
Operating lease rentals in cost of sales
576
614
----
----
7. Auditors' remuneration
2024
2023
£000
£000
Fees payable for the audit of the financial statements
72
69
----
----
Fees payable to the company's auditors for:
Audit of the financial statements of subsidiaries
13
12
----
----
8. Staff costs
The monthly average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
42
40
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£000
£000
Wages and salaries
1,632
1,437
Social security costs
183
159
Other pension costs
69
62
-------
-------
1,884
1,658
-------
-------
Energizer Group Limited, a fellow subsidiary undertaking, employs management, sales and administration staff who provide a service to the company, however no recharge was made to the company.
9. Directors remuneration
The directors are all based in the US and are paid by the ultimate parent Energizer Holdings Inc.(EHI). EHI does not charge any UK entity for the services of these directors as they are paid predominantly for their services to EHI and not for their services as directors of the UK subsidiaries.
10. Interest receivable and similar income
2024
2023
£000
£000
Other interest receivable and similar income
1
1
----
----
11. Interest payable and similar expenses
2024
2023
£000
£000
Interest due to group undertakings
135
45
Other interest payable and similar charges
4
4
----
----
139
49
----
----
12. Tax on profit
Major components of tax expense
2024
2023
£000
£000
Current tax:
UK current tax expense
237
142
Adjustments in respect of prior periods
26
----
----
Total current tax
263
142
----
----
Deferred tax:
Origination and reversal of timing differences
83
58
----
----
Tax on profit
346
200
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£000
£000
Profit on ordinary activities before taxation
1,282
845
-------
----
Profit on ordinary activities by rate of tax
320
186
Adjustment to tax charge in respect of prior periods
26
Effect of expenses not deductible for tax purposes
9
Effect of capital allowances and depreciation
( 1)
3
Other timing differences
1
2
-------
----
Tax on profit
346
200
-------
----
Factors that may affect future tax expense
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 30 September 2024. For the financial year ended 30 September 2024 the weighted average tax rate is 25% (2023: weighted average tax rate was 22%).
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
13. Intangible assets
Software
£000
Cost
Additions
Transfers
33
----
At 30 September 2024
33
----
Amortisation
Charge for the year
3
----
At 30 September 2024
3
----
Carrying amount
At 30 September 2024
30
----
At 30 September 2023
----
14. Tangible assets
Leasehold Improvements
Plant and machinery
Fixtures and fittings
Construction in progress
Total
£000
£000
£000
£000
£000
Cost
At 1 October 2023
202
3,933
2
737
4,874
Additions
1,028
1,028
Disposals
( 20)
( 20)
Transfers
543
1,066
( 1,642)
( 33)
----
-------
----
-------
-------
At 30 September 2024
745
4,979
2
123
5,849
----
-------
----
-------
-------
Depreciation
At 1 October 2023
29
2,158
2
2,189
Charge for the year
14
279
293
Disposals
( 20)
( 20)
----
-------
----
-------
-------
At 30 September 2024
43
2,417
2
2,462
----
-------
----
-------
-------
Carrying amount
At 30 September 2024
702
2,562
123
3,387
----
-------
----
-------
-------
At 30 September 2023
173
1,775
737
2,685
----
-------
----
-------
-------
15. Investments
Shares in group undertakings
£000
Cost
At 1 October 2023 and 30 September 2024
120
----
Impairment
At 1 October 2023 and 30 September 2024
40
----
Carrying amount
At 30 September 2024
80
----
At 30 September 2023
80
----
The brought forward impairment relates to the investment in Energizer Auto UK Parent Limited which was written down following a review of its recoverable amount.
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Energizer Auto UK Parent Limited
Sword House, Totteridge Road
Ordinary
100
High Wycombe
HP13 6DG
Energizer Auto HK Limited
Bird & Bird, 1 Queens Road East
Ordinary
100
Hong Kong
Armored AutoGroup Philippines Inc.
Siguion Reyna Montecillo & Ongisako Attorneys and Consellors-At-Law
Ordinary
100
Citibank Center
8741 Passo de Roxas
Makati City 1226
Philippines
Energizer Auto UK Parent Limited is a non trading direct subsidiary. All the other investments are dormant indirect subsidiaries.
16. Stocks
2024
2023
£000
£000
Raw materials and consumables
1,967
1,639
Work in progress
389
250
Finished goods and goods for resale
569
1,018
-------
-------
2,925
2,907
-------
-------
Inventory is stated net of a provision of £170,000 (2023: £434,000) for obsolete and slow moving products. The replacement cost of the inventory at 30 September 2024 does not materially differ from the balance sheet value.
17. Debtors
2024
2023
£000
£000
Amounts owed by group undertakings
3,249
3,377
Deferred tax asset
23
Prepayments and accrued income
173
179
Other debtors
510
633
-------
-------
3,932
4,212
-------
-------
All amounts owed by group undertakings are unsecured and are repayable on demand. Included within this amount are: Trading accounts with a number of affiliates, totalling £3,249,000 (2023: £3,377,000) that are settled on normal trading terms and are therefore interest free.
18. Creditors: amounts falling due within one year
2024
2023
£000
£000
Trade creditors
1,622
1,233
Amounts owed to group undertakings
1,964
3,458
Accruals and deferred income
847
479
Corporation tax
58
153
Social security and other taxes
55
46
-------
-------
4,546
5,369
-------
-------
All amounts owed to group undertakings are unsecured. Included in this amount is: £1,500,000 (2023: £3,000,000) owed to Energizer Group Limited. This loan matures in August 2025 and carries interest at 4.68% per annum. Management expect this loan to be renewed when it matures. At the balance sheet date accrued interest of £11,000 (2023: £18,000) was outstanding.
19. Provisions for liabilities
Deferred tax (note 20)
£000
At 1 October 2023
Additions
83
Transferred from assets
( 23)
----
At 30 September 2024
60
----
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£000
£000
Included in debtors (note 17)
23
Included in provisions for liabilities (note 19)
( 60)
----
----
( 60)
23
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£000
£000
Accelerated capital allowances
( 106)
( 32)
Provisions for liabilities
43
53
Pension plan obligations
3
2
----
----
(60)
23
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 69,000 (2023: £ 62,000 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
100,100
1,001
100,100
1,001
---------
-------
---------
-------
23. Reserves
The Share Premium account represents the premium received in excess of the nominal value of issued shares :
2024 2023
£000 £000
At 1 October and 30 September 1,359 1,359
The Merger reserve represents the gain on disposal of discontinued operations:
2024 2023
£000 £000
At 1 October and 30 September 1,513 1,513
The Capital Contribution reserve represents a contribution received from the company's previous parent AAG UK Holding Limited
2024 2023
£000 £000
At 1 October and 30 September 1,748 1,748
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£000
£000
Not later than 1 year
608
394
Later than 1 year and not later than 5 years
1,807
2,261
Later than 5 years
3,000
2,829
-------
-------
5,415
5,484
-------
-------
25. Controlling party
The company's immediate parent is Energizer Trading Limited , a company registered in England and Wales. The company's ultimate parent company and controlling party is Energizer Holdings Inc., a US company incorporated in the state of Missouri. The parent undertaking of the smallest and largest group for which financial statements are drawn up and of which the company is a member is Energizer Holdings Inc., incorporated in the USA. Copies of Energizer Holdings Inc.'s annual report can be obtained from Investor Relations, Energizer Holdings Inc., 8235 Forsyth Blvd, Suite 100 Clayton, MO 63105, USA.