Company Registration No. 08483145 (England and Wales)
Essarr Ltd
Unaudited accounts
for the year ended 31 December 2022
Essarr Ltd
Unaudited accounts
Contents
Essarr Ltd
Company Information
for the year ended 31 December 2022
Directors
Mr R Z Rickey
Mr S Somers
Company Number
08483145 (England and Wales)
Registered Office
UNIT 2G REDWITHER TOWER
REDWITHER BUSINESS PARK
WREXHAM
LL13 9XT
WALES
Essarr Ltd
Statement of financial position
as at 31 December 2022
Intangible assets
-
30,000
Tangible assets
35,882
73,765
Debtors
1,627,777
1,949,008
Cash at bank and in hand
85,411
41,726
Creditors: amounts falling due within one year
(890,315)
(1,605,699)
Net current assets
822,873
385,035
Total assets less current liabilities
858,755
488,800
Creditors: amounts falling due after more than one year
(18,228)
(26,693)
Net assets
840,527
462,107
Called up share capital
200
200
Profit and loss account
840,327
461,907
Shareholders' funds
840,527
462,107
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by
Mr S Somers
Director
Company Registration No. 08483145
Essarr Ltd
Notes to the Accounts
for the year ended 31 December 2022
Essarr Ltd is a private company, limited by shares, registered in England and Wales, registration number 08483145. The registered office is UNIT 2G REDWITHER TOWER, REDWITHER BUSINESS PARK, WREXHAM, LL13 9XT, WALES.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Essarr Ltd
Notes to the Accounts
for the year ended 31 December 2022
The directors continue to adopt the going concern basis in preparing the financial statements.
4
Intangible fixed assets
Other
At 31 December 2022
180,000
Charge for the year
30,000
At 31 December 2022
180,000
At 31 December 2021
30,000
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
85,161
67,206
152,367
Disposals
(20,833)
-
(20,833)
At 31 December 2022
64,328
69,266
133,594
At 1 January 2022
29,355
49,247
78,602
Charge for the year
9,649
11,544
21,193
On disposals
(2,083)
-
(2,083)
At 31 December 2022
36,921
60,791
97,712
At 31 December 2022
27,407
8,475
35,882
At 31 December 2021
55,806
17,959
73,765
Amounts falling due within one year
Trade debtors
2,479
142,117
Amounts due from group undertakings etc.
1,417,588
1,295,315
Accrued income and prepayments
40,000
-
Other debtors
155,292
315,865
Essarr Ltd
Notes to the Accounts
for the year ended 31 December 2022
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
8,519
8,519
Trade creditors
108,774
91,160
Amounts owed to group undertakings and other participating interests
475,767
1,336,720
Taxes and social security
227,158
169,673
Other creditors
68,936
(4,373)
8
Creditors: amounts falling due after more than one year
2022
2021
At the year end, there was an overdrawn directors' loan account balance of £13,930 (2022 - £57,256).
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Transactions with related parties
Cunningham Global Ltd is a company registered in Northern Ireland of which Robert Rickey and Stephen Somers are also directors and shareholders.
During the year, Essarr Ltd provided a loan to Cunningham Global Ltd, the amount outstanding at the year end was £45,241 (2021 Cr £454,453) included in debtors. There are no fixed terms or interest charged on the loan and repayable on demand.
Superhero Investments Limited is a company registered in England and Wales of which Robert Rickey and Stephen Somers are also directors and shareholders.
During the year, Essarr Ltd provided a loan to Superhero Investments Limited, £1,263,647 was outstanding at the year end (2021 £1,147,717) and is included in debtors. There are no fixed terms or interest charged on the loan and repayable on demand.
Superhero Solutions Limited is a company registered in England and Wales of which Robert Rickey and Stephen Somers are also directors and shareholders.
During the year, Essarr Ltd collected sales income on behalf of Superhero Solutions Limited via a holding account. At the year end £394,421 (2021 £628,562) was held on account due to Superhero Solutions Limited and is included in creditors. There are no fixed terms or interest charged on this balance and it is repayable on demand.
Kashyyyk Limited is a company registered in England and Wales of which Robert Rickey is also a director and shareholder.
During the year Kashyyyk Limited partially repaid its loan from Essarr Ltd, with £108,700 remaining outstanding at the year end (2021 £135,000).
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Average number of employees
During the year the average number of employees was 4 (2021: 4).