Company registration number 15202838 (England and Wales)
ENSCO 1521 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
ENSCO 1521 LIMITED
COMPANY INFORMATION
Directors
Marek Laskowski
(Appointed 11 March 2024)
Richard Ralph
(Appointed 7 March 2024)
Andrew Torrance
(Appointed 7 March 2024)
Company number
15202838
Registered office
16-20 High Street East
Scunthorpe
DN15 6UH
Auditor
Haigh Accountants Limited
Grange Cottage
Fulham Lane
Womersley
Doncaster
DN6 9BW
Bankers
Yorkshire Bank (part of Virgin Money)
8 Kirkgate
Leeds
LS1 6BZ
ENSCO 1521 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
ENSCO 1521 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the period ended 31 January 2025.

Fair review of the business

Since the company is a holding company the review focuses primarily on the subsidiary Eden Mobility Limited. Turnover of the main trading subsidiary for the period increased by 15.38% compared to the previous year. The results for the year and the financial position at the yearend were considered acceptable by the directors who expect the group to grow in the foreseeable future.

The directors believe that the need for age care products remains buoyant and still have further expansion planned.

Principal risks and uncertainties

In order to manage the group successfully, the strategic and management risks facing the group are regularly reviewed and updated. The directors are of the opinion that the main risk that could affect the group within the short to medium term is the current cost of living crisis, which is reducing the disposable income of a significant proportion of the population.

Risk Management:

Price Risk

The group constantly reviews both its own, its competitors and supplier cost prices together with national minimum wage requirements. The group maintains its own human resources department and uses a range of suppliers for each area of provision to ensure that market prices for purchases are achieved.

Credit Risk

The group mainly trades with consumers. The nature of the sale means that the majority of debt is settled on delivery, which assists management in mitigating its credit risk in addition to the normal credit management processes.

Liquidity risk

The group finances its operations through retained earnings from previous years. Cash assets are invested safely to ensure the funding to meet expenditure commitments is available. Management control and monitor the group's cash flow on a regular basis.

Currency Risk

The group does not actively manage currency risk.

Development and performance

The directors are focussed on delivering needs-based products that assist a growing aging and vulnerable population, aimed at helping people live independently, in comfort and with confidence. To be a national retailer of choice continues to be the driver for growth, underpinned by a strategy to obtain new outlets in excellent locations throughout the UK. This financial year saw the opening of three new stores, a roll out that is set to continue as the business looks forward.

Key performance indicators

The directors consider the key performance indicators for the group are turnover, gross profit percentage and profit before taxation. The results for the group this year show turnover of £17.0m (2024: Nil), gross profit of 49.35% (2024: Nil), and loss before taxation £1.291m (2024: Nil).

Other performance indicators

The group has taken advantage of the exemption available to medium sized companies concerning non-financial key performance indicators.

ENSCO 1521 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 2 -
Future Developments

The group has solid growth expectations for the next financial year, one that, strategically, will be transformational in its trading history. This is driven and supported by the change in ownership of the group. Success will be dependent on product range and pricing; development of sales channels; and in strong leadership. The existing estate of 35 retail stores is set to grow as more stores are targeted to be added to the portfolio. The directors are focussed on delivering needs-based products that assist a growing aging and vulnerable population, aimed at helping people live independently, in comfort and with confidence. To be a national retailer of choice continues to be the driver for growth, underpinned by a strategy to obtain new outlets in excellent locations throughout the UK.

On behalf of the board

Marek Laskowski
Director
27 October 2025
ENSCO 1521 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
- 3 -

The directors present their annual report and financial statements for the period ended 31 January 2025.

Principal activities

The principal activity of the company and group continued to be that of the seller of motability products and related services.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Marek Laskowski
(Appointed 11 March 2024)
Richard Ralph
(Appointed 7 March 2024)
Andrew Torrance
(Appointed 7 March 2024)
Gateley Incorporations Limited
(Resigned 7 March 2024)
Gateley Secretaries Limited
(Resigned 7 March 2024)
Michael Ward
(Resigned 7 March 2024)
Statement of directors' responsibilities

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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.

