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Registration number: 09871211

Enro Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2019

 

Enro Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Enro Holdings Limited

Company Information

Directors

Mr D Shafranik

Ms L Viggers

Mr P Barrett

Mr C Shearer

Mr B Rose

Registered office

8 Old Town Hall Apartments
19 Spa Road
London
SE16 3SA

 

Enro Holdings Limited

(Registration number: 09871211)
Balance Sheet as at 30 June 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

3

5,722

1,141

Investments

4

1,889,955

443,329

 

1,895,677

444,470

Current assets

 

Debtors

5

377,442

104,014

Cash at bank and in hand

 

62,723

12,348

 

440,165

116,362

Creditors: Amounts falling due within one year

6

(3,840)

(16,840)

Net current assets

 

436,325

99,522

Net assets

 

2,332,002

543,992

Capital and reserves

 

Called up share capital

228

132

Share premium reserve

2,919,991

620,237

Profit and loss account

(588,217)

(76,377)

Total equity

 

2,332,002

543,992

For the financial year ending 30 June 2019 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 February 2020 and signed on its behalf by:
 

.........................................

Mr C Shearer
Director

 

Enro Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

1

General information

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

The address of its registered office is:
8 Old Town Hall Apartments
19 Spa Road
London
SE16 3SA

These financial statements were authorised for issue by the Board on 13 February 2020.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

 

Enro Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Enro Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2018

1,929

1,929

Additions

6,967

6,967

At 30 June 2019

8,896

8,896

Depreciation

At 1 July 2018

789

789

Charge for the year

2,385

2,385

At 30 June 2019

3,174

3,174

Carrying amount

At 30 June 2019

5,722

5,722

At 30 June 2018

1,141

1,141

4

Investments

2019
£

2018
£

Investments in subsidiaries

1,889,955

443,329

Subsidiaries

£

Cost or valuation

At 1 July 2018

443,329

Additions

1,446,626

At 30 June 2019

1,889,955

Provision

Carrying amount

At 30 June 2019

1,889,955

At 30 June 2018

443,329

The investment in Enro Ltd increased during the year ended 30 June 2019 due to amounts advanced as a loan being converted to a capital contribution (within P&L reserve).

 

Enro Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2019

2018

Subsidiary undertakings

Enro Limited

8 Old Town Hall Apartments
19 Spa Road
London
SE16 3SA

Ordinary shares

100%

100%

 

England

     

Mannum Limited

8 Old Town Hall Apartments
19 Spa Road
London
SE16 3SA

Ordinary shares

100%

100%

 

England

     

Digital Risks BV

Belliardstraat 40
1040 Brussel

Ordinary shares

100%

0%

 

Belgium

     

The principal activity of Enro Limited is that of insurance broking.

The principal activity of Mannum Limited is that of business software development.

The principal activity of Digital Risks BV is that of insurance broking.

5

Debtors

Note

2019
£

2018
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

347,728

85,943

Prepayments

 

242

6,000

Other debtors

 

29,472

12,071

 

377,442

104,014

 

Enro Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

6

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Loans and borrowings

5

738

Trade creditors

 

260

1,360

Accruals and deferred income

 

3,575

13,680

Other creditors

 

-

1,062

 

3,840

16,840

7

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary shares of £0.0001 each

2,278,930

227.89

1,317,130

131.71

         


New shares allotted
During the year 158,712 Ordinary shares of £0.0001 each having an aggregate nominal value of £15.87 were allotted for an aggregate consideration of 232,435.

During the year 803,088 Preferred A shares of £0.0001 each having an aggregate nominal value of £80.31 were allotted for an aggregate consideration of 2,079,918.

8

Related party transactions

The company has taken advantage of the exemption in Section 33.1 A of FRS102 Related Party Transaction from disclosing transactions with other members of the group.

9

Control

There is no controlling party.

There is no ultimate controlling party.