| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| Enstroga Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| Enstroga Ltd |
| Enstroga Ltd (Registered number: 09812700) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 |
| Enstroga Ltd |
| Company Information |
| for the Year Ended 31 December 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisers |
| Alexandra House |
| 43 Alexandra St |
| Nottingham |
| Nottinghamshire |
| NG5 1AY |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Enstroga Ltd |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Enstroga Ltd for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Enstroga Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Enstroga Ltd and state those matters that we have agreed to state to the director of Enstroga Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Enstroga Ltd and its director for our work or for this report. |
| It is your duty to ensure that Enstroga Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Enstroga Ltd. You consider that Enstroga Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Enstroga Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants & Business Advisers |
| Alexandra House |
| 43 Alexandra St |
| Nottingham |
| Nottinghamshire |
| NG5 1AY |
| Enstroga Ltd (Registered number: 09812700) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Enstroga Ltd (Registered number: 09812700) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Alexandra House, 43 Alexandra Street, Nottingham, NG5 1AY. |
| The principal activity of the company was previously the supply of gas and electricity to the residential market in the United Kingdom. This activity was discontinued in October 2021 when the company ceased customer supply. Since that date the company has sought to finalise its affairs prior to considering options for closure. |
| Consequently, the turnover reported in the comparative period was entirely generated from discontinued operations. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the historical cost basis. |
| The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
| Accruals and prepayments for unbilled customer balances and electricity and gas purchased in advance - detailed analysis is required by the company's specialist accounts management team to estimate unbilled customer usage and to identify the value of electricity and gas purchased in bulk and prepaid at the financial period end. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for gas and electricity supplied, stated net of Value Added Tax. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
| Enstroga Ltd (Registered number: 09812700) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Taxation |
| The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
| Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. |
| Foreign currencies |
| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss. |
| Going concern |
| During the comparative year, price volatility in the gas and electricity wholesale market in the Autumn of 2021 escalated into a widespread global energy crisis. This was caused by geopolitical issues, war in Ukraine and a rapid post-pandemic economic rebound that outpaced energy supply. |
| From mid-2021 the wholesale market price that suppliers paid for gas and electricity rose rapidly to unprecedented levels. Given this, the Board determined that it had became uneconomic for the business to continue to supply customers gas and electricity and applied to Ofgem for support from the Supplier of Last Resort (SoLR) process. The energy regulator appointed a new supplier for the company's customers and a process commenced to make an orderly transfer of customer accounts and supply to the new supplier. The SoLR began supplying energy to Enstroga UK customers on 3 October 2021. |
| The Board is currently working with its credit control team and third-party debt collection agencies to recover outstanding customer debts accrued prior to the cessation of supply. These activities will continue for the foreseeable future. Once the collection and review process is complete, the Board will assess the company's remaining financial and operational position and consider all available strategic options, which may include restructuring, maintaining the company as a dormant entity, or an orderly closure. |
| Given the cessation of trade and the absence of any current plans to resume operations, the Board has assessed that the company no longer meets the criteria for a going concern. As a result, the financial statements have been prepared on a non-going concern basis, reflecting the company's current financial position and ongoing wind-down activities. |
| Enstroga Ltd (Registered number: 09812700) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment |
| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 January 2022 |
| and 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| and 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | RELATED PARTY DISCLOSURES |
| Enstroga Energie Holding GmbH is a related party as it is the parent undertaking of Enstroga Limited. |
| During the year ended 31 December 2022 Enstroga Limited received working capital financing from the parent company. |
| Creditors at 31 December 2022 included £7,370,307 (2021 - £7,031,972) due to Enstroga Energie Holding GmbH. |
| Enstroga Ltd (Registered number: 09812700) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Enstroga Energie Holding GmbH, a company registered in Germany. |
| The registered office of the parent company is Niederstr. 18, 40789, Monheim am Rhein, Germany. |