Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31falsetrue2022-01-01falsesteel fabrication and erection company441truetrue SC232360 2022-01-01 2022-12-31 SC232360 2021-01-01 2021-12-31 SC232360 2022-12-31 SC232360 2021-12-31 SC232360 c:CompanySecretary1 2022-01-01 2022-12-31 SC232360 c:Director1 2022-01-01 2022-12-31 SC232360 c:Director2 2022-01-01 2022-12-31 SC232360 c:RegisteredOffice 2022-01-01 2022-12-31 SC232360 d:Buildings 2022-01-01 2022-12-31 SC232360 d:PlantMachinery 2022-01-01 2022-12-31 SC232360 d:PlantMachinery 2022-12-31 SC232360 d:PlantMachinery 2021-12-31 SC232360 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 SC232360 d:MotorVehicles 2022-01-01 2022-12-31 SC232360 d:MotorVehicles 2022-12-31 SC232360 d:MotorVehicles 2021-12-31 SC232360 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 SC232360 d:OfficeEquipment 2022-01-01 2022-12-31 SC232360 d:OfficeEquipment 2022-12-31 SC232360 d:OfficeEquipment 2021-12-31 SC232360 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 SC232360 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 SC232360 d:Goodwill 2022-12-31 SC232360 d:Goodwill 2021-12-31 SC232360 d:CurrentFinancialInstruments 2022-12-31 SC232360 d:CurrentFinancialInstruments 2021-12-31 SC232360 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC232360 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 SC232360 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC232360 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 SC232360 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 SC232360 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 SC232360 d:ShareCapital 2022-12-31 SC232360 d:ShareCapital 2021-12-31 SC232360 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC232360 d:RetainedEarningsAccumulatedLosses 2021-12-31 SC232360 c:FRS102 2022-01-01 2022-12-31 SC232360 c:Audited 2022-01-01 2022-12-31 SC232360 c:FullAccounts 2022-01-01 2022-12-31 SC232360 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC232360 d:WithinOneYear 2022-12-31 SC232360 d:WithinOneYear 2021-12-31 SC232360 d:BetweenOneFiveYears 2022-12-31 SC232360 d:BetweenOneFiveYears 2021-12-31 SC232360 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 SC232360 2 2022-01-01 2022-12-31 SC232360 4 2022-01-01 2022-12-31 SC232360 7 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: SC232360













EFAB LIMITED






FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022

 
EFAB LIMITED
 

COMPANY INFORMATION


Directors
Mrs L McDonald 
Mr N McDonald 




Company secretary
LC Secretaries Limited



Registered number
SC232360



Registered office
Johnstone House
52-54 Rose Street

Aberdeen

AB10 1HA




Trading Address
Tumulus Way
Midmill Industrial Estate

Kintore

United Kingdom

AB51 0TG






Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
EFAB LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12

 
EFAB LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
EFAB LIMITED

REGISTERED NUMBER:SC232360

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
278,497
461,098

  
278,497
461,098

Current assets
  

Stocks
  
13,666
101,423

Debtors: amounts falling due within one year
 6 
2,063,719
2,311,679

Cash at bank and in hand
 7 
19,012
1,106,433

  
2,096,397
3,519,535

Creditors: amounts falling due within one year
 8 
(4,898,090)
(7,516,698)

Net current liabilities
  
 
 
(2,801,693)
 
 
(3,997,163)

Total assets less current liabilities
  
(2,523,196)
(3,536,065)

Creditors: amounts falling due after more than one year
 9 
(33,709)
(40,239)

  

Net liabilities
  
(2,556,905)
(3,576,304)


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Profit and loss account
  
(2,856,905)
(3,876,304)

  
(2,556,905)
(3,576,304)


Page 2

 
EFAB LIMITED

REGISTERED NUMBER:SC232360

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr N McDonald
Director

Date: 28 September 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
EFAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

eFab Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1HA. 
The principal activities of the company is the design and manufacture of structural steel fabrication for the construction and oil & gas industries. The company is a wholly owned subsidiary of eGroup Services Limited (collectively known as "the group").

