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Sage Accounts Production 2020 Update 1 - FRS102_2019
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Company registration number:
06496168
Ergo Flex Enterprises Ltd
Unaudited filleted financial statements
28 February 2022
Ergo Flex Enterprises Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ergo Flex Enterprises Ltd
Directors and other information
|
|
|
|
Director |
Gerald Joseph MacEwan |
|
|
|
|
|
|
|
Secretary |
Margaret MacEwan |
|
|
|
|
|
|
|
Company number |
06496168 |
|
|
|
|
|
|
|
Registered office |
246 Park View |
|
|
Whitley Bay |
|
|
Tyne and Wear |
|
|
NE26 3QX |
|
|
|
|
|
|
|
Business address |
246 Park View |
|
|
Whitley Bay |
|
|
Tyne and Wear |
|
|
NE26 3QX |
|
|
|
|
|
|
|
Accountants |
Harrison Hutchinson Ltd |
|
|
246 Park View |
|
|
Whitley Bay |
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|
Tyne and Wear |
|
|
NE26 3QX |
|
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|
Ergo Flex Enterprises Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Ergo Flex Enterprises Ltd
Year ended 28th February 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ergo Flex Enterprises Ltd for the year ended 28th February 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Ergo Flex Enterprises Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ergo Flex Enterprises Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ergo Flex Enterprises Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Ergo Flex Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ergo Flex Enterprises Ltd. You consider that Ergo Flex Enterprises Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ergo Flex Enterprises Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Ergo Flex Enterprises Ltd
Statement of financial position
28th February 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
3 |
2 |
|
|
|
2 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
4 |
662,469 |
|
|
|
699,595 |
|
|
Cash at bank and in hand |
|
|
2,564,913 |
|
|
|
2,379,396 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
3,227,382 |
|
|
|
3,078,991 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
5 |
(
1,755) |
|
|
|
(
143,569) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
3,225,627 |
|
|
|
2,935,422 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Total assets less current liabilities |
|
|
|
|
3,225,629 |
|
|
|
2,935,424 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Net assets |
|
|
|
|
3,225,629 |
|
|
|
2,935,424 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
3,225,627 |
|
|
|
2,935,422 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Shareholders funds |
|
|
|
|
3,225,629 |
|
|
|
2,935,424 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 July 2022
, and are signed on behalf of the board by:
Gerald Joseph MacEwan
Director
Company registration number:
06496168
Ergo Flex Enterprises Ltd
Statement of changes in equity
Year ended 28th February 2022
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1st March 2020 |
|
2 |
|
2,674,931 |
2,674,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
510,491 |
510,491 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
510,491 |
510,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
250,000) |
(
250,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
250,000) |
(
250,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_________ |
_________ |
|
|
|
|
|
At 28th February 2021 and 1st March 2021 |
|
2 |
|
2,935,422 |
2,935,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
550,205 |
550,205 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
550,205 |
550,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
260,000) |
(
260,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
260,000) |
(
260,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_________ |
_________ |
|
|
|
|
|
At 28th February 2022 |
|
2 |
|
3,225,627 |
3,225,629 |
|
|
|
|
|
|
|
_______ |
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ergo Flex Enterprises Ltd
Notes to the financial statements
Year ended 28th February 2022
1.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1st March 2021 and 28th February 2022 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1st March 2021 and 28th February 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28th February 2022 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28th February 2021 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
4.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
72,012 |
- |
|
Other debtors |
|
590,457 |
699,595 |
|
|
|
_______ |
_______ |
|
|
|
662,469 |
699,595 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
135,835 |
|
Corporation tax |
|
1,090 |
7,069 |
|
Other creditors |
|
665 |
665 |
|
|
|
_______ |
_______ |
|
|
|
1,755 |
143,569 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Gerald Joseph MacEwan |
551,633 |
150,862 |
(
260,000) |
442,495 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Gerald Joseph MacEwan |
718,764 |
82,869 |
(
250,000) |
551,633 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
7.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
|
|
Dividends to directors |
130,000 |
125,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
Ordinary dividends are paid to the director in his capacity as shareholder.