QUALITY. NEW BUILD. MARKET LEADING 
EFFICIENT PRODUCTS. HEALTH & SAFETY.
PROJECT. ENVIRONMENT. PROCUREMENT
DEDICA TED. PARTNERSHIP. ECO  
ENERGY SOLUTION EXPERTS 
INST ALLER. NA TIONAL. SPECIALISTS. EXPO
EXPERT. DELIVERY. EXTERIOR. SERVICES.
SMART HOME. OPPORTUNITY. SURVEYOR
INNOVA TION. DESIGN. LED. DEVELOPMENT
FUTURE. HOME IMPROVE. INTEGRA TION.
CARBON FOOTPRINT. NA TIONAL. RECYCLE
NEW BUILD. SECURE. CUSTOMER SERVICE
SAFE. INSULA TION. SPECIALIST. SYSTEMS.
DELIVERY. EDUCA TION. INTERIOR. DESIGN
TRANSFORMA TION. SAVING. CUSTOMERS
RETROFIT. INFRASTRUCTURE. LIGHTING.
INITIA TIVE. ECONOMY. RESOURCES. COST
ANNUAL
REPORT 2015
www.entu.co.uk
8 Tib Lane, Bow Chambers, Manchester, M2 4JB
plc
ENERGY. NEW BUILD. MARKET LEADING 
EFFICIENT PRODUCTS. HEALTH & SAFETY.
PROJECT. ENVIRONMENT. PROCUREMENT
ECO. DEDICATED. PARTNERSHIP.   
SAVING PRODUCT. QUALITY.  
INSTALLER. NATIONAL. SPECIALISTS. ECO
EXPERT. DELIVERY. EXTERIOR. SERVICES.
SMART HOME. OPPORTUNITY. SURVEYOR
INNOVATION. DESIGN. LED. DEVELOPMENT
FUTURE. HOME OWNER. INTERGRATION.
CARBON FOOTPRINT. NATIONAL. RECYCLE
NEW BUILD. SECURE. CUSTOMER SERVICE
SAFE. INSULATION. SPECIALIST. SYSTEMS.
DELIVERY. EDUCATION. INTERIOR. DESIGN
TRANSFORMATION. SAVING. CUSTOMERS
RETROFIT. INFRASTRUCTURE. LIGHTING.
INITIATIVE. ECONOMY. RESOURCES. ECO
ANNUAL
REPORT 2015
www.entu.co.uk The UK property energy solutions experts ENTU IS ONE OF THE UK’S LEADING HOME ENERGY EFFICIENCY 
GROUPS, PROVIDING ENERGY EFFICIENCY PRODUCTS AND 
SERVICES TO HOMEOWNERS AND BUSINESSES NATIONWIDE. 
ENTU IS COMMITTED TO PROVIDING ENERGY EFFICIENT SOLUTIONS 
FOR THE HOME AND COMMERCIAL PROPERTIES, THAT SAVE 
CUSTOMERS ENERGY, MONEY AND FACILITATES REDUCING THEIR 
CARBON FOOTPRINT. 
THE GROUP REPRESENTS A PORTFOLIO OF UK-BASED SUCCESSFUL 
AND LEADING ENERGY EFFICIENCY BRANDS, INCLUDING 
HOUSEHOLD NAMES SUCH AS ZENITH HOME, WEATHERSEAL, 
PENICUIK, ASTLEY FACADES AND JOB WORTH DOING. WITH 
OFFICES AND INSTALLATION CENTRES ACROSS THE UK, ENTU 
OFFER HIGH QUALITY ENERGY EFFICIENCY SERVICES TO THE UK 
WIDE MARKET. 
ENTU SERVICE A CUSTOMER BASE OF 1 MILLION CUSTOMERS AND 
COUNTING, MADE UP OF HOMEOWNERS AND BUSINESSES LOOKING 
TO IMPROVE THE ENERGY EFFICIENCY OF THEIR PROPERTIES FOR A 
MORE SUSTAINABLE AND AFFORDABLE FUTURE. 
STRATEGIC REPORT
01  FINANCIAL AND OPERATING HIGHLIGHTS
02  OUR VISION
03  OUR VALUES
04  CHAIRMAN’S STATEMENT
08  CHIEF EXECUTIVE’S STATEMENT
14   PRINCIPAL RISKS AND UNCERTAINTIES
16   THE ENTU BOARD OF DIRECTORS
18   STRATEGY
20  STRATEGIC ACQUISITIONS
22  PARTNERSHIPS
24  OUR BUSINESS
CONTENTS
GOVERNANCE
26  DIRECTORS’ REMUNERATION REPORT
30  DIRECTORS’ REPORT
34  INDEPENDENT AUDITORS’ REPORT TO 
       THE MEMBERS OF ENTU (UK) PLC
FINANCIAL STATEMENTS
37   CONSOLIDATED STATEMENT OF  
       COMPREHENSIVE INCOME
38   CONSOLIDATED BALANCE SHEET
39   CONSOLIDATED STATEMENT OF  
       CHANGES IN EQUITY
40  CONSOLIDATED CASH FLOW STATEMENT
41  NOTES TO THE CONSOLIDATED  
      FINANCIAL STATEMENTS
67  INDEPENDENT AUDITORS’ REPORT TO 
       THE MEMBERS OF ENTU (UK) PLC
69  COMPANY BALANCE SHEET
70  COMPANY STATEMENT OF CHANGES 
       IN EQUITY
70  COMPANY CASH FLOW STATEMENT
71  NOTES TO THE COMPANY’S  
      FINANCIAL STATEMENT
75 REGISTERED OFFICE AND THE 
      COMPANY ADVISERS Entu (UK) PLC Annual Report 2015 | 1
FINANCIAL AND
OPERATING HIGHLIGHTS
Operational highlights
•   Revenue growth of 7.3% to £99.0m on continuing  
     operations
•   Operating profit before exceptionals of £8m - in line    
     with guidance
•   Cash at year end of £1.4m and no debt
•   Recommended final dividend of 2.67 pence per share
     in line with guidance
•   Total ordinary dividend for the year of 5.34 pence per 
     share
•   Current order book in excess of £27m
1. From continuing operations
2. Profit before tax is stated before exceptional items of £0.5m (2014: £1.3m)
3. Adjusted EPS is before exceptional items and discontinued operations
•   Core Home Improvements business performed well
•   Successful acquisition and integration of Astley, 
     acquired in March 2015 
•   Board and senior management team strengthened
•   Swift action taken to close Solar business following 
     dramatic cuts in feed-in tariffs
•   Initiatives to improve profit performance underway
•   Job Worth Doing, the Group's branded national
    installation service, awarded the “Which” 
    approved “Trusted Trader” status
PROFIT BEFORE TAX
2015: £8M  
- 13.0%
(2014: £9.2M)
EBITD A
2015: £8.4M  
- 11.6%
(2014: £9.5M)
AD JUSTED EPS
2015: £10.7M  
 0.0%
(2014: £10.7M)
£
%
GROUP REVENUE
1
2015: £99M  
+ 6.7%
(2014: £92.3M)
1,2
1 1,3
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 2 | Entu (UK) PLC Annual Report 2015
OUR VISION
WELC OME T O THE ENTU F AMILY
Entu represents a portfolio of successful energy efficiency brands all committed to the 
same goal of providing energy efficient solutions, to save customers money on their 
energy bills and reduce their carbon footprint. 
A
A RATED
We aim to supply the most energy efficient solutions possible to all our customers so 
they can save both money and energy within their homes and businesses.
£
EVER YTHING UNDER ONE RO OF
Thanks to our portfolio of leading brands, we are able to offer customers all-inclusive 
and end-to-end energy efficiency services. From enquiry to installation, we’ve got 
everything covered. 
ENERGY EFFICIENT
Entu provide over 1 million customers across the UK with the means to reduce their 
energy bills and improve the energy efficiency of their homes and businesses.
ENTU ENERGY S AVING SER VICE
We offer a range of energy efficient solutions to help identify the main issues within a 
home or business enabling customers to develop an effective and integrated energy 
solution.
97 %
97% CUST OMER S ATISF A CTION
Customer satisfaction is our top priority. Our professional installers from Job Worth 
Doing are proud to boast that 97% of customers would recommend us to their friends 
and family.
To be the UK’s market leader in energy efficiency, offering high quality products and customer service.
plc Entu (UK) PLC Annual Report 2015 | 3
OUR VALUES
STRATEGIC REPORT GO VERNANCE
The Group’s core values aim to bring a sense of cohesion to the Group and help create an environment 
where each employee has a better connection with the Company and ensure their work activity is aligned 
to the organisation’s objectives and values.
FINANCIAL STATEMENTS
INTEGRITY
Gives us the confidence to ask 
customers to believe in us and 
underpins our professional 
reputation.  
PEOPLE
Creates a sense of community that 
makes our business stronger, run 
more smoothly and better 
- better performance leads to a 
better customer experience.
LEADERSHIP
Strong leadership sets an example 
to others within the Company and 
the industry as a whole, in aspects 
such as first-class customer 
service.
ENVIRONMENTALLY FRIENDLY
Reduce our negative impact on 
the environment and increase 
recycling for a more sustainable 
future. 
SER VICE EX CELLENCE
Customers lie at the heart of 
everything we do to ensure a 
world-class level of customer 
service. 
plc
P A SSION
Commitment to going the extra 
mile creates an environment 
that people want to work in and 
customers want to work with.  4 | Entu (UK) PLC Annual Report 2015
CHAIRMAN’S
STATEMENT
Results
Group revenue for the year fell only slightly 
from £119.0m to £116.9m despite the closure 
during the year, as previously announced, of 
the Group’s solar business and the sale of 
Norwood Interiors (UK) Limited (“Norwood”). 
Both the solar business and Norwood 
have been classified in these accounts as 
discontinued operations. 
Group revenue from our continuing operations 
increased from £92.3m to £99.0m. Group 
operating profit from continuing operations 
(before exceptional items) fell 13% to £8.0m 
(2014: £9.2m). 
D AVID FORBES
INDEPENDENT  
NON-EXECUTIVE CHAIRMAN
Losses from discontinued operations amounted 
to £3.8m (2014: profit £1.1m) and exceptional 
charges were £0.5m (2014: £1.3m). Taxation was 
£1.0m (2014: £2.2m). As a result, total profit for 
the year fell to £2.7m from £6.7m. 
Earnings per share from continuing operations 
(before accounting for exceptional items) 
increased from 8.7p per share to 9.9p per share 
with earnings per share on a statutory basis 
falling to 4.2p per share (2014: 10.3p). 
At the year end, the Group had net cash of £1.4m 
(2014: £5.8m) and no borrowings.
Dividend
As a result of its limited distributable reserves at 
the point of IPO, the Company did not declare 
a final dividend for the year ended 31 October 
2014, but did instead declare a special dividend 
amounting to 1.5p per share which was paid on 
13 March 2015.
Subsequently the Board declared and paid 
an interim dividend of 2.67p per share and, 
as forecast, is recommending a final dividend 
of 2.67p per share payable on 6 May 2016 to 
shareholders on the register on 8 April 2016.
In the coming year the Board aims to maintain 
the current level of dividends, and would expect 
the payment profile to return to a more orthodox 
split paying one third as an interim dividend and 
two thirds as a final dividend.
Review of the year
The flotation of the Group in October 2014 
represented the start of another significant phase 
in its progression. 
As a result of being listed, the improved profile 
of the Group has undoubtedly increased the 
number of potential business and acquisition 
opportunities available to it, as well as improved 
senior management retention.  Entu (UK) PLC Annual Report 2015 | 5
However, although the majority of the Group’s 
core operations performed well during the 
year, the Group faced one substantial issue.  
The UK market for Solar PV had become 
increasingly competitive and, despite a 
continuing fall in the cost of solar panels year 
on year, it was becoming difficult to foresee 
how margins could be maintained in the 
future.
Subsequently, the dramatic cut in feed-in 
tariffs recently announced by the government 
rendered the Solar PV product in the UK 
unattractive to consumers. Against this 
backdrop, the Board came to the considered 
view that the Group’s resources would be 
better allocated elsewhere in the Group. 
Accordingly, the business of selling solar 
products to retail customers was closed in the 
run up to the year end. The prompt decision 
to close the solar division was difficult but 
necessary, but it allows the Group to avoid 
the risk of future trading losses in this sector 
and focus Group management and resources 
on alternative and more attractive areas of 
growth.
Additionally, the small Norwood kitchen 
interiors business, which the Group 
considered non-core to its operations and 
its strategy, was also sold for a nominal sum 
during the year.
As the year progressed, it also became 
apparent that the Group needed to 
invest further in infrastructure and senior 
management resource in order to fulfil its 
obligations as a public company.
These issues, important as they are, disguise 
the fact that the Group’s other trading 
divisions all had a good year. 
Nevertheless, the closure of the solar 
division, and the resultant inability to allocate 
overheads against that division in the future, 
highlight the need for the management team 
to ensure sales costs and other variable costs 
are controlled, whilst simultaneously reducing 
fixed overheads arising from the Group’s 
various brands and operating locations to a 
minimum.
The acquisition of Astley Facades Limited 
(“Astley”) in March 2015 has proved very 
beneficial. Whilst its contribution to this year’s 
result is modest, the opportunity to cross 
sell the Group’s services and broaden the 
customer base are particularly significant.
The Board is therefore confident that the full 
benefits of this acquisition will be seen this 
year and in the future. 
Profit improvement initiatives
When the decision to close the solar business 
was made, the Board turned its attention to 
a review of the Group’s cost base as well as 
a number of profit improvement initiatives 
aimed at driving out process inefficiencies 
in its various sales and delivery models, 
whilst preserving the high level of customer 
satisfaction required to make any business in 
this sector a success.
Board
There have been a number of changes to the 
Board during the year as we have sought to 
expand the skills, experience and resources 
available to the Group this year. 
On 29 May 2015, Geoff Stevens was appointed 
to the Board as Chief Financial Officer (“CFO“) 
at the same time as Darren Cornwall assumed 
the position of Corporate Development 
Director. 
The Board had intended the CFO role to be 
part time, supported by a central finance 
function and other executive management. 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 6 | Entu (UK) PLC Annual Report 2015
CHAIRMAN’S
STATEMENT CONTINUED
The Board now believes the role needs to be 
full time and as a result, following an extensive 
external search, it was announced on 14 
January 2016 that Neill Skinner had joined the 
Board as CFO on a full time basis.
Neill has extensive experience of financial 
leadership roles, having previously been CFO 
at AIM-listed Clean Air Power and having held 
senior financial roles at British Nuclear Fuels 
PLC. He is a Chartered Accountant who began 
his career at PwC and EY. Neill also has a 
strong commercial background, having been 
International Development Director and then 
Strategy Director at Speedy Hire PLC before 
joining Clean Air Power. 
On the same date, Geoff Stevens stepped 
down as Chief Financial Officer and assumed 
the role of Non-Executive Director replacing 
David Grundy who resigned during the year. 
The Board would like to thank David Grundy 
for his wise counsel during the flotation 
process and up until his resignation on 28 
August 2015. 
After the conclusion of the forthcoming AGM, 
Geoff will be appointed Chairman of the 
Audit Committee and become a member of 
the Remuneration Committee. The Board is 
delighted that they will retain the knowledge 
and experience of Geoff in his new role.
On 14 January 2016 we also announced the 
appointment of Andrew Corless to the Board 
as Chief Operating Officer. Andrew is currently 
Managing Director of Entu Energy Services, 
which comprises the Group’s installation 
businesses Job Worth Doing and Astley. 
Andrew has been with Entu since September 
2014 during which time he led Job Worth 
Doing and the growth of corporate and 
commercial contracts. 
Andrew’s promotion reflects the importance 
to Group strategy of the development 
of long term corporate contracts, and of 
Entu’s installation platform, which is a key 
differentiator for the Group.
People
Our transition to public Company status 
in what has been a difficult year would not 
have been achieved without the enthusiasm, 
professionalism and commitment of our people. 
On behalf of the Board, I would therefore like to 
thank them for their hard work and enthusiasm 
in embracing the changes necessary over the 
year, and as the Group aims to drive for greater 
efficiencies and synergy benefits in the coming 
year.
Acquisitions 
Whilst the short term focus is on securing gains 
from operational efficiencies and organic growth, 
it remains the Board’s long term strategy to 
make selective acquisitions to further develop 
the Group’s position as a national medium-sized 
operator in what is a highly fragmented sector. 
We therefore continue to actively seek 
complementary acquisitions in the product 
and geographical areas in which we currently 
operate, providing always that we can see 
a sensible return for the Group and its 
shareholders within a modest timescale. 
We recognise that these aims can be met 
through commercial partnerships and 
distribution agreements potentially at lower 
cost and lower risk to shareholders, as well as 
through outright acquisitions. 
It is fair to say that the executive management of 
the Group would have hoped to have completed 
more than one acquisition in its first year as a 
public company. 
Trading update and outlook
There is a trading update in the Chief Executive’s 
report which follows this statement.
It remains clear that the flotation will provide 
the Group with additional opportunities for 
growth, both by raising the profile of its existing  Entu (UK) PLC Annual Report 2015 | 7
businesses and through a wider range of sources 
of funding for acquisitions and 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. 
The strategy remains unchanged. Entu is one of 
the UK’s leading home energy efficiency Groups 
providing energy efficiency products and services 
to homeowners and businesses nationwide. 
We are aiming to build a business that 
anticipates a broadening of its sales channels 
and is well placed to serve them, with an 
increasing range of products, through an 
efficient and established infrastructure.   
The Group enters the 2015/16 financial year 
with an ungeared balance sheet, a variety of 
new growth opportunities and an internal 
infrastructure better suited to its needs. 
The Board therefore remains confident that 
the Group is well placed to take advantage of 
the opportunities presented by the Company’s 
flotation for further profitable growth.
David Forbes
Chairman
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 8 | Entu (UK) PLC Annual Report 2015
CHIEF EXECUTIVE’S
STATEMENT
Overview
This has been a year of mixed fortunes for 
the Group following its admission to AIM 
in October 2014. On the one hand the 
acquisition of Astley, although small, was 
an excellent example of our successful 
acquisition strategy, not only in increasing 
Group profits from Astley itself but also the 
new opportunities that Astley brings to other 
businesses within the Entu Group. On the 
other hand, the difficulties that we faced in 
the solar business and its subsequent closure 
as the Government slashed feed-in tariffs for 
consumers was a significant blow. It may take 
us some time to find alternative sources of 
profit to completely replace those lost through 
the solar closure. Our strategy continues to be 
IAN BL A CKHURST
CHIEF EXECUTIVE OFFICER
to develop a diversified and integrated product 
portfolio with, at its core, high levels of customer 
satisfaction across the product range. It is also 
fair to say that management time has been 
diverted as we have come to understand our new 
obligations as a publicly listed company.
Results
The Group’s results for the year ended 31 
October 2015 included in this annual report and 
accounts show the progress we have made to 
date. Despite the closure of our solar business 
and the sale of Norwood during the year, 
Group revenue fell only slightly from £119.0m 
to £116.9m. Perhaps more importantly going 
forward our revenue from continuing operations 
increased from £92.3m to £99.0m.
Group operating profit (before exceptional items) 
from our continuing operations was £8.0m, a 
13% decrease from £9.2m in 2014. Discontinued 
operations, solar and Norwood, in aggregate 
contributed a loss of £3.8m after related central 
cost recharges and closure costs (2014: Profit 
£1.1m).    
During the year the Group incurred exceptional 
charges of £0.8m, £0.3m of which related to 
discontinued operations and which are detailed 
in note 5 to the financial statements included 
in this document. This compares to exceptional 
charges of £1.3m for the year ended 31 October 
2014 which related to costs associated with the 
listing on AIM.  
Taxation was £1.0m (2014: £2.2m). As a result, 
total profit for the year fell to £2.7m from £6.7m.
Adjusted earnings per share (excluding 
discontinued operations and exceptional items) 
for the year ended 31 October 2015 was 10.7p 
(2014: 10.7p). Basic earnings per share fell to 
4.2p (2014: 10.3p).  
At 31 October 2015, the Group had cash and 
cash equivalents of £1.4m with no drawn 
borrowings, compared to cash and cash  Entu (UK) PLC Annual Report 2015 | 9 
equivalents of £5.8m a year earlier. The principal 
cash outflows during the year included dividends 
of £2.7m and IPO fees of £1.3m. 
The acquisition of Astley with its different 
working capital profile is a large part of the 
reason for the increase in receivables. 
Operational review
During the year, the Group redefined its 
segmental reporting analysis to reflect the 
closure of its solar division and the sale of 
Norwood. In particular, the closure of the solar 
division eliminated the vast majority of revenue 
and costs from the existing Energy Generation 
& Saving segment, and the remaining boiler 
revenue and costs were therefore merged for 
reporting purposes, with the Insulation segment 
under the new title Energy Saving & Insulation.
Home Improvements
Our home improvement products, doors, 
windows, conservatories and roofline, are sold 
through separate brands which are market 
leaders in their respective regions. The division, 
which remains our largest single division, has 
continued to perform well as our market share 
has held up.
Margins came under pressure in common 
with the industry as a whole but also as the 
division began to rationalise its finance offering 
in the second half, resulting in lower finance 
commission in the run up to a full reset of the 
division’s finance offering (in the light of recent 
FCA guidance) with effect from 1 November 
2015.
The order book continued to remain strong at 
approximately £9m throughout the year (2014 
approximately £9m), and was £9m at the year-
end. We continue to sense increasing consumer 
confidence as home owners decide to make 
improvements to their homes.
In the year to 31 October 2015, the division 
(excluding Norwood referred to below) 
reported profits of £4.0m (2014: £4.1m) on 
sales of £82.0m (2014: £80.6m). Net margin 
for the division was 4.9% (2014: 5.1%).    
During the year, the Group decided to 
dispose of its Norwood business because it 
was considered non-core to its operations 
and its strategy. 
On 1 October 2015, the Norwood business 
was disposed of for a nominal sum. In the 
year ended 31 October 2015, Norwood made 
attributable losses of £0.6m (2014: £0.3m) on 
revenue of £3.3m (2014: £3.7m).
Energy Saving & Insulation
During the year, products sold included solar 
photovoltaic installations, air to air heat 
pumps, voltage regulators, remote heating 
controls and boilers as well as cavity wall 
insulation, external wall insulation and loft 
insulation.  
At the beginning of the year, we saw 
significant disruption in our solar business 
caused by the poaching of part of our sales 
team by a competitor.  
A great deal of management time and 
resources were devoted to recruitment, 
training and managing this business in order 
to ensure that the customer experience 
was affected as little as possible by this 
disruption.  
The Group was then hit by the Government’s 
decision to slash feed-in-tariffs which 
rendered the solar panel product dramatically 
less attractive to consumers. Faced with an 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 10 | Entu (UK) PLC Annual Report 2015
CHIEF EXECUTIVE’S
STATEMENT CONTINUED
obvious collapse of customer demand, the 
Group took a prompt decision to cease selling 
its solar panel products to the consumer. 
Since that point, it has wound down its solar 
installation activities in order to meet its 
existing obligations.  
Many of the sales personnel have been 
retrained in other parts of the Group’s 
activities in order to minimise job losses and 
redundancy costs.
The acquisition of Astley is significant. Astley is 
a market leader in energy efficient insulation 
and cladding products. Whilst it was loss 
making when it was acquired, it is now trading 
profitably. Its order book now stands in excess 
of £18m which has grown from just over £2m 
when the business was acquired. The Board 
sees this area as one of real opportunity as 
we expand into new energy efficiency markets 
through new products and skills.
For the year ended 31 October 2015, divisional 
sales for the continuing businesses were 
£14.3m (2014: £9.3m), an increase of 54% 
due largely to the acquisition of Astley in 
March 2015. This excluded sales of £14.5m 
(2014: £23.0m) related to the sale of solar 
product to retail customers, now discontinued.  
Attributable profit for continuing operations 
was £1.9m (2014: £3.2m). 
The shortfall in profit in this division arose 
almost entirely in insulation products, where 
attributable profit dropped from £2.7m in 
2014 to £1.7m this year as a result of the 
reduction of carbon offset funding through 
energy suppliers, although volumes have 
increased.
The discontinued solar business was budgeted 
to contribute, after central costs, some £1.6m 
to Group profit. Instead, when central costs 
are taken into account, the solar business 
has lost £3.1m this year including exceptional 
redundancy costs of £0.3m. The value of the 
Group’s diversified offering is shown by the 
modest impact this closure will have on the 
Group’s results in the medium term. 
Notwithstanding the setback, Energy Saving & 
Insulation continues to be a segment in which 
we see significant opportunities for growth in the 
long term with the increasing adoption of energy 
efficient products and technologies.  
 
