A YEAR OF TRANSFORMATION
Annual Report 2014 Strategic report
01 Highlights
02 Chairman’s statement
04 Chief Executive’s statement
07 Principal risks and uncertainties
08 Strategy
10 Our business
12 Our brands
Governance
14 Directors’ Remuneration Report
18 Report of the Directors
Financial statements
21  Independent auditors’ report: 
Consolidated financial statements
23  Consolidated statement  
of comprehensive income
24  Consolidated balance sheet 
25  Consolidated statement  
of changes in equity
26  Consolidated cash flow statement
27  Notes to the consolidated 
financial statements
55  Independent auditors’ report: 
Company financial statements
57  Company balance sheet
58  Company statement of changes  
in equity
58  Company cash flow statement
59  Notes to the Company’s  
financial statements
63  Registered office and the 
Company advisers
Contents
ENTU IS A LEADING HOME EFFICIENCY GROUP IN THE UK, 
PROVIDING ENERGY EFFICIENCY PRODUCTS AND 
SERVICES TO HOMEOWNERS.
ENTU WORKS TO ENSURE THAT ITS PEOPLE, CUSTOMERS 
AND SUPPLIERS ARE ALL COMMITTED TO REDUCING 
THEIR CARBON FOOTPRINT. THE GROUP REPRESENTS  
A PORTFOLIO OF 12 SUCCESSFUL ENERGY EFFICIENCY 
BRANDS, LOCATED IN MAJOR TOWNS AND CITIES 
ACROSS THE NATION, WHICH PROVIDE THE UK MARKET 
WITH HIGH QUALITY, ENERGY EFFICIENT SOLUTIONS FOR 
THEIR HOMES.
THE GROUP STRETCHES ACROSS THE UK, WITH  
A CURRENT CUSTOMER BASE OF OVER 1 MILLION 
HOMEOWNERS WHO ARE LOOKING TO IMPROVE THE 
ENERGY EFFICIENCY AND AESTHETICS OF THEIR HOME.
ENTU TRADES ACROSS ITS COLLECTION OF SUCCESSFUL 
HOME IMPROVEMENT BRANDS, INCLUDING REPUTABLE 
NAMES SUCH AS ZENITH HOME, WEATHERSEAL, 
PENICUIK, STAYBRITE SOLAR, ENERGY HYPERMARKET 
AND JOB WORTH DOING. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 01
HIGHLIGHTS
Profit before tax
increased to
£9m 
+47.9%
(2013: £6.1m)
Total Group revenue
£119m 
+24.6%
(2013: £95.5m)
EBITDA
£10.6m
+65.6%
(2013: £6.4m)
Adjusted earnings per share 
12.3p
+57.7%
(2013: 7.8p)
Operationals
•  A significant year of development for the 
Group, culminating in our admission to AIM  
in October 2014
• Total Group revenues increased 24.6%  
to £119m (2013: £95.5m)
• Revenue growth across all business segments:
 ○ Home Improvements division reported 
sales of £84.3m (2013: £71.2m) 
 ○ Energy Generation and Savings segment 
sales were £23.9m (2013: £20.8m)
 ○ The Insulation division sales in the year 
were £8.4m (2013: £1.2m)
 ○ Repair and Renewal Service Agreements 
business achieved £2.4m sales during the 
year (2013: £2.2m)
• Group operating profit before exceptional 
items rose 69.5% to £10.3m (2013: £6.1m)
• Profit before tax increased 47.9%  
to £9m (2013: £6.1m)
• EBITDA grew 65.6% to £10.6m in 2014  
(2013: £6.4m)
• The Group also witnessed a significant  
shift in its profitability splits in 2014  
compared to previous years, with a more  
equal distribution of profits among the 
different business segments
• Net cash at 31 October 2014 of £5.8m  
(2013: (£1.8m))
• Adjusted earnings per share increased  
57.7% to 12.3p (2013: 7.8p)
Financials Entu (UK) plc Annual Report 2014 02
Whilst we are only at the start of our journey as a quoted 
company, we can already see evidence that the flotation will 
provide Entu with additional opportunities for growth, both 
by raising the profile of our existing businesses and by 
providing the Company with more readily accessible capital 
to fund acquisitions and other investment. The Board 
intends to take advantage of these new opportunities as 
much as is prudent whilst ensuring that the risks inherent  
in the Group remain properly managed and controlled. 
Entu operates in a marketplace in which there are 
compelling opportunities for growth. There are around 
27 million residential homes in the UK, and the overall 
home improvements market is worth an estimated 
£27 billion annually. Particularly exciting are the 
opportunities in the areas of energy generation and 
energy efficient products. These products are growing in 
popularity due to a combination of increasing consumer 
awareness, the generally high cost of traditional home 
energy products and Government incentives towards the 
adoption of green technology in the home. Entu is well 
positioned to take advantage of these market conditions.
Entu’s strategy is to grow by offering and cross-selling a 
wide range of complementary products, including energy 
efficient windows, doors, conservatories, external and 
cavity wall insulations, solar power generation products 
and energy efficient boilers. The Group has a UK wide 
presence through established local brands, all united 
under the Entu name and supported by Job Worth Doing, 
the Group’s national installation service. 
There is significant scope to execute our strategy across 
our whole product range through enhanced marketing, 
increased cross-selling, more online sales and enhanced 
customer acquisition and retention. 
In addition to implementing our organic growth strategy, 
we will actively look at growing the Group by acquisition  
in the highly fragmented existing, and complementary, 
product lines and market areas. 
Dividend
At the time of Entu’s AIM admission the Board committed 
to implementing a dividend policy subject to their 
discretion and subject to the Company having sufficient 
distributable reserves which, based on their expectations 
of current and future trading and track record of the 
business, would commence for the year ending 
31 October 2015. 
CHAIRMAN’S 
STATEMENT
DAVID M FORBES 
CHAIRMAN
Overview and strategic update 
I am pleased to report an excellent year for Entu. The 
Group achieved strong financial results and completed  
its successful admission to trading on AIM in October. 
Total Group revenues were £119m, up 24.6% on the previous 
year (2013: £95.5m). Group operating profit before 
exceptional items rose 69.5% to £10.3m (2013: £6.1m). Profit 
before tax increased 47.9% to £9m (2013: £6.1m). Adjusted 
earnings per share increased 57.7% to 12.3p (2013: 7.8p). At 
the year end, the Group had net cash of £5.8m (2013: (1.8m)).
The Company’s admission to AIM represented the start  
of a phase of integration and growth for Entu that we 
believe has the potential to deliver significant value  
for our shareholders. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 03
ENTU OPERATES IN  
A MARKETPLACE IN 
WHICH THERE ARE 
COMPELLING 
OPPORTUNITIES  
FOR GROWTH. 
In addition to the commitment above, the Directors are 
pleased to declare a special interim dividend for the year 
ending 31 October 2015, amounting to 1.5p per share 
which will be paid on 13 March 2015. 
Subject to the conditions noted above, the Board confirms 
its intention to recommend a total dividend (excluding the 
exceptional first interim dividend) of 8p per share for the 
year ending 31 October 2015.
The dividend will be paid in accordance with the following 
timetable:
Ex-Dividend Date  19 February 2015
Record Date  20 February 2015
Pay Date   13 March 2015 
Annual General Meeting
The Company’s 2015 Annual General Meeting will be  
held at 9:30am on 24 March 2015 at Eversheds LLP,  
70 Great Bridgewater Street, Manchester M1 5ES.
Board and people
These strong results would not have been achieved 
without the enthusiasm, professionalism and commitment 
shown by our people this year. On behalf of the Board,  
I would like to thank them for all their hard work, and to 
emphasise how much I am looking forward to working 
with them as Entu enters this new and exciting phase  
of its life as a listed company.
The Entu (UK) plc Board itself has seen many changes  
this year, with the additions of myself as Independent 
Non-Executive Chairman, and Lorraine Clinton and  
David Grundy as Independent Non-Executive Directors  
to support Ian and Darren in driving the Group’s growth 
strategy and delivering value to shareholders. We are  
well supported in this by an able and experienced senior 
management team which we have recently further 
strengthened with the appointment of a new Group 
Marketing Director, who is responsible for continuing  
to enhance sales leads and brand awareness as  
a combined Group, across all media.
Summary and outlook
After an eventful and successful 12 months, the Group 
enters the current financial year with a strong balance 
sheet and a range of compelling opportunities for  
growth, which it is actively exploiting. The Entu brand has 
benefitted from the enhanced profile resulting from the 
Company’s status as a publicly quoted business, and we 
will continue to build on this with our cross-selling and 
organic growth initiatives together with our prime mover 
advantage in the energy generation and energy efficiency 
space, allied with our prudent acquisition strategy.  
These factors will underpin and drive profitable growth  
in the years to come. We are well positioned in our  
target markets, and we look forward to the future  
with confidence.
David M Forbes
Chairman Entu (UK) plc Annual Report 2014 04
Overview
This has been a significant year of development for the 
Group, culminating in our admission to AIM in October 
2014. We have strengthened our leading positions in our 
target markets across the UK, buoyed by our strong brand 
reputation, our national coverage, and by steadily 
improving consumer demand. 
Our primary strategy is to focus on driving organic growth 
from our diversified, fully integrated product portfolio, and 
also, over time, through the development of new product and 
service offerings, in particular, energy efficiency products and 
services, whilst continuing to strive for the highest levels of 
customer satisfaction across all the product range. 
CHIEF Ex ECUTIVE’S 
STATEMENT
IAN P BLACKHURST 
GROUP CHIEF EXECUTIVE 
OFFICER
This growth will be enhanced by leveraging the  
unified, nation-wide Entu brand to drive cross-selling 
opportunities, as well as a greater proportion of sales 
through our website. 
As a Group we have benefitted over the years from 
acquisitions and, to complement our organic growth, we 
are always exploring the potential to enhance our product 
offering through carefully targeted acquisitions which 
meet strict value enhancing criteria.
Results and Operational Review
For the year ended 31 October 2014, profit before tax 
increased to £9.0m (2013: £6.1m) on revenues of £119.0m 
(2013: £95.5m), giving adjusted earnings per share of 
12.3p (2013: 7.8p). Net cash at year end was  
£5.8m (2013: (1.8m)). 
Home improvement products
Our home improvement products – doors, windows, 
conservatories and roofline – are sold through separate 
brands which are market leaders in their regions. The 
division has performed robustly as we have built on our 
market share, and as consumer confidence has increased 
and homeowners have decided to make replacements or 
improvements to their homes. In the year to 31 October 
2014, the division reported sales of £84.3m (2013: £71.2m), 
representing 71.0% of Group sales (2013: 74.6%).  
Net margin for the division was 4.5% (2013: 5.0%).
During the year, the Home Improvement Products 
segment was strengthened through the acquisition  
of the Europlas brand in December 2013.
Energy generation and energy saving products
Products sold include solar photovoltaic installations, air 
to air heat pumps, voltage regulators, remote heating 
controls and boilers. For the year ended 31 October 2014, 
sales were £23.9m (2013: £20.8m), representing 20.0% of 
Group sales (2013: 21.8%). This is a segment in which we 
see significant opportunities for growth with the 
increasing adoption of energy efficient products and 
technologies, as I outline further below.
Insulation products
Demand for this relatively new product segment  
is driven by a growing recognition of the financial and 
environmental benefits of home insulation. Products in 
this segment include cavity wall insulation, external wall 
insulation and loft insulation. Sales in the year were  
£8.4m (2013: £1.2m) or 7.0% of Group sales (2013: 1.3%).  Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 05
Repairs and Renewals Service Agreement  
(“RRSA”) Programme 
Our RRSA programme is an annual warranty plan  
offered to customers on the vast majority of our products. 
It represented £2.4m of Group sales during the year  
(2013: £2.2m), 2.0% of Group sales (2013: 2.3%). This  
gave the segment a gross margin of 78.7% in 2014  
(2013: 82.5%), and at year end around 60% of our 
customers were members of the programme (2013: 60%).
National installation
Our national installation service, Job Worth Doing (“JWD”), 
has comprehensive nationwide coverage, with 80% of the 
population living within one hour’s drive of a JWD centre.  
It therefore unites all our brands and products, and 
facilitates cross-selling and in the roll-out of new products 
and services.
The opportunity in energy efficiency
UK homes are becoming increasingly energy efficient. 
Households are now using around 20% less energy  
than they were in 2004 (Source: Delivering UK Energy 
Investment July 2014, www.gov.uk) and the growing 
recognition, from Government to household level, of the 
long term economic advantages of energy efficiency is 
continuing to drive adoption. For example, in the UK there 
are 24 million homes which would be suitable for loft 
insulation, 19 million suitable for cavity wall insulation and 
27 million suitable for high efficiency boilers (Source: 
Delivering UK Energy Investment July 2014, www.gov.uk). 
 
This is a major growth opportunity for Entu, and one of 
which we are well positioned to take advantage. 
There is a gap in the market for a supplier which offers 
expert advice and guidance about energy efficiency, as 
well as practical installation services, to the consumer. 
With our unique offering, we are well placed to establish  
a market leading presence in the home efficiency market, 
as part of our integrated portfolio of services. Entu already 
has an established foothold in this market through our 
energy efficiency brands Energy Hypermarket, Staybrite 
Solar and Zest, and we are actively looking to grow this.
Our aim now is to build by leveraging our knowledge of 
our customers’ requirements from our 1 million strong 
Group database, engaging with our customers and 
showing them how they can realise tangible benefits from 
adopting energy saving products, and then offering 
affordable solutions tailored to them. 
We are currently at an early stage of developing a 
technology that will allow our customers to monitor their 
energy usage online on a daily, weekly and monthly basis 
to understand where they are consuming most energy 
and how energy efficient products can save them money. 
From this we can offer energy assessments and bespoke 
energy efficient solutions. 
We are also actively seeking to grow our existing product 
line, especially in energy efficient boilers and in solar 
photovoltaic installations, and to capitalise on emerging 
trends by entering into partnership agreements with other 
players in the sector, for example, in the “smart energy 
control” solutions. We look forward to providing updates 
on our progress in these initiatives in due course. 
Financial Review
During the year, total Group revenues increased 24.6%, to 
£119m, compared to the prior year (2013: £95.5m), which 
was primarily driven by significant revenue increases in 
our Home Improvements and Insulation business 
segments. Within our Home Improvement segment, 
revenues increased to £84.3m compared to £71.2m  
in 2013, and within the Insulation segment revenues 
increased to £8.4m from £1.2m in 2013.
Profit before taxation and exceptional items during 2014 
was £10.3m, a 69.5% increase from £6.1m in 2013. During 
the year, the Group saw a significant increase in profit 
before tax and exceptional items generated by its Energy 
Generation and Saving Segment from £0.2m in 2013 to 
£1.8m in 2014. 
In 2014, the Group incurred exceptional costs of £1.32m, 
which related to costs associated with the listing on AIM. 
Post exceptional items, the Group achieved profit before 
tax of £9.0m in 2014, compared to £6.1m in 2013, a 47.9% 
increase. Within this growth in profits, the Group also 
witnessed a significant shift in its profitability splits  
in 2014 compared to previous years, with a more equal 
distribution of profits among the different business 
segments, giving our earnings greater resilience.
During the year, the Group also successfully negotiated an 
increased credit facility with Barclays Bank, which will give 
the Group additional capacity for further acquisitions  
and developments.
At 31 October 2014, the Group had cash and cash 
equivalents of £5.8m compared to a £1.8m overdraft  
at 31 October 2013. Entu (UK) plc Annual Report 2014 06
CHIEF Ex ECUTIVE’S 
STATEMENT
CONTINUED
Adjusted earnings per share increased 57.7% for the  
year ended 31 October 2014 to 12.3p (2013: 7.8p)  
and basic earnings per share rose 32% in the year  
to 10.3p (2013: 7.8p).
Current Trading & Outlook
The current year has started well and trading is in line  
with our expectations.
