ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

ENA INVESTMENT CAPITAL (UK) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-03-312022-05-302022-05-302021-03-312021-03-312022-05-302020-04-01falseNo description of principal activity11falsefalse 08166142 2020-04-01 2021-03-31 08166142 2019-04-01 2020-03-31 08166142 2021-03-31 08166142 2020-03-31 08166142 2019-04-01 08166142 c:Director1 2020-04-01 2021-03-31 08166142 c:RegisteredOffice 2020-04-01 2021-03-31 08166142 d:Buildings d:ShortLeaseholdAssets 2020-04-01 2021-03-31 08166142 d:OfficeEquipment 2020-04-01 2021-03-31 08166142 d:CurrentFinancialInstruments 2021-03-31 08166142 d:CurrentFinancialInstruments 2020-03-31 08166142 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 08166142 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 08166142 d:ShareCapital 2021-03-31 08166142 d:ShareCapital 2019-04-01 2020-03-31 08166142 d:ShareCapital 2020-03-31 08166142 d:ShareCapital 2019-04-01 08166142 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 08166142 c:OrdinaryShareClass1 2020-04-01 2021-03-31 08166142 c:OrdinaryShareClass1 2021-03-31 08166142 c:OrdinaryShareClass1 2020-03-31 08166142 c:FRS102 2020-04-01 2021-03-31 08166142 c:Audited 2020-04-01 2021-03-31 08166142 c:FullAccounts 2020-04-01 2021-03-31 08166142 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 08166142 d:Subsidiary1 2020-04-01 2021-03-31 08166142 d:Subsidiary1 1 2020-04-01 2021-03-31 08166142 c:Consolidated 2021-03-31 08166142 c:ConsolidatedGroupCompanyAccounts 2020-04-01 2021-03-31 08166142 2 2020-04-01 2021-03-31 08166142 6 2020-04-01 2021-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08166142

ENA INVESTMENT CAPITAL (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

ENA INVESTMENT CAPITAL (UK) LIMITED

COMPANY INFORMATION

Director	A Milakovic


Registered number	08166142


Registered office	Carrington House
	126-130 Regent Street
	London
	W1B 5SE


Independent auditors	Haysmacintyre LLP
	10 Queen Street Place
	London
	EC4R 1AG

ENA INVESTMENT CAPITAL (UK) LIMITED

CONTENTS

	Page
Group Strategic Report	1
Director's Report	2 - 3
Independent Auditors' Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Statement of Financial Position	9
Company Statement of Financial Position	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Analysis of Net Funds	14
Notes to the Financial Statements	15 - 24

ENA INVESTMENT CAPITAL (UK) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Introduction

The director presents his annual report together with the audited financial statements of ENA Investment Capital (UK) Limited for the year ended 31 March 2021.

Business review

The profit attributable to the owners of the parent company for the year, after taxation, amounted to £nil (2020: £nil). The director intends to continue to develop the business.

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the identification, execution, monitoring and realisation of appropriate investments on behalf of the funds under management and retention of staff to facilitate these investment processes.

Financial key performance indicators

Given the straightforward nature of the business and the group's accounts, the company's director is of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

Section 172 (1) statement

Section 172 of the Companies Act 2006 requires those charged with governance to act in the manner they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders. As part of his deliberations and decision making process, the director has taken into account the following:
• The likely consequences of any decision in the long term;
• The interests of the Company’s employees;
• The need to foster the Company’s business relationships with suppliers, customers and others;
• The impact of the Company’s operations on the community and the environment;
• The desirability of the Company maintaining a reputation for high standards of business conduct; and
• The need to act fairly between members of the Company.
The director has considered stakeholders to include those who work for and with him, invest with him, regulate him, and live in the societies he serves. Careful consideration has been given to the factors set out above in discharging his duty under Section 172. It is recognised that building strong relationships with stakeholders will help to deliver the Company’s business objectives. The director is committed to effective and fair engagement with all stakeholders. Depending on the nature of the issue in question, the relevance of each stakeholder group may differ and, as such, as part of engagement with stakeholders, the relative interests and priorities of each group are considered. It is acknowledged however that not every decision made will necessarily result in a positive outcome for all stakeholders.

