Ensyn International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements , including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group . T he company has therefore taken advantage of e xemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares ;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures ;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements ;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel .
The financial statements of the company are consolidated in the financial statements of Ensyn Corporation, a company registered in the USA . These consolidated financial statements are available from its registered office, 701 Foulk Road, Suite 2H, Wilmington, Delaware 19803, USA.
At the time of approving the financial statements , the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This expectation is dependent on the support of the company's parent for a period of at least 12 months from the date of signing. A letter has been received from the parent company confirming that it will continue to support the company for at least 12 months from the date of signing. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Due to the nature of the business, no significant estimates or judgements have been applied to the financial statements for the year ended 31 December 2019.
There is no charge to corporation tax due to the availability of tax losses brought forward. No deferred tax asset has been recognised due to the uncertainty as to the timing of future profitability of the company.
As the income statement has been omitted from the filing copy of the financial statements , the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
Material uncertainty related to going concern
We draw attention to Note 1.2 in the financial statements, which indicates that the Company's ability to meet expenditure for the 12 months from the date of approval of the financial statements is reliant on support from its parent company. In addition, the potential impact of COVID-19, whilst not yet fully understood, will likely have an impact on the ability of the parent company to raise additional equity funds. The parent company has taken and will continue to take actions to obtain new funding, but there is doubt about the parent's ability to continue as a going concern as there is no assurance that the parent company will be successful in satisfying its future cash needs. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
No guarantees have been given or received.
The company's immediate parent undertaking is Ensyn Renewables Inc. a company incorporated in Delaware, USA.
The ultimate parent undertaking and controlling party is Ensyn Corporation Inc., a company incorporated in Delaware, USA. Ensyn Corporation Inc. prepare consolidated financial statements which are publically available from its registered office, 701 Foulk Road, Suite 2H, Wilmington, Delaware 19803, USA.