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Registered number: 11431509
Enamel Capital Limited
Unaudited Financial Statements
For The Year Ended 31 March 2026
Finerva
Enamel Capital Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—5

Page 1
Enamel Capital Limited
Balance Sheet
As At 31 March 2026
Balance Sheet
Registered number: 11431509

| 2026 | 2025
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Investments (Loan to Associates and Unlisted investments) | 4 |  | 11,274,774 |  | 10,654,572
|  |  | 11,274,774 |  | 10,654,572
CURRENT ASSETS
Debtors | 5 | 1,953,166 |  | 1,585,518 |
Cash at bank and in hand |  | 751,020 |  | 138,735 |
|  | 2,704,186 |  | 1,724,253 |
Creditors: Amounts Falling Due Within One Year | 6 | (7,814,240 ) |  | (7,926,992 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (5,110,054 ) |  | (6,202,739 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,164,720 |  | 4,451,833
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (459,791 ) |  | -
NET ASSETS |  |  | 5,704,929 |  | 4,451,833
CAPITAL AND RESERVES
Called up share capital | 7 |  | 100 |  | 100
Profit and Loss Account |  |  | 5,704,829 |  | 4,451,733
SHAREHOLDERS' FUNDS |  |  | 5,704,929 |  | 4,451,833

Page 1
Page 2
Enamel Capital Limited
Balance Sheet (continued)
As At 31 March 2026
For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

R A Ettlinger Director
12 August 2026

The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Enamel Capital Limited
Notes to the Financial Statements
For The Year Ended 31 March 2026
Notes to the Financial Statements
1. General Information
Enamel Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11431509 . The registered office is 55 Station Road, Beaconsfield, HP9 1QL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Investments
Unlisted investments are initially recognised at transaction price, including any directly attributable transaction costs. Subsequent to initial recognition, unlisted investments are measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss account.
Fair value is determined by reference to the quoted market price at the balance sheet date. Where a reliable market price is not available, fair value is determined using valuation techniques appropriate to the instrument.
Dividends and other investment income are recognised in profit or loss when the company’s right to receive payment is established.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.3. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
Enamel Capital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2025: NIL)
- -
4. Investments (Loan to Associates and Unlisted investments)

| Associates | Unlisted | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 April 2025 | 2,377,000 | 8,277,572 | 10,654,572
Additions | - | 786,383 | 786,383
Disposals | - | (1,313,127 ) | (1,313,127 )
Revaluations | - | 1,146,946 | 1,146,946
As at 31 March 2026 | 2,377,000 | 8,897,774 | 11,274,774
Provision
As at 1 April 2025 | - | - | -
As at 31 March 2026 | - | - | -
Net Book Value
As at 31 March 2026 | 2,377,000 | 8,897,774 | 11,274,774
As at 1 April 2025 | 2,377,000 | 8,277,572 | 10,654,572

Page 4
Page 5
Enamel Capital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
5. Debtors

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Due within one year
Debtors - others | 459,770 |  | 307,418
Amounts owed by group undertakings | 325,000 |  | -
| 784,770 |  | 307,418
Due after more than one year
Loans - other | 993,396 |  | 963,100
Amounts owed by group undertakings | 175,000 |  | 315,000
| 1,168,396 |  | 1,278,100
| 1,953,166 |  | 1,585,518

6. Creditors: Amounts Falling Due Within One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Corporation tax | 142,769 |  | 755,631
Other creditors | 7,653,827 |  | -
Accruals and deferred income | 7,067 |  | 21,533
Directors' loan accounts | 10,577 |  | 7,149,828
| 7,814,240 |  | 7,926,992

7. Share Capital

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

Page 5