Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312truefalsetrue2023-01-01falsetruesteel fabrication and erection company4false SC232360 2023-01-01 2023-12-31 SC232360 2022-01-01 2022-12-31 SC232360 2023-12-31 SC232360 2022-12-31 SC232360 2022-01-01 SC232360 c:Exceptional 2023-01-01 2023-12-31 SC232360 c:Exceptional 2022-01-01 2022-12-31 SC232360 d:CompanySecretary1 2023-01-01 2023-12-31 SC232360 d:Director1 2023-01-01 2023-12-31 SC232360 d:Director2 2023-01-01 2023-12-31 SC232360 d:RegisteredOffice 2023-01-01 2023-12-31 SC232360 c:PlantMachinery 2023-01-01 2023-12-31 SC232360 c:PlantMachinery 2023-12-31 SC232360 c:PlantMachinery 2022-12-31 SC232360 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC232360 c:MotorVehicles 2023-01-01 2023-12-31 SC232360 c:MotorVehicles 2023-12-31 SC232360 c:MotorVehicles 2022-12-31 SC232360 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC232360 c:OfficeEquipment 2023-01-01 2023-12-31 SC232360 c:OfficeEquipment 2023-12-31 SC232360 c:OfficeEquipment 2022-12-31 SC232360 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC232360 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC232360 c:Goodwill 2023-12-31 SC232360 c:Goodwill 2022-12-31 SC232360 c:CurrentFinancialInstruments 2023-12-31 SC232360 c:CurrentFinancialInstruments 2022-12-31 SC232360 c:Non-currentFinancialInstruments 2023-12-31 SC232360 c:Non-currentFinancialInstruments 2022-12-31 SC232360 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC232360 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 SC232360 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 SC232360 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 SC232360 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 SC232360 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 SC232360 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 SC232360 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 SC232360 c:ShareCapital 2023-12-31 SC232360 c:ShareCapital 2022-12-31 SC232360 c:ShareCapital 2022-01-01 SC232360 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC232360 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC232360 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC232360 c:RetainedEarningsAccumulatedLosses 2022-12-31 SC232360 c:RetainedEarningsAccumulatedLosses 2022-01-01 SC232360 d:FRS102 2023-01-01 2023-12-31 SC232360 d:Audited 2023-01-01 2023-12-31 SC232360 d:FullAccounts 2023-01-01 2023-12-31 SC232360 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC232360 c:WithinOneYear 2023-12-31 SC232360 c:WithinOneYear 2022-12-31 SC232360 c:BetweenOneFiveYears 2023-12-31 SC232360 c:BetweenOneFiveYears 2022-12-31 SC232360 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC232360 4 2023-01-01 2023-12-31 SC232360 7 2023-01-01 2023-12-31 SC232360 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: SC232360













EFAB LIMITED






DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
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' report
1
Directors' responsibilities statement
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 15


 
EFAB LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Mrs L McDonald 
Mr N McDonald 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr N McDonald
Director

Date: 20 September 2024

Page 1

 
EFAB LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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 2

 
EFAB LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
410,536
980,077

Cost of sales
  
(435,459)
(412,858)

Gross (loss)/profit
  
(24,923)
567,219

Administrative expenses
  
(701,660)
(1,006,264)

Exceptional item
 4 
-
1,458,444

Operating (loss)/profit
  
(726,583)
1,019,399

Tax on (loss)/profit
  
-
-

(Loss)/profit for the financial year
  
(726,583)
1,019,399

There was no other comprehensive income for 2023 (2022 - £nil).

The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
EFAB LIMITED

REGISTERED NUMBER:SC232360

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
92,671
278,497

  
92,671
278,497

Current assets
  

Stocks
  
-
13,666

Debtors: amounts falling due within one year
 7 
1,371,788
2,063,719

Cash at bank and in hand
 8 
18,324
19,012

  
1,390,112
2,096,397

Creditors: amounts falling due within one year
 9 
(4,739,088)
(4,898,090)

Net current liabilities
  
 
 
(3,348,976)
 
 
(2,801,693)

Total assets less current liabilities
  
(3,256,305)
(2,523,196)

Creditors: amounts falling due after more than one year
 10 
(27,183)
(33,709)

  

Net liabilities
  
(3,283,488)
(2,556,905)


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Profit and loss account
  
(3,583,488)
(2,856,905)

  
(3,283,488)
(2,556,905)


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




Mr N McDonald
Director

Date: 20 September 2024

The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
EFAB LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
300,000
(3,876,304)
(3,576,304)



Profit and total comprehensive income for the year
-
1,019,399
1,019,399



At 1 January 2023
300,000
(2,856,905)
(2,556,905)



Loss and total comprehensive expense for the year
-
(726,583)
(726,583)


At 31 December 2023
300,000
(3,583,488)
(3,283,488)


The notes on pages 6 to 15 form part of these financial statements.

Page 5

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

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 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 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 continued the orderly winding down of the company's activities specific to the construction industry whilst they look for strategic opportunities/markets with which to enter. The company is continuing to trade until all historic contractual obligations are satisfied, after which the assets of the company are expected to be realised in full to settle external liabilities, or alternatively utilised to service different fabrication markets than it has been previously. It is expected that sufficient cash will be realised to settle all external liabilities in the normal course of business, leaving any residual intergroup and related party liabilities to be settled through any remaining proceeds from asset sales and the remaining balances to be forgiven should operations cease and the company becomes dormant. 
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 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 does not expect to continue to earn revenue within the next financial year, however will incur costs and liabilities in the accounts for the period to 31 December 2024 whilst it concludes existing contractual agreements and looks for alternative markets to service.

Page 6

 
EFAB LIMITED
 

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

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.

 
2.6

Borrowing costs

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

Page 7

 
EFAB LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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

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.

 
2.10

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:

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.

Page 8

 
EFAB LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 9

 
EFAB LIMITED
 

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 10

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

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 4).


4.


Exceptional items

2023
2022
£
£


Intercompany bad debt provision
-
1,458,444

-
1,458,444


5.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
300,000



At 31 December 2023

300,000



Amortisation


At 1 January 2023
300,000



At 31 December 2023

300,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 11

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

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,342,136
131,737
199,390
1,673,263


Transfers to other group undertakings
(391,523)
-
-
(391,523)


Disposals
(524,982)
-
-
(524,982)



At 31 December 2023

425,631
131,737
199,390
756,758



Depreciation


At 1 January 2023
1,085,428
124,419
184,919
1,394,766


Charge for the year on owned assets
38,555
1,836
3,418
43,809


Transfers to other group undertakings
(300,690)
-
-
(300,690)


Disposals
(473,798)
-
-
(473,798)



At 31 December 2023

349,495
126,255
188,337
664,087



Net book value



At 31 December 2023
76,136
5,482
11,053
92,671



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


7.


Debtors

2023
2022
£
£


Trade debtors
291,798
543,208

Amounts owed by group undertakings
934,996
1,091,537

Other debtors
4,610
159,241

Prepayments and accrued income
140,384
269,733

1,371,788
2,063,719


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

Page 12

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

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
18,324
19,012

18,324
19,012



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other borrowings
572,745
572,745

Energy saving trust loan
6,528
6,530

Trade creditors
233,937
466,076

Amounts owed to group undertakings
3,903,457
3,702,894

Other taxation and social security
5,821
132,163

Other creditors
-
1,285

Accruals and deferred income
16,600
16,397

4,739,088
4,898,090


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Other borrowings are unsecured, interest free and repayable on demand. During the year, the whole balance was re-assigned to a current director of the company.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Energy saving trust loan
27,183
33,709

27,183
33,709


Page 13

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

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Energy saving trust loan
6,528
6,530

Other borrowings
572,745
572,745


 
Amounts falling due 1-2 years

Energy saving trust loan
6,528
6,530

 
Amounts falling due 2-5 years

Energy saving trust loan
20,655
27,179

Total
606,456
612,984


The Energy saving trust loan is unsecured, interest free and repayable in equal monthly installments of £544.
Other borrowings are unsecured, interest free and repayable on demand. During the year, the whole balance was re-assigned to a current director of the company.


12.


Pension commitments

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 2023 (2022 - £nil). The charge to the profit or loss in respect of defined contribution schemes was £3,321 (2022 - £34,988).


13.


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
354
566

Later than 1 year and not later than 5 years
-
566

354
1,132


14.


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 .

Page 14

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

15.


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.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 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 indicates 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 23 September 2024 by Graeme Penman (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 15