Repair and Renewals Service Agreement (RRSA)
Our RRSA programme is an annual cover plan 
offered to customers on the majority of our 
products. It represented £2.7m of Group sales 
during the year up 12% on the previous year 
(2014: £2.4m). Attributable profit of £2.1m 
(2014: £1.9m) was earned giving the segment a 
margin of 78.9% in 2015 (2014: 78.8%) and, at 
the year end, around 55% of our customers were 
members of the programme (2014: 55%). One of 
the attractions of this business is that the run off 
value grows year on year and currently stands at 
£12.5 million based on current attrition levels.
Job Worth Doing
Our national installation service, Job Worth Doing, 
has comprehensive nationwide coverage with 
80% of the population living within one hour’s 
drive of one of our fourteen strategically located 
installation service centres. It therefore unites all 
our brands and products, and facilitates cross 
selling and the roll out of new products and 
services. 
During the year, the division has sought contracts 
to build on its high quality installation network 
across the UK with corporate customers and 
national retail chains. For one national retail 
chain, after successful regional trials, Job 
Worth Doing has been appointed as a national 
installation partner for its energy efficient 
windows and door products. Whilst it is early 
days yet, there are good signs that the partner 
installation process is working well, quality levels 
are being maintained and that the retailer is 
pleased with the progress made to date. The key  Entu (UK) PLC Annual Report 2015 | 11 
to this work is customer satisfaction levels and 
the Company is working hard in this area in 
order to seek more work from national retailers 
of energy efficient products. To support our 
commitment to service, Job Worth Doing has 
been awarded the “Which?” approved “Trusted 
Trader” status. We believe Job Worth Doing is 
the first national installer of energy efficient 
products to achieve this.
  
Entu Energy Services does not account 
separately for its work the vast majority of 
which is for other Group companies and to 
whom all costs are directly recharged. As the 
amount of work carried out directly for third 
parties becomes material, we will consider how 
best to account for this revenue and profit.
The opportunities for Entu
A significant opportunity amongst the Group’s 
existing portfolio is in the area of energy saving 
and efficiency. With household energy costs 
rising materially in recent years and continuing 
cost volatility, consumers’ recognition of the 
long term economic advantages of energy 
efficiency continues to drive adoption. The 
Group covers this need across all of its divisions 
but particularly in cavity wall insulation, loft 
insulation, high efficiency boilers and the 
growing use of technology in controlling energy 
usage in the home.  
With our unique offering we are well placed to 
establish a market leading presence in the home 
efficiency market due to our integrated portfolio 
of services.
Another significant opportunity is the cross 
selling of the Group’s products and services into 
our base of 1.2 million customers. For example, 
in energy switching, we are beginning to offer 
all our customers the opportunity to seamlessly 
switch their energy supplier to the most cost 
effective option, with total independence and 
saving consumers up to 40% off their energy 
bills. Whilst this is a new area for Entu, early 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 12 | Entu (UK) PLC Annual Report 2015
CHIEF EXECUTIVE’S
STATEMENT CONTINUED
signs are encouraging.
We are currently at an early stage of promoting 
products that will allow consumers to monitor 
their energy usage online and also to control 
remotely, on a real-time basis, their use of 
energy within the home.  
Secondly, there is a major push on replacing 
older and inefficient boilers with new energy 
efficient boilers making material savings on 
household bills.
Entu’s Group focus on these areas will help it 
develop its market leading position in energy 
efficiency.  
  