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

 
2.2

Going concern

The directors have commenced the orderly winding down of the company, including notifying affected employees. The company is continuing to trade until all contractual obligations are satisfied which is expected to be achieved during late 2023, after which the assets of the company are expected to be realised in full to settle external liabilities. It is expected that sufficient cash will be realised to settle all external liabilities in the normal course of business, leaving any residual intergroup liabilities to be settled through any remaining proceeds from asset sales and the remaining intergroup balance to be forgiven before operations cease and the company becomes dormant. Intercompany liabilities at the year end were £3,702,894 (2021 - £4,759,796).
As such, these financial statements have been prepared on a basis other than that of a going concern. As the company is currently still trading the accounts have been prepared by recognising all known assets at an amount that is considered recoverable with the recognition of all liabilities that are due by the business at the period end. The company expects to continue to earn revenue and incur costs and liabilities in the accounts for the period to 31 December 2023 whilst it finalises existing contractual agreements.

Page 4

 
EFAB LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 5

 
EFAB LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 6

 
EFAB LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Heritable property
-
2% Reducing balance
Plant and machinery
-
15% Reducing balance
Motor vehicles
-
15-25% Reducing balance
Office equipment
-
15-25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
EFAB LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.20

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and 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 comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 41).

Page 8

 
EFAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2022
300,000



At 31 December 2022

300,000



Amortisation


At 1 January 2022
300,000



At 31 December 2022

300,000



Net book value



At 31 December 2022
-



At 31 December 2021
-



Page 9

 
EFAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
2,892,900
131,737
199,390
3,224,027


Disposals
(1,550,764)
-
-
(1,550,764)



At 31 December 2022

1,342,136
131,737
199,390
1,673,263



Depreciation


At 1 January 2022
2,461,572
121,971
179,386
2,762,929


Charge for the year on owned assets
55,922
2,448
5,533
63,903


Disposals
(1,432,066)
-
-
(1,432,066)



At 31 December 2022

1,085,428
124,419
184,919
1,394,766



Net book value



At 31 December 2022
256,708
7,318
14,471
278,497



At 31 December 2021
431,328
9,766
20,004
461,098


6.


Debtors

2022
2021
£
£


Trade debtors
543,208
1,484,906

Amounts owed by group undertakings
1,091,537
718,845

Other debtors
159,241
10,000

Prepayments and accrued income
269,733
97,928

2,063,719
2,311,679


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
19,012
1,106,433

19,012
1,106,433


Page 10

 
EFAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other borrowings
572,745
834,129

Energy saving trust loan
6,530
6,528

Trade creditors
466,076
290,511

Amounts owed to group undertakings
3,702,894
4,759,796

Other taxation and social security
132,163
1,138,820

Other creditors
1,285
2,995

Accruals and deferred income
16,397
483,919

4,898,090
7,516,698


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Energy saving trust loan
33,709
40,239

33,709
40,239



10.


Loans



2022
2021
£
£

Amounts falling due within one year

Directors loans
572,745
-

Other borrowings
-
834,129

Energy saving trust loan
6,530
6,528

 
Amounts falling due 1-2 years
-
-

Energy saving trust loan
33,709
40,239

612,984
880,896

The Energy saving trust loan is unsecured, interest free and repayable in equal monthly installments of £544. In the prior year the loan was wholly classified as repayable within one year, the comparative has been updated in these financial statements.
Other borrowings were amounts due to one of the former directors, it was unsecured, interest free and repayable on demand. During the year end the majority of the balance was re-assigned to a current director of the company.
The directors loans are unsecured, interest free and have no set repayment terms.

Page 11

 
EFAB LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Pension commitments

Defined contribution schemes
The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. No amounts were outstanding at 31 December 2022 (2021 - £nil). The charge to the profit or loss in respect of defined contribution schemes was £5,391 (2021 - £34,988).


12.


Commitments under operating leases

At 31 December 2022, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
566
4,820

Later than 1 year and not later than 5 years
566
1,132

1,132
5,952


13.


Related party transactions

The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related Party Disclosure' not to disclose transactions entered into between two or more members of the group, on the basis that any subsidiary party to the transaction is wholly owned by the parent company .


14.


Controlling party

The company is a wholly owned subsidiary of eGroup Services Limited, a company registered in Scotland. eGroup Services Limited represents the largest and smallest group which prepares consolidated financial statements, which include the company's financial results. A copy of eGroup Services Limited group financial statements are available from Companies House, 4th Floor, Edinburgh Quay, 139 Fountainbridge, Edinburgh, EH3 9FF.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which explains that the directors have commenced the orderly winding down of the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, these financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 28 September 2023 by Graeme Penman (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 12