REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ENIGMA STRATEGY LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
ENIGMA STRATEGY LIMITED |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
ENIGMA STRATEGY LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Unit 1, Guest House Farm |
Runshaw Lane |
Euxton |
Chorley |
Lancashire |
PR7 6HD |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
STRATEGIC REPORT |
for the Year Ended 30 November 2023 |
The directors present their strategic report for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
Overview |
The past year has been a pivotal one for our company, marked by significant strides in our mission to deliver top-tier investment management and advisory services. As a multi-asset class and whole-of-market investment firm, we continue to priorities products that offer competitive advantages while ensuring they remain financially sound and suitable for our diverse investor base. |
Business Performance |
During the year, we have continued to improve our core services that drive the business on a daily basis. Our focus on identifying and promoting investment products with clear competitive advantages. The financial stability and appropriateness of our products have remained a cornerstone of our strategy. |
Our advisory services have also seen increased demand, with more clients seeking our expertise in navigating complex market environments. The breadth of our asset class coverage and our commitment to whole-of-market analysis have been key differentiators, allowing us to provide comprehensive and tailored investment solutions. |
Turnover for the year decreased from £24,136 in the previous year to £16,393 in the current year and the company has declared a loss of £12,268. |
The company's key financial and other performance indicators during the year were as follows: |
2023 | 2022 |
£ | £ |
Turnover | 16,393 | 24,136 |
Profit/(loss) before tax | (12,268) | (17,464) |
There are other non-financial performance indicators used by the directors but none are considered to be key. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's primary risks include the various macros and micro economic factors that influence world equity markets, as well as the continual efforts to keep up to date with regulatory and technological developments. |
We would summaries these risk factors as follows; |
Macro; sensitivity to conditions in global capital markets, general economic conditions, and levels of |
nominal Interest rates, and cost-push inflation. |
Regulatory: potential changes to Brexit, and the FCA rules governing the treatment of retail clients. |
Technological; reliance on the integrity of information systems, internet connectivity and telephonic systems. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The financial risk management objectives and policies of the company including the policy for the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk; unless such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. The policies for specific material risk exposures during the period under review are detailed below. |
PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK |
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
STRATEGIC REPORT |
for the Year Ended 30 November 2023 |
DEVELOPMENT OF THE COPY TRADING PLATFORM |
One of the most significant initiatives this year has been the development and enhancement of our copy trading platform. Recognising the growing importance of technology in investment management, we have devoted considerable resources to building out this platform. While the process has presented challenges-particularly due to the competitive landscape and the need for advanced technology adoption-we have made substantial progress. |
We are actively engaging with reputable brokerages to integrate plugins that will enhance the functionality and user experience of our platform. These discussions are ongoing, and we are confident that they will lead to partnerships that will further strengthen our offering. Our goal is to create a seamless, user-friendly copy trading platform that will provide both novice and experienced investors with the tools they need to succeed. |
FUTURE DEVELOPMENTS |
Looking ahead, we plan to continue building on our successes by further expanding our product offerings and enhancing our technological capabilities. The development of our copy trading platform will remain a top priority, and we anticipate that it will become a key component of our service portfolio in the coming year. |
Additionally, we will continue to focus on identifying investment products that offer clear competitive advantages, ensuring that our clients have access to the best possible opportunities in the market. As we move forward, we will also explore new partnerships and collaborations that align with our strategic objectives and enhance our ability to deliver value to our clients. |
CONCLUSION |
The past year has been one of progress, and we are well-positioned to build on this momentum in the coming year. Our commitment to providing high-quality investment management and advisory services remains unwavering, and we will continue to leverage our expertise and resources to deliver the best possible outcomes for our clients. With the planned developments in our copy trading platform and our ongoing focus on product excellence, we are confident in our ability to achieve our strategic goals and drive long-term success. |
ON BEHALF OF THE BOARD: |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company during the year was that of the provision of financial advice, execution-only Derivative trading & stockbroking services. |
DIVIDENDS |