We look forward to continued organic growth through 
greater customer engagement and cross-selling, as well  
as by taking advantage of the exciting opportunities  
in the energy efficiency market. In addition, and where 
appropriate, we will supplement our organic growth 
through the use of strategic acquisitions in target  
product segments. 
With our market leading positions, diversified product 
portfolio and deep customer knowledge, we are able to 
look forward to the future with confidence, and the Board 
believes Entu is well positioned to deliver growth and 
shareholder value. 
Approval
The Group’s strategic report which incorporates the 
Chairman’s statement on pages 2 to 3, the Chief 
Executive’s statement on pages 4 to 6 and the principle 
risks and uncertainties on page 7 was approved  
by the Board on 10 February 2015 and signed on  
its behalf by:
Ian P Blackhurst
Group Chief Executive Officer
10 February 2015 Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 07
KEY RISK RISK DESCRIPTION MITIGATING ACTIONS
Regulatory Risk The market that the Group operates in 
is highly regulated. The risk to the 
business from not managing this risk 
in accordance with the rules and laws 
can result in fines and penalties. The 
bodies that have jurisdiction in the 
sector include the FCA, Trading 
Standards, ICO, ASA and HSE.
The Group has a comprehensive training 
program overseen by qualified managers  
to ensure that rules and regulations are 
understood and adhered to across the business. 
Training and testing of all staff and agents takes 
place regularly throughout each year. The Group 
has employed a solicitor to deal with the changes 
in the financial services market. In addition to 
this the Compliance Managers make regular 
control visits together with follow ups to ensure 
adherence to training and compliance at  
a local level.
The Health and Safety manager oversees regular 
site checks and undertakes tool-box talks to 
ensure all site workers are aware of the latest 
best practice guidelines.
Acquisitions The availability of the right acquisitions 
to enable the Group to grow.  
The integration of acquisitions  
into the Group to maximise the  
profit opportunities.
The Group has demonstrated an ability through 
many channels to find acquisition opportunities. 
Historically the Group has found the right people 
to manage the acquisitions successfully to 
ensure full value is achieved for the 
shareholders. 
Recruitment and 
Retention of Staff
The Group relies on a relatively small 
number of senior managers to run the 
business. There is a risk to the Group 
of short-term disruption if any of the 
senior team leave. The Group has 
grown historically and attracting the 
right management to run new 
business streams or acquisitions  
is key to their success. The market  
for experienced, senior managers  
is highly competitive.
This year the Group has put in place various 
share save and option schemes designed to 
engage and add value for the Group’s staff at all 
levels of the organisation. These schemes are 
also attractive to new recruits and help in the 
recruitment process along with competitive 
remuneration packages. Plc status has also 
helped the recruitment process since float.
Sector Risk Over-reliance on one sector for too 
much of the Group’s business. The 
Home improvement sector has been 
going through an up-turn over the last 
4 years but this may not continue 
indefinitely. 
The Group has branched out into other markets 
to spread the risk across more sectors, namely 
insulation, solar panels and boilers. Continuing 
to find new growth markets will continue to 
spread risk.
Strength of the Group’s 
Bankers
Our chosen financial institutions will 
experience difficulties, which may 
affect the recoverability of any cash 
lodged with them.
The Group ensures funds are only lodged with 
UK-based financial institutions with an “A” rating 
or better.
PRINCIPAL  
RISKS AND 
UNCERTAINTIES Entu (UK) plc Annual Report 2014 08
PRODUCT SPLIT % ACROSS THE GROUP
% SPLIT FY11 FY12 FY13 FY14
WINDOWS 60% 52% 53% 51%
SOLAR 0% 20% 23% 22%
ECO 1% 0% 1% 7%
OTHERS 39% 27% 23% 20%
•	 The past 4 years have seen the reliance on core product of windows and doors drop by 10%, whilst at the  
same time product sales have increased by over 90%. 
•	 2014 has seen the biggest jump in sales since solar was introduced in 2012.  
•	 With reliance on windows dropping back to 51% and further diversification of the product line expected  
in 2015, it is likely that even with organic growth in this area, we will continue to reduce the reliance  
on windows and doors further.
•	 The target for 2015 is for windows and doors to make up less than 50% of the product portfolio.
AT THE CORE OF OUR STRATEGY IS OUR 
COMMITMENT TO GROWING OUR RANGE OF 
STRONG REGIONAL BRANDS AND SUPPORTING 
THEIR DIRECTION TO INCREASE MARKET 
SHARE AND ENHANCE CUSTOMER LOYALTY. 
STRATEGY Entu (UK) plc Annual Report 2014 09
Strategic report
Governance
Financial statements
NEW PRODUCTS 
Entu’s primary strategy is to focus on driving organic growth through  
the development of new products and service offerings, in particular 
focussing on energy efficiency. This is a fast growing market in the UK 
due to a combination of Government incentives encouraging more 
efficient use of energy, and increasing consumer awareness of the 
financial and environmental benefits of adopting energy saving 
measures in the home. 
Progress
Over the last year a number of new products have been researched and tested in the area of energy efficiency including new technology 
boilers, home hub controllers and alternative heating sources. New products added to the business in the year included external wall 
insulation and conventional boilers.
ONLINE SALES AND CROSS SELLING 
There are significant organic growth opportunities available from 
leveraging the unified, nation-wide Entu brand. While maintaining the 
Group’s strong regional brand identities, we aim to drive cross-selling 
and lead generation from their existing database. Entu will be focused  
on driving a greater proportion of sales through its website as it will 
enable a more personalised customer service approach while at the 
same time significantly reducing the cost of customer acquisition.
Progress
Our unified Entu brand will help us access new markets, offering existing and potential customers a one-stop solution for all their home 
efficiency needs. The Entu web platform will be an important channel for increasing our customer base by providing a more tailored user 
experience. It will also enable us to offer additional benefits such as online smart home monitoring solutions. 
STRATEGIC ACQUISITIONS
Entu has made effective use of carefully targeted acquisitions to help 
grow the business over recent years. We are interested in exploring 
further opportunities to increase the Group’s presence in certain regions 
of the UK through selective acquisitions which meet strict earnings 
enhancement criteria.
Progress
During the year the Group successfully completed the acquisition of Europlas, a leading home improvement specialist in the South West, 
specialising in the installation of doors, windows, conservatories and roofline products. 
Entu continues to explore opportunities for further earnings enhancing acquisitions. Entu (UK) plc Annual Report 2014 10
OUR BUSINESS
INSTALLATION 
PARTNERS
Job Worth Doing 
Job Worth Doing is the Group’s national installation service. Operating  
as one single national installation service across Entu’s regional product 
brands, Job Worth Doing uses a network of self-employed tradesmen 
operating out of 14 strategically located installation service centres 
across the UK. Job Worth Doing’s installation services are diverse and 
range from hanging a picture, to installing a conservatory. In addition,  
it is a registered and fully qualified Green Deal Installer and the 
insulation technicians referred by the Group are trained to British Board 
of Agreement standards. It holds Approved Code of Practice Certificates 
in gas safety and is ISO9001 certificated.
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
ENERGY 
GENERATION 
AND ENERGY 
SAVING 
PRODUCTS
Windows
The Group supplies a range of A rated energy efficient double glazed 
windows, which come in a variety of styles and designs to suit the 
individual consumer. A rated windows can reduce energy bills, carbon 
footprint and improve the aesthetics of the property.
Solar photovoltaic
Solar photovoltaic is the lead product sold by this business segment.  
It not only saves a consumer money by reducing their energy bills but 
also generates an income via a feed-in tariff that pays the customer  
for each kilowatt of energy the panels generate.
Boilers
The division supplies a range of energy efficient boilers including 
combination, conventional and system boilers and will ensure that you 
have the correct boiler type for your home.
ECO PRODUCTS
Cavity Wall Insulation
Cavity Wall Insulation is a filling blown into the gap between the exterior 
walls of a house to reduce heat loss by conduction. 
External wall insulation
External Wall Insulation is an insulating system fixed to external walls  
of a property with mechanical fixings and adhesive. This is then covered 
with a mesh reinforcement, base coat and finally a decorative finish.  
The process can significantly enhance the thermal insulation of a 
building whilst providing the added benefits of sound proofing, 
enhancing the exterior appearance of the home and damp proofing.
Loft insulation
Heat loss through the roof can be reduced by laying loft insulation.  
This works in a similar way to cavity wall insulation.
Doors
The Group supplies a range of uPVC double glazed residential doors, 
French doors and patio doors. All doors have security features and locking 
systems and are double glazed and double sealed to prevent draughts and 
provide added thermal insulation.
Conservatories
The Group supplies a range of bespoke uPVC conservatories, garden rooms 
and orangeries in a variety of styles and finishes, offering heat control 
systems and insulated roofs which prevent heat loss during cold weather. 
Roofline
Roofline is a category of products that includes uPVC bargeboards, 
cladding and soffits and fascias which form the frontage below the roofs 
and eaves of many homes. 
HOME 
IMPROVEMENT 
PRODUCTS Entu (UK) plc Annual Report 2014 11
Strategic report
Governance
Financial statements
DIRECT  
SALES
Initial contact is made with the potential 
customer through door-to-door 
canvassing or telephone canvassing.  
The Group currently utilises 1,216 
self-employed door canvassers and 
telesales personnel. Direct sales for each 
brand are carried out at a local level with 
different methods proving successful in 
different regions.
MEDIA  
ADVERTISING  
AND INTERNET
Local television, radio, newspaper 
advertising and promotional leaflet 
campaigns are run in the regions to 
support telephone and door-to-door 
canvassing efforts by increasing brand  
and product awareness.
INTERNET  
MARKETING
Internet marketing is intended to be 
increasingly used to drive potential 
customers to the individual websites  
as a way to generate sales leads for sales 
agents. The Directors believe that this will 
be aided by the development of the Entu 
branded website which will provide access 
to all products and services offered by the 
Group regardless of regional presence and 
providing significant opportunities for 
cross-selling.
MARKETING AND CUSTOMER ACQUISITION
Entu seeks to acquire new customers through a variety of channels designed to result in an opportunity  
for a sales agent to meet with a potential new or existing customer.
THE GROUP IS A BRAND LED BUSINESS WITH  
A STRONG REGIONAL FOCUS. IT OPERATES 
THROUGH FOUR BUSINESS SEGMENTS USING 
SEVERAL REGIONAL BRANDS WHICH ARE 
SUPPORTED BY THE GROUP’S NATIONAL 
INSTALLATION BRAND, JOB WORTH DOING.
Consumer 
gas prices 
increased by 
128% over the 
period 2003  
to 2013
£14 billion 
home 
improvement 
market in  
the UK
10% of all 
households in 
England are in 
fuel poverty Entu (UK) plc Annual Report 2014 12
OUR BRANDS
WEATHERSEAL
Recognised experts in domestic 
energy efficiency products and 
installation, the Weatherseal 
brand has been synonymous 
with home improvement since 
1963. Weatherseal are specialists 
in A-Rated energy-efficient 
product ranges, including  
ECO windows, A-rated boilers, 
LED lighting and intelligent  
Home Heating Management 
Systems. 
PENICUIK
Scotland-based Penicuik sits  
in Entu’s Home Improvements 
division and specialises in 
windows, doors, roofline and 
conservatories. It is one of the 
Entu Group’s principal brands.
Widely recognised as having  
one of the most comprehensive 
product ranges on the market, 
Penicuik provides a fully 
integrated installation service to 
thousands of homes every year, 
from small cottages to large 
modern properties. 
remote heating controls and  
LED lighting. These ‘energy smart’ 
products all provide a home with 
the requisite amount of energy 
whilst helping to control  
usage and, therefore, excess 
expenditure on energy bills.
ZENITH
Set up in 1969, Zenith specialises 
in energy efficiency in the home. 
Its primary target market is East 
Anglia and South East England, 
and its product range includes 
A-rated double glazed windows, 
doors, roofline, conservatories 
and insulation products.
Energy efficiency is a key growth 
area for Zenith as more and more 
consumers look to reduce bills 
and enhance their homes 
through the installation  
of energy efficient products.
ZEST (ZENITH ENERGY 
SAVING EXPERTS)
ZEST specialises in external wall 
systems – a process which 
significantly enhances the 
thermal insulation of a building 
whilst providing the added 
benefits of sound proofing, 
enhancing the exterior 
appearance of the home,  
and damp proofing. ZEST  
also provides A-rated boilers  
and other energy efficient 
products and services. 
STAYBRITE SOLAR
Staybrite Solar specialises in 
energy generation and energy 
saving products, in particular 
solar photovoltaic and solar 
thermal products. The service 
provided by this brand includes  
a full technical survey prior  
to the expert installation  
of high efficiency panels,  
and expert aftercare. 
ENERGY HYPERMARKET 
Energy Hypermarket is the 
Group’s principal energy saving 
and energy generation brand, 
specialising in the provision of 
photovoltaic, air to air heat 
pumps, voltage optimisers,  Entu (UK) plc Annual Report 2014 13
Strategic report
Governance
Financial statements
THE HOME EFFICIENCY SPECIALISTS
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
ST ANDREWS
Home IMPROVEMENTS
EUROPLAS
With over 30 years of experience, 
Europlas is a market leading 
home improvement specialist in 
the South West, installing a range 
of top quality products across 
Cornwall, Devon and Somerset. 
The product range includes 
windows and doors, 
conservatories and roofline 
products, and the focus is  
on a personalised service,  
and a high quality and cost 
effective product.
ST ANDREWS
Focussing primarily on the 
Scottish market, St Andrews 
Home Improvements specialises 
in providing high-quality service 
and customer satisfaction in the 
energy-efficient home 
improvement space. Including 
windows, doors, conservatories 
and roofline services, St Andrews’ 
products are eco-friendly, energy 
efficient, safe and secure.
ST HELENS GLASS
The St Helens Glass brand  
was established over 40 years 
ago to provide quality home 
improvements products and 
services, with a personalised 
service and high quality product. 
Recognised as having one  
of the most complete ranges of 
windows, doors, conservatories 
and roofline, St Helens Glass 
specialises in design, appraisal, 
installation and aftercare. 
JOB WORTH DOING
Job Worth Doing is the Group’s 
national installation service. 
Operating as one single national 
installation service across Entu’s 
regional product brands, Job 
Worth Doing uses a network  
of self-employed tradesmen 
operating out of 14 strategically 
located installation service 
centres across the UK. Job Worth 
Doing’s installation services are 
diverse and range from hanging  
a picture, to installing a 
conservatory. From fitting energy 
efficient doors, windows and 
draft proofing, to installing wall 
and loft insulation, there are 
SOLTRAC
Soltrac have been specialists  
in solar technologies since  
2006. The company’s team of 
renewable energy experts 
installs systems that are 
rigorously designed to meet 
customers’ individual 
requirements. Every project, 
whether commercial, community 
or domestic, is carefully managed 
to deliver the most cost-effective, 
energy-saving solution. Today 
Soltrac has a professional team  
of energy assessors, surveyors, 
engineers, installers and  
roofers, dedicated to providing 
the highest quality energy-
efficiency solutions. 
NORWOOD INTERIORS
Norwood Interiors has been 
designing and installing kitchens, 
bathrooms and bedrooms across 
Yorkshire for over 20 years. 
Offering customers a wide choice 
of design features, Norwood 
Interiors operates to some  
of the finest standards of quality 
in the industry, striving to be  
at the forefront of innovation  
and design.
more than 1,000 qualified and 
experienced tradesmen available 
for customers’ needs.  Entu (UK) plc Annual Report 2014 14
DIRECTORS’ 
REMUNERATION 
REPORT
Remuneration policy 
The Company’s policy is that the remuneration package of 
the Executive Directors should be sufficiently competitive to 
attract, retain and motivate those Directors to achieve the 
Company’s objectives, without making excessive payments. 
The remuneration and employment terms of the Executive 
Directors will be determined by the Committee making 
reference to published survey data, comparison with 
salaries paid and terms agreed in similar companies  
in the same sector and companies of a similar size, and 
after a review of the performance of the individuals.
