2 false false false false false false false false false false true false false false false false true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI617999 2022-07-01 2023-06-30 NI617999 2023-06-30 NI617999 2022-06-30 NI617999 2021-07-01 2022-06-30 NI617999 2022-06-30 NI617999 2021-06-30 NI617999 core:FurnitureFittings 2022-07-01 2023-06-30 NI617999 core:MotorVehicles 2022-07-01 2023-06-30 NI617999 bus:Director1 2022-07-01 2023-06-30 NI617999 bus:Director2 2022-07-01 2023-06-30 NI617999 core:WithinOneYear 2023-06-30 NI617999 core:WithinOneYear 2022-06-30 NI617999 core:FurnitureFittings 2022-06-30 NI617999 core:FurnitureFittings 2023-06-30 NI617999 core:MotorVehicles 2023-06-30 NI617999 core:AfterOneYear 2023-06-30 NI617999 core:UKTax 2022-07-01 2023-06-30 NI617999 core:UKTax 2021-07-01 2022-06-30 NI617999 bus:AllOrdinaryShares 2022-07-01 2023-06-30 NI617999 bus:AllOrdinaryShares 2021-07-01 2022-06-30 NI617999 core:ShareCapital 2023-06-30 NI617999 core:ShareCapital 2022-06-30 NI617999 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI617999 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI617999 core:BetweenOneFiveYears 2023-06-30 NI617999 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI617999 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 NI617999 core:FurnitureFittings 2022-06-30 NI617999 bus:SmallEntities 2022-07-01 2023-06-30 NI617999 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 NI617999 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI617999 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI617999 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: NI617999
Erdis Limited
Filleted unaudited financial statements
30 June 2023
Erdis Limited
Statement of financial position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
67,911
5,123
Current assets
Debtors
8
38,006
38,040
Cash at bank and in hand
106,195
144,160
--------
--------
144,201
182,200
Creditors: amounts falling due within one year
9
30,144
21,860
--------
--------
Net current assets
114,057
160,340
--------
--------
Total assets less current liabilities
181,968
165,463
Creditors: amounts falling due after more than one year
10
50,433
Provisions
Taxation including deferred tax
883
973
--------
--------
Net assets
130,652
164,490
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
130,552
164,390
--------
--------
Shareholders funds
130,652
164,490
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr WS Curragh
Mrs H Curragh
Director
Director
Company registration number: NI617999
Erdis Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 13 Tweskard Park, Belfast, BT4 2JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Summary of significant 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
14,068
15,469
Adjustments in respect of prior periods
15
-------
-------
Total current tax
14,068
15,484
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 120)
201
Impact of change in tax rate
30
---
---
Total deferred tax
( 90)
201
-------
-------
Tax on profit
13,978
15,685
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19.57 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
72,332
84,253
-------
-------
Profit on ordinary activities by rate of tax
14,158
16,008
Adjustment to tax charge in respect of prior periods
30
Effect of revenue exempt from tax
( 36)
Impact of enhanced capital allowances
( 174)
( 323)
-------
-------
Tax on profit
13,978
15,685
-------
-------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
92,192
25,828
-------
-------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2022
31,972
31,972
Additions
5,413
77,316
82,729
-------
-------
--------
At 30 June 2023
37,385
77,316
114,701
-------
-------
--------
Depreciation
At 1 July 2022
26,849
26,849
Charge for the year
4,478
15,463
19,941
-------
-------
--------
At 30 June 2023
31,327
15,463
46,790
-------
-------
--------
Carrying amount
At 30 June 2023
6,058
61,853
67,911
-------
-------
--------
At 30 June 2022
5,123
5,123
-------
-------
--------
8. Debtors
2023
2022
£
£
Trade debtors
17,862
38,040
Other debtors
20,144
-------
-------
38,006
38,040
-------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,546
849
Corporation tax
14,068
15,470
Social security and other taxes
6,716
5,520
Obligations under finance leases and hire purchase contracts
7,804
Other creditors
10
21
-------
-------
30,144
21,860
-------
-------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
50,433
-------
---
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
7,804
Later than 1 year and not later than 5 years
50,433
-------
---
58,237
-------
---
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
883
973
---
---
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
883
973
---
---
13. Related party transactions
The company was under the control of Mr WS Curragh and Mrs H Curragh , who are directors and controlled the company's share capital throughout the year.
14. Controlling interest
The ultimate controlling parties are WS Curragh and H Curragh due to their equity shareholding.