Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31No description of principal activitytruefalse2022-01-0122falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12339798 2022-01-01 2022-12-31 12339798 2021-01-01 2021-12-31 12339798 2022-12-31 12339798 2021-12-31 12339798 c:Director2 2022-01-01 2022-12-31 12339798 d:CurrentFinancialInstruments 2022-12-31 12339798 d:CurrentFinancialInstruments 2021-12-31 12339798 d:Non-currentFinancialInstruments 2022-12-31 12339798 d:Non-currentFinancialInstruments 2021-12-31 12339798 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12339798 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12339798 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12339798 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12339798 d:ShareCapital 2022-12-31 12339798 d:ShareCapital 2021-12-31 12339798 d:RetainedEarningsAccumulatedLosses 2022-12-31 12339798 d:RetainedEarningsAccumulatedLosses 2021-12-31 12339798 c:FRS102 2022-01-01 2022-12-31 12339798 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12339798 c:FullAccounts 2022-01-01 2022-12-31 12339798 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12339798 2 2022-01-01 2022-12-31 12339798 4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: 12339798













EG CROYDON LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


 
EG CROYDON LIMITED
REGISTERED NUMBER:12339798


BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
34,525,000
42,860,000

Debtors: amounts falling due within one year
 5 
2,958,725
2,647,223

  
37,483,725
45,507,223

Creditors: amounts falling due within one year
 6 
(1,117,919)
(1,095,239)

Net current assets
  
 
 
36,365,806
 
 
44,411,984

Total assets less current liabilities
  
36,365,806
44,411,984

Creditors: amounts falling due after more than one year
 7 
(74,600,269)
(64,864,572)

  

Net liabilities
  
(38,234,463)
(20,452,588)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(38,234,563)
(20,452,688)

  
(38,234,463)
(20,452,588)

Page 1


 
EG CROYDON LIMITED
REGISTERED NUMBER:12339798

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 17 November 2023.


H A Forusz
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 2


 
EG CROYDON LIMITED
 

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

1.


General information

EG Croydon Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Harwood House, 43 Harwood Road, London, SW6 4QP.
The principal activity of the company is property development.

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 following principal accounting policies have been applied:

 
2.2

Going concern

As at 31 December 2022, the company has net liabilities of £38,234,463 (2021: £20,452,588). In response to the current financial position, the directors are actively exploring opportunities to enhance liquidity. The Company is in the process of pursuing the sale of its units, considering both individual unit sales and the potential sale of the freehold. 
Included within creditor falling due greater than 12 months is £28,480,188 which is set to mature in October 2024. The directors anticipate extending the term of this loan by a further 12 months.  Furthermore there is a balance owed to related parties of £49,120,081 which the directors have agreed not to call upon until the company strengthen its financial position. 
The directors will continue to monitor the financial position, explore strategic options, and take necessary actions to ensure the Company's ability to operate as a going concern.
In view of the above and after taking into consideration all other information that might reasonably be expected to be available, the directors are of the opinion that the company will continue in operational existence for the foreseeable future and the going concern basis of preparation is therefore applicable to the preparation of the financial statements.

 
2.3

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:

 
2.4

Interest income

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

 
2.5

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.

Page 3


 
EG CROYDON LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

 
2.9

Stocks

Development costs include the property cost, purchase costs, third party attributable development costs as well as capitalised interest.
At each reporting date, development costs are assessed for impairment. If development cost is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.10

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.

 
2.11

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.

 
2.12

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
Page 4


 
EG CROYDON LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Stocks

2022
2021
£
£

Development costs
34,525,000
42,860,000


The carrying value of stocks are stated net of impairment losses totalling £34,525,000 (2021 - £42,860,000). Impairment losses totalling £8,727,436  (2021 - £894,436) were recognised in the Statement of Comprehensive Income.


5.


Debtors

2022
2021
£
£


Trade debtors
-
2,035,410

Amounts owed by group undertakings
2,921,800
570,519

Other debtors
36,925
41,294

2,958,725
2,647,223

Page 5


 
EG CROYDON LIMITED
 

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

5.Debtors (continued)



6.


Creditors: amounts falling due within one year

As restated
2022
2021
£
£

Trade creditors
508,049
375,554

Other creditors
-
2,000

Accruals and deferred income
609,870
717,685

1,117,919
1,095,239



7.


Creditors: amounts falling due after more than one year

As restated
2022
2021
£
£

Other loans
25,480,188
24,500,000

Amounts owed to group undertakings
49,120,081
40,364,572

74,600,269
64,864,572


The above loan is secured by means of a fixed and floating charge against the property of the company. 


8.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102, not to disclose any transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.


9.


Controlling party

The immediate parent company is EG Croydon Holding Limited, a company registered in England and Wales.
The ultimate parent company is Inspired Impact EG Limited, a company registered in England and Wales. 
The ultimate controlling party is J C Nacos by virtue of him holding 100% of the share capital of Inspired Impact EG Limited.
 
Page 6