This report was approved by the board on 30 May 2022 and signed on its behalf.

A Milakovic

Director

Page 1

ENA INVESTMENT CAPITAL (UK) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The director presents his report and the financial statements for the year ended 31 March 2021.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £NIL (2020 - £NIL).

No dividends were paid (2020 - £nil) during the year.

Director

The director who served during the year was:

A Milakovic

Future developments

There have been no significant developments affecting the Group since the year end.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

ENA INVESTMENT CAPITAL (UK) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Auditors

The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 May 2022 and signed on its behalf.

A Milakovic

Director

Page 3

ENA INVESTMENT CAPITAL (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL (UK) LIMITED

Opinion

We have audited the financial statements of ENA Investment Capital (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2021 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Page 4

ENA INVESTMENT CAPITAL (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL (UK) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

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

Page 5

ENA INVESTMENT CAPITAL (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL (UK) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
• Inspecting correspondence with regulators and tax authorities;
• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
• Evaluating management’s controls designed to prevent and detect irregularities;
• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
• Challenging assumptions and judgements made by management in their critical accounting estimates

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

ENA INVESTMENT CAPITAL (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL (UK) LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Wilks (Senior Statutory Auditor)

for and on behalf of

Haysmacintyre LLP

Statutory Auditors

10 Queen Street Place

London

EC4R 1AG

30 May 2022

Page 7

ENA INVESTMENT CAPITAL (UK) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2021

	2021	2020
Note	£	£


Turnover	3	2,622,214	3,492,858
Administrative expenses		(1,397,194)	(1,265,645)
Operating profit	4	1,225,020	2,227,213
Interest receivable and similar income	6	242	387
Profit for the financial year		1,225,262	2,227,600

Profit for the year attributable to:
Non-controlling interests	1,225,262	2,227,600
	1,225,262	2,227,600

The notes on pages 15 to 24 form part of these financial statements.

Page 8

ENA INVESTMENT CAPITAL (UK) LIMITED

REGISTERED NUMBER: 08166142

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	8		8,253		10,852
Investments	9		-		2,451
			8,253		13,303
Current assets
Debtors: amounts falling due within one year	10	590,064		4,277,764
Bank & cash balances		528,904		2,490,786
		1,118,968		6,768,550
Creditors: Amounts Falling Due Within One Year	11	(1,115,781)		(1,166,647)
Net current assets			3,187		5,601,903
Net assets			11,440		5,615,206

Capital and reserves
Called up share capital	12	1	1
Equity attributable to owners of the parent Company		1	1
Non-controlling interests		11,439	5,615,205
		11,440	5,615,206

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2022.

A Milakovic

Director

The notes on pages 15 to 24 form part of these financial statements.

Page 9

ENA INVESTMENT CAPITAL (UK) LIMITED

REGISTERED NUMBER: 08166142

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Investments	9		100		100
			100		100
Current assets
Debtors: amounts falling due within one year	10	1		1
		1		1
Creditors: amounts falling due within one year	11	(100)		(100)
Net current liabilities			(99)		(99)


Net assets			1		1

Capital and reserves
Called up share capital	12	1	1
		1	1

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2022.

A Milakovic

Director

The notes on pages 15 to 24 form part of these financial statements.

Page 10


		ENA INVESTMENT CAPITAL (UK) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£
At 1 April 2019	1	1	5,613,724	5,613,725
Profit for the year	-	-	2,227,600	2,227,600
Payments to non-controlling interests	-	-	(2,203,761)	(2,203,761)
Other movements	-	-	(22,358)	(22,358)

At 1 April 2020	1	1	5,615,205	5,615,206
Profit for the year	-	-	1,225,262	1,225,262
Payments to non-controlling interests	-	-	(6,829,028)	(6,829,028)
At 31 March 2021	1	1	11,439	11,440

The notes on pages 15 to 24 form part of these financial statements.

