Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
COMPANY INFORMATION
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ENREACH HOLDINGS LIMITED
CONTENTS
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ENREACH HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their strategic report for the year ended 31 December 2023.
These accounts are for the year ended 31 December 2023. The Company is a wholly owned subsidiary of Enreach Holding B.V. a company incorporated in the Netherlands.
Enreach, as a group of companies across Europe, collectively provides collaborative technology and telecommunications services that are transformative for small and medium size entities and their people. By being a member of the Enreach Group, it benefits from Enreach in-house developed and branded products and services. The Group invests significantly in the research and development of its product and services. The financial performance in 2023 was significantly improved, following a subpar performance in 2022; which was affected by the transition from an upfront revenue model to a recurring revenue model, combined with a mis-timed growth strategy execution following the COVID period and shift in market demands. This resulted in a significant misalignment between the cost base of the business and its revenue and gross margin performance, resulting in the Group implementing a restructuring program in the second half of 2022 with the aim of realigning its cost base and focusing on its core activities (primarily unified communication solutions and connectivity services), as well as improving the sales and customer journeys. All costs associated with the restructuring activities were incurred in 2022. The restructuring changes made in 2022 have resulted in the business returning to solid profitable performance in 2023, allowing focus to return to the future strategy of the business, including the introduction of new products and services to the existing revenue streams. The Group is now well positioned to take advantage of the market demands for unified communication solutions with our solutions being a key enabler for the changing working models for businesses. Through 2024 and 2025, new products and services will be launched into the UK market supporting the growth ambitions of the business.
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ENREACH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The risks facing the Group are reviewed and appropriate mitigations considered and where possible implemented. The principal risks and uncertainties facing the business are people risk, business environment and market risks.
People risk Employees are the Group’s key asset. The Group’s success relies on recruiting, retaining and motivating key employees. The Group has staff engagement policies to mitigate this risk. Business environment and market risks The Group’s revenues are in the telecommunications industry which is highly competitive and undergoing change. Significant changes in the industry or customer requirements, or the emergence of competitive products with new capabilities or technologies could adversely affect the Group’s operations. Being part of the wider Enreach group, mitigates product risk by benefiting from new products meeting customer demands. The Group is managing and mitigating the impact of the following operational risks: Information Systems The Group is reliant upon several business systems which, if disrupted for any length of time due to damage or interruption of service could have an adverse effect on the efficient running of the Group’s business. Management regularly assesses the business support systems and has in place several contingency plans to mitigate the impact of such failures. Supply Chain The Group is not solely reliant on one manufacturer and has contingency plans for alternative suppliers. Regulatory Compliance The Group is subject to regulatory compliance risk which could arise from failure to comply with relevant law, regulation or codes of practice. Failure to comply could result in fines, cessation of some business activities or a public reprimand. The Group manages risk through close monitoring of regulatory compliance and seeking the latest professional guidance.
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ENREACH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group measures its financial performance and position by references to key performance indicators. The key performance indicators used by the business include those relating to turnover, gross profit, operating profit, net current assets and current assets.
The Group uses a suite of non-financial KPIs to monitor and measure success monthly which covers the whole business operating spectrum reflecting the changing needs of the business.
This report was approved by the board and signed on its behalf.
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ENREACH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £7,075,614 (2022 - loss £8,823,975).
The Group paid no dividends during the year (2022 - £nil).
The directors who served during the year were:
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ENREACH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In 2024, we anticipate further own intellectual property products to be launched in the UK market as the Group continues the move away from the hardware focused market to the unified communications space.
The Group is now well positioned to take advantage of the market demands for unified communication solutions with our solutions being a key enabler for the changing working models for businesses. Through 2024 and 2025, new products and services will be launched into the UK market supporting the growth ambitions of the business.
Business review, principal risks and uncertainties, financial key performance indicators and other key performance indicators are disclosed in the Strategic Report.
There have been no significant events affecting the Group since the year end.
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ENREACH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ENREACH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENREACH HOLDINGS LIMITED
We have audited the financial statements of Enreach Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, 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).
