ENIGMA SECURITIES LTD
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Next accounts due
2025-09-29
Overdue
Confirmation statement due
2026-12-09 (in 7mo)
Last made up 2025-11-25
Watchouts
Cash
£4M
+140.3% vs 2022
Net assets
£4M
+155.4% highest in 3 filed years
Employees
10
-9.1% vs 2022
Profit before tax
-£2M
+82.1% vs 2022
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Annual accounts overdue
Due 2025-09-29.
-
Audit opinion: Disclaimer of opinion
Latest auditor's report carried a non-clean opinion.
Net assets
5-year trend · vs Industrials median
Accounts
5-year trend · latest reflected 2023-12-31
| Metric | Trend | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-12-31 |
|---|---|---|---|---|---|---|
| Turnover | — | £10,868,837 | — | £6,226,741 | £4,642,212 | |
| Operating profit | — | £2,705,437 | — | -£8,579,150 | -£1,780,684 | |
| Profit before tax | — | £1,623,654 | — | -£9,658,506 | -£1,728,123 | |
| Net profit | — | £1,711,732 | — | -£9,604,206 | -£1,775,353 | |
| Cash | — | £9,428,472 | — | £1,552,741 | £3,730,502 | |
| Total assets less current liabilities | — | £3,060,878 | — | £1,501,979 | £3,836,127 | |
| Net assets | — | £3,060,878 | — | £1,501,979 | £3,836,127 | |
| Equity | £1,349,146 | £3,060,878 | £3,060,878 | £1,501,979 | £3,836,127 | |
| Average employees | — | 8 | — | 11 | 10 | |
| Wages | — | £2,490,570 | — | £2,042,288 | £3,003,010 | |
| Directors' remuneration | — | — | — | £0 | £0 |
Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2022 → FY2023 · period ending 2023-12-31 vs 2022-12-31
-
Turnover
-25.4%
£6,226,741 £4,642,212
lowest in 3 filed years
-
Cash
+140.3%
£1,552,741 £3,730,502
-
Net assets
+155.4%
£1,501,979 £3,836,127
highest in 3 filed years
-
Employees
-9.1%
11 10
-
Operating profit
+79.2%
-£8,579,150 -£1,780,684
-
Profit before tax
+82.1%
-£9,658,506 -£1,728,123
-
Wages
+47%
£2,042,288 £3,003,010
highest in 3 filed years
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-12-31 |
|---|---|---|---|---|---|---|
| Operating margin | — | 24.9% | — | -137.8% | -38.4% | |
| Net margin | — | 15.7% | — | -154.2% | -38.2% | |
| Return on capital employed | — | 88.4% | — | -571.2% | -46.4% | |
| Gearing (liabilities / total assets) | — | — | — | 76.8% | 84.9% | |
| Current ratio | — | — | — | 1.50x | 1.49x | |
| Interest cover | — | 1.26x | — | -31.94x | — |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 2 times since incorporation
- ENIGMA SECURITIES LTD 2018-03-13 → present
- DIGITAL CRYPTO GROUP LTD 2017-12-21 → 2018-03-13
- MAKOR DIGITAL LTD 2017-12-15 → 2017-12-21
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- BKL Audit LLP
- Audit opinion
- Disclaimer of opinion
- Going concern
- Affirmed
“The financial statements have been prepared on the going concern basis which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. This is on the basis of the ongoing support of the immediate parent undertaking which will allow the Company to continue to meet its financial obligations as they fall due. The directors are confident that this support will continue for at least twelve months from the date of approval of these financial statements.”
Group structure
- ENIGMA SECURITIES LTD · parent
- Enigma Markets Inc 100%
- Enigma Securities Inc 100%
- Enigma Labs SASU 100%
- Enigma Securities Research and Development Ltd 100%
Significant events
- “2023 was a particularly volatile year in the digital assets sector.”
- “Although the year was marked by a major recovery in digital assets prices, it was also marred by the collapse of several regional US banks.”
- “2023 was also a year of transition for the Company in terms of technology infrastructure, which included the migration of key trading and settlement systems.”
- “During this migration process, some aspects of OTC trade data were inadvertently corrupted during transition.”
- “The Directors and Senior Management were committed to resolving all data issues and performed a full reconciliation of data relating to all Liquidity Providers and all electronic trading, although some discrepancies remained with the OTC activity.”
- “However, the issue only pertains to certain 2023 OTC trading data and the Company has since made significant investments to upgrade key personnel, front office and settlement infrastructure and have additionally developed and improved operational and governance frameworks.”
- “Notwithstanding the data issues identified, the Directors confirm that here are no Liquidity Providers or any underlying customers disputing any trades, invoices or balances and there are no outstanding payable or receivable claims.”
- “Moreover, since the year end, the Company has enjoyed considerable volume growth, and the Directors believe that any data anomalies from 2023 have now been fully resolved.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 1 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BOUHADANA, Avi | Director | 2017-12-15 | Dec 1967 | Canadian |
| HALIMI, Michael | Director | 2022-11-21 | Jun 1968 | French |
Show 1 resigned officer
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| WOLPERT, Efraim | Director | 2017-12-15 | 2023-11-09 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Mr Avi Bouhadana | Individual | Significant influence | 2017-12-15 | Ceased 2022-06-01 |
| Mr Michael Elie Halimi | Individual | Shares 25–50% | 2017-12-15 | Ceased 2022-06-01 |
| Makor Partners Limited | Corporate entity | Shares 75–100% | 2017-12-15 | Active |
Filing timeline
Last 20 of 64 total filings
Material constitutional events — rename, articles re-file, resolution
- 2024-04-03 RESOLUTIONS Resolution
- 2023-02-13 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-11-26 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-11-11 | RP01AP01 | officers | Replacement filing of director appointment with name | |
| 2025-05-19 | AA | accounts | Accounts with accounts type full | |
| 2025-01-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-22 | AA01 | accounts | Change account reference date company previous shortened | |
| 2024-04-03 | RESOLUTIONS | resolution | Resolution | |
| 2024-03-26 | SH01 | capital | Capital allotment shares | |
| 2023-12-21 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2023-12-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-12-01 | AA | accounts | Accounts with accounts type full | |
| 2023-11-15 | TM01 | officers | Termination director company with name termination date | |
| 2023-09-28 | SH01 | capital | Capital allotment shares | |
| 2023-09-27 | AA01 | accounts | Change account reference date company previous shortened | |
| 2023-02-13 | SH20 | capital | Legacy | |
| 2023-02-13 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2023-02-13 | CAP-SS | insolvency | Legacy | |
| 2023-02-13 | RESOLUTIONS | resolution | Resolution | |
| 2023-01-08 | SH08 | capital | Capital name of class of shares | |
| 2022-12-28 | AP01 | officers | Appoint person director company with name date | |
| 2022-12-23 | CS01 | confirmation-statement | Confirmation statement with updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.