The opportunities in Job Worth Doing
The balance between customer satisfaction, 
customer service and maximising efficiencies 
within our operating model has always been a 
difficult one to get right.
Over the last six months, we have undertaken 
a thorough review of our processes from the 
point of sale through to final payment in order 
to remove some of the inefficiencies in that 
model whilst preserving high standards of 
customer satisfaction.  
Customer satisfaction is crucial to the cross 
selling of Group products and the additional 
contribution generated. We are targeting 
increasing conversion rates, minimising wasted 
visits and the introduction of survey fees, all 
in order to help minimise the amount of time 
spent by our installation teams which is not 
income generating.  
Some of the changes were introduced on 1 
November 2015 and we are encouraged by the 
results so far.  
Longer term we have to be prepared for 
changes in the way our products are sold by 
the market. Through Job Worth Doing we are 
building a platform that can anticipate and 
access different sales channels with a common 
flexible delivery platform.
New products
Through Job Worth Doing we have a national 
installation service covering over 80% of the 
population. We are actively looking, therefore, 
at the opportunity to introduce new products to 
this network which will allow further efficiencies 
in the use of that network as well as providing 
contribution from those new product lines 
themselves.  Acquisitions of, and commercial 
partnerships in relation to, complementary 
product lines and market areas in our highly 
fragmented sector remain a key part of our 
strategy.
Common branding
Entu has been built by combining a series of 
brands, each of which have been leaders in their 
own regional markets. Behind these brands, we 
have developed Job Worth Doing as a national 
installation service. We are investigating and 
examining the benefits of replacing those various 
brands with the Entu brand across the UK. Up 
until now, each brand has had its own way of 
accessing its own market, recognising that there 
are various approaches which work differently in 
different regions of the UK. 
However, we are now seeking ways of reducing 
the burden of supporting all those brands, and 
also looking at the practices both in the sales 
areas and in the way each operation interacts 
with Job Worth Doing in order to drive further 
profit improvements and efficiencies from the 
various models we operate. We need to do this 
in a way which preserves, as far as possible, the 
goodwill built up in each of those brands. This 
will not be an overnight process, but we believe 
that it will allow us to be more efficient when 
making further moves towards unified brands in 
our Home Improvement business.
Central costs
Running a listed company with public 
shareholders requires additional management 
time and investment to meet our obligations in  Entu (UK) PLC Annual Report 2015 | 13 
terms of corporate governance, shareholder 
interest and the time spent interacting with 
the City. We have had to recruit and invest 
in our Board and infrastructure in order to 
fulfil these obligations. At the same time, 
the closure of our solar division means that 
our central costs will have to be recovered 
over a smaller portfolio of businesses. We 
therefore have to make our businesses more 
efficient and grow our portfolio of businesses 
through the introduction of new products and 
complementary acquisitions and/or eliminate 
some central costs in order that those costs do 
not become an undue burden on the Group.    
Trading update
The closure of the solar business and the 
required investment in Group infrastructure 
has undoubtedly affected the profit potential 
of the Group over the next couple of years. 
Critically the central and management costs 
that had historically been allocated to the solar 
division, need to be eliminated or absorbed 
across the remaining continuing operations 
or by businesses yet to be acquired and/
or they will need to be offset against growth 
opportunities elsewhere or from the profit 
improvement initiatives referred to above. 
Accordingly, the Group is now taking a more 
prudent view on the outcome for the year than 
it had previously. The Board currently expects 
that the results for the year ending 31 October 
2016 will be marginally below those reported for 
the year ended 31 October 2015 for continuing 
operations.  
Outlook
Despite the challenges we have faced this year 
and will continue to face as we reshape the 
business in response to market changes, our 
core strategy remains unchanged. We have 
market leading positions, a diversified product 
portfolio and an improving understanding of the 
market in which we operate. We look forward to 
the future with confidence in our ability to deliver 
growth and improved shareholder returns over 
the medium term.  
Ian Blackhurst
Chief Executive
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 14 | Entu (UK) PLC Annual Report 2015
PRINCIPAL RISKS
AND  UNCERTAINTIES
KEY RISK RISK DESCRIPTION MITIGATING ACTIONS
SECTOR 
The Group’s activities are weighted 
currently towards the home 
improvements sector which is subject 
to cyclical trends.  Furthermore, if the 
government were to introduce tighter 
regulation around the Group’s direct 
sales activities, then this could increase 
significantly the competitive pressures on 
the Group and/or impose additional costs 
upon the business.
The Group’s strategy is to diversify its 
business by expanding its product 
range and broadening its customer 
base.  The Group is building its product 
range complementary energy-efficient 
products and services to reduce its 
exposure to cyclical trends.  In parallel to 
this, the Group is broadening the sales 
channels through which it reaches home 
improvement customers and is growing 
its commercial customer base in 
REGULATORY
The market in which the Group operates 
is highly regulated. The risk to the 
Group of not managing rules and laws 
associated with this risk 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 regular 
training and compliance programme 
overseen by qualified managers for all 
staff and agents to ensure that relevant 
rules and regulations are understood and 
adhered to across the Group’s operations. 
This is supported by Compliance 
Managers who make regular control and 
follow up visits at an operational level.
In addition the Group has employed 
a qualified solicitor to support its 
operations in the financial services 
market, and also seek regular professional 
guidance in this respect.
POLITICAL SUPPORT
The Group operates in sectors that 
periodically receive Government support 
to promote energy efficiency savings. 
Where support is subject to short and 
medium term political change. 
Activities that rely on Government 
support now represent a small part of the 
Group’s activities. The Group monitors 
the changing political climate in order to 
take pro-active and timely decisions that 
will minimize the adverse impact of a 
reduction in such support.
ACQUISITIONS
The identification and availability of 
the right acquisitions to enhance the 
Group’s growth and the integration of 
such acquisitions to deliver the expected 
acquisition and synergy profits involved.
The Group has historically demonstrated 
an ability to identify and integrate 
acquisition opportunities in a number 
of sector related areas. Successful 
integration and value for shareholders 
has been achieved by finding and 
empowering the right people for the 
acquisitions concerned.    Entu (UK) PLC Annual Report 2015 | 15
KEY RISK RISK DESCRIPTION MITIGATING ACTIONS
RETENTION AND 
RECRUITMENT OF STAFF
The Group relies on the retention of 
a relatively small number of senior 
executives/managers to run its operations. 
There is therefore a short term risk of 
disruption should any of the senior 
executives/managers leave. Whilst the 
Group has successfully attracted the right 
management to run new business streams 
or acquisitions, the market for experienced, 
senior managers is highly competitive.
The Group has put in place various 
share save and option schemes 
designed to engage and add value for 
senior staff. These schemes
are also attractive to prospective and 
new recruits. The Group’s recent PLC 
status also assists the recruitment 
process.
SELF EMPLOYED 
INDIVIDUALS
The Group engages the services of self-
employed individuals both in its sales, 
surveying and installation operations.   
This provides the Group with the flexibility 
to respond to short term fluctuations in 
demand.   If the Government was to legislate 
to treat such self-employed individuals as 
employees, then this will reduce operational 
flexibility and increase the fixed cost base 
which will, most likely, increase costs overall.
The Group undertakes regular reviews 
of the terms on which self-employed 
individuals are engaged with the 
support of its professional advisers to 
ensure that it is compliant with the 
relevant laws and regulations. 
RELIANCE ON KEY 
SUPPLIERS
The Group relies on a number of key 
suppliers, particularly for the supply of 
its core home improvement products.  
Although alternative suppliers are readily 
available, a disruption to supply may have a 
significant impact on the Group’s short-term 
performance.
The Group works with well-established 
suppliers and maintains strong working 
relationships to ensure supplier 
performance is in line with agreed 
contractual terms.  Alternative supply 
routes have been identified in the event 
of a material disruption.
CONTRACT DELIVERY
Through Astley, the Group manages a 
number of commercial contracts.  Failure 
to perform on these contracts could lead to 
contracts losses and/or delayed payments.
Astley’s management team is highly 
experienced and the business has the 
controls and processes to manage 
contract risk and change control 
processes.  Contract performance 
measures, including progress-to-date 
and forecast-to-complete metrics are 
reviewed for each contract.
HEALTH  AND SAFETY
The Group has a diverse range of activities. 
There is a need to continually assess 
and manage the health and safety risks 
across the Group to ensure a safe working 
environment for employees, self-employed 
individuals and customers.  A failure to 
manage these risks properly could lead to 
significant potential liabilities.
The Group maintains detailed health 
and safety procedures for each area of 
its operations which is overseen by a 
dedicated Health and Safety manager.  
Regular site checks are undertaken 
and toolbox talks are held to deliver 
practice updates and continuous 
learning.  The Board monitors health 
and safety management regularly.
STRENGTH OF THE 
GROUP’S BANKERS
The Group’s chosen financial institutions 
may experience difficulties, which could 
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.
WE HAVE IDENTIFIED A SERIES OF RISKS TO ENABLE ENTU TO 
PRE-EMPT SOLUTIONS TO COMBAT THE ADVERSE AFFECTS OF 
ANY RISKS FACING THE GROUP. IDENTIFYING THE RISKS MEANS 
WE ARE BETTER ABLE TO MONITOR, MEASURE AND MITIGATE 
AGAINST THEM FOR A STRONGER AND MORE CERTAIN FUTURE. 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 16 | Entu (UK) PLC Annual Report 2015
THE ENTU BOARD OF DIRECTORS
Andrew is Chief Operating Officer of the Group. With a strong sales background, Andrew has spearheaded growth within 
business, through identifying and delivering agreed change and meeting objectives across different markets. With previous 
senior positions at Mitie PLC, Connaught Partnerships Ltd, Orbis PLC and Faun, Andrew has significant experience in 
creating, maintaining and expanding sustainable and profitable commercial environments. 
ANDREW C ORLESS
CHIEF OPERATING OFFICER
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Neill is an experienced CFO most recently at AIM listed Clean Air Power Limited. Previously, he held a number of senior finance 
roles at British Nuclear Fuels PLC, including Finance Director of the UK Nuclear Estate and Finance Director of the international 
decommissioning business. He was also previously Strategy Director and International Development Director at Speedy Hire PLC, 
where he set up commercial partnerships and major outsourcing contracts. 
NEILL SKINNER
CHIEF FINANCIAL OFFICER
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David qualified as a chartered accountant in 1984 and has significant experience in Corporate Finance advisory services, 
including 22 years in the Investment Banking division of N M Rothschild. He is currently a Non-Executive Director at 
Renew Holdings PLC and boohoo.com PLC and Addo Food Group Ltd. David is a member of the Audit Committee and the 
Remuneration Committee.
D AVID FORBES
INDEPENDENT NON-EXECUTIVE CHAIRMAN
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Ian is the Chief Executive Officer of the Group. He has driven the year on year growth in revenues and profits and taken 
a lead role in the acquisition and integration of Zenith Staybrite Limited, Penicuik Home Improvements Limited, St. 
Andrew’s Home Improvements Limited, The Essex Solar Company Limited and Europlas Limited. Ian also established Group 
companies including Job Worth Doing. Ian’s previous roles include Group Managing Director of Genesis Communications, 
Managing Director of Scotplas Limited and Operations Director of Weatherseal Homes Improvements Limited.
IAN BL A CKHURST
GROUP CHIEF EXECUTIVE OFFICER
plc Entu (UK) PLC Annual Report 2015 | 17
Nancy is a solicitor (non practising) who worked as a corporate finance solicitor for over 15 years. She was a partner at 
Addleshaw Goddard LLP until 2009 and a partner at DWF LLP until 2011.
NANCY KELS ALL
COMPANY SECRETARY
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Darren is Corporate Development Director of the Group and has played a significant role in growing the business to its current 
size through establishing all the new Group businesses, as well as through the acquisition of all Group businesses and assets. 
Previously Darren was Deputy Chief Finance Officer of Eldorado, which Dixons Group PLC held an option to acquire, and Finance 
Director of PC World Business. Prior to that Darren was Finance Director of Genesis Communications, Group Finance Director of 
Genesis Group and Finance Director of Scotplas Limited. Darren is a qualified Certified Accountant.
D ARREN C ORNWALL
CORPORATE DEVELOPMENT DIRECTOR
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Geoff has extensive experience as CFO in a variety of listed and private equity backed companies, most recently John 
Brown Media Group and Protocol Group. His first Group Finance Director role was with home care provider Goldsborough 
Healthcare PLC, and he subsequently held the Finance Director role at ISA International PLC and Healthcare Group PLC. 
Geoff began his career at Coopers and Lybrand, where he became a General Practice Partner.
GEOFF STEVENS
NON-EXECUTIVE DIRECTOR
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Lorraine has held UK and European blue-chip executive Board roles, along with multi-industry, public and private Non-Executive 
Director experience. Lorraine has spent over two decades as a senior executive at Pilkington PLC, in key roles such as Director 
of Architecture and Glazing. Lorraine has experience of chairing Board remuneration, nomination and audit committees and she 
chairs a pension fund. She is currently, and has previously been, a Non-Executive Director for a number of leading organisations.
LORRAINE CLINTON
INDEPENDENT NON-EXECUTIVE DIRECTOR
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STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS STRATEGY
THE GROUP HAS PRODUCED A COMPREHENSIVE 
MARKETING STRATEGY FOR 2016, TO BUILD 
UPON ENTU’S SUCCESSES IN 2015. THE 
STRATEGY OUTLINES BOTH THE OPPORTUNITIES 
AND CHALLENGES THE HIGHLY COMPETITIVE 
HOME IMPROVEMENT AND ENERGY EFFICIENCY 
MARKETPLACES PRESENT. 
plc
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
THE  EXPERTS  IN 
ENERGY  EFFICIENCY
THE HOME EFFICIENCY SPECIALISTS
ST ANDREWS
Home IMPROVEMENTS
facades
OUR PORTFOLIO OF BRANDS
18 | Entu (UK) PLC Annual Report 2015 STRATEGY
THE STRATEGY 
OUTLINES THE GROUP’S 
COMMITMENT TO 
REMOVING BARRIERS TO 
ENTRY TO THE ENERGY 
EFFICIENCY SECTOR BY 
CONTRACTING SUPPLIERS, 
resulting in economies of scale, implementing 
installation agreements with retail partners and 
continuing to build a portfolio of strong, recognisable 
brands.
The strategy for 2016 will see an emphasis on 
developing and maintaining a clear market position 
based on a ‘one stop shop’ proposition. This will be 
supported by customer feedback and continuous 
monitoring of competitors in order to maintain the 
defensible position.
The objective is to position Entu as the experts in 
energy efficiency, who offer a tailored solution to 
effectively meet customer needs, by providing an 
end-to-end service, with flexible pricing and affordable 
payment plans. Plus, building on the Group’s 
reputation for offering a simple, hassle free, friendly 
and professional service that exceeds customers’ 
expectations.
By using a range of online and offline marketing tactics 
to target the core segments identified for each brand, 
this will help establish further business partnerships 
mirroring the success of existing partnerships such as 
the B&Q Homefit collaboration. 
2016 WILL ALSO  
SEE A FOCUS ON  
CROSS-SELLING 
OPPORTUNITIES WITHIN 
THE GROUP AND ON 
USING OUR STRENGTHS 
TO DIFFERENTIATE 
OURSELVES FROM THE 
COMPETITION. 
Entu (UK) PLC Annual Report 2015 | 19
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS ACQUISITIONS
STRATEGIC ACQUISITIONS
Entu is the result of a number of successful and 
strategic acquisitions of regional brands in the 
home improvement and energy efficiency sector. 
As such, this year has seen the Group acquire 
Astley, the Wigan based exterior envelope and 
facades solution Company.
The £0.2m acquisition will enable Entu to 
strengthen their proposition in the new build and 
B2B marketplace, with contracts in the pipeline 
across the country including recent jobs in 
Manchester city centre. 
The move is part of Entu’s strategy to broaden its 
customer range, product portfolio and increase 
the skill-set in the energy efficiency and insulation 
space, an area Entu has identified for significant 
facades
potential growth in the medium-term.
Astley Facades is a leading UK provider of external 
envelope, thermal improvements and facade 
solutions. Offering a unique design, supply and 
installation solution to both the new build and 
refurbishment sectors, through their products and 
services they pledge to make a make a positive impact 
on people, the planet and property. 
Astley offer external wall insulations (EWI) and render 
systems, lightweight external wall framing, high 
performance composite and timber cladding as well 
as specialist terracotta and aluminium rainscreens. 
Now a fully accredited Green Deal Installer, Astley are 
able to carry out work under the Government’s Energy 
Efficiency Programme and have recently celebrated 
gaining the PAS2030 accreditation by the Energy 
Savings Trust. 
20 | Entu (UK) PLC Annual Report 2015 AT ASTLEY WE ARE PROUD OF OUR 
“CAN DO” PROACTIVE APPROACH 
TO PROJECT DELIVERY. WE OFFER A 
MODERN AND FRIENDLY SERVICE AND 
WILL RISE TO THE CHALLENGE OF BOTH 
THE MOST TECHNICALLY COMPLEX 
AND LOGISTICALLY DEMANDING OF 
PROJECTS.
The acquisition of Astley marks a slight deviation 
from Entu’s ‘typical’ acquisition. Historically Entu 
acquired regional brands operating in business 
areas where the Group were already active, 
with homeowners as the end customers and 
profits driven by cost removal. Astley operates 
in a business to business environment servicing 
corporate customers in a new area. With some 
Entu (UK) PLC Annual Report 2015 | 21
cost savings identified, the majority of profit 
will come from the growth of the business’ top 
line. This new type of acquisition will benefit 
from the Entu management team’s wealth of 
experience with such deals and this first modest 
acquisition since Entu came to the public market 
is considered a positive indication of more 
transactions to come. 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 22 | Entu (UK) PLC Annual Report 2015
PARTNERSHIPS
2016 has seen some of our most exciting partnerships to date, with household names and widely 
recognised nationwide brands. Through these strategic partnerships Entu is equipped to continue to 
successfully service existing, as well as emerging, customer Groups. 
LUMILIFE
Job Worth Doing have partnered with Lumilife, the UK’s leading specialist of LED lighting products, as the brand’s 
installation partner. The partnership with Lumilife supports Entu’s aim to help businesses to reduce their costs 
by replacing their lighting with energy efficiency lighting. Lumilife can now offer a full solution to trade customers 
throughout the UK and have sold over 2 million lamps over the past 12 months alone. The 26,000 sq foot Manchester 
based distribution centre allows Lumilife to purchase in bulk from partner factories and offer unsurpassed stock 
levels. 
LED lighting is a more cost-effective and energy efficient form of lighting and the move reflects the organisation’s 
commercial goal to be at the forefront of providing and installing whole building energy efficiency. With support from 
Siemens, Lumilife and Carbon Trust, the service will provide clear and actual energy savings and looks to reduce 
maintenance costs, without compromising on quality of light. 
WHICH? TRUSTED TRADER
Job Worth Doing have been awarded the highly coveted Which? Trusted Trader accreditation. As one of only two 
national installers to have the accreditation in the UK, alongside B&Q, Job Worth Doing are now an accredited Which? 
trusted trader installer. 
Which? are the largest consumer body in the UK, with over 680,000 members and 335,000 online subscribers and 
counting. Which? is completely independent and works on behalf of consumers and as well as testing products and 
services for the last 50 years, they also assess local tradesmen and tradeswomen.  
Job Worth Doing’s Which? Trusted Trader accreditation means that Job Worth Doing have been assessed, checked 
and approved by Which? trading standards professionals. 
The Which? Trusted Traders is a stamp of success for reputable traders. Having passed their rigorous and highly 
selective assessment process, this reflects and reinforces Job Worth Doing’s reputation for providing reputable 
installation services.
BRITISH GA S
Testament to Entu’s commitment to helping customers reduce their carbon footprint, the organisation entered into a 
partnership with British Gas in the third quarter of 2013. The partnership sees Entu provide provisions for cavity, loft 
and solid wall insulation measures, with over 4,500 installations under our belt to date. 
 
The contract will run until March 2017 and is for the provision of carbon measures. Forecasts show that over the 
duration of Entu’s partnership with British Gas, the collaboration could result in a reduction of 145,000 tonnes of 
carbon from over 4,100 installations every year. 
 
