Company Registration No. SC195590 (Scotland)
ERG (Scotland) Limited
Unaudited accounts
for the year ended 31 October 2023
ERG (Scotland) Limited
Unaudited accounts
Contents
ERG (Scotland) Limited
Company Information
for the year ended 31 October 2023
Company Number
SC195590 (Scotland)
Registered Office
19 Clayton Court
Invergordon Industrial Estate
Invergordon
Ross-Shire
IV18 0SB
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
ERG (Scotland) Limited
Statement of financial position
as at 31 October 2023
Tangible assets
914,839
927,126
Inventories
128,115
175,304
Cash at bank and in hand
100,431
275,223
Creditors: amounts falling due within one year
(719,984)
(989,880)
Net current assets/(liabilities)
43,402
(13,836)
Total assets less current liabilities
958,241
913,290
Creditors: amounts falling due after more than one year
(222,311)
(294,342)
Provisions for liabilities
Deferred tax
(141,322)
(108,745)
Net assets
594,608
510,203
Called up share capital
70,191
70,191
Revaluation reserve
327,462
327,462
Capital redemption reserve
9
9
Profit and loss account
196,946
112,541
Shareholders' funds
594,608
510,203
For the year ending 31 October 2023 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 30 July 2024 and were signed on its behalf by
I Joy
Director
Company Registration No. SC195590
ERG (Scotland) Limited
Notes to the Accounts
for the year ended 31 October 2023
ERG (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC195590. The registered office is 19 Clayton Court, Invergordon Industrial Estate, Invergordon, Ross-Shire, IV18 0SB.
2
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 or valuation less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over 50 years
Plant & machinery
10% straight line and 15% reducing balance
Motor vehicles
20% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
ERG (Scotland) Limited
Notes to the Accounts
for the year ended 31 October 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Total
At 1 November 2022
150,000
At 31 October 2023
150,000
At 1 November 2022
150,000
At 31 October 2023
150,000
ERG (Scotland) Limited
Notes to the Accounts
for the year ended 31 October 2023
5
Tangible fixed assets
Total
At 1 November 2022
1,369,987
At 31 October 2023
1,193,793
At 1 November 2022
442,861
Charge for the year
85,210
At 31 October 2023
278,954
At 31 October 2023
914,839
At 31 October 2022
927,126
Carrying amount of land and buildings on cost basis
216,442
216,442
The company's premises were revalued at an open market value of £590,000 on 10 January 2023 by Shepherd Commercial, qualified chartered surveyors.
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
4,623
5,439
- Motor vehicles
235,707
211,423
6
Operating lease commitments
2023
2022
At 31 October 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
1,645
878
Later than one year and not later than five years
56,559
4,465
Included in debtors are loans of £80,168 to I Joy (2022 - £83,068) and £80,167 to G Joy (2022- £83,068). The loans bear interest at the statutory rate.
8
Average number of employees
During the year the average number of employees was 31 (2022: 33).