The Board determines the terms and conditions  
of the Non-Executive Directors. 
There are two main elements to the remuneration 
packages of the Executive Directors, these being base 
salary and benefits and annual bonus awards.
Basic salary and benefits
Base salaries will be reviewed annually by the 
Remuneration Committee, and adjusted where 
appropriate to reflect performance, changed 
responsibilities and/or market conditions.
Other benefits for Executive Directors include car 
allowances, pension contributions and certain medical 
cover for the Director and their immediate family. The 
Company also has a permanent health/life insurance 
policy to provide cover for the Executive Directors. 
Annual bonus awards
The annual bonus awards for the year ended  
31 October 2014 were set under the previous private 
ownership structure. 
Going forward, it will be the Company’s policy to provide  
a bonus incentive scheme for Executive Directors, linked 
directly to the performance of the Group as a whole. All 
performance criteria will be subject to approval by the 
Remuneration Committee and payments will be made 
only when approved by the Committee. 
Incentive plans
It is the Company’s policy to grant options or awards 
under the Company’s share incentive plans at the 
Remuneration Committee’s discretion, as and when 
considered appropriate. 
At the Remuneration Committee meeting held on 
22 October 2014, the Remuneration Committee ratified 
the introduction of both a ‘Long Term Incentive Plan’ (LTIP) 
and a ‘Management Incentive Plan’ (MIP) for a small senior 
management cohort, a ‘Company Share Option Plan’ 
(CSOP) for a wider management group and an all employee 
‘Save As You Earn’ scheme (SAYE). A description of these 
The Directors present their first Directors’ Remuneration 
Report (the “Remuneration Report”) for the financial year 
ended 31 October 2014. 
As an AIM quoted company, Entu (UK) plc is not required to 
prepare this Remuneration Report in accordance with the 
Directors’ Remuneration Report Regulations 2002 or the 
recently enacted Large and Medium-sized Companies and 
Groups (Accounts and Reports) (Amendment) Regulations 
2013 (together the “Regulations”). However, the Directors 
recognise the importance, and support the principles, of 
the Regulations and will seek to follow them to the extent 
considered relevant for an AIM quoted company. The 
Remuneration Committee will continue to monitor market 
practice to ensure that, in future, this report will include 
disclosures at least as good as market practice for AIM 
companies. The Auditor is not required to report to the 
shareholders on the Directors’ Remuneration Report.
As the Company is in its first full year of trading on AIM, 
there are elements of its remuneration policies which  
are currently being worked through. As such, the Board 
intends to consult with major shareholders should any 
significant change in the structure or scale of director’s 
remuneration be considered beyond those set out in  
this report. However, it may be noted that no material 
matters were raised by shareholders relating to directors’ 
remuneration, during the recent AIM admission process.
Remuneration Committee
On her appointment as a Director on 18 September  
2014, Lorraine Clinton assumed the role of Chair of the 
Remuneration Committee, which also comprises David 
Forbes and David Grundy, Non-Executive Chairman and 
Non-Executive Director respectively. The Committee held 
one meeting before the end of the financial year, primarily 
to ratify awards and sanction invitations made at the time 
of the AIM admission under the four share option 
schemes, which had been designed by the Executive 
Directors and their advisors prior to the new plc  
board and the Remuneration Committee having  
been established. 
The responsibilities of the Remuneration Committee  
can be reviewed on the Company website:  
www.entu.org/investor-relations/ 
The Non-Executive Directors do not have any personal 
interest in the matters to be decided by the Committee,  
or any potential conflicts of interest arising from cross-
directorships or day-to-day involvement in the running  
of the Company. The Executive Directors and other  
senior personnel may be invited to attend meetings when 
appropriate to provide advice. However, no Director will 
be present or will take part in discussions concerning their 
own remuneration. Entu (UK) plc Annual Report 2014 15
Strategic report
Governance
Financial statements
The CSOP and SAYE schemes are also subject to minimum 
three year vesting periods. Under the scheme rules, 94%) 
of the shares available for issue under the four schemes 
over the 10 year period from admission, are now allocated, 
so there is little opportunity for future share incentives in 
the period unless a share issue is undertaken. As such, 
the Remuneration Committee does not currently intend  
to grant any further options in the year ahead.
Remuneration for the year ending 31 October 2014
Service contracts and letters of appointment
The Company’s policy is for all of the Executive Directors 
to have twelve month rolling service contracts. 
The fees of the Non-Executive Directors are determined 
by the Board. The Non-Executive Directors are not eligible 
for bonuses, pension benefits, share options or other 
benefits. The Directors are indemnified to the full extent 
permitted by statute under the Articles of Association.  
All Non-Executive Directors are subject to re-election 
every 3 years. 
schemes and the proposed awards was notified to new 
investors as part of the admission process, as was the fact 
that the two Executive Directors, Ian Blackhurst and 
Darren Cornwall, are significant shareholders, and as a 
consequence would not be party to any of the share 
schemes offered to other select groups of employees.
The Board however recognised the importance of 
ensuring that senior management are highly motivated, 
and closely identify with the future success of the 
Company. Under the previous ownership, the Company 
had operated a long term incentive plan, but no payout on 
this prior scheme had crystalized as a consequence of the 
recent flotation process. As such, the new LTIP and MIP 
have been designed so as to closely align a material  
part of senior management’s remuneration with 
shareholder’s interests.
In considering the design of these schemes, it had  
been decided that a growth share scheme was more 
appropriate to employees whilst also being more 
acceptable to investors. As a consequence, value created 
to date is referenced in the LTIP, whilst future value 
creation is the target of the MIP. A total of a maximum  
of 4,448,399 Ordinary shares can be allocated under  
the MIP and 960,000 Ordinary shares can be allocated  
under the LTIP, subject to the achievement of share price, 
EPS performance targets and three year retention, all  
of which have to be achieved for the awards to crystalize. 
The service contracts of the Directors, who served as at 31 October 2014, include the following terms:
Directors
Executive/
Non-Executive Date of contract Unexpired term
Notice period
 (months)
Ian Blackhurst Executive 25 March 2014 Rolling 12 months 12
Darren Cornwall Executive 25 March 2014 Rolling 12 months 6
David Forbes Non-Executive 18 September 2014 2 years and 11 months 3
Lorraine Clinton Non-Executive 18 September 2014 2 years and 11 months 3
David Grundy Non-Executive 18 September 2014 2 years and 11 months 3 Entu (UK) plc Annual Report 2014 16
Directors’ remuneration
Information is provided below for Directors who served as at 31 October 2014:
Executive Directors Notes
Salary/fees
£’000
Bonuses
£’000
Benefits
£’000
Total
Emoluments
2013/14
£’000
Total
Emoluments
2012/13
£’000
I Blackhurst 1,2,4 274 100 11 385 343
D Cornwall 2,3,4 172 50 23 245 234
Total 446 150 34 630 577
Non-Executive Directors
D Forbes 0
L Clinton 0
D Grundy 0
Notes
1. The highest paid Director for the year ended 31 October 2014 was Ian Blackhurst who received emoluments of £385,000 (2013: £343,000). 
2. Benefits include car allowances and certain medical/permanent health insurance cover for the Director and immediate family.
3.  Darren Cornwall received pension contributions of £1,000 per month. These were paid through payroll and taxed as salary and are included 
in Benefits above.
4.  Bonuses were earned by Ian Blackhurst and Darren Cornwall during the financial year ended 31 October 2014 which will be paid in the year 
ending 31 October 2015.
Annual bonus awards
Arrangements were made under the previous ownership for a bonus incentive scheme for the Executive Directors  
for 13/14. To this end, operational profit in excess of £10m would attract a bonus payment of £100k for Ian Blackhurst 
and a £50k payment for Darren Cornwall. Since this threshold was achieved, these bonus payments will be awarded  
and paid circa June 2015.
Long-term equity incentive plan
As detailed above, it is not expected that any grants shall be made to Executive Directors in the coming year. 
Additionally no LTIP/MIP options shall vest in the coming year.
DIRECTORS’ 
REMUNERATION 
REPORT
CONTINUED Entu (UK) plc Annual Report 2014 17
Strategic report
Governance
Financial statements
Directors’ share interests
Directors serving at the end of the year and their immediate families had interests in the share capital of the Company 
at 31 October 2014 as follows:
Ordinary Shares  
of 0.05p each
31 October
2014
Pre the placing
on 31 October
2014
Ian Blackhurst 9,840,000
*
19,680,000
**
Darren Cornwall 3,280,000 6,560,000
David Forbes – –
Lorraine Clinton – –
David Grundy – –
* Included in Ian Blackhurst’s director’s interest are 4,920,000 shares held by his spouse, Belinda Blackhurst
** Included in Ian Blackhurst’s director’s interest are 9,840,000 shares held by his spouse, Belinda Blackhurst
Remuneration for the year ending 31 October 2015
Basic salary and benefits
In this first year of listed trading, there has been no basic increase to the salary of Ian Blackhurst or Darren Cornwall.  
In future, the level of increase will be aligned to the prevalent market conditions and/or changes in responsibility. 
Additionally, there have been no changes in the benefits which the Executive Directors are entitled to receive.
Annual bonus awards
The Company provides a bonus incentive scheme for the Executive Directors, which is closely aligned to shareholder 
interests, and is linked to targets for earnings before interest and tax for the Group. The target criteria has been 
approved by the Remuneration Committee and consequent performance, at the year ending 31 October 2015, will  
be subject to further approval by this Committee before any payment is made.
If the Company meets the target, then the Executive Directors will receive an annual bonus equal to 40 per cent of their 
base salary. Over, or under, performance causes the level of annual bonus to vary on a linear scale, from a nil payment 
through to a maximum bonus of 80 per cent of salary eligible, if the performance exceeds the target by 25 per cent.
Should any adjustments be made to the corporate structure within the budget year, then, at the Remuneration 
Committee’s discretion, a corresponding adjustment will be made to targets/rewards.
Long-term equity incentive plan.
As detailed above, it is not expected that any grants shall be made to Executive Directors in the coming year. 
Additionally no LTIP/ MIP options shall vest in the coming year. 
Approval
The Directors’ Remuneration Report was approved by the Board on 10 February, 2015 and signed on its behalf by:
Lorraine E Clinton 
Chair of the Remuneration Committee
10 February 2015
  Entu (UK) plc Annual Report 2014 18
REPORT OF THE 
DIRECTORS
Principal activities
The principal activities of the Group are the sale & 
installation of home efficiency products, Home 
improvement products and Eco funded measures.  
The subsidiary undertakings principally affecting the 
profits, liabilities or assets of the Group are listed  
in note 1 of the consolidated financial statements. 
Results 
A summary of the Group’s results for the year is set  
out in the Strategic Report on pages 1 to 13 of the  
annual report.
Directors’ interests
The directors who held office during the year and up to 
the date of the approval of this report are listed below:
Ian Peter Blackhurst (appointed 25/03/2014)
Darren Karl Cornwall (appointed 25/03/2014)
Brian George Kennedy (appointed 25/03/2014;  
resigned 27/09/2014)
David Malcolm Forbes (Non-Executive Chairman, 
appointed 18/09/2014)
David Kenneth Grundy (Non-Executive, appointed 
18/09/2014)
Lorraine Elizabeth Clinton (Non-Executive, appointed 
18/09/2014)
The Directors’ interests in the share capital of the 
Company at 31 October 2014 together with their interests 
at 1 November 2013 are detailed below:
Ordinary Shares
Directors Interests: 2014 2013
Ian Blackhurst 9,840,000
*
19,680,000
**
Darren Cornwall 3,280,000 6,560,000
Totals 13,120,000 26,240,000
*   Included in Ian Blackhurst’s director’s interest are  
4,920,000 shares held by his spouse, Belinda Blackhurst
**  Included in Ian Blackhurst’s director’s interest are  
9,840,000 shares held by his spouse, Belinda Blackhurst
There has been no change in directors’ interest in the 
company between the year end date and the date of the 
approval of this report.
Other substantial interests
The register maintained by the Company under section 
808 of the Companies Act 2006 disclosed the following 
interests in the shares of the Company held at  
29 January 2015 are:
Shareholder
Ordinary
 Shares %
Christine Kennedy 19,680,000 30.00%
Premier Fund Managers Limited 6,765,000 10.31%
AXA Investment Managers S.A. 5,675,000 8.65%
Belinda Blackhurst 4,920,000 7.50%
Milton Asset Management 
Limited 4,000,000 6.10%
River and Mercantile Asset 
Management LLP 3,975,000 6.06%
Political and charitable contributions
No political or charitable donations were made in the year 
or prior year.
Disabled persons
The Group encourages the employment of disabled 
persons wherever is practicable and endeavours to 
ensure disabled employees benefit from training and 
career development programmes in common with all 
other employees.
Employee information
The Group recognises the benefits of keeping employees 
informed of the progress of the business and of involving 
them in their company’s performance. The methods of 
achieving such involvement are different in each company 
and have been developed over the years by management 
working with employees in ways which suit their particular 
needs and environment, with the active encouragement  
of the Group. 
Principal risks and uncertainties facing the Group
The Group’s business activities, financial condition and 
results of operations could be affected by a variety of risks 
or uncertainties. These are summarised in the Principal 
risks and uncertainties section on page 7.
Financial instruments
Details of the Group’s financial risk management  
policies and objectives and its exposure to financial  
risks have been included in note 3 to the consolidated 
financial statements. Entu (UK) plc Annual Report 2014 19
Strategic report
Governance
Financial statements
Going concern
Having made reasonable enquiries, the Directors are of 
the opinion that the Group has sufficient resources to 
continue in operational existence for the foreseeable 
future and hence these financial statements have been 
prepared on an ongoing basis.
Meetings of the Board
The Board, which meets regularly, at least 10 times per 
year, has overall responsibility for the strategic direction 
and management of the business. All key decisions 
affecting the Group are considered by the Board  
as a whole.
The annual Group budget and business plan, trading  
& cash forecasts, major items of capital expenditure  
and any other significant strategic actions all require  
Board approval.
Board meetings are subject to a formal agenda, a Group 
finance pack including Group management accounts and 
forecasts compared to budget and a broader strategic 
update from both the CEO & CFO. All reports are subject 
to detailed review.
Decisions taken by the Board are communicated on to 
management in a timely manner to allow immediate 
operational implementation. 
Annual General Meeting
The Board is fully committed to constructive dialogue  
with its shareholders. The company uses the AGM as  
an opportunity to communicate with its shareholders.
The Company’s 2015 Annual General Meeting will  
be held at Eversheds LLP, 70 Great Bridgewater Street, 
Manchester M1 5ES, at 9.30am on 24 March 2015.  
The resolutions which will be proposed at the 2015  
Annual General Meeting are set out in the separate  
Notice of Annual General Meeting which accompanies  
this Annual Report and Financial Statements.
Share Capital 
As at 31 October 2014, the Company’s issued share capital 
consisted of 65,600,000 Ordinary shares of £0.0005 each 
and 34,400,000 deferred shares of £0.0005 each. 
Deferred shares carry no voting right and no rights  
to dividends or the assets of the Group.
Rights and Obligations attaching to shares
Subject to applicable statutes and other shareholders’ 
rights, shares may be issued with such rights and 
restrictions as the Company may by ordinary resolution 
decide, or, if there is no such resolution or so far as it does 
not make specific provision, as the Board may decide. 
Restrictions on Voting
Unless the Board decides otherwise, no member shall be 
entitled to vote at any meeting in respect of any shares 
held by that member if any call or other sum which is  
then payable by that member in respect of that share 
remains unpaid.
Purchase of own shares
The Company has not sought approval to purchase  
its own shares.
Restrictions on the transfer of securities
There are no restrictions on the transfer of securities  
in the Company except that certain restrictions may  
from time to time be imposed by laws and regulations  
(for example, insider trading).
Required disclosures incorporated by reference
Details of future developments that may affect the Group 
along with details in relation to dividends have been 
included in the Strategic Report on pages 1 to 13.