The partnership, that delivers the self-generated delivery of ECO measures, sees deliveries made from Scotland 
across the North West of England and Slough ISC. Entu (UK) PLC Annual Report 2015 | 23
B&Q HOMEFIT
Job Worth Doing, has entered into a national partnership with B&Q Homefit for the surveying and installation of 
windows and doors to B&Q’s customers in the UK.
The collaboration brings together Job Worth Doing’s fully qualified and approved local tradesmen with B&Q Homefit’s 
growing list of customers. Job Worth Doing Ltd will conduct surveys and send installation teams to fit B&Q Homefit’s 
range of windows and doors, whilst the customer service will stay in B&Q Homefit’s helpful hands.
Andy Corless, Managing Director of Entu Energy Services, expressed his delight at winning the contract with B&Q 
Homefit. “A partnership with B&Q Homefit is a great match for Job Worth Doing. Combining our business expertise 
opens up new opportunities for the consumer when it comes to the home improvement marketplace, all delivered at 
a great price and with exceptional quality. This is an important relationship to us which we plan to develop over the 
long term.” 
The collaboration is part of Entu’s ongoing strategy for growth and a key example of how the organisation’s Own 
Label Energy Efficiency (“OLEE”) services are able to successfully sit alongside major brands.
CR YST AL
Job Worth Doing has partnered with Crystal Direct, a leading UK manufacturer of PVCU windows, doors and 
conservatories. The partnership provides Job Worth Doing with access to Crystal’s unique and contracted routes to 
market, including the buying power of the NMBS, the National Merchant Buying Society, a centralised buying society 
for independent builders, timber, hardware, plumbing and heating merchants, with over 1000 members and over 
3000 national depots. Crystal is also the approved and contracted supplier to both the National Buying Group LLP 
and Fortis Merchants Ltd, which represents all members of the NMBS and a combined revenue of £1.7bn.  
Coupling this with Crystal’s direct relationship with the two largest “regional” merchants in the UK, who purchase 
independently of any buying society, genuinely provides unique access to the entire independent builders merchants 
sector of the UK. Prior to the partnership, Crystal were able to provide the building trade with window, door and 
conservatory products, but unable to offer a survey or installation service. Thanks to Job Worth Doing as their 
preferred partner, Crystal are now able to offer a full survey, supply and installation service to all customers.
In addition, Crystal has recently been chosen to be the “voice of the merchant sector” – for PVCu products –as part 
of the BMFs BMBI initiative - and through this new partnership, Job Worth Doing are able to strengthen their position 
as the leading and pre-eminent installer of energy efficiency measures and services for trusted partners across all 
sectors and gain lucrative and potentially exclusive access to Crystal’s diverse routes to market.
iCHO OSR
In June 2015, Job Worth Doing won a bidding auction against other national installation companies to become the 
main contractor for the UK’s first ever council-run solar panel scheme. Norwich City, Broadland, South Norfolk and 
North Norfolk district councils have partnered with collective purchasing specialists, iChoosr who then chose Job 
Worth Doing to help deliver the pilot scheme. The scheme, titled ‘Solar Together Norfolk’, has seen almost 4000 
households and businesses across the county register. 
The scheme aimed to deliver an all-inclusive solar package offering the best value for money by using the power of 
collective purchasing. It offered customers in Norfolk an average 16 per cent saving on solar panels for their homes 
and offices, in addition to the reducing effect it has on energy bills and the earnings generated from the power they 
produce. 
iChoosr, the UK’s leading expert in domestic energy collective switching, was introduced to the UK market by the 
Department of Energy & Climate Change (“DECC”) as a partner to help councils enhance consumer engagement with 
the energy market to get better energy deals. Over 800 households accepted their personal offers for solar panel 
packages, proving the pilot scheme to be a huge success. Job Worth Doing achieved a Net Promoter Score (NPS)  
of 71.8, the highest score recorded back from any of the iChoosr purchasing schemes.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS OUR BUSINESS
APPRENTICESHIP 
TRAINING SCHEME
Entu have launched the Job Worth Doing Installer Training Academy (ITA), an apprenticeship scheme, in partnership 
with GQA, Chase Taylor and Total Support Training. Supported by government funding, the scheme will be the first 
of its kind in the energy industry and will help support and shape the next generation of installers. The aim of the 
academy is for the current and future Job Worth Doing workforce to be better trained, better skilled, better qualified 
experts.
Experienced installers will provide on-site mentoring to the scheme’s apprentices at Entu’s national network of 
Installation Centres. Each centre will feature custom-built training pods to help the apprentices achieve their NVQ 
levels 1–3. Course tutors will visit the apprentices at the ISC over their 1-2 year apprenticeships. 
The Job Worth Doing Installer Training Academy provides specialist and up-to-date training to fitters within 
the window and door installation sector. All Job Worth Doing installers are trained to the Minimum Technical 
Competencies (MTC) standards, introduced by the Government in 2012, for the installation of replacement windows 
and doors in domestic properties.
The move marks the Group’s commitment to investing in improving the quality of fit standards by providing training 
and qualifications to ensure our installers are more proficient than the national minimum standards.
The Job Worth Doing Window and Door Installer Apprenticeship has been designed in conjunction with GQA 
Qualifications Ltd, the leading Awarding Organisation for the Glass and Glass related industries to design a bespoke 
Apprenticeship programme
EC O PIGGY
Entu have launched an online home efficiency Company providing energy efficiency products to the B2C marketplace 
called EcoPiggy. With a launch date of January 2016, Eco Piggy aims to provide hassle-free, cost-effective and energy 
efficient solutions to homeowners with installation brand, Job Worth Doing carrying out the surveying and installation 
services. 
The new brand’s vision centres around offering customers the best online customer experience from beginning to 
end and promoting it’s smart energy solutions. Eco Piggy aims to build its brand identity and brand trust by sharing 
easy to understand guidance and advice on quality products, at cost-effective prices and providing industry leading 
customer service.
Eco Piggy’s interactive website will enable consumers to design and create their own window and door products 
online, using an online styler where they will be able to choose each element of their products, from colours to 
finishes and generate an estimated price based on their measurements. The online styler premise comes from 
consumer research Entu carried out which identified this new, more efficient, way of choosing products that can 
save consumers time, money on their energy bills and facilitate reducing their carbon footprint. By cutting out the 
costs associated with sales representatives, Eco Piggy are able to pass these cost savings onto consumers and 
offer competitively priced home improvement products, making them accessible to more customers. The modern, 
innovative and technology driven website will appeal to younger, Generation Y audiences, giving the Entu brand a 
route to a younger demographic. 
2015 marked a milestone year for the Group, thanks to our exciting acquisitions and propositions, the 
launch of a new brand, an apprenticeship scheme and the continuation of our commitment to Entu’s 
chosen charities. 2016 will nurture and build upon these opportunities for another 12 months of 
milestones and success. 
24 | Entu (UK) PLC Annual Report 2015 ENERGY SWIT CHING
With statistics showing that 90% of households are paying too much for their energy as they have remained with the 
same supplier for years, Entu launched a new initiative, Entu Energy Switch. The initiative was launched in September 
2015 to help the Group’s customers save money by making switching energy suppliers less time-consuming and 
confusing. 
Entu sales agents aim to educate consumers when they carry out home appointments that unless they are switching 
on a regular basis, then they are often on the most expensive tariff.  Each agent will have gone through a four-day 
intensive training course, assessed through a series of written and oral exams to enable them to switch customers 
energy suppliers. The agents leave behind an information card that helps the homeowner note the details Entu call 
centre agents will need when they call, from the name of their energy supplier to the number of annually units used.   
Each agent will adhere to stringent SLA’s, put in place to ensure that all agents are compliant and calls are recorded 
and monitored by our partners. Plans are firmly in place to build the Entu Energy Switch initiative into a significant 
business in 2016.
plc
CHARITY
Entu continue to support JAM (Joint Aid Management), a charity committed to the fight against hunger and 
malnutrition in Africa, through Entu’s salary giving programme. Staff donate £3 each every month, which pays for one 
child to be fed for one month. This is the 8th year Entu has supported JAM, who currently feed 1,000,000 children 
each day through their Nutritional Feeding programme in schools. JAM have been able to reach thousands more 
beneficiaries through their programmes thanks to the loyal support of donors and organisations such as Entu. 
We also support Naomi House and Jacksplace hospices which provide care and support to families from seven 
counties in southern England in Hampshire, Berkshire, Wiltshire, Dorset, Surrey, West Sussex and the Isle of Wight.  
The charity offers a full palliative care service that includes respite, emergency and end of life care for life-limited and 
life-threatened children and young adults from birth and into their later years. A donation of £10 could buy crafts for 
a child to make a special gift, £20 could fund 1 hour of nursing care for a child and £62 could fund a multi-sensory 
session for a child. Through a variety of fundraising efforts, including sponsorship of staff performing sky dives, a 
charity swim and activities in head office, ranging from dress down days to bake sales, we have raised a combined 
total of £7,000 over the last year. 
We’re also proud to support EACH, East Anglia’s Children’s Hospices. EACH supports families and cares for children 
and young people with life-threatening conditions across Cambridgeshire, Essex, Suffolk and Norfolk. EACH rely 
heavily on voluntary donations to support the essential services they able to offer to families, children and young 
people with life-threatening conditions. Entu are proud to be helping EACH care for 333 children and young people, 
547 families and one-to-one support to 59 siblings.
Our total contribution to date to our chosen charities is over £52,000. 
OLEE
Sitting under the Entu umbrella, the organisation has create OLEE, an own label energy efficiency proposition. 
This allows us to partner with other UK brands and act as their own label energy efficiency installers. It allows us 
to partner with small local and regional business through to large national brands across both the B2B and B2C 
marketplaces. 
The new OLEE proposition offers a range of services, from the survey, supply and fulfilment of products to energy 
assessment and audit services. These can be under the partner brands’ offering or Entu’s OLEE can provide products 
working in partnership with other companies, such as LED lighting. 
The straightforward process starts with sales leads provided by Entu, a proposal is created in partnership with the 
brand, an energy assessment undertaken and then the proposal presented to the prospective customer or client. 
The move means that Entu are able to offer a sophisticated one-stop solution for both residential and commercial 
markets, for everything from LED lighting through to solar and insulation services. 
Entu (UK) PLC Annual Report 2015 | 25
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS DIRECTORS’
REMUNERATION 
REPORT
The Directors present their Directors’ Remuneration 
Report (the “Remuneration Report”) for the financial year 
ended 31 October 2015. 
As an AIM quoted company, Entu (UK) PLC (the “Company”) 
is not required to prepare this Remuneration Report 
in accordance with the Directors’ Remuneration 
Report Regulations 2002, the Large and Medium-
sized Companies and Groups (Accounts and Reports) 
(Amendment) Regulations 2013 and/or the Investment 
Association’s principles of Remuneration. 
However, the Directors recognise the importance, and 
support the principles, of the above sources and seek to 
follow them to the extent considered relevant for an AIM 
quoted company.  
The Remuneration Committee continues to monitor 
market practice to ensure that this report includes 
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. 
No matters were raised by shareholders relating to 
directors’ remuneration throughout the year.
Appointments and resignations 
On 1 June 2015, the existing Chief Financial Officer 
(“CFO”)  Darren Cornwall took up the  position of 
Corporate Development Director, focussing on furthering 
the Group’s acquisition strategy and the subsequent  
integration of acquired businesses. 
On the same date, Geoff Stevens was appointed CFO on 
a part time basis. The terms of Geoff’s appointment and 
his remuneration during the year are set out below.
On 28 August 2015, David Grundy stood down as a Non- 
Executive Director and Chairman of the Audit Committee, 
and David Forbes took up the chairmanship of the Audit 
Committee pending the appointment of another Non- 
Executive Director.
On 14 January 2016, Geoff Stevens stood down as CFO 
and was appointed as a Non-Executive Director.  
On the same date, Neill Skinner was appointed as CFO. 
Geoff will assume the position as Chairman of the Audit 
Committee immediately after the Annual General Meeting 
of the Company which will take place on 29 March, 2016. 
On 14 January 2016, Andrew Corless also joined the 
Board as Chief Operating Officer.
 
Remuneration Committee
The Remuneration Committee comprises as Chair, Lorraine 
Clinton, Non-Executive Director, and also David Forbes, 
Non-Executive Chairman. David Grundy was a member until 
he stood down as a Non-Executive Director on 28 August 
2015. 
Geoff Stevens will be appointed to the Committee with 
effect from the Annual General Meeting on 29 March 2016
The responsibilities of the Remuneration Committee can be 
reviewed on the Company website: 
http://www.entu.org/investor-relations/corporate-
governance-code/
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 are 
invited to attend meetings when appropriate to provide 
advice. However, no Executive Director is present or takes 
part in any discussions concerning their own remuneration.
 
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 principal elements to the remuneration 
packages of the Executive Directors, being base salary and 
benefits, and annual bonus awards.
Basic salary and benefits
Base salaries are reviewed annually by the Remuneration 
Committee, and adjusted where appropriate to reflect 
performance, changed responsibilities and/or market 
conditions.
26 | Entu (UK) PLC Annual Report 2015 DIRECTORS’
REMUNERATION 
REPORT 
CONTINUED
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 permanent health and life policies 
to provide cover for the Executive Directors. 
Annual bonus awards
The annual bonus awards for the Executive Directors 
are directly linked to the performance of the Group 
as a whole, all criteria are subject to approval by the 
Remuneration Committee and payments are only made 
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. 
The Company offers 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”). Two of the 
Executive Directors, Ian Blackhurst and Darren Cornwall, 
are significant shareholders, and as a consequence are 
not party to any of the share schemes offered to wider 
management and employees.
The Board recognizes the importance of ensuring that 
senior management are highly motivated, and closely 
identify with the future success of the Company. 
As such, the LTIP and MIP were 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 at the time 
of the AIM float in October 2014, it was decided that a 
growth share scheme was optimal taking into account 
the requirements of both employees and 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 960,000 Ordinary shares 
can be allocated under the LTIP, and 4,448,399 Ordinary 
shares can be allocated under the MIP, subject to the 
achievement of share price, EPS performance targets 
and a three year retention, all of which have to be 
achieved for the awards to crystalize. 
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 were allocated. 
Therefore 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 ended 31 
October 2015 
Service contracts and letters of appointment 
The service contracts of the Directors, who served as at 
31 October 2015, include the following terms:
Directors
Executive/  
Non-Executive Date of contract
Notice period  
(months)
Ian Blackhurst Executive 25 March 2014 12
Darren Cornwall Executive 25 March 2014 6
Geoff Stevens* Executive 1 June 2015 3
David Forbes Non-Executive 18 September 2014 3
Lorraine Clinton Non-Executive 18 September 2014 3
* From 14 January 2016, Geoff Stevens is employed in a Non-Executive position. His notice period remains 3 months.
Entu (UK) PLC Annual Report 2015 | 27
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 28 | Entu (UK) PLC Annual Report 2015
DIRECTORS’
REMUNERATION 
REPORT
CONTINUED
Directors’ remuneration
Information is provided below for Directors who served as at 31 October 2015:
Executive Directors Notes
Salary/fees 
£’000
Bonuses 
£’000
Benefits 
£’000
Total 
Emoluments 
2014/15
Total 
Emoluments 
2013/14
Ian Blackhurst 1, 2, 4, 8 274 - 11 285 385
Darren Cornwall 2, 3, 4, 8 172 - 23 195 245
Geoff Stevens 2, 4, 5 47 - 2 49 -
Total 493 - 36 529 630
Non-Executive 
Directors Notes
Salary/fees 
£’000
Bonuses 
£’000
Benefits 
£’000
Total 
Emoluments 
2014/15
Total 
Emoluments 
2013/14
David Forbes 6 52 n/a n/a 52 -
Lorraine Clinton 6 31 n/a n/a 31 -
David Grundy 6, 7 35 n/a n/a 35 -
Total 118 n/a n/a 118 -
Notes:
1. The highest paid Director for the year ended 31 October 2015 was Ian Blackhurst who received emoluments of 
    £285,000 (2014: £385,000). 
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.  The bonus criteria for the year ended 31 October 2015 was not met and as such no bonus payments were awarded. 
5. Geoff Stevens was employed on a part time basis at £86,000 per annum with extra days paid at a rate of £850/day. 
6. Non-Executive remuneration for the month of October 2014 was paid in arrears and hence fell into the 2014/15 
    accounting year. 
7. David Grundy stood down as a Non-Executive Director on 28 August 2015. In accordance with the terms of his 
    contract, a three months’ notice payment was made. 
8. The table above includes the Directors bonus of £150,000 for 2013/14 (Ian Blackhurst £100,000, Darren Cornwall  
    £50k) which were detailed in last year’s Remuneration Committee Report.
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. All Non-Executive Directors are subject to re-election every 
3 years.
Annual bonus awards 2014/15
The Company provided a bonus incentive scheme for the Executive Directors which was approved by the Remuneration 
Committee and was closely aligned to shareholder interests and linked to a target for earnings before interest and tax 
for the Group of £12.0m.
 
