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REGISTERED NUMBER: 12315940 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

ENIGMA STRATEGY LIMITED

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


ENIGMA STRATEGY LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2024







DIRECTORS: J A Lawrence
R D Owen-Thomas





REGISTERED OFFICE: 35 Berkeley Square
Mayfair
London
W1J 5BF





REGISTERED NUMBER: 12315940 (England and Wales)





AUDITORS: RFM Audit Services LLP, Statutory Auditor
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 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
Overview
Enigma Strategy Limited continues to evolve as a specialist investment management and advisory firm, focusing on the needs of ultra-high-net-worth individuals, sophisticated investors, and professional counterparties. Over the past year, the firm has strengthened its capabilities in delivering access to a range of global investment opportunities, with a renewed emphasis on equities, exchange-traded funds (ETFs), and collective investment schemes.
Our strategic aim remains centred on offering transparent, high-conviction investment solutions through a whole-of-market approach. We continue to prioritise regulatory compliance, product suitability, and technological innovation in all areas of our operations.


Business Performance
The business has seen increased client engagement and product uptake across both advisory and discretionary services. Revenues have grown compared with the previous year, and the company has now reported a profit, demonstrating the commercial viability of our high-value offering.

A key performance highlight for the year includes the expansion of our investment management business with a growing client base and assets under administration. Demand for our expertise in sourcing high-quality products and delivering bespoke investment solutions has grown significantly.

While UK-based brokers have historically played a central role in operational execution, our experience during the year has been mixed. We regret to report that several UK brokers have underperformed expectations, particularly in relation to technical integrations and plugin functionality. This has impeded aspects of our platform development timeline. We are now actively diversifying counterparties and pursuing relationships with global brokerages that align with our technological and operational standards.

Turnover for the year increased from £16,393 in the previous year to £76,637 in the current year and the company has declared a profit of £1,534..

The company's key financial and other performance indicators during the year were as follows:

2024 2023
£ £
Turnover 76,637 16,393
Profit/(loss) before tax 1,534 (12,268)

There are other non-financial performance indicators used by the directors but none are considered to be key.


ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

STRATEGIC REPORT
for the Year Ended 30 November 2024

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;
Market; Sensitivity to global capital markets, macroeconomic fluctuations, interest rate volatility, and inflationary pressures.

Regulatory: Ongoing developments related to post-Brexit financial services regulation and UK Financial Conduct Authority (FCA) rules.

Technological; The business remains reliant on robust digital infrastructure, secure data systems, and reliable internet connectivity to operate efficiently.

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.

DEVELOPMENT OF THE COPY TRADING PLATFORM
The firm's proprietary copy trading platform has been a major area of focus during the year. Designed to bring institutional-grade investment strategies to a wider audience, the platform is intended to serve both professional and emerging investors.

Despite our ambitions, integration challenges-particularly those stemming from third-party UK CFD brokers-have delayed certain technical deliverables. These challenges have highlighted the need to partner with technologically competent and responsive counterparties. As a result, we are actively engaging with new brokers who meet our infrastructure and compliance standards, with the objective of ensuring seamless functionality for end-users.

FUTURE DEVELOPMENTS
Looking forward, the firm will continue to scale its investment management capabilities, particularly in equities, ETFs, and regulated fund structures. The development and rollout of the copy trading platform remain a key priority, with plans to extend access to both discretionary managed solutions and third-party model portfolios.

In parallel, we aim to broaden our international footprint through strategic partnerships, enhanced digital infrastructure, and targeted distribution of collective investment schemes. Continuous innovation and client-focused development will remain core to our growth strategy.


ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

STRATEGIC REPORT
for the Year Ended 30 November 2024

CONCLUSION
Enigma Strategy Limited has made material progress in both its commercial and strategic goals. Profitability and revenue growth reflect the strength of our proposition and the depth of our client relationships. While some operational friction has arisen due to underperformance from domestic brokerage partners, the business has taken proactive steps to mitigate these challenges.

We remain committed to delivering high-quality, forward-thinking investment services, underpinned by transparency, regulatory integrity, and innovation.