Directors’ Statement as to disclosure of information 
to the Auditor
In the case of each of the persons who were Directors of 
the Company at the date when this report was approved:
•	 so far as each of the Directors is aware, there is no 
relevant audit information (as defined by the Companies 
Act 2006) of which the Company’s Auditor is unaware; 
and
•	 each of the Directors has taken all the steps that he 
ought to have taken as Director to make himself aware 
of any relevant audit information and to establish that 
the Company’s Auditor is aware of that information.
This information is given and should be interpreted in 
accordance with the provision of section 418(2) of 
Companies Act 2006. Entu (UK) plc Annual Report 2014 20
Statement of directors’ responsibilities 
The directors are responsible for preparing the Annual 
Report, the Directors’ Remuneration 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 prepared the Group and parent company 
(“Company”) financial statements in accordance with 
International Financial Reporting Standards (IFRSs) as 
adopted by the European Union. 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 the 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 IFRSs as adopted by the 
European Union have been followed, subject to any 
material departures disclosed and explained in the 
financial statements; 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 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 the Group and enable them to ensure that the 
financial statements and the Directors’ Remuneration 
Report comply with the Companies Act 2006 and, as 
regards the Group financial statements, Article 4 of the  
IAS Regulation. They are also responsible for safeguarding 
the assets of the company and the Group and hence for 
taking reasonable steps for the prevention and detection 
of fraud and other irregularities.
The directors are responsible for the maintenance and 
integrity of the company’s website. Legislation in the 
United Kingdom governing the preparation and 
dissemination of financial statements may differ  
from legislation in other jurisdictions.
Each of the directors, whose names and functions  
are listed on page 18 confirm that, to the best of  
their knowledge:
•	 the Group financial statements, which have been 
prepared in accordance with IFRSs as adopted by the 
EU, give a true and fair view of the assets, liabilities, 
financial position and profit of the Group; and
•	 the Strategic Report contained on pages 1 to 13  
includes a fair review of the development and 
performance of the business and the position of the 
Group, together with a description of the principal risks 
and uncertainties that it faces.
Independent Auditor
PricewaterhouseCoopers LLP has signified its willingness 
to continue in office as Auditor to the Company and, in 
accordance with section 485 of the Companies Act 2006,  
a resolution for its appointment will be proposed at the 
forthcoming Annual General Meeting.
By order of the Board of Directors
David M Forbes
Chairman
10 February, 2015
REPORT OF THE 
DIRECTORS
CONTINUED Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 21
Ind EpEnd Ent AU dI to Rs’ 
REpo Rt to th E mEmb ERs 
of E nt U (UK) plc
Report on the Group financial statements
Our opinion
In our opinion, Entu (UK) plc’s Group financial statements 
(the “financial statements”):
• give a true and fair view of the state of the Group’s 
affairs as at 31 October 2014 and of its profit and cash 
flows for the year then ended;
• have been properly prepared in accordance with 
International Financial Reporting Standards (“IFRSs”) as 
adopted by the European Union; and
• have been prepared in accordance with the 
requirements of the Companies Act 2006.
What we have audited
Entu (UK) plc’s financial statements comprise:
• the Consolidated Balance Sheet as at 31 October 2014;
• the Consolidated Statement of Comprehensive Income 
for the year then ended;
• the Consolidated Cash Flow statement for the year then 
ended;
• the Consolidated Statement of Changes in Equity for the 
year then ended; and
• the notes to the financial statements, which include a 
summary of significant accounting policies and other 
explanatory information.
The financial reporting framework that has been applied 
in the preparation of the financial statements is applicable 
law and IFRSs as adopted by the European Union.
In applying the financial reporting framework, the 
directors have made a number of subjective judgements, 
for example in respect of significant accounting estimates. 
In making such estimates, they have made assumptions 
and considered future events.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion, the information given in the Strategic 
Report and the Directors’ Report for the financial year for 
which the financial statements are prepared is consistent 
with the financial statements.
Other matters on which we are required to 
report by exception
Adequacy of information and explanations received
Under the Companies Act 2006 we are required to report 
to you if, in our opinion, we have not received all the 
information and explanations we require for our audit. We 
have no exceptions to report arising from this responsibility. 
Directors’ remuneration
Under the Companies Act 2006 we are required to report 
to you if, in our opinion, certain disclosures of directors’ 
remuneration specified by law are not made. We have no 
exceptions to report arising from this responsibility. 
Responsibilities for the financial statements 
and the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of directors’ 
responsibilities, the directors are responsible for the 
preparation of the financial statements and for being 
satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on 
the financial statements in accordance with applicable law 
and International Standards on Auditing (UK and Ireland) 
(“ISAs (UK & Ireland)”). Those standards require us to 
comply with the Auditing Practices Board’s Ethical 
Standards for Auditors.
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. Entu (UK) plc Annual Report 2014 22
Responsibilities for the financial statements 
and the audit (continued)
What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & 
Ireland). An audit involves obtaining evidence about the 
amounts and disclosures in the financial statements 
sufficient to give reasonable assurance that the financial 
statements are free from material misstatement, whether 
caused by fraud or error. This includes an assessment of: 
• whether the accounting policies are appropriate to the 
Group’s circumstances and have been consistently 
applied and adequately disclosed; 
• the reasonableness of significant accounting estimates 
made by the directors; and 
• the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing 
the directors’ judgements against available evidence, 
forming our own judgements, and evaluating the 
disclosures in the financial statements.
We test and examine information, using sampling and 
other auditing techniques, to the extent we consider 
necessary to provide a reasonable basis for us to draw 
conclusions. We obtain audit evidence through testing the 
effectiveness of controls, substantive procedures or a 
combination of both. 
In addition, we read all the financial and non-financial 
information in the Annual Report to identify material 
inconsistencies with the audited financial statements and 
to identify any information that is apparently materially 
incorrect based on, or materially inconsistent with, the 
knowledge acquired by us in the course of performing the 
audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the 
implications for our report.
Ind EpEnd Ent AU dI to Rs’ 
REpo Rt to th E mEmb ERs 
of E nt U (UK) plc
contI n UEd Other matter
We have reported separately on the Company financial 
statements of Entu (UK) plc for the year ended  
31 October 2014.
hazel macnamara
Senior Statutory Auditor
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester
10 February 2015 Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 23
 Notes
Year ended
 31 October
 2014
Before 
exceptional 
items
£000’s
Year ended
 31 October 
2014
Exceptional 
items 
(note 5)
£000’s
Year ended
 31 October 
2014
Total
£000’s
Year ended
 31 October 
2013
Total
£000’s
Continuing operations
Revenue 4 118,973 – 118,973 95,470
Cost of sales (82,696) – (82,696) (60,766)
Gross profit 36,277 – 36,277 34,704
Administrative expenses (26,018) (1,320) (27,338) (28,653)
Operating profit/(loss) 4 10,259 (1,320) 8,939 6,051
Finance income 8 29 – 29 4
Finance costs 8 (11) – (11) –
Profit/(loss) before taxation 10,277 (1,320) 8,957 6,055
Taxation 9 (2,215) – (2,215) (946)
Profit/(loss) for the year  
from continuing operations 6 8,062 (1,320) 6,742 5,109
Discontinued operations
Loss from the period from discontinued operations 10 – – – (500)
Profit/(loss) for the year 8,062 (1,320) 6,742 4,609
Basic earnings per share (pence) 12 10.3 7.8
Diluted earnings per share (pence) 12 10.3 7.8
Adjusted basic earnings per share (pence) 12 12.3 7.8
Adjusted diluted earnings per share (pence) 12 12.3 7.8
The notes on pages 27 to 54 are an integral part of these consolidated financial statements.
There are no other items of comprehensive income for the year other than the profit/(loss) attributable to the  
equity holders.
consolI d AtE d st AtE mEnt 
of comp REh Ens IVE Incom E
YEAR End Ed 31 o ctob ER 2014 Entu (UK) plc Annual Report 2014 24
consol Id At Ed 
b Al Anc E shEE t 
At 31 octob ER 2014
Notes
31 October
 2014
£000’s
31 October 
2013
£000’s
31 October 
2012
£000’s
Assets
Non-current assets
Intangible assets 13 1,676 1,377 1,343
Property, plant and equipment 14 1,048 658 705
Deferred tax asset 20 19 10 5
 2,743 2,045 2,053
Current assets
Inventories 15 1,751 1,144 616
Trade and other receivables 16 11,060 23,788 16,613
Cash and cash equivalents 17 5,768 4 5,867
 18,579 24,936 23,096
Total assets 21,322 26,981 25,149
Equity 
Share capital 23 50 – –
Retained earnings 871 9,317 4,960
Total shareholders’ equity 921 9,317 4,960
Liabilities
Non-current liabilities
Deferred taxation liabilities 20 40 7 25
Provisions 21 1,488 1,633 2,812
 1,528 1,640 2,837
Current liabilities
Borrowings 19 – 1,822 547
Trade and other payables 18 16,253 12,967 15,039
Current taxation payable 2,191 992 1,268
Provisions 21 429 243 498
 18,873 16,024 17,352
Total liabilities 20,401 17,664 20,189
Total shareholders’ equity and liabilities 21,322 26,981 25,149
The financial statements from pages 23 to 54 were approved by the Board of Directors and authorised for issue. 
They were signed on its behalf by:
d arren cornwall  
Chief Financial Officer
10 February 2015 Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 25
Equity attributable to the  
combined equity holders
Share
capital
£000’s
Retained
earnings
£000’s
Total
£000’s
At 1 November 2011 – 2,327 2,327
Profit for the financial year – 2,833 2,833
Transactions with owners
Ordinary dividends (Note 11) – (200) (200)
Total transactions with owners recognised directly in equity (200) (200)
At 31 October 2012 – 4,960 4,960
At 1 November 2012 – 4,960 4,960
Profit for the financial year 4,609 4,609
Transactions with owners
Ordinary dividends (Note 11) – (252) (252)
Total transactions with owners recognised directly in equity – (252) (252)
At 31 October 2013 – 9,317 9,317
At 1 November 2013 – 9,317 9,317
Profit for the financial year – 6,742 6,742
Transactions with owners:
Distributions to shareholders (note 28) – (15,188) (15,188)
Proceeds from shares issued (Note 23) 50 – 50
Total transactions with owners recognised directly in equity 50 (15,188) 50
At 31 October 2014 50 871 921
Share capital 
The share capital account includes the nominal value for all shares issued and outstanding.
Retained earnings
The retained earnings reserve includes the accumulated profits and losses arising from the consolidated statement of 
comprehensive income and certain items from the statement of changes in equity attributable to equity shareholders 
net of distributions to shareholders.
consolI d AtE d st AtE mEnt 
of ch An GEs I n EQUI t Y
YEAR End Ed 31 octob ER 2014 Entu (UK) plc Annual Report 2014 26
consol Id At Ed  
c Ash flo W stAt EmEnt
YEAR End Ed 31 octob ER 2014
Notes
2014
£000’s
2013
£000’s
Cash flows from operating activities
Cash generated from operations 25 10,389 5,429
Taxation paid (1,007) (1,245)
Net cash generated from operating activities 9,382 4,184
Cash flows from investing activities
Finance income 29 4
Finance costs (11) –
Purchase of property, plant and equipment 14 (674) (261)
Acquisition of trade and assets 27 (299) (28)
Increase in loans due from related parties (891) (10,785)
Net cash used in investing activities (1,846) (11,070)
Cash flows from financing activities
Dividends paid 11 – (252)
Proceeds from issue of share capital 50 –
Net cash generated from/(used in) financing activities 50 (252)
Net increase/(decrease) in cash and cash equivalents 7,586 (7,138)
Cash and cash equivalents at the beginning of the year (1,818) 5,320
Cash and cash equivalents at the end of the year 17 5,768 (1,818) Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 27
1. Accounting policies
General information
Entu (UK) plc (‘the Company’) and its subsidiaries’ 
(together “the Group”) principal activity during the period 
was the sale of replacement windows, double glazing, 
entrance doors, patio doors and exterior improvement 
products within the United Kingdom.
The Company is incorporated and domiciled in the UK. 
The Company’s registered number is 08957339.  
The address of its registered office is 8 Bow Chambers,  
Tib Lane, Manchester, M2 4JB.
The Company is a public limited company and has  
its primary listing on the AIM division of the London  
Stock Exchange.
The Group consolidated financial statements were 
authorised for issue by the Board on 10 February 2015.
Basis of preparation 
The consolidated financial statements of the Group have 
been prepared in accordance with International Financial 
Reporting Standards as adopted by the European Union 
(IFRS as adopted by the EU), IFRS Interpretations 
Committee (IFRS IC) Interpretations and the Companies 
Act 2006 applicable to companies reporting under IFRS. 
The consolidated financial statements have been 
prepared under the historical cost convention, as 
modified by the revaluation of certain financial assets  
and financial liabilities (including derivative instruments)  
at fair value through profit or loss.
The Group’s deemed transition date to IFRS is  
1 November 2012. The principles and requirements for 
first time adoption of IFRS are set out in IFRS 1. IFRS 1 
allows certain exemptions in the application of particular 
standards to prior periods in order to assist companies 
with the transition process. The Group has not applied any 
of the optional exemptions under IFRS 1 other than in 
respect of IFRS 3 where acquisitions completed before the 
date of transitions have not been retrospectively adjusted. 
This is the first financial information prepared by the 
Group under IFRS. The Group has not previously prepared 
or reported any consolidated financial information in 
accordance with any other GAAP. Consequently, it is not 
possible to provide IFRS 1 reconciliations between 
financial information prepared under any previous  
GAAP and this consolidated financial information.
For the years ended 31 October 2012 and 31 October 
2013 the Group existed as three separate Groups being  
HI Sales Limited, JWD Installations Limited and KBC Energy 
Limited. These three Groups operated under common 
management and were majority owned and controlled  
by Brian Kennedy. 
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts On 7 July 2014 the Company acquired a 100 per cent 
interest in each of the Groups but control remained with 
the majority shareholder in the company at that time, 
Brian Kennedy. The transaction is a business combination 
under common control and is not within the scope  
of IFRS 3. It has therefore been accounted for as  
a capital reorganisation.
Predecessor accounting has therefore been applied by 
presenting the financial information of the combined 
businesses, which has resulted in the comparative 
financial information being prepared on a consistent 
consolidated basis.
The financial statements have been prepared in GBP, 
being the Group’s presentational currency and have been 
presented in thousands.
The preparation of Financial Statements in conformity 
with IFRS requires the use of certain critical accounting 
estimates. It also requires management to exercise its 
judgement in the process of applying the Group’s 
accounting policies. 
Basis of consolidation
Subsidiaries are entities controlled by the Group.  
Control exists when the Group has the power, directly  
or indirectly, to govern the financial and operating policies 
of an entity so as to obtain benefits from its activities.  
In assessing control, potential voting rights that are 
currently exercisable or convertible are taken into 
account. The Financial Statements of subsidiaries are 
generally included in the Group Financial Statements  
from the date that control commences until the date that 
control ceases.
Transactions, balances and unrealised gains on 
transactions between Group companies have been 
eliminated on consolidation. Unrealised gains have also 
been eliminated to the extent that they do not represent 
an impairment of a transferred asset. Subsidiaries’ 
accounting policies have been changed where necessary 
to ensure consistency with the policies adopted  
by the Group. Entu (UK) plc Annual Report 2014 28
1. Accounting policies (continued)
Adoption of new or amended standards and 
interpretations in the current year
In the current year, the following new or amended 
standards have been adopted.
IFRS 7 (amendment) “Financial instruments: disclosures”  
is effective for annual reporting periods beginning on or 
after 1 January 2013, and amends the disclosures required 
where certain items have been offset.
IFRS 13 “Fair value measurement” is effective for annual 
periods beginning on or after 1 January 2013. This 
standard applies to IFRSs that require or permit fair value 
measurements or disclosures and provides a single IFRS 
framework for measuring fair value and requires 
disclosures about fair value measurement.