Page 11

ENA INVESTMENT CAPITAL (UK) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Total equity
	£	£
At 1 April 2019	1	1
Total comprehensive income for the year	-	-

At 1 April 2020	1	1
Total comprehensive income for the year	-	-
At 31 March 2021	1	1

The notes on pages 15 to 24 form part of these financial statements.

Page 12

ENA INVESTMENT CAPITAL (UK) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	1,225,262	2,227,600
Adjustments for:
Depreciation of tangible assets	6,972	11,745
Interest receivable	(242)	(387)
Increase in debtors	3,690,150	1,578,032
(Decrease)/increase in creditors	(50,866)	162,683
Net cash generated from operating activities	4,871,276	3,979,673

Cash flows from investing activities
Purchase of tangible fixed assets	(4,372)	(8,030)
Interest received	242	387
Net cash from investing activities	(4,130)	(7,643)
Cash flows from financing activities
Payments to non controlling interests	(6,829,028)	(2,203,761)
Net cash used in financing activities	(6,829,028)	(2,203,761)
Net (decrease)/increase in cash and cash equivalents	(1,961,882)	1,768,269
Cash and cash equivalents at beginning of year	2,490,786	722,517
Cash and cash equivalents at the end of year	528,904	2,490,786

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	528,904	2,490,786
	528,904	2,490,786

The notes on pages 15 to 24 form part of these financial statements.

Page 13

ENA INVESTMENT CAPITAL (UK) LIMITED

CONSOLIDATED ANALYSIS OF NET FUNDS

FOR THE YEAR ENDED 31 MARCH 2021


At 1 April 2020	Cash flows	At 31 March 2021
£	£	£

Cash at bank and in hand	2,490,786	(1,961,882)	528,904
	2,490,786	(1,961,882)	528,904

The notes on pages 15 to 24 form part of these financial statements.

Page 14

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

ENA Investment Capital (UK) Limited is a private limited company which is incorporated in the United Kingdom. The address of its registered office and principal place of business is Carrington House, 126-130 Regent Street, London, W1B 5SE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of ENA Investment Capital (UK) Limited and its subsidiary undertaking ENA Investment Capital LLP. Transactions and balances between group entities are therefore eliminated in full.
As a qualifying entity under FRS 102, the parent company has taken advantage of the exemptions from preparing a cash flow statement and certain disclosures around financial instruments on the basis that equivalent information is provided on a consolidated basis in these financial statements.

2.3

Going concern

The director has assessed the ability of the group to continue as a going concern for the next 12
months from the date of approval of these financial statements. The director has assessed profit and loss and cash flow forecasts for this period and the assessment includes the impact of COVID-19, which the director does not believe will have any impact upon the Company's going concern assumption.
Since the reporting date, net assets have increased month on month. The director considers that the group has sufficient resources to meet its ongoing liabilities as they fall due.
As such, the director has adopted the going concern basis in preparing these financial statements.

Page 15

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Turnover represents revenue receivable during the period for investment management services.
Management fees are recognised over the period in which management services are provided.
Performance fees, which are based on the investment performance achieved for certain client
portfolios relative to predefined benchmarks, are recognised as revenue at the end of the period over
which the performance is measured.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Pensions

The group operates a stakeholder defined contribution pension scheme for the benefit of the employees. The pension charge represents the amount paid on behalf of employees to a pension scheme during the year.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following method.

Depreciation is provided on the following basis:

				Leasehold Improvements	-	Straight line over 5 years
				Office equipment	-	Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 17

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Turnover

The whole of the turnover is attributable to the group's principal activity. All turnover arose in the United Kingdom.

