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Company registration number: 2090682
Eagerlux Limited
Unaudited filleted financial statements
31 March 2023
Eagerlux Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Eagerlux Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,006,381 3,023,415
Investments 6 1,025,327 15,806
_______ _______
4,031,708 3,039,221
Current assets
Debtors 7 1,659,094 1,256,724
Cash at bank and in hand 118,522 1,550,699
_______ _______
1,777,616 2,807,423
Creditors: amounts falling due
within one year 8 ( 29,956) ( 90,766)
_______ _______
Net current assets 1,747,660 2,716,657
_______ _______
Total assets less current liabilities 5,779,368 5,755,878
Creditors: amounts falling due
after more than one year 9 ( 50,000) -
Provisions for liabilities ( 197,593) ( 200,010)
_______ _______
Net assets 5,531,775 5,555,868
_______ _______
Capital and reserves
Called up share capital 22,000 22,000
Fair value reserve 1,571,794 1,571,794
Profit and loss account 3,937,981 3,962,074
_______ _______
Shareholders funds 5,531,775 5,555,868
_______ _______
For the year ending 31 March 2023 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 14 September 2023 , and are signed on behalf of the board by:
Mr Andrew Mear
Director
Company registration number: 2090682
Eagerlux Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 22,000 1,981,430 2,994,074 4,997,504
(Loss)/profit for the year 570,074 570,074
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account (409,636) 397,926 (11,710)
_______ _______ _______ _______
Total comprehensive income for the year - ( 409,636) 968,000 558,364
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 22,000 1,571,794 3,962,075 5,555,869
(Loss)/profit for the year ( 24,094) ( 24,094)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 24,094) ( 24,094)
_______ _______ _______ _______
At 31 March 2023 22,000 1,571,794 3,937,981 5,531,775
_______ _______ _______ _______
Eagerlux Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, Village Street, Norwood Green, Halifax, HX3 8QG.
2. 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'.
3. 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the services rendered, net of discounts and Value Added Tax.Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably and the costs incurred and costs to complete the transaction can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at 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 in the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2022 2,991,421 81,557 19,659 3,092,637
Additions - - 2,788 2,788
_______ _______ _______ _______
At 31 March 2023 2,991,421 81,557 22,447 3,095,425
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 55,300 13,923 69,223
Charge for the year - 16,312 3,509 19,821
_______ _______ _______ _______
At 31 March 2023 - 71,612 17,432 89,044
_______ _______ _______ _______
Carrying amount
At 31 March 2023 2,991,421 9,945 5,015 3,006,381
_______ _______ _______ _______
At 31 March 2022 2,991,421 26,257 5,736 3,023,414
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2022 15,806 15,806
Additions 1,009,521 1,009,521
_______ _______
At 31 March 2023 1,025,327 1,025,327
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 1,025,327 1,025,327
_______ _______
At 31 March 2022 15,806 15,806
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 20,122 17,598
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,499,174 1,152,716
Other debtors 139,798 86,410
_______ _______
1,659,094 1,256,724
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 9,120 -
Corporation tax - 63,197
Social security and other taxes 13,586 8,481
Other creditors 7,250 19,088
_______ _______
29,956 90,766
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 50,000 -
_______ _______