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.

ENSCO 1521 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 4 -
On behalf of the board
Marek Laskowski
Director
27 October 2025
ENSCO 1521 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENSCO 1521 LIMITED
- 5 -
Opinion

We have audited the financial statements of Ensco 1521 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2025 which comprise 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 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's loss for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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:

- the information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ENSCO 1521 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENSCO 1521 LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport. 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:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 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.

By focusing on material amounts and disclosures and using a risk based approach, we have a reasonable chance of detecting material misstatements due to irregularities including fraud. However, due to the sampling method of testing, as allowed by auditing standards, we cannot guarantee that, if such irregularities, including fraud are present within the company’s financial systems, our audit will detect all of them.

Robust internal controls operated by the company can increase the detection of such irregularities, but this is not always present in small to medium sized companies that are often owner-managed.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK. We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

ENSCO 1521 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENSCO 1521 LIMITED
- 7 -

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations. As the majority of executive directors are involved in day-to-day running of the business they are in a position to exert close oversite of the management team and finance department.

- Challenging assumptions and judgements made by management in it’s significant accounting estimates that involved making assumptions.

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users.

- Testing transactions entered into that are outside of the normal course of Company’s business.

- Reviewing recent correspondence with the company’s legal advisors to ensure that it aligned to any conclusions drawn in respect to any outstanding or uncertain legal matters.

- Reading key correspondence from regulatory bodies.

However, the primary responsibility for the prevention and detection of fraud still rests with both those charged with governance of the entity and management.

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.

Mrs W M Haigh (Senior Statutory Auditor)
For and on behalf of Haigh Accountants Limited
28 October 2025
Chartered Certified Accountants
Statutory Auditor
Grange Cottage
Fulham Lane
Womersley
Doncaster
DN6 9BW
ENSCO 1521 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2025
- 8 -
Period
Period
ended
ended
31 January
25 February
2025
2024
Notes
£
£
Turnover
3
17,044,139
-
Cost of sales
(8,632,342)
-
0
Gross profit
8,411,797
-
Administrative expenses
(8,836,824)
-
0
Other operating income
5,387
-
0
Operating loss
4
(419,640)
-
Interest receivable and similar income
8
27,397
-
0
Interest payable and similar expenses
9
(898,880)
-
0
Loss before taxation
(1,291,123)
-
0
Tax on loss
10
(131,899)
-
0
Loss for the financial period
(1,423,022)
-
0
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
ENSCO 1521 LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
9,641,200
-
0
Tangible assets
12
439,874
-
0
10,081,074
-
0
Current assets
Stocks
15
2,782,942
-
Debtors
16
1,170,555
-
0
Cash at bank and in hand
1,178,193
1
5,131,690
1
Creditors: amounts falling due within one year
17
(3,578,693)
-
Net current assets
1,552,997
1
Total assets less current liabilities
11,634,071
1
Creditors: amounts falling due after more than one year
18
(10,862,086)
-
Provisions for liabilities
Provisions
20
121,695
-
0
Deferred tax liability
21
54,312
-
0
(176,007)
-
Net assets
595,978
1
Capital and reserves
Called up share capital
23
1,000
1
Share premium account
2,018,000
-
0
Profit and loss reserves
(1,423,022)
-
0
Total equity
595,978
1
The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
27 October 2025
Marek Laskowski
Director
ENSCO 1521 LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
17,936,404
-
0
Current assets
Cash at bank and in hand
388
1
Creditors: amounts falling due within one year
17
(1,730,720)
-
Net current (liabilities)/assets
(1,730,332)
1
Total assets less current liabilities
16,206,072
1
Creditors: amounts falling due after more than one year
18
(10,862,086)
-
Net assets
5,343,986
1
Capital and reserves
Called up share capital
23
1,000
1
Share premium account
2,018,000
-
0
Profit and loss reserves
3,324,986
-
0
Total equity
5,343,986
1