IAS 19 (revised 2011) “Employee benefits” is effective for 
annual periods beginning on or after 1 January 2013.  
As the Company has no defined benefit pensions schemes 
the amendment to the standard has had no impact  
on the Group.
New or amended standard and interpretations in 
issue but not yet effective or EU endorsed
The following new standards, amendments to standards 
and interpretations that are expected to apply to the 
Group, which have not been applied in these financial 
statements, were in issue, but are not yet effective,  
or EU endorsed.
IFRS 9 “Financial Instruments” is effective for annual 
reporting periods commencing on or after 1 January 2018. 
The standard will eventually replace IAS 39.
IFRS 10 “Consolidated financial statements” is effective  
for annual reporting periods beginning on or after 
1 January 2014. This standard builds on existing principles 
by identifying the concept of control as the determining 
factor in whether an entity should be included within 
consolidated financial statements.
IFRS 11 “Joint arrangements” is effective for annual periods 
beginning on or after 1 January 2014. This standard 
provides for a more realistic reflection of joint 
arrangements by focusing on the rights and obligations  
of the arrangement, rather than its legal form.  
This is not expected to have a material impact.
IFRS 12 “Disclosure of interests in other entities” is 
effective for annual periods beginning on or after 
1 January 2014. This standard includes the disclosure 
requirements for all forms of interests in other entities, 
including joint arrangements, associates, special purpose 
vehicles and other off balance sheet vehicles.
IFRS 15 “Revenue from contracts with customers” is to 
establish the principles that an entity shall apply to report 
about the nature, amount, timing, and uncertainty of 
revenue and cash flows arising from a contract with a 
customer. Application of the standard is mandatory  
for annual reporting periods starting from  
1 January 2017 onwards.
IFRIC 21 “Levies” sets out the accounting for an obligation 
to pay levy that is not income tax. The interpretation 
addresses what the obligating event is that gives rise  
to pay a levy. The Company is not currently subject to 
significant levies so the impact on the Company is not 
material. Effective for annual periods beginning on  
or after 1 January 2014.
IAS 27 (revised) “Separate financial statements” is effective 
for annual periods beginning on or after 1 January 2014. 
This standard includes the provisions on separate financial 
statements that are left after the control provisions of  
IAS 27 have been included in the new IFRS 10.
IAS 28 (revised) “Investments in associates and joint 
ventures” is effective for annual periods beginning on  
or after 1 January 2014. This standard includes the 
requirements for joint ventures, as well as associates,  
to be equity accounted following the issue of IFRS 11.
IAS 32 “Offsetting financial assets and liabilities” is 
effective for annual periods beginning on or after 
1 January 2014 and provides clarification on the 
application of offsetting rules. 
The Group continues to assess the impact of adopting 
these new or amended standards and interpretations  
in future accounting periods.
Going concern
The financial statements have been prepared on a going 
concern basis. For the purpose of considering going 
concern the Board has considered a period of at least  
12 months from the date of approving these financial 
statements. The principal risks to the company are set out 
in note 3 on pages 32 to 35 of these financial statements 
but it is felt that these do not pose a threat to the going 
concern status of the Group going forward.
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 29
1. Accounting policies (continued)
Revenue
Revenue from the sales of goods is recognised when the 
Group has transferred the significant risks and rewards of 
ownership to the buyer and it is probable that the Group 
will receive the previously agreed upon payment. These 
criteria are considered to be met when installation has 
been completed. The Group does not consider that it has 
any long term contracts as all jobs are usually completed 
in a short time frame. Revenue is recognised net of VAT 
and any sales discounts and rebates offered. Warranty 
sales are recognised at the point of sale which is upon  
the completion of installation as the contracts are 
non-cancellable following the initial 14 day cooling  
off period.
 
Provided the amount of revenue can be measured  
reliably and it is probable that the Group will receive  
any consideration, revenue for services is recognised  
in the period in which they are rendered.
Finance commission income
The Group recognises finance commissions receivable 
from finance providers upon receipt which occurs upon 
completion of the sale of finance to the end customer  
and so when the revenue is due to the Group. Income is 
recognised upon receipt with a provision put in place  
to estimate any potential claw backs of commissions 
receivable based upon past history of such claw backs. 
Finance commission income is recognised within revenue 
in the statement of comprehensive income.
Goodwill 
Goodwill represents the excess of the cost of a business 
combination over the Group’s interest in the fair value of 
identifiable assets, liabilities and contingent liabilities 
acquired. Cost comprises the fair value of assets given, 
liabilities assumed and equity instruments issued. 
Contingent consideration is included in cost at the 
acquisition date fair value and, in the case of contingent 
consideration classified as a financial liability, re-measured 
subsequently through profit or loss. Direct costs of 
acquisition are recognised immediately as an expense  
in profit or loss. 
 
Goodwill is capitalised as an intangible asset with any 
impairment in carrying value being charged to the 
consolidated statement of comprehensive income.  
Where the fair value of identifiable assets, liabilities  
and contingent liabilities exceeds the fair value of 
consideration paid, the excess is credited in full to the 
consolidated statement of comprehensive income  
on the acquisition date. 
 
Goodwill impairment
For the purpose of impairment testing, goodwill is 
allocated to each of the Group’s cash-generating  
units expected to benefit from the synergies of the 
combination. Cash-generating units to which goodwill  
has been allocated are tested for impairment 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.  
An impairment loss recognised for goodwill is not reversed 
in a subsequent period. On disposal of a subsidiary, the 
attributable amount of goodwill is included in the 
determination of the profit or loss on disposal.
Impairment charges are included in profit or loss, except 
to the extent they reverse gains previously recognised in 
the profit or loss. An impairment loss recognised for 
goodwill is not reversed. 
Exceptional items
The Group adopts a columnar income statement format 
to highlight significant items within the Group results for 
the period. Such items are considered by the Directors to 
be exceptional in nature rather than being representative 
of the underlying trading of the Group, and in the current 
year include costs associated with the Group’s initial 
public offering. The Directors apply judgement in 
assessing the particular items, which by virtue of their 
scale and nature should be disclosed in a separate column 
of the income statement and notes to the financial 
statements as ‘Exceptional items’. The Directors believe 
that the separate disclosure of these items is relevant to 
an understanding of the Group’s financial performance. Entu (UK) plc Annual Report 2014 30
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 1. Accounting policies (continued)
Business combinations
The acquisition of subsidiaries is accounted for using the 
purchase method. The fair value of consideration of the 
acquisition is measured at the aggregate of the fair values, 
at the date of exchange, of assets given, liabilities incurred 
or assumed, and equity instruments issued by the Group 
in exchange for control of the acquiree. The acquiree’s 
identifiable assets, liabilities and contingent liabilities that 
meet the conditions for recognition under IFRS 3 ‘Business 
combinations’ are recognised at their fair values at the 
acquisition date. All acquisition costs are expensed as 
incurred as exceptional items.
Share capital 
Financial instruments issued by the Group are classified 
as equity only to the extent that they do not meet the 
definition of a financial liability or financial asset. 
 
The Group’s ordinary shares are classified as  
equity instruments. 
Dividends
Dividends are recognised when they become legally 
payable and are approved by shareholders. In the case  
of interim dividends to equity shareholders, this is when 
they are paid.
Taxation
Income tax expense represents the sum of the tax 
currently payable and deferred tax. 
The tax currently payable is based on taxable profit  
for the year. Taxable profit differs from net profit as 
reported in the income statement 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  
and deferred tax is calculated using tax rates that have 
been enacted or substantively enacted at the balance 
sheet date. 
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying amounts 
of assets and liabilities in the financial statements and  
the corresponding tax bases used in the computation  
of taxable profit, and is accounted for using the balance 
sheet liability method. Deferred tax liabilities are generally 
recognised for all taxable temporary differences and 
deferred tax assets are recognised to the extent that it  
is probable that taxable profits will be available against 
which deductible temporary differences can be utilised. 
Such assets and liabilities are not recognised if the 
temporary difference arises from goodwill or from the 
initial recognition (other than in a business combination)  
of other assets and liabilities in a transaction that affects 
neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable 
temporary differences arising on investments in 
subsidiaries and interests in joint ventures, except where 
the Group is able to control the reversal of the temporary 
difference and it is probable that the temporary difference 
will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at 
each balance sheet 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 
to the income statement, except when it relates to items 
charged or credited to equity, in which case the deferred 
tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there  
is a legally enforceable right to set off current tax assets 
against current tax liabilities and when they relate to 
income taxes levied by the same taxation authority and 
the Group intends to settle its current tax liabilities  
on a net basis. 
Property plant and equipment
All other assets are stated at historical cost less 
accumulated depreciation and accumulated impairment 
losses. Historical cost includes expenditure that is directly 
attributable to the acquisition of the item.
Depreciation is charged so as to write off the cost or 
valuation of assets, other than land, over their estimated 
useful lives, using the straight-line method, on the 
following basis:
Freehold Property – 5% per annum
Improvements to Freehold Property – 33% per annum
Plant and Machinery – 33% per annum 
Fixtures and Fittings – 33% per annum 
Equipment – 33% per annum
Motor Vehicles – 33% per annum
Residual values, remaining useful lives and  
depreciation methods are reviewed annually and  
adjusted if appropriate.
Gains or losses on disposal are included in the profit  
or loss for the year within admin costs.
Cash and cash equivalents
Cash and cash equivalents include cash in hand  
and balances with banks including outstanding  
bank overdrafts. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 31
1. Accounting policies (continued)
Financial instruments
The Group classifies financial instruments, or their 
component parts, on initial recognition as a financial asset, 
a financial liability or an equity instrument in accordance 
with the substance of the contractual arrangement.
Financial instruments are recognised on the balance sheet 
at fair value when the Group becomes a party to the 
contractual provisions of the instrument.
Trade receivables
Trade receivables are recognised initially at fair value  
and subsequently measured at amortised cost using  
the effective interest rate method, less provision for 
impairment. A provision for impairment of trade 
receivables is established when there is objective 
evidence that the Group will not be able to collect all 
amounts due according to the original terms of the 
receivables and is measured as the difference between 
carrying value and present value of estimated future  
cash flows. Subsequent recoveries of previously impaired 
trade receivables are recognised as a credit to profit  
as recorded.
Trade payables
Trade payables are not interest bearing and are stated at 
fair value and subsequently measured at amortised cost.
Borrowings
Interest-bearing bank loans and overdrafts are recorded 
at fair value, net of direct issue costs. Finance charges, 
including premiums payable on settlement or redemption 
and direct issue costs, are accounted for on an accruals 
basis through the income statement using the effective 
interest method and are added to the carrying amount  
of the instrument to the extent they are not settled in the 
period in which they arise.
Defined contribution schemes 
Contributions to defined contribution pension schemes 
are charged to the consolidated statement of 
comprehensive income in the year to which they relate. 
Leases
Payments made under operating leases are recognised  
in profit and loss on a straight-line basis over the term  
of the lease. The aggregate benefit of lease incentives is 
recognised as a reduction of the rental expense over the 
lease term on a straight-line basis. 
Finance income and costs
Finance income and costs are recognised in the income 
statement in the period in which they are incurred.
Inventories 
Inventories are initially recognised at cost, and 
subsequently at the lower of cost and net realisable value. 
Cost comprises all costs of purchase, costs of conversion 
and other costs incurred in bringing the inventories to 
their present location and condition. Weighted average 
cost is used to determine the cost of ordinarily 
interchangeable items. 
Discontinued operations
A discontinued operation is a component of the Group’s 
business that represents a separate major line of business 
or geographical area of operations.
 
Discontinued operations are presented in the combined 
statement of comprehensive income as a single line which 
comprises the post-tax profit or loss of the discontinued 
operation along with the post-tax gain or loss recognised 
on the re-measurement to fair value less costs to sell or 
on disposal of the assets or disposal groups constituting 
discontinued operations. 
Prior periods are re-stated so that disclosures relate to all 
operations that have been discontinued by the end of the 
reporting period for the latest period presented.
Segmental reporting 
Operating segments are reported in a manner consistent 
with the internal reporting provided to the chief operating 
decision maker. The chief operating decision-maker 
(CODM), who is responsible for allocating resources and 
assessing performance of the operating segments, has 
been identified as the Executive Board. 
Provisions 
The Group has recognised provisions for liabilities of 
uncertain timing or amount including those for warranty 
claims. The provision is measured at the best estimate of 
the expenditure required to settle the obligation at the 
reporting date, discounted at a pre-tax rate reflecting 
current market assessments of the time value of money 
and risks specific to the liability. Entu (UK) plc Annual Report 2014 32
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 2. Critical accounting estimates  
and judgements
The Group makes certain estimates and assumptions 
regarding the future. Estimates and judgements are 
continually evaluated based on historical experience and 
other factors, including expectations of future events that 
are believed to be reasonable under the circumstances.  
In the future, actual experience may differ from these 
estimates and assumptions. 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 discussed below. 
Critical accounting judgements and key sources of 
estimation uncertainty
(a) Impairment of goodwill 
Determining whether goodwill is impaired requires an 
estimation of the value in use of the cash-generating units 
to which goodwill has been allocated. The value in use 
calculation requires an entity to estimate the future cash 
flows expected to arise from the cash-generating unit and 
a suitable discount rate in order to calculate present value. 
Any change in estimates could result in an adjustment  
to recorded amounts. More information can be found  
in note 13.
(b) Warranty provision
The Group have in place a warranty provision to cover the 
cost of future warranty work on certain products which 
offer a ten year warranty. The estimation of this provision 
involves the estimation of the net present value of these 
future costs. The costs are estimated based upon the 
applicable sales made in the previous ten years including 
those made before the acquisition of any companies 
acquired with existing warranties and the average number 
and value of warranty claims which have been made 
against these sales. A discount rate of 10% has been  
used to determine the net present value of these costs. 
Any change in the method of estimation of costs or  
the discount rate could lead to an adjustment to the 
warranty provision.
3. Financial instruments – Risk management
General objectives, policies and processes 
The directors of the Group’s parent company Entu (UK) plc 
have overall responsibility for the determination of the 
Group’s risk management objectives and policies and, 
whilst retaining ultimate responsibility for them, it has 
delegated the authority for designing and operating 
processes that ensure the effective implementation of the 
objectives and policies to the Group’s finance function. 
Entu (UK) only became the ultimate parent company of 
the Group on 7 July 2014 but the key directors of the 
Group have remained unchanged throughout the period.
The overall objective of the directors is to set policies that 
seek to reduce risk as far as possible without unduly 
affecting the Group’s competitiveness and flexibility. 
Further details regarding these policies are set out below: 
The Group is exposed through its operations to the 
following financial risks: 
• Credit risk
• Liquidity risk
• Capital risk
• Fair value and cash flow interest rate risk
In common with all other businesses, the Group is 
exposed to risks that arise from its use of financial 
instruments. This note describes the Group’s objectives, 
policies and processes for managing those risks and the 
method used to measure them. Further quantitative 
information in respect of these risks is presented 
throughout these financial statements. 
Financial instruments include trade receivables, trade 
payables and cash and cash equivalents which are treated 
as loans and receivables or financial liabilities at amortised 
cost for IFRS 7 classification purposes. 
Credit risk 
Credit risk is the risk that financial loss arises from the 
failure of a customer or counterparty to meet its 
obligations under a contract. The Group has dedicated 
standards, policies and procedures to control and monitor 
all such risks. Although the Group is potentially exposed to 
credit loss in the event of non-performance by 
counterparties, such credit risk is controlled through 
credit rating and equity price reviews of the 
counterparties and by limiting the total amount of 
exposure to any one party.
An analysis of the international long-term credit ratings of 
counterparties where cash and cash equivalents are held 
is as follows:
2014 
£000’s 
2013 
£000’s
A 5,768 –
Total 5,768 –
Liquidity risk
Liquidity risk arises from the Group’s management of 
working capital. It is the risk that the Group will encounter 
difficulty in meeting its financial obligations as they fall 
due. The Group monitors its risk to a shortage of funds 
through regular cash management and forecasting.  
