Registration number: 06387705

Enrichment Holdings Ltd.

Contents

Company Information	1
Directors' Report	2
Profit and Loss Account	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Unaudited Financial Statements	6 to 11

Enrichment Holdings Ltd.

Company Information

Directors

M Harrison E Dickey

Registered office

Department For Energy Security & Net Zero 3-8 Whitehall Place London SW1A 2EG

Enrichment Holdings Ltd.

Directors' Report for the Year Ended 31 December 2024

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

Directors of the Company

The Directors who held office during the year were as follows:

J Manson (ceased 1 July 2024)

M Harrison

E Dickey (appointed 13 December 2024)

Principal activity

The principal activity of the Company is that of a holding company.

The Company’s subsidiary Enrichment Investments Limited (EIL) owns 33.3% of Urenco Limited. Urenco Limited’s main activity is the supply of enrichment services (SWU) and the provision of enriched uranium product to generate fuel for nuclear power utilities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... M Harrison Director

Enrichment Holdings Ltd.

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £ 000	2023 £ 000
Turnover		-	-
Gross profit/(loss)		-	-
Administrative expenses		(8)	(38)
Operating loss		(8)	(38)
Income from shares in group undertakings		84,332	87,427
Profit before tax	4	84,324	87,389
Profit for the financial year		84,324	87,389

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Enrichment Holdings Ltd.

(Registration number: 06387705)
Balance Sheet as at 31 December 2024

	Note	2024 £ 000	2023 £ 000
Fixed assets
Investments	5	236,768	236,768
Current assets
Cash at bank and in hand		54	91
Creditors: Amounts falling due within one year	6	(4)	(38)
Net current assets		50	53
Net assets		236,818	236,821
Capital and reserves
Called up share capital	7	-	-
Capital reserve		236,768	236,768
Profit and loss account		50	53
Shareholders' funds		236,818	236,821

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... M Harrison Director

Enrichment Holdings Ltd.

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £ 000	Capital reserve £ 000	Profit and loss account £ 000	Total £ 000
At 1 January 2024	-	236,768	53	236,821
Profit for the year	-	-	84,324	84,324
Dividends	-	-	(84,327)	(84,327)
At 31 December 2024	-	236,768	50	236,818

 

	Share capital £ 000	Capital reserve £ 000	Profit and loss account £ 000	Total £ 000
At 1 January 2023	-	236,768	13	236,781
Profit for the year	-	-	87,389	87,389
Dividends	-	-	(87,349)	(87,349)
At 31 December 2023	-	236,768	53	236,821

Enrichment Holdings Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
Department For Energy Security & Net Zero
3-8 Whitehall Place
London
SW1A 2EG

These financial statements were authorised for issue by the Board on 29 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements for the year ended 31 December 2024 are the first financial statements that comply with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). The date of transition to FRS102 Section 1A is 1 January 2023.

Basis of preparation

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

The financial statements are presented in Sterling and all values are rounded to the nearest one thousand pounds (£’000) except when otherwise indicated.

Going concern

The Directors have assessed the Company’s ability to continue as a going concern. The Company has adequate financial resources and its cash flow forecasts indicate that there are sufficient funds to cover the cash needs to at least a year after the approval date of these financial statements. The Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have therefore concluded that it remains appropriate for the financial statements to be prepared on a going concern basis.

Exemption from preparing group accounts

The financial statements contain information about Enrichment Holdings Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements as the group is a small group.
 

Enrichment Holdings Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the end of the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies.

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the carrying value of the investment in Enrichment Investment Limited and its associate Urenco Limited.

On 1 April 2008 Enrichment Investments Limited was transferred, by means of a transfer scheme under the Energy Act 2004, from British Nuclear Fuels Limited to Enrichment Holdings Ltd. As a result of this transfer, on 1 April 2008 the assets and liabilities of Enrichment Investment Limited and its associate Urenco Limited were fair valued based on Urenco Limited’s financial statements for the year ended 31 December 2007 after adjusting for trading to 31 March 2008 and goodwill previously written off in its accounts.

The carrying value of the investment is subject to an annual impairment review to ensure that the carrying value of the investment held by the Company does not exceed its recoverable amount. The key areas of judgement and uncertainty that could impact on the carrying value of the investment in Urenco Limited at the year end within the next financial year relate to:

• exchange rate movement which could cause a reduction in the carrying value of Urenco Limited when converted into sterling

• judgements and estimations applied to the Urenco Limited accounts at the year end. These are disclosed in the Urenco Limited accounts and primarily relate to the review of the cash generating unit carrying values, revenue and profit recognition, deferred tax asset valuations, provisions and actuarial assumptions for defined benefit pensions.

Investments

Fixed asset investments are shown at cost less provision for the impairment in value. In accordance with FRS102, the fixed asset investment is recognised at deemed cost, which is the carrying amount at the date of transition as determined under the Company's previous financial reporting framework (UK adopted International Accounting Standards).

An annual impairment review is undertaken each year to establish if there is any indication of impairment and if necessary to quantify any such provision that may be required.

Cash and cash equivalents

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

Trade creditors

Trade and other payables are not interest bearing and are stated at their nominal value.

Share capital

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

Enrichment Holdings Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend income is recognised when the right to receive payment is established.

Dividends and other distributions to Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 0 (2023 - 0).

4	Profit before tax

Arrived at after charging/(crediting)

	2024 £ 000	2023 £ 000
Income from shares in group undertakings	(84,332)	(87,427)

Enrichment Holdings Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Investments

	2024 £ 000	2023 £ 000
Investments in subsidiaries	236,768	236,768