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Company registration number: 09003242

Enpal limited
Filleted Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

Enpal limited

Contents

Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Unaudited Financial Statements | 3 to 8

Enpal limited

(Registration number: 09003242)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 5 | 53,596 | 55,738
Current assets |  |  |
Debtors | 6 | 2,393,823 | 2,430,618
Cash at bank and in hand |  | 174,382 | 220,242
|  | 2,568,205 | 2,650,860
Creditors: Amounts falling due within one year | 7 | (32,287) | (31,006)
Net current assets |  | 2,535,918 | 2,619,854
Total assets less current liabilities |  | 2,589,514 | 2,675,592
Creditors: Amounts falling due after more than one year | 7 | (1,140,000) | (1,045,000)
Net assets |  | 1,449,514 | 1,630,592
Capital and reserves |  |  |
Called up share capital |  | 172 | 172
Share premium reserve |  | 1,871,787 | 1,871,787
Other reserves |  | 53,497 | 55,639
Profit and loss account |  | (475,942) | (297,006)
Total equity |  | 1,449,514 | 1,630,592

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved and authorised by the Board on 27 July 2026 and signed on its behalf by:

C Cole Director |  |

Enpal limited

Statement of Changes in Equity
for the Year Ended 31 December 2025

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2025 | 172 | 1,871,787 | 55,639 | (297,006) | 1,630,592
Loss for the year | - | - | - | (178,936) | (178,936)
Share based payment transactions | - | - | (2,142) | - | (2,142)
At 31 December 2025 | 172 | 1,871,787 | 53,497 | (475,942) | 1,449,514

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2024 | 172 | 1,871,787 | 47,980 | (152,425) | 1,767,514
Loss for the year | - | - | - | (144,581) | (144,581)
Share based payment transactions | - | - | 7,659 | - | 7,659
At 31 December 2024 | 172 | 1,871,787 | 55,639 | (297,006) | 1,630,592

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

1 | General information

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

The address of its registered office is:
Unit 05.G01 The Leather Market
11-13 Weston Street
Bermondsey
London
SE1 3ER
England

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

These financial statements are presented in Sterling (£).

Going concern

The Directors have a reasonable expectation that the Company, together with its subsidiary, has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. As a result the Directors believe that the going concern basis is appropriate. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

Cash and cash equivalents

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

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less provision for impairment.
A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

Reserves

Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Other reserves relate to share options for the benefit of employees in Guru Systems Limited.

Share capital

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

Dividends

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

Share based payments

Where share options are awarded to employees of the subsidiary company, the fair value of the options at the date of grant is included in the Balance Sheet as an increase in investments over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised as an investment over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to investments over the remaining vesting period.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2024 - 3).

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

4 | Intangible assets

| Intellectual property £ | Total £
Cost or valuation
At 1 January 2025 | 34,900 | 34,900
At 31 December 2025 | 34,900 | 34,900
Amortisation
At 1 January 2025 | 34,900 | 34,900
At 31 December 2025 | 34,900 | 34,900
Carrying amount
At 31 December 2025 | - | -

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 53,596 | 55,738

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 55,738
Adjustment in relation to share options issued to employees of the company's subsidiary | (2,142)
At 31 December 2025 | 53,596
Carrying amount
At 31 December 2025 | 53,596
At 31 December 2024 | 55,738

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | - | 401
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 2,376,941 | 2,406,651
Prepayments | 11,643 | 11,148
Other debtors | 5,239 | 12,418
| 2,393,823 | 2,430,618

Amounts owed by group undertakings are unsecured, interest free and repayable on demand. However, the directors will only seek settlement if considered non-detrimental to either party or settlement is required.

Enpal limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 28,437 | 27,155
Accruals and deferred income | 3,850 | 3,851
| 32,287 | 31,006

8 | Related party transactions

Summary of transactions with subsidiaries

The company has taken advantage of the exemption under FRS102 to not disclose transactions with wholly owned subsidiaries of the group.

9 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 1,140,000 | 1,045,000

£550,000 loan notes
The company's loan notes are unsecured and are repayable in 2028. However, the noteholder can elect to convert the notes into ordinary shares (at the most senior class) at maturity if not previously converted. The loan notes bear interest of 10% per annum which is rolled up into the total amount due but is not considered to be compound interest.
The loan notes will convert into ordinary shares (at the most senior class) automatically in the event of a sale or additional fundraising occurs prior to the maturity of the notes. The directors believe it to be appropriate to recognise the notes as a liability at the year end.
£400,000 loan notes
The company's loan notes are unsecured and are repayable in 2028. However, the noteholder can elect to convert the notes into ordinary shares (at the most senior class) at maturity or on the event of sale or additional fundraising. The loan notes bear interest of 10% per annum which is rolled up into the total amount due but is not considered to be compound interest.