The Group’s objective is to maintain a balance between 
continuity of funds and flexibility to invest as necessary. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 33
3. Financial instruments – Risk Management 
(continued)
Capital risk management
The primary objective of the Group’s capital management 
is to ensure that it maintains a strong credit rating and 
healthy capital ratios. 
The Group manages its capital structure and makes 
adjustments to it to suit economic conditions. The Group 
regards called-up share capital and retained earnings as 
its capital as there is no long term debt capital.
The Group sets the amount of capital in proportion to risk. 
The Group manages the capital structure and makes 
adjustments to it in the light of changes in economic 
conditions and the risk characteristics of the underlying 
assets. In order to maintain or adjust the capital structure, 
the Group may adjust the amount of dividends paid to 
shareholders, return capital to shareholders or issue  
new shares. 
The Group does not seek to maintain any particular 
capital ratio but will consider investment opportunities on 
their merits and fund them in the most effective manner. 
Fair value and cash flow interest rate risk 
The Group has had no outstanding loan balances 
throughout the period other than short term overdrafts. 
Therefore a change in LIBOR of 1% would change the 
Group’s profit before tax by an insignificant amount.
Financial instruments by category 
At 31 October 2014
Loans and
 receivables
£000’s
Financial
 liabilities at
 amortised 
cost 
£000’s
Non-
 financial
 items 
£000’s
Total 
£000’s
Assets
Non-current assets – – 2,743 2,743
Inventory – – 1,751 1,751
Trade receivables 6,122 – – 6,122
Other non-derivative financial assets 2,572 – – 2,572
Non-financial assets – – 2,366 2,366
Cash and cash equivalents 5,768 – – 5,768
Total assets 14,462 – 6,860 21,322
Liabilities
Deferred tax liabilities – – (40) (40)
Trade payables – (16,253) – (16,253)
Current tax liabilities – – (2,191) (2,191)
Non-financial liabilities – – (1,917) (1,917)
Total liabilities – (16,253) (4,148) (20,401)
Net assets 14,462 (16,253) 2,712 921 Entu (UK) plc Annual Report 2014 34
3. Financial instruments – Risk Management (continued)
At 31 October 2013
Loans and
 receivables 
£000’s
Financial 
liabilities at
 amortised
 cost 
£000’s
Non- 
financial
 items
 £000’s
Total 
£000’s
Assets
Non-current assets – – 2,045 2,045
Inventory – – 1,144 1,144
Trade receivables 4,348 – – 4,348
Other non-derivative financial assets 17,589 – – 17,589
Non-financial assets – – 1,851 1,851
Cash and cash equivalents 4 – – 4
Total assets 21,941 – 5,040 26,981
Liabilities
Borrowings – (1,822) – (1,822)
Deferred tax liabilities – – (7) (7)
Trade payables – (12,967) – (12,967)
Current tax liabilities – – (992) (992)
Non-financial liabilities – – (1,876) (1,876)
Total liabilities – (14,789) (2,875) (17,664)
Net assets 21,941 (14,789) 2,165 9,317
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Financial statements
Entu (UK) plc Annual Report 2014 35
3. Financial instruments – Risk Management (continued)
At 31 October 2012
Loans and 
receivables 
£000’s
Financial
 liabilities at
 amortised
 cost £000’s
Non-
 financial
 items
 £000’s
Total 
£000’s
Assets
Non-current assets – – 2,053 2,053
Inventory – – 616 616
Trade receivables 4,939 – – 4,939
Other non-derivative financial assets 8,999 – – 8,999
Non-financial assets – – 2,675 2,675
Cash and cash equivalents 5,867 – – 5,867
Total assets 19,805 – 5,344 25,149
Liabilities
Borrowings – 547 – 547
Deferred tax liabilities – – 25 25
Trade payables – 5,901 – 5,901
Current tax liabilities – – 1,268 1,268
Other non-current liabilities – 5,785 – 5,785
Non-financial liabilities – – 6,663 6,663
Total liabilities – 12,233 7,956 20,189
Net assets 19,805 (12,233) (2,612) 4,960
4. Segmental analysis 
The Chief Operating Decision-Maker (CODM) has been identified as the Executive Board which comprises the two 
Executive Directors.
The CODM reviews the Group’s internal reporting in order to assess performance and allocate resources.  
Management has determined the operating segments based on these reports which include an allocation  
of central costs as appropriate.
The CODM considers the business from an operating perspective, with the Home Improvements, Energy Generation 
and Saving, Repair and Renewal Service Agreements and Insulation divisions being the reporting segments. The CODM 
assesses the performance based on operating profit before any exceptional items. Other information provided to the 
CODM, except as noted below, is measured in a manner consistent with that of the financial statements.
All revenue, profit and assets of the Group and all segments arise in the Company’s county of domicile, being  
the United Kingdom. Entu (UK) plc Annual Report 2014 36
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 4. Segmental analysis (continued)
Business segments
2014
Home 
Improvements
 £000’s
Energy 
Generation
 and Saving 
£000’s
Repair and
 Renewal 
Service 
Agreements 
£000’s
Insulation
 £000’s
Total 
£000’s
Total revenue 84,304 23,861 2,426 8,382 118,973
Profit before exceptional items and finance costs 3,816 1,800 1,911 2,732 10,259
Exceptional items (1,320)
Profit after exceptional items 8,939
Finance income 29
Finance costs (11)
Profit before taxation 8,957
Taxation (2,215)
Profit for the year 6,742
2013
Home
Improvements
 £000’s
Energy
 Generation 
and Saving 
£000’s
Repair and 
Renewal
 Service
 Agreements
 £000’s
Insulation
 £000’s
Total 
£000’s
Total revenue 71,202 20,847 2,214 1,207 95,470
Profit before finance income 3,591 202 1,827 431 6,051
Finance income – – – – 4
Profit before taxation 6,055
Loss for the year from discontinued operations 
(see note 10) (500)
Taxation (946)
Profit for the year 4,609
All revenue relates to the sale of goods. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 37
5. Exceptional items 
Year to 31 October 2014
Exceptional items included within operating profit:
Exceptional
 items 
 £000’s
IPO fees (1,320)
(1,320)
The Group has incurred £1.3m of exceptional costs related to its Initial Public Offering fees that were incurred as part of 
the listing on AIM.
6. Profit for the year – analysis by nature
Profit for the year has been arrived at after charging/(crediting):
2014 
£000’s
2013 
£000’s
Depreciation of property, plant and equipment 300 294
Profit/(loss) on disposal of property, plant and equipment – (14)
Cost of inventories purchased for resale 33,122 28,097
Employee costs (note 7) 10,651 8,961
Operating lease costs 2,265 1,913
Auditors’ remuneration (see below) 69 42
A more detailed analysis of auditors’ remuneration on a worldwide basis is provided below:
2014 
£000’s
2013 
£000’s
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts  
and consolidation 10 –
Fees payable to the Company’s auditors and their associates for other services to the Group:
– The audit of the Company’s subsidiaries 59 37
Total audit fees 69 37
Fees payable to the Company’s auditors and its associates for other services:
– Tax services – 5 
Total fees 69 42 Entu (UK) plc Annual Report 2014 38
7. Directors and employees
Employee costs
The average monthly number of employees (including Executive Directors) was as follows:
2014
 Number 
2013
 Number
Total staff 531 416
531 416
The costs incurred in respect of the above were as follows:
2014 
£000’s
2013 
£000’s
Wages and salaries 9,145 7,811
Social security costs 1,274 1,018
Defined contribution pensions costs 232 132
10,651 8,961
Directors’ remuneration
The costs incurred in respect of the Directors, who are regarded as the key management personnel, were as follows:
2014 
£000’s 
2013 
£000’s
Short term employee benefits 616 563
Post-employment benefits 14 14
Total 630 577
For the year ended 31 October 2014 the highest paid Director received total remuneration  
of £385,000 (2013: £343,000) and pension contributions of £1,200 (2013: £1,200). 
8. Finance income and costs
2014
 £000’s 
2013
 £000’s
Interest receivable 29 4
Interest payable (11) –
Net finance income 18 4
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Financial statements
Entu (UK) plc Annual Report 2014 39
9. Taxation 
2014
 £000’s 
2013
 £000’s
Current tax
UK corporation tax charge for the year 2,191 968
Adjustments in respect of prior years – 1
Total current tax charge 2,191 969
Deferred tax
Origination and reversal of temporary timing differences 24 (23)
Total deferred tax charge/(credit) 24 (23)
Total tax charge 2,215 946
UK corporation tax is calculated at 21.8% (2013: 23.4%) of the estimated assessable profit for the year.
The tax charge for the year can be reconciled to the profit per the consolidated statement of comprehensive income  
as follows:
2014 
£000’s 
2013 
£000’s
Profit before tax on continuing operations 8,957 6,055
Loss on discontinued operations – (500)
8,957 5,555
Tax at the UK corporation tax rate of 21.8% (2013: 23.4%) 1,952 1,300
Tax effect of expenses that are not deductible 263 22
Tax effect of utilisation of tax losses not previously recognised – (377)
Adjustments in respect of prior periods – 1
Tax charge for the year 2,215 946
Factors that may affect future tax charges
During the period, the relevant deferred tax balances have been re-measured as a result of reductions in the UK main 
rate of corporation tax to 21% from 1 April 2014 and 20% from 1 April 2015, changes which were substantially enacted 
on 2 July 2013. 
No further changes in the UK main rate of corporation tax have been announced or enacted and there are no other 
known factors expected to affect the Group’s corporation tax charge in future periods.  Entu (UK) plc Annual Report 2014 40
10. Discontinued Operations
During the year ended 31 October 2012, the Group discontinued an operation which was considered to represent a 
separate major line of business. This was therefore classified as a discontinued operation in the consolidated statement 
of comprehensive income. The operation was ended with the assets used in the operation retained and re-used for 
other purposes. For the year ended 31 October 2013 final costs of exiting the business were incurred and no further 
costs were incurred in the year ended 31 October 2014. The results of the discontinued operation are shown below:
Results from discontinued operations
2014 
£000’s 
2013 
£000’s
Expenses other than finance costs – (500)
Result/(loss) for the year – (500)
Statement of cashflows
The statement of cashflows includes the following amounts relating to discontinued operations:
2014 
£000’s 
2013 
£000’s
Operating activities – (500)
Net cash outflow from discontinued operations – (500)
11. Dividends
2014 
£000’s 
2013 
£000’s 
2012 
£000’s
Dividends paid – 252 200
These dividends were paid out of subsidiary companies, Penicuik Home Improvements Limited in 2012 and Job Worth 
Doing Limited in 2013 but have not been eliminated from the consolidated financial information as they were paid 
outside of the Group. 
 
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Financial statements
Entu (UK) plc Annual Report 2014 41
12. Earnings per share
Basic earnings per share and diluted earnings per share are calculated by dividing profit for the period attributable  
to equity holders by the weighted average number of shares in issue.
2014
 Number 
000
2013
 Number
 000
Basic weighted average 65,600,000 65,600,000
Diluted weighted average 65,600,000 65,600,000
The weighted average number of shares used to calculate earnings per share has been set consistent with the number 
of ordinary shares in issue as at 31 October 2014 and this has been applied consistently for all periods reported within 
these financial statements. As a result of the formation of the Group and the Company’s capital structure the 
application of the closing number of ordinary shares has been deemed to give the most relevant and comparable 
calculation of earnings per share in the financial years reported.
Deferred shares have been excluded from the basic and diluted number of shares as deferred shares carry no voting 
right and no rights to any distributions to be made by the Group.
No dilutive shares have been identified as all share optionS issued by the Group were issued on the year end date  
or post year end and as such have no dilutive impact for the years ended 31 October 2014 or 31 October 2013.
2014 2013
Basic earnings per share 10.3 7.8
Exceptional items 2.0 –
Adjusted basic earnings per share 12.3 7.8
Diluted earnings per share 10.3 7.8
Exceptional items 2.0 –
Adjusted diluted earnings per share 12.3 7.8
Adjusted basic and diluted earnings per share figures are calculated by dividing adjusted profit after tax for the year  
by the weighted average number of shares in issue (as above). The adjusted profit after tax for the year is as follows:
2014
£000’s
2013
£000’s
Profit attributable to owners of the Parent 6,742 5,109
Exceptional items 1,320 –
Adjusted profit after tax 8,062 5,109 Entu (UK) plc Annual Report 2014 42
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 13. Goodwill 
   
Cost
Goodwill
£000’s
At 1 November 2011 1,394
Recognised on acquisition of a subsidiary 22
At 31 October 2012 1,416
Recognised on acquisition of a subsidiary 34
At 31 October 2013 1,450
Recognised on acquisition of a subsidiary 299
At 31 October 2014 1,749
Accumulated impairment losses
At 1 November 2011, 2012, 2013 and 2014 73
Carrying amount
31 October 2014 1,676
31 October 2013 1,377
31 October 2012 1,343
The goodwill has arisen as follows:
Weatherseal Holdings  Goodwill in relation to the purchase of 100% of the share capital of Weatherseal Holdings 
Limited whose trade is now held within Weatherseal Home Improvements Limited.
Zenith Staybrite  Goodwill in relation to the acquisition of the trade and assets of trade held within Zenith 
Staybrite Limited.
Christies Kitchens  Acquisition of the trade and assets whose trade now lies in Supreme ‘O’ Glaze Limited  
and Norwood Interiors (UK) Limited.
Penicuik Business   Acquisition of the trade and assets of a business which now sits in Penicuik Home 
Improvements Limited.
KBC Energy Group  Goodwill relates to the acquisition of 100% of the share capital of Soltrac Limited,  
Energy Hypermarket Limited and The Essex Solar Company Limited.
 
Europlas Limited  Goodwill in relation to the acquisition of the trade and assets of trade of Europlas,  
a division of Specialist Building Products Limited. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 43
13. Goodwill (continued)
Impairment testing of Goodwill
The allocation of goodwill to Cash Generating Units (CGU) is as follows:
Goodwill
2014 
£000’s
Goodwill
2013
£000’s
Goodwill
 2012
£000’s
Weatherseal Holdings acquisition 876 876 876
Zenith acquisition 200 200 200
Christies Kitchens division 180 180 180
Penicuik business acquisition 65 65 65
KBC Energy Group 56 56 22
Europlas Limited 299 – –
Total 1,676 1,377 1,343
The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use pre-tax cash 
flow projections based on financial budgets, covering three years that are approved by the Board. Income and costs 
within the budget are derived on a detailed, ‘bottom up’ basis – all income streams and cost lines are considered and 
appropriate growth, or decline, rates are assumed for each based on historical experience, all of which are then 
reviewed and challenged, firstly by senior management and ultimately by the Board. Income and cost growth forecasts 
are risk adjusted to reflect the specific risks facing each CGU and take account of the markets in which they operate. 
Cash flows beyond the budgeted period are extrapolated using the estimated growth rate stated below. The growth 
rate does not exceed the long-term average growth rate for the markets in which the CGU operates. Further, it is 
assumed that there are no material adverse changes in legislation that would affect the forecast cashflows.
The key assumptions used in the value-in-use calculations for each CGU are as follows:
Growth rate (after budget period): 2.5%
Market risk premium: 5.75%
The pre-tax discount rate used within the recoverable amount calculations was 10.0% (2013: 10.0%) and is based upon 
the weighted average cost of capital reflecting the specific principal risks and uncertainties applicable to each CGU. The 
discount rate takes into account, amongst other things, the risk free rate of return, the cost of equity and the market risk 
premium (which is used in deriving the cost of equity). The same discount rate has been used for each CGU as the 
principal risks and uncertainties associated with the Group, as highlighted on pages 32 to 35 of this report as being 
those risks with the highest likelihood or impact, would also impact each CGU in a similar manner. The Board 
acknowledge that there are additional factors that could impact the risk profile of each CGU given the difference in 
operations, customer base and trading performance over recent years. These additional factors were considered by 
way of a sensitivity analysis performed as part of the annual impairment tests. A sensitivity analysis has been performed 
around the base assumptions with the conclusion that no reasonable possible changes in key assumptions would cause 
the recoverable amount of the goodwill and other intangible assets to be less than the carrying value.