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £3,324,986 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
27 October 2025
Marek Laskowski
Director
Company Registration No. 15202838
ENSCO 1521 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 11 October 2023
-
0
-
0
-
0
-
Period ended 25 February 2024:
Profit and total comprehensive income for the period
-
-
-
-
Issue of share capital
23
1
-
0
-
1
Balance at 25 February 2024
1
-
0
-
0
1
Period ended 31 January 2025:
Loss and total comprehensive income for the period
-
-
(1,423,022)
(1,423,022)
Issue of share capital
23
999
2,018,000
-
2,018,999
Balance at 31 January 2025
1,000
2,018,000
(1,423,022)
595,978
ENSCO 1521 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 11 October 2023
-
0
-
0
-
0
-
Period ended 25 February 2024:
Profit and total comprehensive income for the period
-
-
-
-
0
Issue of share capital
23
1
-
0
-
1
Balance at 25 February 2024
1
-
0
-
0
1
Period ended 31 January 2025:
Profit and total comprehensive income for the period
-
-
3,324,986
3,324,986
Issue of share capital
23
999
2,018,000
-
2,018,999
Balance at 31 January 2025
1,000
2,018,000
3,324,986
5,343,986
ENSCO 1521 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,998,833
-
0
Interest paid
(837,951)
-
0
Income taxes paid
(410,110)
-
0
Net cash inflow/(outflow) from operating activities
750,772
-
Investing activities
Purchase of tangible fixed assets
(323,163)
-
Purchase of subsidiaries
(11,469,045)
-
Interest received
27,397
-
0
Net cash used in investing activities
(11,764,811)
-
Financing activities
Proceeds from issue of shares
2,018,999
1
Issue of debentures
7,441,111
-
Proceeds of new bank loans
3,000,000
-
Repayment of bank loans
(267,879)
-
Net cash generated from financing activities
12,192,231
1
Net increase in cash and cash equivalents
1,178,192
1
Cash and cash equivalents at beginning of period
1
-
0
Cash and cash equivalents at end of period
1,178,193
1
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
- 14 -
1
Accounting policies
Company information

Ensco 1521 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 16-20 High Street East, Scunthorpe, DN15 6UH.

The group consists of Ensco 1521 Limited and all of its subsidiaries.

1.1
Reporting period

The reporting period for the current period is from 26th February 2024 to 31st January 2025. The reporting period for the prior period is from 11th October 2023 to 25th February 2024

1.2
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.3
Business combinations

In the parent company financial statements, t he 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. I nvestments 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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ensco 1521 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 January 2025. 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 g roup.

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.

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.

1.5
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.

1.6
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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.7
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 years.

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.

1.8
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.

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:

Leasehold improvements
10% reducing balance or over the lifetime of the lease
Fixtures and fittings
25% reducing balance
Computers
4 year straight line
Motor vehicles
25% reducing balance

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.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -

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 g roup’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 c ompany 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.

1.10
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.

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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.11
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.

1.12
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.

1.13
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 m ethod 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.

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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
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 paymen ts 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.

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 th r ough 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.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -
1.17
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.

1.18
Retirement benefits

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

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

Management exercises judgement in determining the classification of leases as finance leases or operating leases at inception of the lease. Management considers the likelihood of exercising break clauses or extension options in determining the lease term. Where the lease term constitutes substantially all of the economic life of the asset, or where the present value of the minimum lease payments amounts to substantially all of the fair value of the asset, the lease is classified as a finance lease. All other leases are classified as operating leases.

Materiality

The requirements for the selection, application and disclosure of accounting policies in FRS 102 applies to items which are material, to the overall true and fair view given by the financial statements. Consequently, management must judge what is material or not. Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions of users, taken on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
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.