Had the Company met the target, the Executive Directors would have received an annual bonus equal to 40% of their 
base salary. Over or under performance would have resulted in the level of annual bonus to vary on a linear scale, from 
a £nil payment for achievement of target less than 25%, through to a maximum bonus of 80% of salary eligible, had the 
performance exceeded the target by 25%.  Remuneration for the year ending 31 October 2016 
Basic salary and benefits
Given their significant shareholdings in the Company, Ian Blackhurst and Darren Cornwall offered to reduce their basic 
salary and benefits, in exchange, accept a greater proportion of performance related pay. This offer was acceded and Ian 
Blackhurst’ annual salary has been reduced to £220,000, with Darren Cornwall’s salary reduced to £150,000, both with 
effect from 1 November 2015.
Neill Skinner and Andrew Corless both joined the Board with effect from 14 January 2016 each with an annual salary of 
£150,000.
Geoff Stevens continued as CFO on the terms referred to above until 14 January, 2016, and will receive the differential  
in salary between his former CFO role and his new Non-Executive Director role for the period of his three month notice 
as CFO, following which  he will be remunerated at a Non-Executive Director annual salary of £30,900.
There have been no material changes in the benefits to which the Executive Directors are entitled to receive.
Annual bonus awards 2015/16
The Company has again provided a bonus incentive scheme for the Executive Directors, which is closely aligned to 
shareholder interests, and is linked to a target 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 2016 will 
be subject to further approval by this Committee before any payment is made. 
The Committee regard the target as sensitive and do not propose to publish details at this time. However, it will be 
published in the Remuneration Committees’ report for the year ending 31 October 2016.
Should any material adjustments be made to the corporate structure within the financial  year ending 31 October 2016, 
then, at the Remuneration Committee’s discretion, a corresponding adjustment may be made to any of the target or 
reward schemes referred to above.
Long-term equity incentive plan.
As detailed above, it is not expected that any grants will be made to Executive Directors in the coming year. Additionally 
no LTIP or MIP options shall vest in the coming year.  
Approval
The Directors’ Remuneration Report was approved by the Board on 28 January 2016 and signed on its behalf by:
Lorraine Clinton 
Chair of the Remuneration Committee
Ordinary Shares
31 October 2015 31 October 2014
Ian Blackhurst* 9,840,000 9,840,000
Darren Cornwall 3,280,000 3,280,000
Geoff Stevens - -
David Forbes** - -
Lorraine Clinton - -
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 2015 as follows:
*The interest of Ian Blackhurst includes 4,920,000 shares held by his spouse, Belinda Blackhurst.
** David Forbes has an interest in 50,000 shares as a result of a single share purchase after 31 October 2015.
Entu (UK) PLC Annual Report 2015 | 29
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 30 | Entu (UK) PLC Annual Report 2015
DIRECTORS’
REPORT
Principal activities
The principal activities of the Group are the sale 
and 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 28 of the consolidated financial statements. 
 
Results
A summary of the Group’s results for the year is 
set out in the Chairman’s statement and the Chief 
Executives statement in 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 Blackhurst
Darren Cornwall
Neill Skinner (appointed 14 January 2016)
Andrew Corless (appointed 14 January 2016)
Geoff Stevens (appointed 1 June 2015, resigned 14 
January 2016, Non-Executive, appointed 14 January 2016)
David Forbes (Non-Executive – Chairman)
David Grundy (Non-Executive, resigned 28 August 2015)
 
Lorraine Clinton (Non-Executive)
The Directors’ interests in the share capital of the 
Company at 31 October 2015 together with their 
interests at 1 November 2014 are detailed below:
The Directors present their annual report and group 
financial statements for the year ended 31 October 
2015. The Directors report comprise the Chairman’s 
statement on page 4 to 7, the Chief Executive 
statement on pages 8 to 13, the principle risks and 
uncertainties on pages 14 to 15 and the strategy 
section on page 18 to 19.
There has been no other change in the director’s 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 30 December 2015 are:
Directors 
interests
Ordinary Shares
2014 2013
Ian Blackhurst* 9,840,000 19,680,000
Darren Cornwall 3,280,000 3,280,000
Andrew Corless 20,000 20,000
Geoff Stevens - -
David Forbes ** - -
Lorraine Clinton - -
Totals 13,120,000 13,120,000
*Included in Ian Blackhurst’ director’s interest above are 4,920,000 
shares held by his spouse, Belinda Blackhurst.
** As of the date of this report, David Forbes has an interest in 
50,000 shares as a result of a share purchase after the year end.
Shareholder
Ordinary 
Shares
%
Christine Kennedy 19,680,000 30.00%
Premier Fund Managers Limited 6,317,000 9.63%
Miton Asset Management Limited 5,606,124 8.55%
AXA Investment Managers UK 5,000,000 7.62%
Kestrel Partners LLP 4,847,450 7.39%
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 parent organisation. 
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.
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 pages 14 to 15. 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.
Going concern
Having made reasonable enquiries, the Directors are of 
the opinion that the Group has sufficient resources to 
continue in operational existence for a period of at least 
12 months from the date of approving this report and 
hence these financial statements have been prepared on 
a going concern 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 and 
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 all of the Executive Directors. All reports are 
subject to detailed review.
Decisions taken by the Board are communicated down 
to management in a timely manner to allow immediate 
operational implementation. 
Audit Committee
The members of the Audit Committee as at 31 October 
2015 were David Forbes (Chair) and Lorraine Clinton. 
Geoff Stevens will assume the roll of Chairman of the 
Audit Committee immediately after the conclusion of 
the Annual General Meeting. Executive Directors are 
permitted to attend meetings at the discretion of the 
Chairman of the Committee. 
The Committee meets at least twice a year and there is 
an opportunity for any meeting to be in private between 
the Non-Executive Directors and the Group’s Auditor to 
consider any matter they wish to bring to the attention of 
the Committee.
The terms of reference and areas of delegated 
responsibility of the Audit Committee are in consideration 
and approval of the following matters:
•  monitoring the quality and effectiveness of the internal 
   control environment, including the risk management 
   procedures followed by the Group;
•  reviewing the Group’s accounting policies and ensuring 
   compliance with relevant accounting standards;
•  reviewing the Group’s reporting and accounting 
   procedures;
•  ensuring that the financial performance of the 
   business is properly measured and reported on;
•  recommending the reappointment of the auditor and 
   the level of their remuneration;
•  considering reports from the auditor on the 
   outcome of the audit process and ensuring that any 
   recommendations arising are communicated to the 
   Board and implemented on a timely basis;
•  reviewing the Board’s statement on internal control in 
   the Annual Report; and
•  ensuring compliance with the relevant requirements of 
   the AIM rules.
Internal control
The Board has overall responsibility for ensuring that the 
Group maintains a system of internal control to provide 
it with reasonable assurance regarding the reliability of 
financial information used within the business and for 
publication. 
The Board is also responsible for ensuring that assets are 
safeguarded and risk is identified as early as practicably 
possible. As noted, the Audit Committee has a significant 
role in this area. The internal control systems established 
are designed to manage rather than completely eliminate 
risk and can only provide reasonable but not absolute 
assurance against misstatement or loss.
The Group does not currently have an internal audit 
function and this will be kept under review as the Group 
progresses from technology development to commercial 
supply.
The Board reviews the effectiveness of the systems 
of internal control and its reporting procedures and 
augments and develops these procedures as required 
to ensure that an appropriate control framework is 
maintained at all times. 
The principal control mechanisms deployed by the Group 
are:
•  Board approval for all strategic and commercially 
    significant transactions;
•  detailed scrutiny of the monthly management accounts 
   with all material variances investigated;
•  executive review and monitoring of key decision-making 
   processes at subsidiary board level
•  Board reports on business performance and 
   commercial developments;
•  periodic risk assessments at each business involving 
   senior executive management;
•  standard accounting controls and reporting 
   procedures; and
•  regularly liaising with the Group’s auditor and other 
   professionals as required.
Key performance indicators
The Group’s key performance indicators are revenue 
from continuing operations, profit before tax and 
exceptional items from continuing operations, earnings 
before interest, tax, depreciation and amortisation from 
continuing operations and adjusted earnings per share. 
These are disclosed on page one of this report.
 
Entu (UK) PLC Annual Report 2015 | 31
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 32 | Entu (UK) PLC Annual Report 2015
DIRECTORS’
REPORT
CONTINUED
Strategic report
The Chairman’s statement on page 4 to 7, the Chief 
Executive’s statement on ages 8 to 13, the principal 
risks and uncertainties on pages 14 to 15 and 
the strategy section on page 18 to 19 contain the 
information required to comply with the Companies 
Act 2006 strategic report requirements.
Annual General Meeting
The Board is fully committed to constructive dialogue 
with its shareholders. 
The Company uses the Annual General Meeting as an 
opportunity to communicate with its shareholders
The Company’s 2015 Annual General Meeting will be 
held at Entu’s registered office at 9:30 am on 29 March 
2016. 
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 2015, 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 the Group’s performance and future 
developments that may affect the Group along with 
details in relation to dividends have been included in the 
Chairman’s and Chief Executive’s statements.
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
•  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.
This information is given and should be interpreted 
in accordance with the provision of section 418 (2) of 
Companies Act 2006.
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 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  Entu (UK) PLC Annual Report 2015 | 33
DIRECTORS’
REPORT
CONTINUED
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;
•  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 comply with the Companies Act 2006. 
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 16 to 17 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 loss of the Group; and
•  the Strategic Report contains 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 on pages 
   14 to 15.
By order of the Board of Directors:
Ian Blackhurst
Chief Executive
28 January 2015
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 34 | Entu (UK) PLC Annual Report 2015
INDEPENDENT AUDITORS’
REPORT TO THE MEMBERS
OF ENTU (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 2015 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 
The financial statements, included within the Annual 
Report, comprise:
•  the consolidated Balance Sheet as at 31 October 2015;
•  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.
Opinions on other matters 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 set out on page 32 to 33, 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 2015 | 35 
INDEPENDENT AUDITORS’
REPORT TO THE MEMBERS
OF ENTU (UK) PLC
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.
Other matter
We have reported separately on the company financial 
statements of Entu (UK) PLC for the year ended 31 
October 2015.
Hazel Macnamara (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester 
28 January 2016
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 36 | Entu (UK) PLC Annual Report 2015 Entu (UK) PLC Annual Report 2015 | 37
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
YEAR ENDED 31 OCTOBER
Notes
2015
£000’s
2014
restated
£000’s
Continuing operations
 
Revenue
Cost of sales
99,033
(66,870)
92,268
(63,068)
Gross profit 
 
Administrative expenses
32,163
(24,138)
29,200
(20,005)
Operating profit before exceptional items
Exceptional items
4
5
8,025
(518)
9,195
(1,320)
Operating profit
Finance income
Finance costs
8
8
7,507
4
(27)
7,875
29
(11)
Profit before taxation
Taxation 9
7,484
(981)
7,893
(2,215)
Profit for the year from continuing operations 6 6,503 5,678
Discontinued operations
(Loss) / profit for year from discontinued                 
operations, (including £0.3m of exceptional costs (2014: £nil)) 10 (3,759) 1,064
Profit for the year 2,744 6,742
Earnings per share (note 12)   
   
Continuing basic earnings per share (pence)       9.9              8.7
Diluted continuing basic earnings per share (pence)      9.9              8.7
   
Basic earnings per share (pence)         4.2              10.3
Diluted basic earnings per share (pence)        4.2              10.3
   
Adjusted basic earnings per share (pence)       10.7              10.7
Adjusted diluted basic earnings per share (pence)       10.7              10.7
The comparative figures for the year ended 31 October 2014 have been restated to reflect the discontinued operations 
disclosed in note 10.
The notes on pages 41 to 66 are an integral part of these consolidated financial statements.
There are no other items of comprehensive income for the year other than the profit attributable to the equity holders.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 38 | Entu (UK) PLC Annual Report 2015
CONSOLIDATED 
BALANCE SHEET 
AT 31 OCTOBER
Notes
2015
£000’s
2014
£000’s
Assets 
Non-current assets
Intangible assets
Property, plant and equipment
Deferred taxation
13
14
19
1,496
948
-
1,676
1,048
19
2,444 2,743
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents
15
16
17
1,839
15,078
1,435
1,751
11,060
5,768
18,352 18,579
Total assets 20,796 21,322
Equity 
Share capital 
Retained earnings
22 50
909
50
871
Total shareholders’ equity 959 921
Liabilities
Non-current liabilities 
Deferred taxation
Provisions
19
20
60
1,318
40
1,488
1,378 1,528
Current liabilities
Trade and other payables
Taxation
Provisions
18 
20
16,501
933
1,025
16,253
2,191
429
18,459 18,873
Total liabilities 19,837 20,401
Total shareholders’ equity and liabilities 20,796 21,322
The financial statements above and below were approved by the Board of Directors and authorised for issue. 
They were signed on its behalf by:
Ian Blackhurst
Chief Executive 
28 January 2016 
 
Entu (UK) PLC 
Registered number 08957339 Entu (UK) PLC Annual Report 2015 | 39
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
YEAR ENDED 31 OCTOBER
Equity attributable to the equity holders Notes
Share
capital
£000’s
Retained
earnings
£000’s
Total
£000’s
At 1 November 2013 - 9,317 9,317
Profit for the financial year - 6,742 6,742
Transactions with owners
Distributions to shareholders
Proceeds from shares issued 22
-
50
(15,188)
-
(15,138)
50
Total transactions with owners recognised directly in equity 50 (15,188) (15,138)
At 31 October 2014 50 871 921
At 1 November 2014 50 871 921
Profit for the financial year - 2,744 2,744
Transactions with owners:
Dividends paid to shareholders 
Share-based payment charge 
11
27
-
-
(2,736)
30
(2,736)
30
Total transactions with owners recognised directly in equity - (2,706) (2,706)
At 31 October 2015 50 909 959
Share capital
The share capital account includes the nominal value of 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.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 40 | Entu (UK) PLC Annual Report 2015
CONSOLIDATED 
CASH FLOW STATEMENT 
YEAR ENDED 31 OCTOBER
Notes
2015
£000’s
2014
£000’s
Cash flows from operating activities
Cash generated from operations
Taxation paid
23 1,180
(2,216)
10,389
(1,007)
Net cash (used in) / generated from operating activities (1,036) 9,382
Cash flows from investing activities
Finance income
Finance costs
IPO fees
Purchase of property, plant and equipment
Acquisition of subsidiary, net of cash acquired
Increase in loans due from related parties
8
8
5
14
25
4
(27)
(1,320)
(258)
1,040
-
29
(11)
-
(674)
(299)
(891)
Net cash used in investing activities (561) (1,846)
Cash flows from financing activities
Dividends paid
Proceeds from issue of share capital
11
22
(2,736)
-
-
50
Net cash (used in) / generated from financing activities (2,736) 50
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
(4,333)
5,768
7,586
(1,818)
Cash and cash equivalents at the end of the year 17 1,435 5,768 Entu (UK) PLC Annual Report 2015 | 41
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1. Accounting policies 
General information
The principal activity of Entu (UK) PLC (‘the Company’) 
and its subsidiaries’ (together ‘the Group’) is the sale of 
replacement windows, double glazing, entrance doors, 
patio doors and exterior improvement products within the 
United Kingdom. 
The Group closed its solar operation during the year.
The Company is incorporated and domiciled in the 
UK. The Company’s registered number is 08957339 
and 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 consolidated and company financial statements were 
authorised for issue by the Board on 28 January 2016.
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 also 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 Groups 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. 
Additional details on the Group’s critical accounting 
estimates are provided below.
 