Having completed the 2014 annual impairment review, the Group has recognised no impairment (2013: £nil). The level 
of any impairment recognised is predominantly dependent upon judgements used in arriving at future growth rates and 
the discount rate applied to cash flow projections. Key drivers to future growth rates are dependant on the Group’s 
ability to maintain and grow income streams whilst effectively managing operating costs. The level of headroom may 
change if different growth rate assumptions or a different pre-tax discount rate were used in the cash flow projections.
  Entu (UK) plc Annual Report 2014 44
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 15. Property, plant and equipment
 
Freehold
Property
£000’s
Plant and
machinery
£000’s
Fixtures
 and
fittings
£000’s
Motor
Vehicles
£000’s
Equipment
£000’s
Total
£000’s
Cost
At 1 November 2011 250 90 443 85 378 1,246
Additions 44 6 191 – 123 364
Disposals – – (22) – – (22)
At 31 October 2012 294 96 612 85 501 1,588
Additions – 72 125 – 64 261
Disposals – – (14) – – (14)
At 31 October 2013 294 168 723 85 565 1,835
Additions – 2 246 297 145 690
Disposals – – – – – –
At 31 October 2014 294 170 969 382 710 2,525
Accumulated depreciation 
At 1 November 2011 – 54 317 20 258 649
Charge for the year 1 26 101 36 89 253
Disposals – – (19) – – (19)
At 31 October 2012 1 80 399 56 347 883
Charge for the year 15 60 98 6 115 294
Disposals – – – – – –
At 31 October 2013 16 140 497 62 462 1,177
Charge for the year 15 13 170 11 91 300
Disposals – – – – – –
At 31 October 2014 31 153 667 73 553 1,477
Net book values
At 31 October 2014 263 17 302 309 157 1,048
At 31 October 2013 278 28 226 23 103 658
At 31 October 2012 293 16 213 29 154 705
At 31 October 2014, the Group had entered into commitments for the acquisition of property, plant and equipment 
amounting to £Nil (2013: £Nil).  Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 45
15. Inventories
2014
£000’s
2013
£000’s
2012
£000’s
Raw materials and consumables 900 800 352
Finished goods and goods for resale 851 344 264
1,751 1,144 616
During the year ended 31 October 2014 £Nil (2013: £Nil) was charged to the income statement for slow moving and 
obsolete inventories. The cost of the inventories recognised as an expense and included in cost of sales amounts  
to £33.1m (2013: £28.1m).
16. Trade and other receivables
Receivables due within one year
2014
£000’s
2013
£000’s
2012
£000’s
Trade receivables 6,847 5,185 5,112
Less: provision for impairment of trade receivables (725) (837) (173)
Net trade receivables 6,122 4,348 4,939
Amounts owed by related parties (Note 28) 1,406 1,336 5,065
Loans to relates parties – 14,298 3,542
Other receivables 1,166 1,955 392
Prepayments 2,366 1,851 2,675
11,060 23,788 16,613
The fair value of trade and other receivables has been considered to be consistent with the book value given their short 
term nature.
Movements in the Group provision for impairment of trade receivables are as follows:
2014
£000’s
2013
£000’s
2012
£000’s
At 1 November (837) (173) (207)
Provision for receivables impairment (367) (648) (87)
Receivables written off during the year 479 – 121
At 31 October (725) (837) (173)
Provisions are estimated by management based on past default experience and their assessment of the current 
economic environment. The creation and release of provisions for receivables is charged/(credited) to administrative 
expenses in the statement of comprehensive income.
The credit risk of customers is assessed at a subsidiary and Group level, taking into account their financial positions, 
past experiences and other relevant factors. Individual customer credit limits are imposed based on these factors.
No other receivables have been deemed to be impaired. Entu (UK) plc Annual Report 2014 46
16. Trade and other receivables (continued)
The following table shows trade receivables at the reporting date which are overdue and for which no allowance for 
impairment has been recognised:
2014 
£000’s
2013
£000’s
2012 
£000’s
31-60 days 974 543 298
61-90 days 542 283 214
91+ days 821 1,038 999
2,337 1,864 1,511
17. Cash and cash equivalents
2014 
£000’s
 2013
 £000’s
 2012 
£000’s
Cash at bank and in hand 5,768 4 5,867
Cash and cash equivalents 5,768 4 5,867
Cash and cash equivalents represent cash at bank and in hand and bank overdrafts. Bank overdrafts have been offset 
against cash at bank and in hand as the company has an enforceable right to offset and settle bank overdrafts net with 
cash at bank and in hand. As at 31 October 2014 bank overdrafts offset against cash at bank and in hand totalled £0.5m. 
No offsetting of cash at bank and in hand and bank overdrafts has been presented in prior years as no such right to 
offset existed.
18. Trade and other payables
2014 
£000’s
2013 
£000’s
2012 
£000’s
Trade payables 9,436 4,431 3,706
Payments on account 1,389 450 1,349
Other taxation and social security 1,667 1,685 1,469
Amounts owed by related parties 2,089 2,496 6,054
Other payables – 412 577
Accruals 1,299 3,300 1,629
Deferred income 373 193 255
16,253 12,967 15,039
Trade and other payables comprise amounts outstanding for trade purchases and on-going costs. The Directors 
consider the carrying amount of trade and other payables approximates their fair value due to their short term nature.
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Entu (UK) plc Annual Report 2014 47
19. Borrowings
2014
£000’s
2013
£000’s
2012
£000’s
Unsecured borrowings at amortised cost
Bank overdrafts – 1,822 547
– 1,822 547
Total borrowings
Amount due for settlement within 12 months – 1,822 547
Amount due for settlement after 12 months – – –
20. Deferred tax
Accelerated 
tax 
depreciation
£000’s
Total
£000’s
At 1 November 2011 (10) (10)
Charge to income (10) (10)
At 31 October 2012 (20) (20)
Credit to income 23 23
At 31 October 2013 3 3
Credit to income (24) (24)
At 31 October 2014 (21) (21)
Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 ‘Income taxes’. The following is the 
analysis of the deferred tax balances (after offset) for financial reporting purposes:
2014
£000’s
2013
£000’s
2012
£000’s
Deferred tax assets 19 10 5
Deferred tax liabilities (40) (7) (25)
(21) 3 (20)
There are no amounts on which a deferred tax asset is not recognised. Entu (UK) plc Annual Report 2014 48
21. Provisions
Warranty 
provision
£000’s
Finance
clawback 
provision
£000’s
Total
£000’s
At 1 November 2011 3,344 46 3,390
Charged/(credited) to the income statement:
Additional provisions 195 185 380
Utilised during year (414) (46) (460)
At 31 October 2012 3,125 185 3,310
Charged/(credited) to the income statement:
Additional provisions 182 62 244
Utilised during year (378) (185) (563)
Released during the year (1,115) – (1,115)
At 31 October 2013 1,814 62 1,876
Charged/(credited) to the income statement
Additional provisions 171 107 278
Utilised during year (175) (62) (237)
At 31 October 2014 1,810 107 1,917
2014
£000’s
2013
£000’s
2012
£000’s
Warranty provision 1,810 1,814 3,125
Finance clawback provision 107 62 185
1,917 1,876 3,310
Current 429 243 498
Non-current 1,488 1,633 2,813
1,917 1,876 3,310
Warranty provision
Certain Group companies have in place a warranty provision to cover for the cost of future warranty work on certain 
products which offer a ten year warranty against any installation faults on products sold and installed by the Group, as such 
a provision is estimated to cover the cost of any future maintenance work on such goods. It is expected that the expenditure 
will be incurred equally over the ten year life of the warranty. Expected future costs are discounted at a discount rate of 10%.
In 2013 the underlying business circumstances relating to the overall warranty provision changed, which resulted in the 
large reduction in the provision balance shown above. Previously the warranty provision covered all costs associated 
with the cost of meeting any claims as related companies were involved in extruding the pvc that forms the main 
material component of the window and conservatory base product and also fabricated some of these finished 
products. These material and fabrication costs are now met by external suppliers to the Group under supplier 
agreements resulting in a lower warranty provision being required.
Finance clawback provision
Group members offer a financing agreement to customers upon the purchase of certain products. The financing is 
provided by a third party from whom the Group receives a commission. This may be clawed back within the first 
6 months of the agreement due to any issues that may arise due to the financing. Given this the provision has been 
classed as current within the financial statements.
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Entu (UK) plc Annual Report 2014 49
22. Retirement benefits
The Group operates a defined contribution pension scheme. The assets of the scheme are administered by trustees  
in funds independent from those of the Company.
The total contributions paid in the year amounted to £232,000 (2013: £132,000) and at the balance sheet date pension 
contributions of £Nil (2013: £9,034) were outstanding.
23. Share capital
2014 2013 2012
Number
000
Amount
 £000’s
Number
000
Amount
£000’s
Number
000
Amount
£000’s
Authorised:
Ordinary Shares of £0.0005 each 65,600 33 – – – –
Deferred Shares of £0.0005 each 34,400 17 – – – –
Issued and fully paid:
Ordinary Shares of £0.0005 each 65,600 33 – – – –
Deferred Shares of £0.0005 each 34,400 17 – – – –
Total called up share capital 100,000 50 – – – –
The Company was incorporated on 25 March 2014 at which time 100 ordinary shares of £0.01 were issued to the 
shareholders of the Company which were settled in full in cash.
On 7 July 2014 a further 10,020 £0.01 ordinary shares were issued by the Company. Consideration for the issue of these 
shares was in the form of the issued share capital of JWD Installations Limited, HI Sales Limited and KBC Energy Limited, 
which were entities controlled by common shareholders.
On 8 October 2014 a further 4,989,880 £0.01 ordinary shares were issued by the Company which were settled  
in full in cash.
On 8 October 2014 the Company’s issued share capital of 5,000,000 £0.01 ordinary shares were subdivided into 
100,000,000 £0.0005 ordinary shares.
On 8 October 2014 30,000,000 £0.0005 ordinary shares issued by the Company were converted into deferred shares  
in the Company.
On 8 October 2014 4,400,000 £0.0005 ordinary shares issued by the Company were converted into deferred shares  
in the Company.
Ordinary shares give holders the right to vote and participate in general meetings of the Group as well as the rights  
over distributions and the assets of the Group. All ordinary shareholders rank pari-passu. 
Deferred shares carry no voting rights and no rights to distributions and the assets of the Group. Entu (UK) plc Annual Report 2014 50
24. Retained earnings
£000’s
Balance at 1 November 2011 2,327
Dividends paid (200)
Profit for the year 2,833
Balance at 31 October 2012 4,960
Dividends paid (note 28) (252)
Profit for the year 4,609
Balance at 31 October 2013 9,317
Distributions to shareholders (15,188)
Profit for the year 6,742
Balance at 31 October 2014 871
25. Reconciliation of profit before tax to cash generated from operations
   
2014 
£000’s
2013 
£000’s
Profit before tax 8,957 5,555
Finance income (29) (4)
Finance costs 11 –
Depreciation of property, plant and equipment 300 294
Loss on disposal of property, plant and equipment – 14
IPO costs 1,320 –
Operating cash flows before movements in working capital 10,559 5,859
Movements in working capital:
Increase in inventories (480) (528)
Decrease/(increase) in trade and other receivables 176 3,610
Increase/(decrease) in trade and other payables 120 (2,078)
Increase/(decrease) in provisions 14 (1,434)
Cash generated from operations 10,389 5,429
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Financial statements
Entu (UK) plc Annual Report 2014 51
26. Operating lease commitments
2014
£000’s
2013
£000’s
Lease payments under operating leases recognised as an expense in the year 2,265 1,913
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under 
non-cancellable operating leases, which fall due as follows:
2014
£000’s
2013
£000’s
Within one year 2,256 1,529
In the second to fifth years inclusive 5,268 4,302
Over five years 1,381 1,575
8,905 7,406
27. Business combinations
On 20 December 2013, Europlas Limited, a member of the Group acquired the trade and assets of Europlas (“Europlas”), 
a division of Specialist Building Products Limited with the full consideration being settled in cash.
Europlas’s principal activity is the retail and installation of home improvement products.
The amount of identifiable net assets assumed at the acquisition date is shown below:
Provisional
 fair values
 £000’s
Property, plant and equipment 16
Stock 127
Trade and other receivables 156
Trade and other payables (299)
Identifiable net assets –
Goodwill 299
Total cash consideration 299
Goodwill acquired represents expected synergies to be achieved through combining Europlas with the Group and the 
value of employees acquired with the business. The goodwill acquired is expected to be deductible for tax purposes. 
The fair value of trade and other receivables is £156,000 and includes trade receivables with a fair value of £156,000. 
The gross contractual amount for trade receivables due is equal to their fair value. 
The revenue included in the consolidated statement of comprehensive income since 20 December 2013 contributed  
by Europlas Limited was £3,500,000. Europlas Limited also contributed profit of £485,000 over the same period. Entu (UK) plc Annual Report 2014 52
28. Related party transactions 
During the year, Group companies entered into the following transactions with related parties who are not members  
of the Group:
All of the below companies are related due to them being under common control or significant influence throughout  
the period.
 Sale of goods Purchase of goods
2014 
£000’s
 2013 
£000’s
2014 
£000’s
2013
£000’s
Latium Management Services Limited 26 47 896 659
Spectus Systems Limited – – 39 34
Kestrel-BCE Limited – – 1,227 932
Indigo Products Limited – – 4,359 7,710
Sierra – – 477 –
DB Glass – – 12 –
26 47 7,010 9,335
The following amounts were outstanding at the balance sheet date:
Amounts owed by  
related parties 
Amounts owed to  
related parties
2014 
£000’s
2013 
£000’s
2014 
£000’s
2013
 £000’s
Premier Frames (UK) Limited 34 57 – –
Latium Management Services Limited 17 – – 16
Spectus Systems Limited 81 81 – –
Weatherseal Holdings Limited 1,274 1,198 – –
Kestrel-BCE Limited – – 460 373
Indigo Products Limited – – 1,338 2,107
Sierra – – 281 –
DB Glass – – 10 –
1,406 1,336 2,089 2,496
There were no provisions in place against any balance as at any year end. All of the above companies are associated 
through common directors.
The entities above were related parties throughout the year, up until 30 October 2014 when the Group completed its 
admission to AIM. They were related parties as a result of being entities under common control. After admission to AIM 
and reflecting the Group has no ultimate controlling party they are no longer related. The year end balances due and 
from these entities have been disclosed for completeness for the year ended 31 October 2014.
Weatherseal Holdings Limited is controlled by Mr B G Kennedy and the Group’s executive directors are shareholders  
in the company. The company was a related party throughout the year up until the Group’s admission to AIM and is no 
longer a related party but the balance due from the company has been disclosed for completeness for the year ended 
31 October 2014.
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 53
28. Related party transactions (continued)
Loans to related parties (included in other receivables)
Over the course of the last 3 financial years, three companies within the Entu Group, Zenith Staybrite Limited, Job Worth 
Doing Limited and Window Care Limited have made loans to related party companies. As shown below, the loans have 
been made to four related party companies – Latium Management Services Limited, Blackhurst Investments Limited, 
Nykorak Investments Limited and Manchester Sale Rugby Club Limited all of which are related through common 
directors. The loans attracted no interest and had no set repayment date. A table of the relevant loans is shown below.
