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Registration number: 5861377

Enix Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

Enix Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Enix Limited

Company Information

Directors

Mr E Pearse

Mr ND Webb

Company secretary

Wellesley Services Limited

Registered office

16-18 Barnes Wallis Road
Fareham
Hampshire
PO15 5TT

Auditors

MMO Limited
Chartered Accountants and Statutory Auditors
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Enix Limited

(Registration number: 5861377)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,728,149

2,216,081

Tangible assets

5

472,875

219,087

 

3,201,024

2,435,168

Current assets

 

Debtors

6

73,478

31,055

Cash at bank and in hand

 

99,361

87,539

 

172,839

118,594

Creditors: Amounts falling due within one year

7

(991,199)

(610,127)

Net current liabilities

 

(818,360)

(491,533)

Total assets less current liabilities

 

2,382,664

1,943,635

Creditors: Amounts falling due after more than one year

7

(1,370,346)

(1,439,920)

Provisions for liabilities

(17,947)

(12,389)

Net assets

 

994,371

491,326

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

994,367

491,322

Shareholders' funds

 

994,371

491,326

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr E Pearse
Director

.........................................
Mr ND Webb
Director

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16-18 Barnes Wallis Road
Fareham
Hampshire
PO15 5TT
England

The principal place of business is:
16-18 Barnes Wallis Road
Fareham
Hampshire
PO15 5TT
England

These financial statements were authorised for issue by the Board on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Stirling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 November 2023 was Gillian McIntosh, who signed for and on behalf of MMO Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Investments

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 5).

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

6,500

2,505,741

2,512,241

Additions acquired separately

-

814,425

814,425

At 30 June 2023

6,500

3,320,166

3,326,666

Amortisation

At 1 July 2022

6,500

289,660

296,160

Amortisation charge

-

302,357

302,357

At 30 June 2023

6,500

592,017

598,517

Carrying amount

At 30 June 2023

-

2,728,149

2,728,149

At 30 June 2022

-

2,216,081

2,216,081

5

Tangible assets

Plant and equipment
£

Total
£

Cost or valuation

At 1 July 2022

401,330

401,330

Additions

277,716

277,716

At 30 June 2023

679,046

679,046

Depreciation

At 1 July 2022

182,243

182,243

Charge for the year

23,928

23,928

At 30 June 2023

206,171

206,171

Carrying amount

At 30 June 2023

472,875

472,875

At 30 June 2022

219,087

219,087

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

58,503

16,080

Other debtors

14,975

14,975

 

73,478

31,055

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

258,223

160,080

Trade creditors

 

1,212

1,636

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

159,453

Taxation and social security

 

283,554

179,693

Accruals and deferred income

 

13,000

7,000

Other creditors

 

435,210

102,265

 

991,199

610,127

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,370,346

1,439,920

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

 

4

4

4

4

 

Enix Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

1,370,346

1,439,920

2023
£

2022
£

Current loans and borrowings

Other borrowings

258,223

160,080

Other borrowings

SME Lending Limited is denominated in Pound sterling with a nominal interest rate of 8.5%. The carrying amount at year end is £1,439,920 (2022 - £1,600,000).

There is a fixed and floating charge against the the assets of the company.