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.
We draw attention to note 2.3 of the financial statements, which indicates that Enreach Holdings Limited are preparing the financial statements on a going concern basis with the support of its immediate parent company, Enreach B.V.
As stated in note 2.3, the Directors note that the latest published financial information of the VOIP BV group, of which Enreach B.V is a subsidiary, includes a material uncertainty in relation to going concern which may limit the ability of Enreach B.V to fulfil its commitment to the Group. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ENREACH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENREACH HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' 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 Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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ENREACH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENREACH HOLDINGS LIMITED (CONTINUED)
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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Group is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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ENREACH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENREACH HOLDINGS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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ENREACH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
REGISTERED NUMBER: 12101512
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
REGISTERED NUMBER: 12101512
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 42 form part of these financial statements.
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ENREACH HOLDINGS LIMITED
REGISTERED NUMBER: 12101512
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 42 form part of these financial statements.
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ENREACH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Enreach Holdings Limited is a private company, limited by shares, domiciled in the UK and incorporated in England and Wales. The registered office and principal place of business is Communication House, Hadley Park, Telford, Shropshire, TF1 6QJ. The principal activities of the business are the provision of telecommunications services.
2.Accounting policies
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 judgement in applying the Group's accounting policies (see note 3).
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:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Directors assess whether the use of going concern is appropriate i.e, whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.
The Directors of the Company’s intermediate holding company, Enreach Holding B.V., have confirmed that Enreach Holding B.V. will continue to provide financial support to the Company as may be required to enable the Company to continue as a going concern for at least the next 12 months from the date of this report. In making the above assessment the Directors have taken into account the financial commitment made by its parent company and have also considered the ultimate parent company of the group, Voip B.V., of which Enreach Holding B.V. is a subsidiary company. The Directors note that the latest published financial information for Voip B.V includes a material uncertainty in relation to going concern due to the scheduled refinancing of the Group's Recurring Credit Facility in August 2025. The inherent uncertainty on the ability of the Group headed by Voip B.V to complete its planned refinancing indicates the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern and therefore may limit the ability of Enreach B.V to fulfil its commitment to Enreach Holdings Limited. However, despite the uncertainty management are confident that planned initiatives will be sufficient to continue its business and meet its obligations for the coming 12 months. After considering the above, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. The Company and Group have therefore adopted the going concern basis in preparing these financial statements.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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.
Depreciation is provided on the following basis:
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.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below: Investment Carrying Value: Investments in subsidiary undertakings are carried at cost less accumulated impairment with annual impairment reviews performed. During the year, management performed an investment impairment review based on 10 year forecasts which included projected performance as at the date of signing the financial statements. Forecasts were discounted to their present value using a discount rate set by management. No impairment has been recognised in respect of the current year. The impairment reviews performed in the prior year identified impairment totalling £14,196,313 to be recognised within the prior year balance sheet. The carrying values of investments in the Company are £31,575,194 (2022: £31,575,194). Intangible Fixed Assets Carrying value: Intangible fixed assets including goodwill which arise on acquisition of subsidiary entities are carried at cost less accumulated amortisation. Annual impairment reviews are performed for each identified cash generating unit (CGU). During the year, management performed an impairment review based on 10 year forecasts which included projected performance as at the date of signing the financial statements. Forecasts were discounted to their present value using a discount rate set by management. The impairment reviews performed have not identified any impairment to be recognised as at the balance sheet date in respect of both the current year and comparative figures. The carrying values of intangible fixed assets including goodwill are £18,976,368 (2022: £23,025,655).
The whole of the turnover is attributable to the Group's principal activity of the provision of telecommunications services.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 37
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £53,724 (2022: £90,076). Contributions totalling £10,697 were payable to the fund at the balance sheet date and included within creditors (2022: £13,926).
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ENREACH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group and Company are under the control of Waterland Private Equity Investments B.V., which does not have any single controlling party. The registered office of the ultimate parent is Brediusweg 16, 1401 AG Bussum, The Netherlands.
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