Depreciation of tangible fixed assets	6,971	11,745
Exchange differences	532,038	27,321
Other operating lease rentals - land and buildings	122,548	124,635
Fees payable to the group's auditor for the audit of the group's annual financial statements	2,500	3,100
Fees payable to the group's auditor for the audit of the subsidiary annual financial statements and other services	15,000	33,247

5.	Employees
	Staff costs were as follows:

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Wages and salaries	205,699	468,059	-	-
Social security costs	9,516	56,750	-	-
Cost of defined contribution pension scheme	4,860	5,263	-	-

	220,075	530,072	-	-

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2021	2020	2021	2020
	No.	No.	No.	No.

Employees	4	5	1	1

Page 18

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Interest receivable
		2021	2020
		£	£

	Other interest receivable	242	387
		242	387

7.	Taxation

Profit on ordinary activities before tax

1,225,262

2,227,600

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	232,800	423,244
Effects of:
Profit attributable to non-controlling interests	(232,800)	(423,244)
Total tax charge for the year	-	-

Factors that may affect future tax charges

UK Corporation tax rate will remain at 19% until 31 March 2023. The corporation tax rate will increase to 25% for companies with profits over £250,000 from 1 April 2023. Companies with profits of £50,000 or less will be eligible for a new, small profits rate and will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will have their corporation tax tapered until they reach the main rate of 25%.

Page 19

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8.	Tangible fixed assets
	Group

	Leasehold Improvement	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2020	152,828	97,069	249,897
Additions	-	4,372	4,372
At 31 March 2021	152,828	101,441	254,269
Depreciation
At 1 April 2020	152,828	86,217	239,045
Charge for the year on owned assets	-	6,971	6,971
At 31 March 2021	152,828	93,188	246,016
Net book value
At 31 March 2021	-	8,253	8,253
At 31 March 2020	-	10,852	10,852

Page 20

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9.	Fixed asset investments
	Group

		Investments in subsidiary companies
		£

	At 1 April 2020	2,451
	Disposals	(2,451)
	At 31 March 2021	-

	Net book value
	At 31 March 2021	-
	At 31 March 2020	2,451

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2020	100
	At 31 March 2021	100

	Net book value
	At 31 March 2021	100
	At 31 March 2020	100

Page 21

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021


Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Principal activity	Holding

ENA Investment Capital LLP

Carrington House, 126-130 Regent Street, London, W1B 5SE

Investment management

99%

Page 22

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10.

Debtors

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Trade debtors	32,073	3,598,430	-	-
Other debtors	404,843	509,823	-	-
Called up share capital not paid	1	1	1	1
Prepayments and accrued income	153,147	169,510	-	-
	590,064	4,277,764	1	1

11.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Trade creditors	626,452	666,794	-	-
Amounts owed to group undertakings	-	-	100	100
Amounts owed to other participating interests	425,510	359,148	-	-
Other taxation and social security	1,035	15,524	-	-
Other creditors	2,149	2,185	-	-
Accruals and deferred income	60,635	122,996	-	-
	1,115,781	1,166,647	100	100

12.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

1 (2020 - 1) Ordinary share of £1.00	1	1

Share capital represents the nominal value of shares that have been issued. Each share carries full voting and dividend rights with no restrictions.

Page 23

ENA INVESTMENT CAPITAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13.	Commitments under operating leases
	At 31 March 2021 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2021	2020
		£	£

Not later than 1 year	144,676	144,676
Later than 1 year and not later than 5 years	33,295	177,971
	177,971	322,647

14.

Related party transactions

Included in turnover are fees of £2,647,144 (2020: £3,492,858) from ENA Investment Capital (Cayman) LP, a Cayman Islands partnership under common control. At the year end £32,074 (2020: £3,511,470) is outstanding and shown in trade debtors. The group paid expenses on behalf of ENA Investment Capital (Cayman) LP totalling £1,655 (2020: £18,291). At the year end, the group owed ENA Investment Capital (Cayman) LP £476,013 (2020: £359,148)

15.	Controlling party

The immediate parent company is ENA Investment Capital Intermediate Limited, a company incorporated in the Cayman Islands.
The ultimate controlling party is G Kounelakis.

Page 24