ON BEHALF OF THE BOARD:





J A Lawrence - Director


4 August 2025

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

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 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

J A Lawrence
R D Owen-Thomas

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 2024


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:





J A Lawrence - Director


4 August 2025

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 2024 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 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ENIGMA STRATEGY LIMITED


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.

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 five, 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;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ENIGMA STRATEGY LIMITED

- 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.

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.




Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

4 August 2025

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 76,637 16,393

Administrative expenses 75,347 29,052
OPERATING PROFIT/(LOSS) 4 1,290 (12,659 )

Interest receivable and
similar income

244

391
PROFIT/(LOSS) BEFORE TAXATION 1,534 (12,268 )

Tax on profit/(loss) 5 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,534

(12,268

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,534

(12,268

)

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

BALANCE SHEET
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 1,626 -

CURRENT ASSETS
Debtors 7 3,564 2,474
Cash at bank 78,260 75,252
81,824 77,726
CREDITORS
Amounts falling due within one
year

8

10,946

6,756
NET CURRENT ASSETS 70,878 70,970
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,504

70,970

CAPITAL AND RESERVES
Called up share capital 9 129,000 129,000
Retained earnings 10 (56,496 ) (58,030 )
SHAREHOLDERS' FUNDS 72,504 70,970

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:





J A Lawrence - Director


ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 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

Changes in equity
Total comprehensive income - 1,534 1,534
Balance at 30 November 2024 129,000 (56,496 ) 72,504

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

CASH FLOW STATEMENT
for the Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,567 (6,137 )
Net cash from operating activities 4,567 (6,137 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,803 ) -
Interest received 244 391
Net cash from investing activities (1,559 ) 391

Cash flows from financing activities
Share issue - 20,000
Net cash from financing activities - 20,000

Increase in cash and cash equivalents 3,008 14,254
Cash and cash equivalents at
beginning of year

2

75,252

60,998

Cash and cash equivalents at
end of year

2

78,260

75,252

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 1,534 (12,268 )
Depreciation charges 177 -
Finance income (244 ) (391 )
1,467 (12,659 )
(Increase)/decrease in trade and other debtors (1,090 ) 6,522
Increase in trade and other creditors 4,190 -
Cash generated from operations 4,567 (6,137 )

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 2024
30/11/24 1/12/23
£    £   
Cash and cash equivalents 78,260 75,252
Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 75,252 60,998


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/23 Cash flow At 30/11/24
£    £    £   
Net cash
Cash at bank 75,252 3,008 78,260
75,252 3,008 78,260
Total 75,252 3,008 78,260

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Enigma Strategy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

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.


ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
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.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees including directors during the year was 3 (2023 - 3)

2024 2023
£    £   
Directors' remuneration 40,000 -

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Hire of other assets 1,009 1,033
Depreciation - owned assets 177 -
Auditors' remuneration 2,800 2,500

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 November 2024 nor for the year ended 30 November 2023.

6. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 1,803
At 30 November 2024 1,803
DEPRECIATION
Charge for year 177
At 30 November 2024 177
NET BOOK VALUE
At 30 November 2024 1,626

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,193 2,264
VAT 2,371 210
3,564 2,474

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 42 -
Social security and other
taxes

4,148

-
Directors' current accounts 4,106 4,106
Accrued expenses 2,650 2,650
10,946 6,756

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
129,000 Ordinary £1 129,000 129,000

ENIGMA STRATEGY LIMITED (REGISTERED NUMBER: 12315940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024

10. RESERVES
Retained
earnings
£   

At 1 December 2023 (58,030 )
Profit for the year 1,534
At 30 November 2024 (56,496 )

11. ULTIMATE CONTROLLING PARTY

After the year end, the company became a 70% subsidiary of MBS Global Investments Co LLC, a company based in the United Arab Emirates.

The ultimate controlling party of the parent company is Marwan Saleh Ahmed Alhajeri Alzarooni.

12. GOING CONCERN

The company made a profit of £1,534 for the year ended 30 November 2024 and had net assets at that date amounting to £72,504 including cash at the bank of £78,260. The management accounts to date indicate that the company is continuing to trade in the current year, with sufficient cash reserves available. The trading platform is now a key focus however due to certain integration challenges, we are actively looking at partnering with new brokers who meet our infrastructure and compliance standards.

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