Stock provisions

The group buys and sells mobility products, some of which are subject to technological advancements. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the condition of stocks as well as applying assumptions around the demand for it's products.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the relevant note for the carrying amount of the leasehold property improvements, computer equipment, fixtures, fittings and equipment and motor vehicles.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Mobility products
17,044,139
-
2025
2024
£
£
Other revenue
Interest income
27,397
-
4
Operating loss
2025
2024
£
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
52,999
-
Amortisation of intangible assets
973,000
-
Operating lease charges
700,361
-
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
-
Audit of the financial statements of the company's subsidiaries
15,000
-
18,000
-
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 23 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
82
-
-
-
41
-
-
-
5
-
-
-
Total
128
0
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,881,688
-
0
-
0
-
0
Social security costs
427,725
-
-
-
Pension costs
77,163
-
0
-
0
-
0
4,386,576
-
0
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
184,634
-
Company pension contributions to defined contribution schemes
1,211
-
185,845
-
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
21,795
-
0
Other interest income
5,602
-
Total income
27,397
-
0
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 24 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
224,336
-
Interest on secured loan notes
610,114
-
Finance costs for financial instruments measured at fair value through profit or loss
60,929
-
0
Other interest
3,501
-
Total finance costs
898,880
-
0
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
111,274
-
0
Deferred tax
Origination and reversal of timing differences
20,625
-
0
Total tax charge
131,899
-
0

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

2025
2024
£
£
Loss before taxation
(1,291,123)
-
Expected tax credit based on the standard rate of corporation tax in the UK of 24.72% (2024: 19.00%)
(319,131)
-
Tax effect of expenses that are not deductible in determining taxable profit
436,237
-
0
Change in unrecognised deferred tax assets
10,629
-
0
Effect of change in corporation tax rate
615
-
Depreciation on assets not qualifying for tax allowances
3,549
-
0
Taxation charge
131,899
-
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 25 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 26 February 2024
-
0
Additions - business combinations
10,614,200
At 31 January 2025
10,614,200
Amortisation and impairment
At 26 February 2024
-
0
Amortisation charged for the period
973,000
At 31 January 2025
973,000
Carrying amount
At 31 January 2025
9,641,200
At 25 February 2024
-
0
The company had no intangible fixed assets at 31 January 2025 or 25 February 2024.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 26 February 2024
-
0
-
0
-
0
-
0
-
0
Additions
187,752
6,124
29,448
99,839
323,163
Business combinations
61,180
5,505
-
0
103,025
169,710
At 31 January 2025
248,932
11,629
29,448
202,864
492,873
Depreciation and impairment
At 26 February 2024
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
16,578
2,054
3,617
30,750
52,999
At 31 January 2025
16,578
2,054
3,617
30,750
52,999
Carrying amount
At 31 January 2025
232,354
9,575
25,831
172,114
439,874
The company had no tangible fixed assets at 31 January 2025 or 25 February 2024.
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 26 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
17,936,404
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 26 February 2024
-
Additions
17,936,404
At 31 January 2025
17,936,404
Carrying amount
At 31 January 2025
17,936,404
At 25 February 2024
-
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eden Healthwise Ltd
16-20 High Street East, Scunthorpe, DN15 6UH
Ordinary
100.00
Eden Mobility Ltd
16-20 High Street East, Scunthorpe, DN15 6UH
Ordinary
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
2,782,942
-
0
-
0
-
0
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 27 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
386,732
-
0
-
0
-
0
Corporation tax recoverable
245,120
-
0
-
0
-
0
Other debtors
196,485
-
0
-
0
-
0
Prepayments and accrued income
342,218
-
0
-
0
-
0
1,170,555
-
-
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
222,075
-
0
222,075
-
0
Trade creditors
1,610,659
-
0
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
677,961
-
0
Corporation tax payable
2,824
-
0
-
0
-
0
Other taxation and social security
100,026
-
-
-
Other creditors
873,987
-
0
819,172
-
0
Accruals and deferred income
769,122
-
0
11,512
-
0
3,578,693
-
1,730,720
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Secured loan notes
19
7,441,111
-
0
7,441,111
-
0
Bank loans and overdrafts
19
2,510,046
-
0
2,510,046
-
0
Other creditors
910,929
-
0
910,929
-
0
10,862,086
-
10,862,086
-
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 28 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Secured loan notes
7,441,111
-
0
7,441,111
-
0
Bank loans
2,732,121
-
0
2,732,121
-
0
10,173,232
-
10,173,232
-
Payable within one year
222,075
-
0
222,075
-
0
Payable after one year
9,951,157
-
0
9,951,157
-
0