Basis of consolidation
The Group controls an entity when the Group has power 
over an entity, is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the 
ability to affect these returns through its power over the 
entity. 
Subsidiaries are fully consolidated from the date on which 
control is transferred to the Group. 
They are deconsolidated from the date that control ceases. 
The Group has applied IFRS 10 retrospectively in 
accordance with transition provisions of IFRS 10.
The accounting periods of subsidiary undertakings are 
coterminous with those of the Company. 
Intercompany transactions, balances and unrealised gains 
on transactions between Group companies are eliminated. 
Unrealised losses are also eliminated unless the 
transaction provides evidence of an impairment of the 
asset transferred. 
Subsidiaries’ accounting policies have been changed, where 
necessary, to ensure consistency with the policies adopted 
by the Group.
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.  
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 42 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
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 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.
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 adoption of these new standards has had no 
material impact on the Group financial statements for the 
year ended 31 October 2015.
New or amended standard and interpretations in 
issue but not yet effective or EU endorsed
The following are 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 
(not currently EU endorsed).
IFRS 15 “Revenue from contracts with customers” is effective 
for annual reporting periods starting on or after 1 January 
2018 onwards.
Annual improvements 2010-2012 (effective 1 July 2014) 
(endorsed for 1 Feb 2015)
Amendment to IAS 19, ‘Employee benefits’, on defined 
benefit plans (effective 1 July 2014) (endorsed for 1 Feb 
2015)
Amendment to IFRS 11, ’Joint arrangements’ on acquisition 
of an interest in a joint operation (effective 1 January 2016) 
(subject to EU endorsement)
Amendment to IAS 16, ’Property, plant and equipment’ and 
IAS 38,’Intangible assets’, on depreciation and amortisation 
(effective 1 January 2016) (subject to EU endorsement)
Amendments to IAS 16, ‘Property, plant and equipment’ and 
IAS 41, ‘Agriculture’ on bearer plants (effective 1 January 
2016) (subject to EU endorsement)
Amendments to IAS 27, ‘Separate financial statements’ on 
equity accounting (effective 1 January 2016) (subject to EU 
endorsement)
Amendments to IFRS 10, ‘Consolidated financial statements’ 
and IAS 28,’Investments in associates and joint ventures’ on 
applying the consolidation exemption (effective 1 January 
2016) subject to EU endorsement
Amendments to IAS 1, ’Presentation of financial statements’ 
disclosure initiative (effective 1 January 2016) (subject to EU 
endorsement)
The Group is in the process of assessing the impact these 
new or amended standards may have on the Group financial 
statements in future periods. At the current time the Group 
is not able to reliably estimate the potential impact of these 
standards and further disclosure of the potential impact will 
be given in future periods when a reliable estimate has been 
established. Entu (UK) PLC Annual Report 2015 | 43
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
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 operating and financial risks 
facing the Group are set out in note 3 on pages 46 to 47 
of these financial statements. The Directors, having taken 
account of future forecast trading and cashflows and 
the availability of funding and facilities consider that it 
remains appropriate to adopt the going concern basis of 
preparation in these financial statements.
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 acquired Astley Facades Limited (‘Astley’) 
during the year. Astley engages in the provision of 
goods and services that meet the definition of long term 
contracts as defined in IAS 18 and as such they are 
accounted for in a manner consistent with the nature of 
the contracts. Revenue from contracts operated by Astley 
is measured based on the stage of completion which is 
assessed and measured by qualified chartered surveyors.
Revenue is recognised having taken account of the total 
forecast revenue under the terms of the contract and 
the agreed stage of completion. Where contracts are 
forecast to be loss making full provision is made for the 
loss when it is first forecast. Where amounts have been 
billed to customers in excess of the stage of completion 
of contracts, revenue is deferred and is recognised as the 
contracts progress. Where the stage of completion has 
exceeded the amounts billed to customers, revenue is 
accrued in line with contractual terms.
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 an initial 14 
day cooling off period.
Provided the amount of revenue can be measured 
reliably and it is probable that the Group will receive 
the appropriate 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. In 
so doing, provisions are put in place for an estimated claw 
back of commission receivable based upon past history. 
Finance commission income is recognised within revenue in 
the statement of comprehensive income.
Exceptional items
The Group separately discloses items which are considered 
by the Directors to be exceptional in nature rather than 
being representative of the underlying trading of the 
Group. The Directors apply judgement in assessing the 
particular items concerned which by virtue of their scale 
and nature, are disclosed in further detail in note 5 to the 
financial statements.
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 operation that has either been 
sold or closed. Where operations are discontinued through 
closure they are classified as discontinued when such 
operations have ceased.
 
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 
operations concerned, together with the post-tax gain or 
loss recognised on sale or closure.
Prior periods are re stated for comparative purposes. 
Segmental reporting 
 
Operating segments are reported in a manner consistent 
with the internal monitoring of performance provided 
to the Chief Operating Decision Maker (“CODM”), who 
is responsible for allocating resources and assessing 
performance. The CODM has been defined as the Executive 
Board.
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 
acquired, liabilities assumed and equity instruments 
issued. Consideration is included in cost at the fair value 
at the acquisition date 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 date of acquisition. 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 44 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
1. Accounting policies continued 
Goodwill impairment
Goodwill is allocated to each of the Group’s cash 
generating units expected to benefit from the combination. 
Cash generating units to which goodwill has been allocated 
are tested annually for impairment, 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 profit or loss.
Business combinations
The purchase method of accounting is used to account for 
the acquisition of subsidiaries by the Group. The cost of 
an acquisition is measured as the fair value of the assets 
given, equity instruments issued and liabilities incurred or 
assumed at the date of exchange. 
Identifiable assets acquired and liabilities and contingent 
liabilities assumed in a business combination are 
measured initially at their fair value at the acquisition date, 
irrespective of the extent of any non-controlling interest. 
The excess of the cost of acquisition over the fair value of 
the Group’s share of the identifiable net assets acquired is 
recorded as goodwill. If the cost of acquisition is less than 
the fair value of the Group’s share of the net assets of the 
subsidiary acquired, the difference is recognised directly 
in the statement of comprehensive income. Costs directly 
attributable to the cost of the acquisition are expensed to 
the statement of comprehensive income as an exceptional 
item.
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 are approved by 
shareholders and become legally payable.
Property plant and equipment
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 concerned.
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:
                                                        per annum
 Freehold property  5%   
 Plant and machinery  33% 
 Fixtures and fittings  33% 
 Equipment   33% 
 Motor vehicles   33%
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 administrative costs.
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 in the rental expense over the 
lease term on a straight line basis.
Trade payables
Trade receivables are initially recognised at fair value 
and subsequently measured at amortised cost using 
the effective interest rate method, less provision for 
impairment. A provision for impairment is made 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 the carrying value and the 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  Entu (UK) PLC Annual Report 2015 | 45
basis through the statement of comprehensive income 
using the effective interest method, and are added to the 
carrying amount of the instrument to the extent that they 
are not settled in the period in which they arise.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and 
balances with banks, including outstanding bank overdrafts.
Financial instruments
On initial recognition the Group classifies financial 
instruments (or their component parts) as a financial asset, 
financial liability or an equity instrument in accordance with 
the substance of the contractual arrangement.
Financial instruments are recognised in the balance sheet 
at fair value when the Group becomes a party to the 
contractual arrangements concerned.
Defined contribution schemes 
Contributions to defined contribution pension schemes are 
charged to the consolidated statement of comprehensive 
income in the year in which they are incurred. 
Finance income and costs
Finance income and costs are recognised in the statement 
of comprehensive income 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. 
Provisions 
 
The Group recognises  provisions for liabilities where the 
timing or amount may be uncertain, including provisions 
for warranty  claims. Provisions recognised are the 
best estimate of the expenditure required to settle the 
obligation at the reporting date, discounted at a pre-tax  
rate.
The Group’s principal provisions are in respect of potential 
warranty costs that may arise on the sale of goods to 
customers, where warranties are offered. Provisions for 
future warranty costs are recognised at the date the sale 
is completed based on management’s best estimate of 
future costs and historical experience discounted at an 
appropriate rate. Adjustments are made to the warranty 
provision where additional information becomes available 
that provides evidence that the existing level of provision 
may need to be adjusted. 
Share-based payments
The Group operates a number of equity settled, share 
based compensation plans. The economic cost of awarding 
shares and share options to employees is recognised as 
an expense in the statement of comprehensive income 
equivalent to the fair value of the benefit awarded. The 
fair value is determined by reference to option pricing 
models, principally Black-Scholes and Monte Carlo models. 
The fair value of the award is recognised in the statement 
of comprehensive income over the vesting period of the 
award. At each balance sheet date, the Group revises its 
estimate of the number of options that are expected to 
become exercisable. Any revision to the original estimate 
is reflected in the statement of comprehensive income 
with a corresponding adjustment to equity, immediately, 
to the extent it relates to past service and the remainder 
over the rest of the vesting period. All options cancelled 
are fully expensed to the statement of comprehensive 
income upon cancellation.
The proceeds received net of any directly attributable 
transaction costs are credited to share capital (nominal 
value) and share premium when the options are 
exercised.
Any amount charged or credited to the statement of 
comprehensive income by any of the Group’s subsidiaries 
is reflected in the books of the Company via an increase 
or decrease in investments, with a corresponding increase 
or decrease to equity. These entries are eliminated within 
the consolidated financial statements.
Taxation
Tax expense represents the sum of income tax payable 
and deferred tax. 
Income tax payable is based on taxable profit for the year. 
Taxable profit differs from net profit as reported in the 
statement of comprehensive income 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 is reduced to the extent 
that it is not 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 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 
where the Group intends to settle its current tax liabilities 
on a net basis. 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 46 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
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 carry a higher risk of 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
•  Impairment of goodwill 
Determining whether goodwill is impaired requires an estimate 
of the ‘value in use’ of the cash generating units from which 
goodwill has been derived. 
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.
•  Warranty provisions
The Group holds warranty provisions to cover the estimated 
cost of possible future remedial work. Such costs are 
estimated based upon applicable sales made (including those 
made before the acquisition of any companies acquired) and 
the Group’s historical experience of warranty claims made 
against sales, and the net present value of the costs involved is 
calculated using an appropriate discount rate. 
Any change in the historical experience of warranty claims, 
method of estimation of the costs involved or the discount rate 
could lead to an adjustment of the warranty provision.
•  Astley revenue recognition
Astley Facades (UK) Limited recognises revenue based on 
the stage of completion of long term contracts, measured by 
qualified chartered surveyors. 
The level of revenue and profit recognised is determined 
based on the stage of completion and the estimated costs to 
complete the contracts concerned. In so doing, management 
apply estimates in determining the stage of completion and 
costs to complete which, were they to ultimately differ, could 
impact the level of revenue and profit recognised.
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. 
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.  
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 
managed through third party credit rating agencies (for 
corporate customers) and internal financial reviews of the 
counterparties involved, 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:
2015
£000’s
2014
£000’s
Barclays Bank PLC – credit rating A 1,435 5,768  The Group is also exposed to credit risk in respect of amounts 
due from Trade receivables. Given the nature of the Group’s 
operations and customer base there is no concentration of 
credit risk to the Group. Therefore no additional disclosure 
has been provided in respect of the credit worthiness of 
counterparties given that they are largely individuals and not 
companies. Entu (UK) PLC Annual Report 2015 | 47
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 
   Inventory
   Trade receivables
   Other non-derivative financial assets
   Non-financial 
   Cash and cash equivalents
-
-
6,122
2,572
-
5,768
-
-
-
-
-
-
2,743
1,751
-
-
2,366
-
2,743
1,751
6,122
2,572
2,366
5,768
Total assets 14,462 - 6,860 21,322
Liabilities
   Deferred tax
   Trade payables
   Other taxation and social security
   Deferred Income
   Current tax
   Non-financial 
-
-
-
-
-
-
-
(14,213)
(1,667)
(373)
-
-
(40)
-
-
-
(2,191)
(1,917)
(40)
(14,213)
(1,667)
(373)
(2,191)
(1,917)
Total liabilities - (16,253) (4,148) (20,401)
Net assets 14,462 (16,253) 2,712 921
Loans and
receivables
£000’s
Financial
liabilities at
amortised
cost
£000’s
Non-financial
items
£000’s
Total
£000’s
At 31 October 2015
Assets
Non-current
Inventory 
Trade receivables 
Other non-derivative financial assets 
Non-financial 
Cash and cash equivalents
-
-
5,286
1,541
-
1,435
-
-
-
-
-
-
2,444
1,839
-
-
8,251
-
2,444
1,839
5,286
1,541
8,251
1,435
Total assets 8,262 - 12,534 20,796
Liabilities
   Deferred tax
   Trade payables
   Other taxation and social security
   Deferred income
   Current tax 
   Non-financial
-
-
-
-
-
-
-
(13,300)
(1,961)
(1,240)
-
-
(60)
-
-
-
(933)
(2,343)
(60)
(13,300)
(1,961)
(1,240)
(933)
(2,343)
Total liabilities - (16,501) (3,336) (19,837)
Net assets 8,262 (16,501) 9,198 959
 
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 the 
regular forecasting of its cash position and effective cash 
management. The Group’s objective is to maintain a balance 
in the continuity of its available funds to allow it to invest as 
necessary.
Capital risk management
The primary objective of the Group’s capital management 
process is to ensure that it maintains a strong credit rating 
and healthy capital ratios. 
The Group manages its capital structure and makes 
adjustments to suit economic conditions. In the absence of 
any long term debt, the Group regards called up share capital 
and retained earnings as its capital.
The Group sets the amount of capital required 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 opportunities on their merits and fund 
them in the most effective manner.  
 
Fair value and cash flow interest rate risk 
The Group had no outstanding loan balances throughout the 
year other than short term overdrafts. Therefore a change 
in LIBOR of 1%, being the average change in the LIBOR rate 
seen over the last 12 months, would change the Group’s 
profit before tax by an insignificant amount.
Financial instruments by category
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 48 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
4. Segmental analysis operating segments
Operating segments
2015
Home
Improvements
£000’s
Energy
Generation
and Saving
£000’s
Repair and
Renewal
Service
Agreements
£000’s
Total
£000’s
Total revenue 82,013 14,310 2,710 99,033
Profit before tax, exceptional items and finance costs 3,982 1,906 2,137 8,025
Discontinued operations
Total revenue
Loss before tax, exceptional items and finance costs
3,342
(620)
14,521
(2,839)
-
-
17,863
(3,459)
Combined business 
Total revenue 85,355 28,831 2,710 116,896
Profit before tax, exceptional items and finance costs 3,362 (933) 2,137 4,566
Finance income 
Finance costs
Exceptional items
4
(27)
(818)
Profit before tax
Taxation
3,725
(981)
Profit for the year 2,744
Operating segments
2014
Home
Improvements
£000’s
Energy
Generation
and Saving
£000’s
Repair and
Renewal
Service
Agreements
£000’s
Total
£000’s
Total revenue 80,573 9,269 2,426 92,268
Profit before tax, exceptional items and finance costs 4,080 3,204 1,911 9,195
Discontinued operations
Total revenue
Profit before tax, exceptional items and finance costs
3,731
(264)
22,974
1,328
-
-
26,705 
1,064 
Combined business 
Total revenue 84,304 32,243 2,426 118,973
Profit before tax, exceptional items and finance costs 3,816 4,532 1,911 10,259
Finance income 
Finance costs
Exceptional items
29
(11)
(1,320)
Profit before tax
Taxation
8,957
(2,215)
Profit for the year 6,742
The Chief Operating Decision Maker (CODM) has been identified as the Executive Board which comprises the four 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, including an allocation of central costs as 
appropriate.
The CODM considers the business from an operating perspective and the reporting segments are Home Improvements, Energy 
Saving & Insulation and the Repair and Renewal Service Agreements. In the prior year the Group reported the new Energy Saving 
and Insulation segment as two distinct segments, being Energy Generation & Saving, and Insulation. As result of the decision 
to close the Groups solar operations, the CODM now considers the performance of these two segments as one and segmental 
reporting has been amended to align with the Groups internal reporting and management.
The CODM assesses 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. The analysis below 
covers analysis of statement comprehensive income only, as no monthly balance sheet analysis is reported by segment.
All revenue, profit and assets of the Group and all segments arise in the Company’s country of domicile, being the United 
Kingdom.
The segmental analysis has restated to reflect the impact of the closure of the solar division along with the sale of Norwood Interiors 
(UK) Limited. The Group’s revenue and profit principally arise from the sale of goods.  Entu (UK) PLC Annual Report 2015 | 49
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
5. Exceptional items
Exceptional items included within continuing operating profit:
2015
£000’s
2014
£000’s
Continuing
Aborted acquisition costs 235 -
Property costs relating to 2013/14 115 -
IPO costs - 1,320
Directors bonus costs relating to 2013/14 168 -
518 1,320
Discontinued
Restructuring costs 300 -
6. Profit for the year from continuing operations – analysis by nature 
Profit for the year has been arrived at after charging:
Discontinued exceptional costs represent reorganisation costs following the closure of the Group’s solar operations 
and the consequent need to reduce the overhead cost base within the Group as a whole.
Exceptional costs in the prior year related to legal and professional fees incurred as part of the Group’s IPO.
2015
£000’s
2014
£000’s
Depreciation of property, plant and equipment
Cost of inventories purchased for resale
Employee costs (note 7)
Self-employed costs
Operating lease costs
Amounts written off / provided against trade receivables
Auditors’ remuneration (see below)
352
30,617
12,674
40,635
2,350
708
86
300
33,122
10,651
36,633
2,265
367
69
A more detailed analysis of auditors’ remuneration is provided below:
2015
£000’s
2014
£000’s
Fees payable for the audit of the Company’s annual and Group consolidated accounts
Fees payable for the audit of the Company’s subsidiaries
15
71
10
59
Total fees paid to Group auditors 86 69
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 50 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
7. Directors and employees
Employee costs
The average monthly number of employees (including Executive Directors) was as follows:
2015
Number
2014
Number
Staff - administrative 436 531
The costs incurred in respect of the above were as follows:
2015
£000’s
2014
£000’s
Wages and salaries
Social security costs
Share-based payments
Defined contribution pension costs
10,793
1,561
30
290
9,145
1,274
-
232
12,674 10,651
In order to provide a flexible operational resource the Group also contracts with self-employed sales and installation staff.
Directors’ remuneration
The costs incurred in respect of the Directors (who are regarded as key management personnel) 
including Non-Executive Directors, were as follows:
2015
£000’s
2014
£000’s
Short-term employee benefits
Post-employment benefits
635
14
616
14
Total 649 630
There were no costs in respect of share-based payments for the year (2014: £nil).
For the year ended 31 October 2015 the highest paid Director received total remuneration of £285,000 (2014: £385,000) 
and pension contributions of £1,200 (2014: £1,200).   
8. Finance income and costs
2015
£000’s
2014
£000’s
Interest receivable
Interest payable
4
(27)
29
(11)
Net finance income (23) 18 Entu (UK) PLC Annual Report 2015 | 51
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
9. Taxation
2015
£000’s
2014
£000’s
Current tax
UK corporation tax charge for the year
Adjustments in respect of prior periods
933
24
2,191
-
Total current tax charge 957 2,191
Deferred tax
Origination and reversal of temporary timing differences 24 24
Total deferred tax charge 24 24
Total tax charge 981 2,215
UK corporation tax is calculated at 20.4% (2014: 21.8%) of the estimated assessable profit for the year.
The tax charge for the year can be reconciled to the profit in the consolidated statement of comprehensive income as follows:
2015
£000’s
2014
£000’s
Profit before tax on continuing operations
(Loss) / profit on discontinued operations
7,484
(3,759)
7,893
1,064
Tax at the UK corporation tax rate of 20.4% (2014: 21.8%)
Tax effect of expenses that are not deductible
Adjustments in respect of prior periods
3,725
760
197
24
8,957
1,952
263
-
Total tax charge for the year 981 2,215
Factors that may affect future tax charges
Changes to UK corporation tax rates were announced in the Chancellor’s Budget on 8 July 2015 and were substantively enacted into UK law 
on 26 October 2015. These include reductions to reduce the principal rate to 19% from 1 April 2017 and to 18% from 1 April 2020. 
As the changes have been substantively enacted at the balance sheet date deferred tax balances have been re measured to the rate at 
which the deferred tax amounts are expected to reverse, which ranges between 20% and 18% according to the nature of each element of 
deferred tax. The impact of the changes in tax rates has not been material to the Group.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 52 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
Statement of comprehensive income:
Notes
Year ended 
Oct 2015 
£000’s
Year ended 
Oct 2014 
£000’s
Continuing operations
Revenue                                             
Cost of sales 4
14,521
(12,181)
22,974
(16,839)
Gross profit
Administrative expenses
2,340
(5,179)
6,135
(4,807)
(Loss) / profit  before tax and exceptional items                          
Exceptional items
4
5
(2,839)
(300)
1,328
-
(Loss) / profit before taxation (3,139) 1,328
Statement of comprehensive income: Notes
Year ended 
Oct 2015 
£000’s
Year ended 
Oct 2014 
£000’s
Continuing operations
Revenue                                             
Cost of sales
4
3,342
(2,666)
3,731
(2,789)
Gross profit
Administrative expenses
676
(1,296)
942
(1,206)
(Loss) before tax and exceptional items                          
Exceptional items
4
5
(620)
-
(264)
-
(Loss) before taxation (620) (264)
2015 
£000’s
2014 
£000’s
Dividends paid 2,736 -
2015 Dividends £000
Pence 
Per Share
Special Dividend 984 1.50
Interim Dividend 1,752 2.67
2,736 4.17
Norwood Interiors (UK) Ltd  
On 2 October 2015 the Group completed the disposal of its kitchen retail operation, Norwood Interiors (UK) Ltd, as this operation did not 
form part of the Group’s core strategy 
The associated cash outflow for the year was £3,869,000 (2014: cash inflow £1,071,000).
The associated cash outflow for the year was £742,000 (2014: cash outflow £528,000).
11. Dividends
10. Discontinued Operations 
Solar Division  
     
