ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

ENA INVESTMENT CAPITAL LLP - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312022-05-242021-03-312022-05-242020-04-01falseFund management and advisory services34falsefalse OC377381 2020-04-01 2021-03-31 OC377381 2019-04-01 2020-03-31 OC377381 2021-03-31 OC377381 2020-03-31 OC377381 2019-04-01 OC377381 1 2020-04-01 2021-03-31 OC377381 1 2019-04-01 2020-03-31 OC377381 7 2020-04-01 2021-03-31 OC377381 7 2019-04-01 2020-03-31 OC377381 8 2020-04-01 2021-03-31 OC377381 8 2019-04-01 2020-03-31 OC377381 10 2020-04-01 2021-03-31 OC377381 10 2019-04-01 2020-03-31 OC377381 d:Buildings d:ShortLeaseholdAssets 2020-04-01 2021-03-31 OC377381 d:Buildings d:ShortLeaseholdAssets 2021-03-31 OC377381 d:Buildings d:ShortLeaseholdAssets 2020-03-31 OC377381 d:FurnitureFittings 2020-04-01 2021-03-31 OC377381 d:OfficeEquipment 2020-04-01 2021-03-31 OC377381 d:OfficeEquipment 2021-03-31 OC377381 d:OfficeEquipment 2020-03-31 OC377381 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 OC377381 d:ComputerEquipment 2020-04-01 2021-03-31 OC377381 d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 OC377381 d:CurrentFinancialInstruments 2021-03-31 OC377381 d:CurrentFinancialInstruments 2020-03-31 OC377381 d:CurrentFinancialInstruments 2 2021-03-31 OC377381 d:CurrentFinancialInstruments 2 2020-03-31 OC377381 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 OC377381 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 OC377381 e:FRS102 2020-04-01 2021-03-31 OC377381 e:Audited 2020-04-01 2021-03-31 OC377381 e:FullAccounts 2020-04-01 2021-03-31 OC377381 e:LimitedLiabilityPartnershipLLP 2020-04-01 2021-03-31 OC377381 d:WithinOneYear 2021-03-31 OC377381 d:WithinOneYear 2020-03-31 OC377381 d:BetweenOneFiveYears 2021-03-31 OC377381 d:BetweenOneFiveYears 2020-03-31 OC377381 6 2020-04-01 2021-03-31 OC377381 7 2020-04-01 2021-03-31 OC377381 e:PartnerLLP1 2020-04-01 2021-03-31 OC377381 e:PartnerLLP2 2020-04-01 2021-03-31 OC377381 d:OtherCapitalInstrumentsClassifiedAsEquity 2021-03-31 OC377381 d:OtherCapitalInstrumentsClassifiedAsEquity 2020-03-31 OC377381 d:FurtherSpecificReserve2ComponentTotalEquity 2021-03-31 OC377381 d:FurtherSpecificReserve2ComponentTotalEquity 2020-03-31 iso4217:GBP xbrli:pure

Registered number: OC377381

ENA INVESTMENT CAPITAL LLP

MEMBERS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

ENA INVESTMENT CAPITAL LLP

INFORMATION

Designated Members

G Kounelakis

ENA Investment Capital (UK) Limited

LLP registered number

OC377381

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 LLP

CONTENTS

	Page
Members' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8 - 9
Reconciliation of Members' Interests	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 20

ENA INVESTMENT CAPITAL LLP

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The members present their annual report together with the audited financial statements of ENA Investment Capital LLP (the "LLP") for the year ended 31 March 2021.

Principal activities

The principal activity of the LLP is to provide fund management and advisory services. The LLP is authorised by the Financial Conduct Authority ('FCA').

Designated Members

G Kounelakis and ENA Investment Capital (UK) Limited were designated members of the LLP throughout the year.

Members' capital and interests

Members share profits and losses in accordance with agreed profit sharing arrangements. Members' capital and drawings are determined by the regulatory capital requriements of the FCA and any trading needs of the LLP. Members' capital is not repayable except where allowed under the FCA rules.

Details of changes in members' capital in the ended 31 March 2021 are set out in the Reconciliation of Members' Interests.

Review of the year

The LLP made a profit for the year of £1,225,262 and as at the reporting date, had total members interests of £11,439.
The LLP's members' interests had reduced during the year ended 31 March 2021, as a result of the impact of a one-off transaction and other year-end adjustments in preparing the audited annual financial statements. Since the year-end the LLP has continued to trade profitably and total members’ interests have increased.