On 11 March 2024, the Company issued £6,831,000 Fixed Rate Secured Loan Notes maturing in 2029 under an Investor Loan Note Instrument. The notes carry interest at 10% per annum, compounded quarterly for the first two years, and are secured by a debenture and related security documents.

Foresight Regional Investment III LP and Foresight Regional Investment IV LP, each holding a 41% shareholding in the Company, subscribed for £3,415,500 of loan notes each. At 31 January 2025, the combined outstanding principal and accrued interest on these notes amounted to £7,441,111.

The bank loan is also secured by way of a legal mortgage over all the company's freehold and leasehold property, and contains a fixed and floating charge with a negative pledge.

20
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Dilapidations
121,695
-
-
-
Movements on provisions:
Dilapidations
Group
£
Additional provisions in the year
3,127
Acquired in business combination
118,568
At 31 January 2025
121,695
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 29 -
21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
60,415
-
Retirement benefit obligations
(6,103)
-
54,312
-
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 26 February 2024
-
-
Charge to profit or loss
20,625
-
Acquired in business combination
33,687
-
Liability at 31 January 2025
54,312
-

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,163
-

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.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
-
1
-
1
Ordinary A Shares of 0.1p each
817,000
-
817
-
Ordinary B Shares of 0.1p each
183,000
-
183
-
1,000,000
1
1,000
1
ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
23
Share capital
(Continued)
- 30 -

On the 20th of June 2025, a total of 134,285 Ordinary C Shares of £0.001 each were issued to two directors of the parent company and three directors of subsidiary companies within the group.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
771,028
-
-
-
Between two and five years
2,386,378
-
-
-
In over five years
1,719,611
-
-
-
4,877,017
-
-
-
25
Events after the reporting date

After the yearend a dividend of £NIL (2024: £2.2 million) was declared.

A further nine stores were opened by the signing date.

26
Related party transactions

One of the company’s directors is a Senior Investment Manager for the Foresight Group. During the year, the company paid fees of £272,46 2 to Foresight Group LLP, an entity within the Foresight Group. These transactions were conducted in the normal course of business on commercial terms

27
Controlling party

The parent company is owned by funds managed by the Foresight Group.

ENSCO 1521 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 31 -
28
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Loss for the period after tax
(1,423,022)
-
Adjustments for:
Taxation charged
131,899
-
0
Finance costs
898,880
-
0
Investment income
(27,397)
-
0
Amortisation and impairment of intangible assets
973,000
-
Depreciation and impairment of tangible fixed assets
52,999
-
Increase in provisions
3,127
-
Movements in working capital:
Increase in stocks
(838,343)
-
Increase in debtors
(248,570)
-
Increase in creditors
2,476,260
-
Cash generated from/(absorbed by) operations
1,998,833
-
29
Analysis of changes in net funds/(debt) - group
26 February 2024
Cash flows
Market value movements
31 January 2025
£
£
£
£
Cash at bank and in hand
1
1,178,192
-
1,178,193
Borrowings excluding overdrafts
-
(10,112,303)
(60,929)
(10,173,232)
1
(8,934,111)
(60,929)
(8,995,039)
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