On 2 September 2015 the board signalled its intention to pull out of the retail solar market as a result of continuing uncertainty in the 
level of future ‘feed-in tariffs’ supporting the commercial case for end user customers, and increasingly challenging market conditions. As 
a result the Group ceased sales of solar panels by the year end, and limited the costs of closure through the retraining and re allocation of 
experienced sales staff to other Group activities. Proposed final dividend
The Directors are pleased to declare a final dividend of 2.67 pence for the year ended 31 October 2015, which will be paid in accordance 
with the following timetable:
Ex-dividend date:  7 April 2016
Record date:  8 April 2016
Payment date:  6 May 2016
Entu (UK) PLC Annual Report 2015 | 53
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
Basic earnings per share and diluted earnings per share are calculated by dividing profit for the year attributable to equity holders by the 
weighted average number of shares in issue.
12. Earnings per share
2015
Number
£000’s
2014
Number
£000’s
Basic weighted average 65,600,000 65,600,000
Diluted weighted average 65,663,777 65,600,000
Basic earnings per share is calculated using the weighted average number of ordinary shares in issue during the year, excluding those 
held by the Company or any of its subsidiaries, based on the profit for the year attributable to shareholders.
Adjusted earnings per share figures are given to exclude the effects of discontinued operations and exceptional items, all net of 
taxation, and are considered to show the underlying performance of the Group.
Deferred shares have been excluded from the basic and diluted number of shares as deferred shares carry no voting rights and no 
rights to any distributions to be made by the Group.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all 
potentially dilutive ordinary shares. The Company has dilutive potential ordinary shares arising from share options granted to 
employees where the exercise price is less than the average market price of the Company’s ordinary shares during the year and where 
performance conditions attached to shares, as applicable, are expected to be achieved.
Potential ordinary shares are dilutive at the point, from a continuing operations level, when their conversion to ordinary shares would 
decrease earnings per share or increase loss per share from continuing operations. Potential ordinary shares have been treated as 
dilutive, as their inclusion in the diluted earnings per share calculation decreases earnings per share from continuing operations.
There were no events occurring after the balance sheet date that would have changed significantly the number of ordinary shares 
or dilutive potential ordinary shares outstanding at the balance sheet date if those transactions had occurred before the end of the 
reporting year.
2015 2014
Basic earnings per share
Discontinued operations (inc exceptional)
4.2
5.7
10.3
(1.6)
Continuing basic earnings per share
Exceptional items 
9.9
0.8
8.7
2.0
Adjusted basic earnings per share 10.7 10.7
Diluted earnings per share 
Discontinued operations (inc exceptional)
4.2
5.7
10.3
(1.6)
Diluted continuing basic earnings per share
Exceptional items 
9.9
0.8
8.7
2.0
Adjusted diluted basic earnings per share 10.7 10.7
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 54 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
12. Earnings per share continued
     
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, which is deemed by the Directors to give a better 
understanding of the underlying trading performance of the Group, is as follows:
13. Intangible assets 
Goodwill
2015
£000’s
2014
£000’s
Profit attributable to owners of the Parent 
Add back: 
Loss / (profit) from discontinued operations 
Exceptional items
2,744
3,759
518
6,742
(1,064)
1,320
Adjusted profit after tax 7,021 6,998
Cost £000’s
At 1 November 2013 1,450
Recognised on acquisition of subsidiary (note 25) 299
At 1 October 2014 1,749
Disposal of  subsidiary (180)
At 1 October 2015 1,569
Accumulated impairment losses
At 31 October 2014 and 2015 73
Carrying amount
31 October 2015 1,496
31 October 2014 1,676
 
Goodwill has arisen as follows:
•   The purchase of 100% of the share capital of Weatherseal Holdings Limited whose trade is now held within Weatherseal      
     Home Improvements Limited.
•   The acquisition of the trade and assets of trade held within Zenith Staybrite Limited.
•   The acquisition of the trade and assets of a business which now sits in Penicuik Home Improvements Limited.
•   The acquisition of 100% of the share capital of Soltrac Limited, Energy Hypermarket Limited and The Essex Solar Company 
     Limited.
•   The acquisition of the trade and assets of trade of Europlas, a division of Specialist Building Products Limited. Entu (UK) PLC Annual Report 2015 | 55
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
13. Intangible assets continued
Impairment testing of goodwill
The allocation of goodwill to Cash-Generating Units (“CGU”) is as follows:
Goodwill
2015
£000’s
Goodwill
2014
£000’s
Weatherseal Holdings acquisition
Zenith acquisition
Christies Kitchens division
Penicuik business acquisition
KBC Energy Group
Europlas Limited
 
876
200
-
65
56
299
876
200
180
65
56
299
Total 1,496 1,676
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 budgets are derived on a detailed, ‘bottom up’ basis. 
All income streams and cost lines are considered and appropriate growth / 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 “CGUs” operate. Further, 
it is assumed that there are no material adverse changes in legislation that would affect the forecast cash flows. The key 
assumptions used in the ‘value-in-use’ calculations for each “CGU” are as follows:
• Growth rate (after budget period): 2.0%
• Market risk premium: 5.75%
The pre-tax discount rate used within the recoverable amount calculations was 10.0% (2014: 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 earlier in 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 assets to be less than the carrying value.
Having completed the 2015 annual impairment review, the Group has recognised no impairment (2014: £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 dependent 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.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 56 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
14. 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 2013 294 168 723 85 565 1,835
Additions - 2 246 297 145 690
At 31 October 2014 294 170 969 382 710 2,525
Additions
Acquisitions 
Disposals
-
-
-
17
17
-
88
-
(76)
-
-
-
153
-
(4)
258
17
(80)
At 31 October 2015 294 204 981 382 859 2,720
Accumulated depreciation
At 1 November 2013 16 140 497 62 462 1,177
Charge for the year 15 13 170 11 91 300
At 31 October 2014 31 153 667 73 553 1,477
Charge for the year 
Disposals
13
-
13
-
160
(54)
64
-
102
(3)
352
(57)
At 31 October 2015 44 166 773 137 652 1,772
Net book values
At 31 October 2015 250 38 208 245 207 948
At 31 October 2014 263 17 302 309 157 1,048
At 31 October 2015, the Group had entered into commitments for the acquisition of property, plant and equipment amounting to £nil 
(2014: £nil).  Entu (UK) PLC Annual Report 2015 | 57
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
Inventories are regularly reviewed and written off on an ongoing basis in the event the customer cancels their order.  
The cost of inventories recognised as an expense and included in cost of sales amounts to £30.6m (2014: £33.1m).
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, as appropriate, based on these factors.
Given the nature of the Groups customer base the Group has no concentration of credit risk, and therefore no additional analysis of credit 
risk has been deemed required.
No other receivables have been deemed to be impaired.
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:
15. Inventories
16. Trade and other receivables
Receivables due within one year
2015
£000’s
2014
£000’s
Raw materials and consumables
Finished goods and goods for resale
789
1,050
900
851
1,839 1,751
2015
£000’s
2014
£000’s
Trade receivables
Less: provision for impairment
6,147
(861)
6,847
(725)
Net trade receivables
Amounts owed by related parties (Note 26)
Loans to relates parties
Other receivables
Prepayments
5,286
-
1,541
3,510
4,741
6,122
1,406
1,166
-
2,366
15,078 11,060
2015
£000’s
2014
£000’s
At 1 November 
Provision for receivables impairment 
Receivables written off during the year
(725)
(708)
572
(837) 
(367)
479
At 31 October (861) (725)
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 58 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
The following table shows trade receivables at the reporting date which are overdue and for which no allowance for impairment has been 
recognised:
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying 
amount of trade and other payables approximates to their fair value due to their short term nature.
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 Group has an enforceable right to offset and settle bank overdrafts net with cash at bank and in hand. 
As at 31 October 2015 bank overdrafts offset against cash at bank and in hand totalled £0.9m (2014: £0.5m)
16. Trade and other receivables (continued)
17. Cash and cash equivalents
2015
£000’s
2014
£000’s
31-60 days
61-90 days
91+ days
421
168
589
974
542
821
1,178 2,337
2015
£000’s
2014
£000’s
Cash at bank and in hand and bank overdrafts 1,435 5,768
18. Trade and other payables
2015
£000’s
2014
£000’s
Trade payables
Payments on account
Other taxation and social security
Amounts owed to related parties
Accruals 
Deferred income
8,731
1,303
1,961
-
3,266
1,240
9,436
1,389
1,667
2,089
1,299
373
16,501 16,253 Entu (UK) PLC Annual Report 2015 | 59
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
2015
£000’s
2014
£000’s
Deferred tax assets
Deferred tax liabilities
-
(60)
19
(40)
(60) (21)
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying 
amount of trade and other payables approximates their fair value due to their short term nature.
19.  Deferred tax
Accelerated
 tax 
depreciation
£000’s
Total
£000’s
At 31 October 2013
Charge to income
3
(24)
3
(24)
At 31 October 2014
Prior year adjustment
Charge to income
(21)
(15)
(24)
(21)
(15)
(24)
At 31 October 2015 (60) (60)
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:
There are no amounts on which a deferred tax asset is not recognised.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 60 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
The following table shows trade receivables at the reporting date which are overdue and for which no allowance for impairment has been 
recognised:
20.  Provisions
Warranty 
provision
£000’s
Finance 
Clawback 
provision
£000’s
Total
£000’s
At 1 November 2013
Additional provisions changed to profit and loss
Utilised during year
1,814
171
(175)
62
107
(62)
1,876
278
(237)
At 31 October 2014 1,810 107 1,917
Additional provisions changed to profit and loss
Acquisition 
Utilised during year
Released during year 
22
1,270
(19)
(845)
105
-
(107)
-
127
1,270
(126)
(845)
At 31 October 2015 2,238 105 2,343
2015
£000’s
2014
£000’s
Warranty provision
Finance clawback provision
2,238
105
1,810
107
2,343 1,917
Current 
Non-current
1,025
1,318
429
1,488
2,343 1,917
The Group ceased to manufacture windows and doors for resale in 2013 and such goods sold by the Group are now backed by third party 
manufacturer’s warranties which are passed to the customer, with any obligations arising under those warranties subject to back to back 
agreements with the manufacturers concerned. The Group has reassessed the level of remaining warranty provision required, which still 
cover any costs associated with warranty work arising from installation issues, following which a provision release has been made in the 
year. Reflecting recent experience of claims rates and associated costs. The Directors believe the remaining provision is appropriate to 
cover all anticipated future costs.
According to the groups accounting policy in this respect additional warranty provisions have also been made in respect of the acquisition 
of Astley Facades Limited during the year, reflecting the nature of its longer term contracts.
The Group offer third party finance agreements to customers on the purchase of certain products, for which the Group receives 
commission. Such commission is subject to clawback within six months of the date of the finance agreement in the event that the finance 
agreement is cancelled and/or the finance debt is repaid by the ultimate customer. Entu (UK) PLC Annual Report 2015 | 61
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
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.
Total contributions paid in the year amounted to £290,423 (2014: £232,000) and at the balance sheet date contributions of £nil (2014: £nil) 
were outstanding.
21.  Retirement benefits
Number
000
        