Pillar III disclosure

The LLP has documented the disclosures required by the FCA under BIPRU 11. These are available from the registered office.

Page 1

ENA INVESTMENT CAPITAL LLP

MEMBERS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Members' responsibilities statement

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:

∙select suitable accounting policies and then apply them consistently;

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

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

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are members at the time when this Members' Report, incorporating the Energy and Carbon Report is approved has confirmed that:

∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

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

Auditors

The auditors, Haysmacintyre LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.

This report, incorporating the Energy and Carbon Report was approved by the members on 24 May 2022 and signed on their behalf by:

G Kounelakis

Designated member

Page 2

ENA INVESTMENT CAPITAL LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL LLP

Opinion

We have audited the financial statements of ENA Investment Capital LLP (the 'LLP') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Reconciliation of Members' Interests, the Statement of Cash Flows 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 LLP's affairs as at 31 March 2021 and of its 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Page 3

ENA INVESTMENT CAPITAL LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENA INVESTMENT CAPITAL LLP (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 members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

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

∙adequate accounting records have not been kept, 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; or

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

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Page 4

ENA INVESTMENT CAPITAL LLP

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

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 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Investment advisory business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, payroll tax and sales tax.
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 5

ENA INVESTMENT CAPITAL LLP

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

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP'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

24 May 2022

Page 6

ENA INVESTMENT CAPITAL LLP

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		242	387
Profit for the year before members' remuneration and profit shares available for discretionary division among members		1,225,262	2,227,600

There was no other comprehensive income for 2021(2020:£NIL).

The notes on pages 12 to 20 form part of these financial statements.

Page 7

ENA INVESTMENT CAPITAL LLP

REGISTERED NUMBER: OC377381

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	1,165,833		4,482,489
Cash at bank and in hand		528,904		2,490,786
		1,694,737		6,973,275
Creditors: Amounts Falling Due Within One Year	11	(1,115,781)		(1,166,647)
Net current assets			578,956		5,806,628

Net assets			587,209		5,819,931

Represented by:
Loans and other debts due to members within one year
Other amounts	12		-		4,574,189
Members' other interests
Members' capital classified as equity		460,490		460,490
Other reserves classified as equity		126,719		785,252
			587,209		1,245,742
			587,209		5,819,931

Total members' interests
Amounts due from members (included in debtors)	10	(575,770)	(204,726)
Loans and other debts due to members	12	-	4,574,189
Members' other interests		587,209	1,245,742
		11,439	5,615,205

Page 8

ENA INVESTMENT CAPITAL LLP

REGISTERED NUMBER: OC377381

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 May 2022.

G Kounelakis

Designated member

The notes on pages 12 to 20 form part of these financial statements.

ENA Investment Capital LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 9

ENA INVESTMENT CAPITAL LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2021


	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total
	£	£	£	£	£	£
Amounts due to members				5,102,929	5,102,929
Amounts due from members (as restated)				(15,936)	(15,936)
Balance at 1 April 2019	460,490	66,243	526,733	5,086,993	5,086,993	5,613,726
Profit for the year available for discretionary division among members (as restated)	-	2,227,600	2,227,600	-	-	2,227,600
Members' interests after profit for the year	460,490	2,293,843	2,754,333	5,086,993	5,086,993	7,841,326
Other division of profits	-	(1,508,589)	(1,508,589)	1,508,589	1,508,589	-
Amounts introduced by members	47,809	-	47,809	-	-	47,809
Repayment of capital	(47,809)	-	(47,809)	-	-	(47,809)
Drawings	-	-	-	(2,203,761)	(2,203,761)	(2,203,761)
Other movements	-	-	-	(22,358)	(22,358)	(22,358)
Amounts due to members				4,574,189	4,574,189
Amounts due from members				(204,726)	(204,726)
Balance at 31 March 2020	460,490	785,252	1,245,742	4,369,463	4,369,463	5,615,205
Profit for the year available for discretionary division among members	-	1,225,262	1,225,262	-	-	1,225,262
Members' interests after profit for the year	460,490	2,010,514	2,471,004	4,369,463	4,369,463	6,840,467
Other division of profits	-	(1,883,795)	(1,883,795)	1,883,795	1,883,795	-
Drawings	-	-	-	(6,829,028)	(6,829,028)	(6,829,028)
Amounts due from members				(575,770)	(575,770)
Balance at 31 March 2021	460,490	126,719	587,209	(575,770)	(575,770)	11,439

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 10

ENA INVESTMENT CAPITAL LLP

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

				As restated
			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)
Decrease in debtors	3,690,150	1,578,032
(Decrease)/increase in creditors	(117,228)	162,683
Increase in amounts owed to groups	66,362	-
Net cash generated from operating activities before transactions with members	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 used in investing activities	(4,130)	(7,643)
Cash flows from financing activities
Members' capital contributed	-	47,809
Members' capital repaid	-	(47,809)
Drawings paid to members	(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 12 to 20 form part of these financial statements.