No dividends will be distributed for the period ended 30 November 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial risk management and future developments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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; |
- | 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 November 2023 |
AUDITORS |
The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENIGMA STRATEGY LIMITED |
Opinion |
We have audited the financial statements of Enigma Strategy Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 company's affairs as at 30 November 2023 and of its loss 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 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; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENIGMA STRATEGY LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 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 |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENIGMA STRATEGY LIMITED |
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 a Report of the Auditors 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below. |
- the engagement partner ensured that the engagement team collectively had the appropriate |
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and |
regulations; |
- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the financial services and online software services sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect |
on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making |
enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team |
remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their |
knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and |
regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were |
indicative of potential bias and investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ENIGMA STRATEGY LIMITED |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Unit 1, Guest House Farm |
Runshaw Lane |
Euxton |
Chorley |
Lancashire |
PR7 6HD |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 | 129,000 | 109,000 |
Retained earnings | 9 | (58,030 | ) | (45,762 | ) |
SHAREHOLDERS' FUNDS | 70,970 | 63,238 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 | 50,000 | ( |
) |
Prior year adjustment | - | 1,693 | 1,693 |
As restated | 50,000 | (28,298 | ) | 21,702 |
Changes in equity |
Issue of share capital | - | 59,000 |
Total comprehensive income | - | (17,464 | ) | (17,464 | ) |
Balance at 30 November 2022 | 109,000 | (45,762 | ) | 63,238 |
Changes in equity |
Issue of share capital | 20,000 | - | 20,000 |
Total comprehensive income | - | (12,268 | ) | (12,268 | ) |
Balance at 30 November 2023 | 129,000 | (58,030 | ) | 70,970 |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
CASH FLOW STATEMENT |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Amount introduced by directors | - | 43,187 |
Amount withdrawn by directors | - | (59,628 | ) |
Share issue |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
40,549 |
Cash and cash equivalents at end of year |
2 |
75,252 |
60,998 |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 30 November 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Finance income | (391 | ) | - |
(12,659 | ) | (17,464 | ) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30/11/23 | 1/12/22 |
£ | £ |
Cash and cash equivalents | 75,252 | 60,998 |
Year ended 30 November 2022 |
30/11/22 | 1/12/21 |
£ | £ |
Cash and cash equivalents | 60,998 | 40,549 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/12/22 | Cash flow | At 30/11/23 |
£ | £ | £ |
Net cash |
Cash at bank | 60,998 | 14,254 | 75,252 |
60,998 | 75,252 |
Total | 60,998 | 14,254 | 75,252 |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Enigma Strategy Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The nature of the company's operations and principal activity is that of the provision of financial advice and execution-only stockbroking services. |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
There are no significant judgements and estimates made by management in preparing these financial statements which also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
TURNOVER |
Turnover comprises the fair value of the consideration received or receivable for services provided in the software sales of the company's activities. Turnover from fees is recognised when discretionary investment management services have been provided to clients and the amount of revenue can be measured reliably. |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees including directors during the year was 3 (2022 - 2) |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of other assets |
Auditors' remuneration |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the year ended 30 November 2022. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' current accounts | 4,106 | 4,106 |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 129,000 | 109,000 |
20,000 Ordinary shares of £1 were issued during the year |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 | (45,762 | ) |
Deficit for the year | ( |
) |
At 30 November 2023 | (58,030 | ) |
10. | GOING CONCERN |
The company made a Loss of £12,268 for the year ended 30 November 2023 and had net assets at that date amounting to £70,970 including cash at the bank of £75,252. The management accounts to date indicate that the company is continuing to trade in the current year, with cash reserves sufficient available. As we priorities the development of our copy trading platform. We anticipate that this platform will become a key component of our service portfolio in the coming year. |
The directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future and has continued support from the directors. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements |