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Registered number: 02671603
















EHRCO LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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EHRCO LIMITED
REGISTERED NUMBER:02671603

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
170,302
128,118

  
170,302
128,118

Current assets
  

Stocks
  
1,473,615
1,467,786

Debtors: amounts falling due within one year
 5 
680,891
948,587

Cash at bank and in hand
  
705,192
295,628

  
2,859,698
2,712,001

Creditors: amounts falling due within one year
 6 
(925,551)
(991,502)

Net current assets
  
 
 
1,934,147
 
 
1,720,499

Total assets less current liabilities
  
2,104,449
1,848,617

Provisions for liabilities
  

Deferred tax
 7 
-
(4,878)

  
 
 
-
 
 
(4,878)

Net assets
  
2,104,449
1,843,739


Capital and reserves
  

Called up share capital 
 8 
100,000
100,000

Profit and loss account
  
2,004,449
1,743,739

  
2,104,449
1,843,739


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 income and retained earnings 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: 





A Fleming
Director

Date: 19 July 2024

Page 1


EHRCO LIMITED
REGISTERED NUMBER:02671603
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Ehrco Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have reviewed the company's business activities, together with the factors likely to affect its future development.
On the basis of their assessment of the company's financial position the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
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.

Page 3


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 4


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
4
years
Fixtures and fittings
-
4
years
Computer equipment
-
4
years
Improvements to property
-
6
years

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.

  
2.9

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.

Page 5


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
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

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.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 16 (2022: 16).

Page 6


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Improve-ments to property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



COST


At 1 January 2023
118,687
140,555
101,082
65,383
425,707


Additions
63,255
36,560
-
-
99,815



At 31 December 2023

181,942
177,115
101,082
65,383
525,522



DEPRECIATION


At 1 January 2023
35,998
106,078
101,082
54,431
297,589


Charge for the year on owned assets
29,674
22,184
-
5,773
57,631



At 31 December 2023

65,672
128,262
101,082
60,204
355,220



NET BOOK VALUE



At 31 December 2023
116,270
48,853
-
5,179
170,302



At 31 December 2022
82,689
34,477
-
10,952
128,118


5.


DEBTORS

2023
2022
£
£


Trade debtors
650,629
924,771

Amounts owed by group undertakings
-
4,069

Other debtors
5,375
-

Prepayments and accrued income
21,190
19,747

Deferred taxation
3,697
-

680,891
948,587


Page 7


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
401,394
290,612

Amounts owed to group undertakings
-
2,388

Corporation tax
122,545
67,771

Other taxation and social security
130,908
163,816

Other creditors
28,872
39,145

Accruals and deferred income
241,832
427,770

925,551
991,502



7.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(4,878)
(6,684)


Charged to profit or loss
8,575
1,806



AT END OF YEAR
3,697
(4,878)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,650)
(23,660)

Short term timing differences
30,347
18,782

3,697
(4,878)


8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022: 100) Ordinary shares of £1,000 each
100,000
100,000


Page 8


EHRCO LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £33,999 (2022: £37,979). Contributions totalling £2,672 (2022: £3,297) were payable to the fund at the reporting date and are included in creditors.


10.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
80,000
80,000

Later than 1 year and not later than 5 years
60,000
140,000

140,000
220,000


11.


RELATED PARTY TRANSACTIONS

Anti-friction Components Limited is a fellow subsidiary of Bianchi Industrial SpA. During the year the company made purchases of £656 (2022: £53,928) from and sales of £35,566 (2022: £42,212) to Anti-Friction Components Limited. At the year end date the company owed £NIL (2022: £3,265) to, and was owed £NIL (2022: £4,069) by, Anti-friction Components Limited.


12.


CONTROLLING PARTY

Ehrco Limited is a subsidiary of Bianchi Industrial SpA, a company registered in Italy. The ultimate parent undertaking is HBC Gruppo Bianchi SpA, also registered in Italy. The ultimate controlling party is Alberto Bianchi.


13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 August 2024 by Chris Trantham FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

Page 9