Page 11

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

ENA Investment Capital LLP is a limited liability partnership incorporated in the UK. The LLP's registered address 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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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

The following principal accounting policies have been applied:

2.2

Going concern

The members have assessed the ability of the LLP to continue as a going concern for the next 12 months from the date of approval of these financial statements.
The members have assessed Profit and Loss and Cash Flow forecasts for this period, as well as the projected regulatory capital position at each month-end. The assessment includes the impact of COVID-19, which the members do not believe will have any impact upon the LLP's going concern assumption.
Since the reporting date, members' interests have increased month on month.
The members consider that the LLP has sufficient resources to meet its ongoing liabilities as they fall due and its regulatory capital requirements over the course of the next year from the date of these financial statements.
In the unlikely event that additional funding is required, the members have expressed willingness to provide such additional funding over the course of the next year.
As such, the members have adopted the going concern basis in preparing these financial statements.

Page 12

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The LLP'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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Turnover

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.

2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

2.6

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

2.7

Taxation

The taxation payable on profits is the personal liability of the members during the year.

Page 13

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation.

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

The estimated useful lives range as follows:

				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.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Members' Remuneration

A member's discretionary share in profit or loss for the year is accounted for as an allocation of profit. Unallocated profits and losses are included in 'other reserves'.

2.11

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initally recognised at transaction value as none represent a financing transaction. They are only derecognised when they are distinguished. The LLP only has short term receivables and payables, the latter including amounts due to members. The note of 'Analysis of Net Debt' provides details of the LLP's liquidity position as at the balance sheet date.

Turnover

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

Page 14

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

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 LLP's auditor for the audit of the LLP annual financial statements and other services	17,500	36,347

5.	Auditors' remuneration
		2021	2020
		£	£

Fees payable to the LLP's auditor and its associates for the audit of the LLP's annual financial statements

9,000

15,000

Fees payable to the LLP's auditor and its associates in respect of:
Taxation compliance services	2,500	-
All other assurance services	2,000	-
All other services	4,000	21,347
	8,500	21,347

Page 15

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Wages and salaries	205,699	468,059
Social security costs	9,516	56,750
Cost of defined contribution scheme	4,860	5,263
	220,075	530,072

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:

			2021	2020
			No.	No.

			3	4

7.	Interest receivable
		2021	2020
		£	£

Other interest receivable

242

387

Page 16

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8.	Tangible fixed assets

	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 17

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9.	Fixed asset investments

		Investments in subsidiary companies
		£

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

Page 18

ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10.

Debtors

					2021	2020
					£	£


Trade debtors	32,073	3,598,430
Other debtors	404,843	509,823
Prepayments and accrued income	153,147	169,510
Amounts due from members	575,770	204,726
	1,165,833	4,482,489

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

Trade creditors	626,452	666,794
Amounts owed to group undertakings	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


Other amounts due to members	-	4,574,189
	-	4,574,189

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

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ENA INVESTMENT CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

13.	Analysis of Net Debt

		At 1 April 2020	Arising from cash flows	At 31 March 2021
		£	£	£

Cash at bank and in hand	2,490,786	(1,961,882)	528,904
Net debt (before members' debt)	2,490,786	(1,961,882)	528,904
Other amounts due to members	(4,574,189)	-	(4,574,189)
	(2,083,403)	(1,961,882)	(4,045,285)

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

15.

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) was outstanding and included in trade debtors.
The LLP paid expenses on behalf of ENA Investment Capital (Cayman) LP totalling £1,655 (2020: £18,291). At the year end the LLP owed ENA Investment Capital (Cayman) LP £425,510 (2020: £359,148).
The profit attributable to the member with the highest entitlement was £286,905 (2020: £411,434).

16.	Controlling party

The immediate parent company is ENA Investment Capital (UK) Limited, a company registered in England and Wales. ENA Investment Capital (UK) Limited produces consolidated accounts, copies of which are available from Companies House.
The ultimate controlling party is G Kounelakis.

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