Company No:
Contents
Note | 30.09.2023 | 31.10.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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342,066 | 72,229 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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354,797 | 261,907 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (240,936) | 73,987 | ||
Total assets less current liabilities | 101,130 | 146,216 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Ermington House Ltd (registered number:
Gareth Victor Wraighte
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Ermington House Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
During the year the company shortened its reporting period from October 2023 to September 2023, representing a ten month period. Comparative amounts presented in the financial statements may not be entirely comparable.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill | not amortised |
Land and buildings |
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Leasehold improvements |
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Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
Period from 01.11.2022 to 30.09.2023 |
Year ended 31.10.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Land and buildings | Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||||
£ | £ | £ | £ | £ | £ | £ | |||||||
Cost | |||||||||||||
At 01 November 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated depreciation | |||||||||||||
At 01 November 2022 |
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Charge for the financial period |
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At 30 September 2023 |
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Net book value | |||||||||||||
At 30 September 2023 |
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At 31 October 2022 |
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30.09.2023 | 31.10.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by connected companies |
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Amounts owed by directors |
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Prepayments and accrued income |
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Other debtors |
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30.09.2023 | 31.10.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Other loans |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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30.09.2023 | 31.10.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
30.09.2023 | 31.10.2022 | ||
£ | £ | ||
Owed by/(to) the directors | (140,583) | (168) |
The balance is repayable on demand and interest is charged on overdrawn balances at the HMRC approved rate of 2.25%.