2014 
£000’s
2013 
£000’s
2012 
£000’s
Latium Management Services Limited – 2,341 –
Nykorak Investments Limited – 1,139 –
Blackhurst Investments Limited – 3,545 838
Manchester Sale Rugby Club Limited – 8,906 4,337
– 15,931 5,175
During the year, related party loans totalling £15.2m were waived including the £14.3m outstanding at 31 October 2013 
plus an additional £0.9m made in 2014. The entities with which the related party loans existed were controlled and 
owned by the shareholders of the Group at the time the loans were waived. Therefore, in accordance with section 846 
of the Companies Act 2006, these have been treated as distributions to shareholders. As the transfer of assets, arising 
as a result of the loan waivers, results in the assets transferred being at a value less than book value; the difference of 
£15.2m has been treated as a distribution to shareholders and has been recognised directly in equity. Entu (UK) plc Annual Report 2014 54
notE s to th E consolI d AtE d 
f InAnc IAl st At EmEnts contI n UEd 29. Subsidiaries
Details of the Company’s principal subsidiaries at 31 October 2014 are as follows:
Company Operation Incorporated in:
Parent
 Company’s
 interest 
Proportion
 of voting
 interest
Entu (UK) Holdings Limited Holding Company United Kingdom *100% *100%
Hi Sales Limited Holding Company 
(Dormant)
United Kingdom *100% *100%
St Andrews Home Improvements Limited 
(Formerly Supreme O Glaze Limited)
Retail United Kingdom †100% †100%
Weatherseal Home Improvements Limited Retail United Kingdom †100% †100%
Penicuik Home Improvements Limited Retail/Marketing United Kingdom †100% †100%
Zenith Staybrite Limited Manufacturing/Retail United Kingdom †100% †100%
Home Install Limited Retail/Marketing United Kingdom †100% †100%
Europlas Limited (Formerly Christies 
Bedrooms (UK) Limited
Retail United Kingdom †100% †100%
Norwood Interiors (UK) Limited  
(Formerly Christies Kitchens (UK) Limited
Retail/Marketing United Kingdom †100% †100%
KBC Energy Limited Holding Company 
(Dormant)
United Kingdom *100% *100%
Soltrac Limited Retail United Kingdom †100% †100%
The Essex Solar Company Limited Retail United Kingdom †100% †100%
Energy Hypermarket Limited Retail United Kingdom †100% †100%
JWD Installations Limited Dormant United Kingdom *100% *100%
Job Worth Doing Limited Retail/Services to Group United Kingdom †100% †100%
Window Care Limited Retail United Kingdom †100% †100%
Zenith Windows Limited Dormant United Kingdom †100% †100%
Staybrite Windows Limited Dormant United Kingdom †100% †100%
Quotes Near Me Limited Dormant United Kingdom †100% †100%
My Greenhouse Limited Dormant United Kingdom †100% †100%
- All subsidiary entities have a year end of 31 October.
- No Subsidiaries of the Group have taken the exemption from audit under Section 479A of CA 2006.
* Shares held by the Parent Company
† Shares held by a subsidiary
  
30. Ultimate controlling party
Until 30 October 2014 the Group was controlled by Mr B G Kennedy by virtue of his controlling stake. On completion  
of the Group’s admission to AIM the directors consider there to be no ultimate controlling party of the Group. Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 55
Ind EpEnd Ent AU dI to Rs’ 
REpo Rt to th E mEmb ERs 
of E nt U (UK) plc
Report on the Company financial statements
Our opinion
In our opinion, Entu (UK) plc’s Company financial 
statements (the “financial statements”):
• give a true and fair view of the state of the Company’s 
affairs as at 31 October 2014 and of its cash flows for the 
year then ended;
• have been properly prepared in accordance with 
International Financial Reporting Standards (“IFRSs”) as 
adopted by the European Union and as applied in 
accordance with the provisions of the Companies Act 
2006; and
•  have been prepared in accordance with the 
requirements of the Companies Act 2006.
What we have audited
Entu (UK) plc’s financial statements comprise:
• the Company Balance Sheet as at 31 October 2014;
• the Company Cash Flow Statement for the year then 
ended;
• the Company Statement of Changes in Equity for the 
year then ended; and
•  the notes to the financial statements, which include a 
summary of significant accounting policies and other 
explanatory information.
The financial reporting framework that has been applied 
in the preparation of the financial statements is applicable 
law and IFRSs as adopted by the European Union and as 
applied in accordance with the provisions of the 
Companies Act 2006.
In applying the financial reporting framework, the 
directors have made a number of subjective judgements, 
for example in respect of significant accounting estimates. 
In making such estimates, they have made assumptions 
and considered future events.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion, the information given in the Strategic 
Report and the Directors’ Report for the financial year for 
which the financial statements are prepared is consistent 
with the financial statements.
Other matters on which we are required to 
report by exception
Adequacy of accounting records and information and 
explanations received
Under the Companies Act 2006 we are required to report 
to you if, in our opinion:
• we have not received 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
• the financial statements are not in agreement with the 
accounting records and returns.
We have no exceptions to report arising from this 
responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report 
to you if, in our opinion, certain disclosures of directors’ 
remuneration specified by law are not made. We have no 
exceptions to report arising from this responsibility. 
Responsibilities for the financial statements 
and the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of directors’ 
responsibilities, the directors are responsible for the 
preparation of the financial statements and for being 
satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on 
the financial statements in accordance with applicable law 
and International Standards on Auditing (UK and Ireland) 
(“ISAs (UK & Ireland)”). Those standards require us to 
comply with the Auditing Practices Board’s Ethical 
Standards for Auditors.
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. Entu (UK) plc Annual Report 2014 56
Ind EpEnd Ent AU dI to Rs’ 
REpo Rt to th E mEmb ERs 
of Ent U (UK) plc
contI n UEd Responsibilities for the financial statements 
and the audit (continued)
What an audit of financial statements involves
We conducted our audit in accordance with ISAs (UK & 
Ireland). An audit involves obtaining evidence about the 
amounts and disclosures in the financial statements 
sufficient to give reasonable assurance that the financial 
statements are free from material misstatement, whether 
caused by fraud or error. This includes an assessment of: 
• whether the accounting policies are appropriate to the 
Company’s circumstances and have been consistently 
applied and adequately disclosed; 
• the reasonableness of significant accounting estimates 
made by the directors; and 
•  the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing 
the directors’ judgements against available evidence, 
forming our own judgements, and evaluating the 
disclosures in the financial statements.
We test and examine information, using sampling and 
other auditing techniques, to the extent we consider 
necessary to provide a reasonable basis for us to draw 
conclusions. We obtain audit evidence through testing the 
effectiveness of controls, substantive procedures or a 
combination of both. 
In addition, we read all the financial and non-financial 
information in the Annual Report to identify material 
inconsistencies with the audited financial statements and 
to identify any information that is apparently materially 
incorrect based on, or materially inconsistent with, the 
knowledge acquired by us in the course of performing the 
audit. If we become aware of any apparent material 
misstatements or inconsistencies we consider the 
implications for our report.
Other matter
We have reported separately on the Group financial 
statements of Entu (UK) plc for the year ended 31 October 
2014.
hazel macnamara
Senior Statutory Auditor
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester
10 February 2015 Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 57
compAn Y 
b Al Anc E shEE t
At 31 o ctob ER 2014
Notes
2014 
£000’s
Current assets
Trade and other receivables 3 2,406
Cash and cash equivalents 24
2,430
Trade and other payables – amounts falling due within one year 4 1,600
Net current assets and net assets 830
Capital and reserves
Share capital 6 50
Retained earnings 7 780
Total shareholders’ equity 830
The financial statements from pages 57 to 62 were approved by the Board of Directors and authorised for issue. 
They were signed on its behalf by:
d arren cornwall   
Chief Financial Officer
10 February 2015
Entu (UK) plc  
Registered number 08957339 Entu (UK) plc Annual Report 2014 58
comp An Y st At EmEnt 
of ch An GEs I n EQUI t Y
comp AnY c Ash  
flo W stAt EmEnt
YEAR End Ed 31 octob ER 2014
Share 
capital 
£000’s
Retained 
earnings 
£000’s
Total 
£000’s
At 1 November 2013 – – –
Profit for the year – 780 780
Proceeds from shares issued 50 – 50
At 31 October 2014 50 780 830
Notes
2014 
£000’s
Cash flows from operating activities
Cash generated from operations 5 (26)
Net cash generated from operating activities (26)
Cash flows from financing activities
Proceeds from issue of share capital 6 50
Net cash generated from financing activities 50
Net increase in cash and cash equivalents 24
Cash and cash equivalents at the beginning of the year –
Cash and cash equivalents at the end of the year 24 Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 59
1. Accounting policies
General information
Entu (UK) plc’s principal activity during the period was that of a holding company.
The Company is incorporated and domiciled in the UK. The Company’s registered number is 08957339. The address  
of its registered office is 8 Bow Chambers, Tib Lane, Manchester, M2 4JB.
The Company is a public limited company and has its primary listing on the AIM division of the London Stock Exchange.
The principal accounting policies adopted in the preparation of these financial statements are the same as those 
adopted in the consolidated financial statements on pages 27 to 32.
Basis of preparation 
The financial statements of the Company have been prepared in accordance with International Financial Reporting 
Standards as adopted by the European Union (IFRS as adopted by the EU), IFRS Interpretations Committee (IFRS IC) 
Interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements 
have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and 
financial liabilities (including derivative instruments) at fair value through profit or loss.
The financial statements have been prepared in GBP, being the Company’s presentational currency and have been 
presented in thousands.
The preparation of Financial Statements in conformity with IFRS 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. 
Going concern
The financial statements have been prepared on a going concern basis. For the purpose of considering going concern 
the board has considered a period of at least 12 months from the date of approving these financial statements.  
The principal risks to the Company are set out in note 3 on pages 32 to 35 of these financial statements but it is felt  
that these do not pose a threat to the going concern status of the Company going forward.
Share capital 
Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the 
definition of a financial liability or financial asset. 
 
The Company’s ordinary shares are classified as equity instruments. 
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, 
this is when they are declared to shareholders.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and balances with banks including outstanding bank overdrafts.
Financial instruments
The Company classifies financial instruments, or their component parts, on initial recognition as a financial asset,  
a financial liability or an equity instrument in accordance with the substance of the contractual arrangement.
Financial instruments are recognised on the balance sheet at fair value when the Company becomes a party to the 
contractual provisions of the instrument.
not Es to th E compAn Y’s 
f InAnc IAl st At EmEnts Entu (UK) plc Annual Report 2014 60
1. Accounting policies (continued)
Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective 
interest rate method, less provision for impairment. A provision for impairment of trade receivables is established when 
there is objective evidence that the Company will not be able to collect all amounts due according to the original terms 
of the receivables and is measured as the difference between carrying value and present value of estimated future cash 
flows. Subsequent recoveries of previously impaired trade receivables are recognised as a credit to profit as recorded.
Trade payables
Trade payables are not interest bearing and are stated at fair value and subsequently measured at amortised cost.
Company’s income statement
Under section 408 of the Companies Act 2006, an income statement for the Company is not presented. Profit after tax 
for the year of £780,000 is included in the financial statements of the Company.
2. Investments in subsidiaries
Details of the Company’s direct subsidiaries at 31 October 2014 are as follows:
Subsidiary companies 
Company Operation Incorporated in:
Parent
 Company’s
 interest 
Proportion
 of voting
 interest
Hi Sales Limited Holding company England 100% 100%
Entu (UK) Holdings Limited Holding company England 100% 100%
KBC Energy Limited Holding Company England 100% 100%
A complete list of the investments held by the Company can be found in note 29 on page 54 of the consolidated 
financial statements.
3. Trade and other receivables
2014 
£000’s
Amounts owed from Group companies 2,199
Prepayments 7
Other debtors 200
2,406
Amounts owed by Group companies are unsecured, non-interest bearing and have no fixed date of repayment.
not Es to th E compAn Y’s 
f InAnc IAl st At EmEnts contI n UEd Strategic report
Governance
Financial statements
Entu (UK) plc Annual Report 2014 61
4. Trade and other payables
2014 
£000’s
Due within one year
Trade payables 1,045
Amounts owed to Group companies 120
Accruals and deferred income 435
1,600
Amounts owed to Group companies are unsecured, non–interest bearing and have no fixed date of repayment.
5. Cash generated from operations
2014 
£000’s
Profit for the year 780
Dividend income (2,100)
IPO costs 1,320
Operating cashflow before movement in working capital –
Movements in working capital:
Increase in trade and other receivables (306)
Increase in trade and other payables 280
Cash generated from operations (26)
6. Share capital
 
Number 
000
Amount 
£000’s
Authorised:
Ordinary Shares of £0.0005 each 65,600 33
Deferred Shares of £0.0005 each 34,400 17
Issued and fully paid:
Ordinary Shares of £0.0005 each 65,600 33
Deferred Shares of £0.0005 each 34,400 17
Total called up share capital 100,000 50
The Company was incorporated on 25 March 2014 at which time 100 ordinary shares of £0.01 were issued to the 
shareholders of the Company which were settled in full in cash.
On 7 July 2014 a further 10,020 £0.01 ordinary shares were issued by the Company. Consideration for the issue of these 
shares was in the form of the issued share capital of JWD Installations Limited, HI Sales Limited and KBC Energy Limited, 
which were entities controlled by common shareholders.
On 8 October 2014 a further 4,989,880 £0.01 ordinary shares were issued by the Company which were settled  
in full in cash. Entu (UK) plc Annual Report 2014 62
not Es to th E compAn Y’s 
f InAnc IAl st At EmEnts contI n UEd 6. Share capital (continued)
On 8 October 2014 the Company’s issued share capital of 5,000,000 £0.01 ordinary shares were subdivided into 
100,000,000 £0.0005 ordinary shares.
On 8 October 2014 30,000,000 £0.0005 ordinary shares issued by the Company were converted into deferred shares  
in the Company.
On 8 October 2014 4,400,000 £0.0005 ordinary shares issued by the Company were converted into deferred shares  
in the Company.
Ordinary shares give holders the right to vote and participate in general meetings of the Group as well as the rights  
over distributions and the assets of the Group. All ordinary shareholders rank pari-passu. 
Deferred share carry no voting rights and no rights to distributions and the assets of the Group.
7. Shareholders’ equity
Called up 
share 
capital 
£000’s
Profit and 
loss 
account
 £000’s
Total 
£000’s
At 1 November 2013 – – –
Issue of shares 50 – 50
Profit for the financial year – 780 780
At 31 October 2014 50 780 830
8. Related party transactions
Amounts
 owed by
 related
 parties
2014
£000’s
Amounts
 owed to
 related
 parties
2014
£000’s
Norwood Interiors (UK) Limited 1 –
Job Worth Doing Limited 98 –
Zenith Staybrite Limited 2,100 70
Window Care Limited – 50
2,199 120
Included in amounts owed by Zenith Staybrite Limited is a dividend receivable totalling £2.1m. Entu (UK) plc Annual Report 2014 63
Auditor 
PricewaterhouseCoopers LLP has signified its willingness to 
continue in office and a resolution for its appointment will 
be proposed at the forthcoming Annual General Meeting.
Directors’ report of Entu (UK) plc
For the purposes of section 234 of the Companies Act 
2006, the report of the Directors of Entu (UK) plc for  
the year ended 31 October 2014 comprises this page  
and the information contained in the Group Report  
of the Directors on pages 18 to 20.
Registered office
Bow Chambers
8 Tib Lane
Manchester
M2 4JB
Registered number
Company registered number 08957339
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Company secretary
P Dunning
REGIst EREd off Ic E And 
th E comp An Y Ad VIs ERs Nominated broker 
Zeus Capital
23 Berkeley Square 
Mayfair 
London 
W1J 6HE 
Nominated advisor
Grant Thornton UK LLP 
30 Finsbury Square 
London 
EC2P 2YU
Auditors 
PricewaterhouseCoopers LLP 
101 Barbirolli Square 
Lower Mosley Street
Manchester
M2 3PW
Lawyers to the Group 
Eversheds 
70 Great Bridgewater Street 
Manchester 
M1 5ES
Bankers 
Barclays Bank 
3 Hardman Street 
Spinningfields 
Manchester 
M3 3HF Entu (UK) plc Annual Report 2014 64  Bow Chambers
8 Tib Lane
Manchester
M2 4JB