Amount
     £000’s
Number
000
        Amount
     £000’s
Authorised:
Ordinary shares of £0.0005 each
Deferred shares of £0.0005 each 
65,600
34,400
33
17
65,600
34,400
33
17
100,000 50 100,000 50
Issued and fully paid:
Ordinary shares of £0.0005  each
Deferred shares of £0.0005 each
65,600
34,400
33
17
65,600
34,400
33
17
Total called up share capital 100,000 50 100,000 50
2015 2014
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 share carry no voting rights and no rights to distributions and the assets of the Group.
22.  Share capital
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 62 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
23.  Reconciliation of profit before tax to cash generated from operations
2015
£000’s
2014
£000’s
Profit before tax 3,725 8,957
Finance income
Finance costs
Depreciation of property, plant and equipment
Loss on disposal of  Norwood Interiors Limited
Non-cash exceptional items
Share-based payment charge
(4)
27
352
156
518
30
(29)
11
300
-
1,320
-
Operating cash flows before movements in working capital
Movements in working capital:
Increase in inventories
(Increase) / decrease in trade and other receivables
(Decrease) / increase in trade and other payables
(Decrease) / increase in provisions
4,804
(34)
(1,833)
(913)
(844)
10,559
(480)
176
120
14
Cash generated from operations 1,180 10,389
24. Operating lease commitments
2015
£000’s
2014
£000’s
Lease payments under operating leases recognised as an expense in the year 2,350 2,265
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:
2015
£000’s
2014
£000’s
Within one year
In the second to fifth years inclusive
Over five years
1,897
4,198
902
2,256
5,268
1,381
6,997 8,905 Entu (UK) PLC Annual Report 2015 | 63 
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
25. Business combinations
£000
Book  
value
Provisional fair value 
adjustment
Provisional  
Fair Values
£000’s
Property, plant and equipment
Inventories
Trade and other receivables
Net cash
Trade and other payables
28
54
2,623
1,040
(2,078)
-
-
(324)
-
(1,343)
28
54
2,299
1,040
(3,421)
Net identifiable assets required 1,667 (1,667) -
Goodwill -
Consideration paid 200 (200) -
Purchase consideration and provisional fair value of net assets acquired
Year ended 31 October 2015
On 27 March 2015 the Group purchased the entire issued share capital of Astley Facades Limited including three subsidiary companies, 
Astley Facades (UK) Limited, Astley Facades (North East) Limited and Astley Facades (Midlands) Limited, that gave the Group complementary 
commercial cladding operation across the UK.
The fair value of the consideration and assets and liabilities acquired at the date of acquisition are as follows:
The fair value adjustments at the date of acquisition are:
•   Provisions against recoverability of retentions, potential bad debts and unrecoverable accrued income £324,000
•   Adoption of the Group’s accounting policy for warranty claims £1,343,000
•   The initial purchase consideration of £200,000 was reduced as a result of an adjustment in the level of net assets existing at the 
     date of acquisition. The initial cash consideration was repaid to the Group prior to the year end
Revenue and profit contribution
The acquired business contributed revenues of £6,577,000 and operating profit of £592,000 to the Group in the seven months from the 
acquisition date to the year end.
The total revenues and operating profit for the 12 months ended 30 April 2015 were £11,129,000 and £101,900 respectively.
Year ended 31 October 2014
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 total cash consideration was £299,000.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 64 | Entu (UK) PLC Annual Report 2015
26. Related party transactions
Group companies entered into the transactions with related parties who are not members of the Group during the year as set out below. 
A related company for this purpose is defined one that involves common directors/control and/or significant influence.
There were no provisions in place against any balance as at any year end. 
The entities above were related parties until 30 October 2014 (when the Group completed its admission to AIM) as a result of being entities 
under common control. After admission to AIM, and as the Group has no ultimate controlling party, they are no longer considered related 
parties. The year end balances due to and from these entities for 2014 and 2015 have been disclosed for completeness.
As at, and for the year ended, 31 October 2014 a number of related parties relationships and transactions were identified and disclosed 
within the financial statements. These related party relationships arose through trading and other relationships with other entities 
controlled by the then Directors and shareholders of the Group, principally Brian Kennedy, Ian Blackhurst and Darren Cornwall.
On the listing of the Group on 30 October 2014 Brian Kennedy, Ian Blackhurst and Darren Cornwall ceased to control the Group and as 
such the relationships with the other entities identified were no longer related parties of the Group and therefore no amounts have been 
disclosed in the current year in respect of transactions and balances between those entities.
The following amounts were outstanding at the balance sheet date:
2015
£000’s
         2014
           £000’s
2015
£000’s
         2014
           £000’s
Latium Management Services Limited
Spectus Systems Limited
Kestrel-BCE Limited
Indigo Products Limited
Sierra
DB Glass
-
-
-
-
-
-
26
-
-
-
-
-
-
-
-
-
-
-
896
39
1,227
4,359
477
12
- 26 - 7,010
Sale of goods Purchase of goods
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
2015
£000’s
         2014
           £000’s
2015
£000’s
         2014
           £000’s
Premier Frames (UK) Limited
Latium Management Services Limited
Spectus Systems Limited
Weatherseal Holdings Limited
Kestrel-BCE Limited
Indigo Products Limited
Sierra
DB Glass
-
-
-
-
-
-
-
-
34
17
81
1,274
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
460
1,338
281
10
- 1,406 - 2,089
Amounts owed by  
related parties
Amounts owed to  
related parties Entu (UK) PLC Annual Report 2015 | 65
CSOP SAYE
Number of options granted
Share price at date of grant (per share)
Exercise price (per share)
Vesting period
Option life
Expected life
Volatility
Dividend yield
Risk free rate
Expected leaver rate
Fair value of options granted
270,000
100p - 110p
100p
3 years
10 years
3 years
33.88%
6%
1.04%
25%
14.76p – 20.1p
500,000
100p
80p
3 years
3.5 years
3 years
33.77%
5.6%
1.07%
25%
26.1p
CSOP SAYE
Outstanding at start of year
Granted
Forfeited / cancelled
Outstanding at end of year
Exercisable at end of year
-
270,000
(30,000)
240,000
-
-
500,000
(66,375)
433,625
-
26. Related party transactions (continued)
27. Share-based payments
The Group continues to trade with a number of these companies as they are suppliers of products and services to the Group in 
its normal course of business.
Amounts due from related parties have been settled in the year, with the exception of £115,000 which has been written off to the 
statement of comprehensive income as it was not deemed to be recoverable.
The Group operates four share based payment schemes for both Directors, senior management and other employees of the Group. 
The Group’s share based payment schemes were put in place as part of the Group’s admission to AIM in October 2014. The four 
schemes operated by the Group are the LTIP, MIP, CSOP and SAYE scheme.
LTIP and MIP schemes
Under the terms of the LTIP and MIP schemes share options have been granted to Directors and senior management of the Group. 
Under the terms of the LTIP and MIP schemes options will vest based on two performance criteria being a measure of share price 
and earnings per share (‘EPS’) growth. Both performance conditions are measured over a three year period from the grant date.
As at 31 October 2015 the Directors have estimated that none of the share options issued under the LTIP and MIP schemes will vest. 
This reflects the requirement for EPS growth in the three financial years ended 31 October 2017, with the initial comparative EPS 
amount being that for the year ended 31 October 2014. Under both the LTIP and MIP schemes EPS for the year ended 31 October 
2017 would need to be circa 61p per share. The Directors consider, given the trading performance of the Group in the current 
year, and expectations for future periods, as discussed in the strategic report, that this target is highly unlikely to be achieved and 
therefore no options will vest under these schemes.
The number of options issued under the LTIP and MIP schemes was 960,000 and 4,448,399 respectively. 
Given there is no expectation of any options to vest under these schemes no charge has been recognised in these financial 
statements and no fair value has been attributed to the options. Should conditions change such that there is an expectation that 
options may vest under these schemes the fair value of the options issued will be determined and charges recognised in the 
statement of comprehensive income as required.
CSOP and SAYE
The number of options issued under the CSOP and SAYE schemes was 270,000 and 500,000 respectively. There are no performance 
conditions attached to the options granted but the employees to whom the options have been granted must remain in employment 
with the Group over the three year vesting period, otherwise all options will be forfeited on leaving the Group.
The fair value of the options is determined using the Black-Scholes model and is spread over the vesting period of the options.  
The significant inputs into the model are set out in the table below:
A reconciliation of option movements is set out in the table below:
The Group has recognised a charge of £30,000 (2014: £nil) in respect of the CSOP and SAYE schemes in the year.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 66 | Entu (UK) PLC Annual Report 2015
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
28.  Subsidiaries
Details of the Company’s subsidiaries at 31 October 2015 are as follows:
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 
CONTINUED
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%
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%
Astley Facades Limited Holding Company (Dormant) United Kingdom †100% †100%
Astley Facades (UK) Limited Commercial United Kingdom †100% †100%
Astley Facades (Midlands) Limited Dormant United Kingdom †100% †100%
Astley Facades (North East) Limited Dormant 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
  
29. Ultimate controlling party
The Directors consider there to be no ultimate controlling party of the Group. Entu (UK) PLC Annual Report 2015 | 67
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 2015 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
The financial statements, included within the Annual 
Report, comprise:
•  the Company Balance Sheet as at 31 October 2015;
•  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 Report of the Directors 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 set out on page 32, 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. 
INDEPENDENT AUDITORS’
REPORT TO THE MEMBERS
OF ENTU (UK) PLC
CONTINUED
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 68 | Entu (UK) PLC Annual Report 2015
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.
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 
2015.
Hazel Macnamara (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester 
28 January 2016
INDEPENDENT AUDITORS’
REPORT TO THE MEMBERS
OF ENTU (UK) PLC
CONTINUED Entu (UK) PLC Annual Report 2015 | 69 
COMPANY
BALANCE SHEET
AT 31 OCTOBER 2015
Notes
2015
£000’s
2014
£000’s
Non-current assets
Property, plant and equipment 3 22 -
Current assets
Trade and other receivables 
Cash and cash equivalents
4
5,210
487
2,406
24
5,697 2,430
Total assets 5,719 2,430
Equity
Share Capital
Retained earnings
7
8
50
2,032
50
780
Total shareholders’ equity 2,082 830
Current liabilities
Trade and other payables 5 3,637 1,600
Total shareholders’ equity and liabilities 5,719 2,430
The financial statements from pages 69 to 75 were approved by the Board of Directors and authorised for issue. 
They were signed on its behalf by:
Ian Blackhurst
Chief Executive 
28 January 2016
Entu (UK) PLC
Registered number 08957339
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 70 | Entu (UK) PLC Annual Report 2015
COMPANY STATEMENT
OF CHANGES IN EQUITY
COMPANY CASH  
FLOW STATEMENT
Share
capital
£000’s
Retained
Earnings
£000’s
Total
£000’s
At 1 November 2013 - - -
Profit for the year - 780 780
Transactions with owners
Proceeds from shares issued 50 - 50
Total transactions with owners recognised directly in equity 50 780 830
At 31 October 2014
At 1 November 2014 50 780 830
Profit for the year - 3,958 3,958
Transactions with owners
Ordinary dividends
Share based payment change
-
-
(2,736)
30
(2,736)
30
Total transactions with owners recognised directly in equity - (2,706) (2,706)
At 31 October 2015 50 2,032 2,082
Notes
2015
£000’s
2014
£000’s
Cash flows from operating activities
Cash generated from / (used in) operations 6 4,542 (26)
Cash generated from / (used in) operations 4,542 (26)
Cash flows from investing activities
IPO fees
Purchase of property, plant and equipment
(1,320)
(23)
-
-
Net cash used in investing activities (1,343) -
Cash flows from financing activities
Dividends paid
Proceeds from issue of share capital 7
(2,736)
-
-
50
Net cash (used in) / generated from financing activities (2,736) 50
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
463
24
24
-
Cash and cash equivalents at the end of the year 487 24
Equity attributable to equity holders Entu (UK) PLC Annual Report 2015 | 71 
NOTES TO THE COMPANY’S
FINANCIAL STATEMENT
1. Accounting policies
General information
Entu (UK) PLC’s principal activity during the year 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 41 to 45. The Company’s principal accounting policies have 
been summarised below:
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 46 to 47 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.
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 72 | Entu (UK) PLC Annual Report 2015
NOTES TO THE COMPANY’S
FINANCIAL STATEMENT 
CONTINUED
1. Accounting Policies continued
Property plant and equipment
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 concerned.
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:
                                                        per annum
 Freehold property  5%   
 Plant and machinery  33% 
 Fixtures and fittings  33% 
 Equipment   33% 
 Motor vehicles   33%
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 administrative costs.
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 £3,987,000 (2014: £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 2015 are as follows:
Operation 
Incorporated
in:
Parent
Company’s
interest 
Proportion 
of voting
interest
Hi Sales Limited
Entu (UK) Holdings Limited
KBC Energy Limited
Holding Company
Holding Company
Holding Company
England
England
England
 100%
 100%
 100%
 100%
 100%
 100%
Subsidiary companies
A complete list of the investments held by the Company can be found in note 28 on page 66 of the consolidated financial 
statements.
3. Property, plant and equipment
Cost
Total
£000’s
At 1 November 2014
Additions
-
23
At 31 October 2015 23
Accumulated depreciation
At 1 November 2014
Charge for the year
-
1
At 31 October 2015 1
Net book value at 31 October 2015      22 Entu (UK) PLC Annual Report 2015 | 73 
2015 
£000’s
2014 
£000’s
Amounts owned by Group companies
Prepayments
Other debtors
5,054
144
12
2,199
7
200
5,210 2,406
2015 
£000’s
2014 
£000’s
Due within one year
Trade payables
Amounts owed to Group companies
Other taxation and social security
Accruals and deferred income
70
3,473
89
5
1,045
120
-
435
3,637 1,600
4. Trade and other receivables
5. Trade and other payables
Amounts owed by Group companies are unsecured, non-interest bearing and have no fixed date of repayment.
Amounts owed to Group companies are unsecured, non-interest bearing and have no fixed date of repayment.
NOTES TO THE COMPANY’S
FINANCIAL STATEMENT 
CONTINUED
2015 
£000’s
2014 
£000’s
Profit for the year / period 
Dividend income
Depreciation of property, plant and equipment
Share based payment charge
IPO Costs
3,958
(4,000)
1
30
-
780
(2,100)
-
-
1,320
Operating cashflow before movement in working capital
Movements in working capital:
Decrease / (increase) in trade and other receivables
Increase in trade and other payables
(11)
1,196
3,357
-
(306)
280
Cash generated / (used in) operations 4,542 (26)
 
Number
000
      2015   
Amount
     £000’s
Number
000
      2014   
Amount
     £000’s
Authorised:
Ordinary Shares of £0.0005 each
Deferred  Shares of £0.0005 each 
65,600
34,400
33
17
65,600
34,400
33
17
Issued and fully paid:
Ordinary Shares of £0.0005  each
Deferred Shares of £0.0005 each
65,600
34,400
33
17
65,600
34,400
33
17
Total called up share capital 100,000 50 100,000 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.
7. Share capital
6. Cash generated / (used in) operations
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS 74 | Entu (UK) PLC Annual Report 2015
NOTES TO THE COMPANY’S
FINANCIAL STATEMENT 
CONTINUED
8. Shareholders’ equity
Called up
Share capital
£000’s
Profit and 
loss account
£000’s
Total
£000’s
At 1 November 2013 
Issue of shares
Profit for the financial year 
-
50
-
-
-
780
-
50
780
At 31 October 2014 50 780 830
At 1 November 2014
Profit for the year
Ordinary Dividends
50
-
-
780
3,988
(2,736)
830
3,988
(2,736)
At 31 October 2015 50 2,032 2,082
Amounts owed by 
related parties
2015
£000’s
Amounts owed to 
related parties
2015
£000’s
Weatherseal Home Improvements Limited
Penicuik Home Improvements Limited
Zenith Staybrite Limited
ENTU Home Energy Services Limited
St Andrews Home Improvements Limited
Home Install Limited
Europlas Limited
Energy Hypermarket Limited
Job Worth Doing Limited
Windowcare Limited
Astley Facades (UK) Limited
1,265
1,000
2,780
9
-
-
-
-
-
-
-
-
-
-
-
30
205
150
347
198
388
2,155
5,054 3,473
Amounts owed by 
related parties
2014
£000’s
Amounts owed to 
related parties
2014
£000’s
Norwood Interiors (UK) Limited
Job Worth Doing Limited
Zenith Staybrite Limited
Window Care Limited
1
98
2,100
-
-
-
70
50
2,199 120
Amounts owed by Zenith Staybrite Limited at 31 October 2015 include a dividend receivable totalling £1.5m.
Amounts owed by Penicuik Home Improvements Limited at 31 October 2015 is a dividend receivable totalling £1.4m.
Amounts owed by Weatherseal Home Improvements Limited at 31 October 2015 is a dividend receivable totalling £1.1m.
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. Share capital continued
9. Related party transactions Entu (UK) PLC Annual Report 2015 | 75 
REGISTERED OFFICE AND
THE COMPANY ADVISERS
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 2015 comprises this page and the information contained in the Group Report of the Directors on 
pages 30 to 33.
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
Kent
BR3 4TU
Company secretary
N. Kelsall 
STRATEGIC REPORT GO VERNANCE FINANCIAL STATEMENTS  plc QUALITY. NEW BUILD. MARKET LEADING 
EFFICIENT PRODUCTS. HEALTH & SAFETY.
PROJECT. ENVIRONMENT. PROCUREMENT
DEDICA TED. PARTNERSHIP. ECO  
ENERGY SOLUTION EXPERTS 
INST ALLER. NA TIONAL. SPECIALISTS. EXPO
EXPERT. DELIVERY. EXTERIOR. SERVICES.
SMART HOME. OPPORTUNITY. SURVEYOR
INNOVA TION. DESIGN. LED. DEVELOPMENT
FUTURE. HOME IMPROVE. INTEGRA TION.
CARBON FOOTPRINT. NA TIONAL. RECYCLE
NEW BUILD. SECURE. CUSTOMER SERVICE
SAFE. INSULA TION. SPECIALIST. SYSTEMS.
DELIVERY. EDUCA TION. INTERIOR. DESIGN
TRANSFORMA TION. SAVING. CUSTOMERS
RETROFIT. INFRASTRUCTURE. LIGHTING.
INITIA TIVE. ECONOMY. RESOURCES. COST
www.entu.co.uk
plc
8 Tib Lane, Bow Chambers, Manchester, M2 4JB
ANNUAL
REPORT 2015