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REGISTERED NUMBER: 10338604 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Eruditus Limited

Eruditus Limited (Registered number: 10338604)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Eruditus Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr D Malhi
Mrs L R Malhi





REGISTERED OFFICE: 2 John Street
Hinckley
LE10 1UY





REGISTERED NUMBER: 10338604 (England and Wales)





ACCOUNTANTS: Xitax Limited
Pera Business Park
Nottingham Road
Melton Mowbray
Leicestershire
LE13 0PB

Eruditus Limited (Registered number: 10338604)

Abridged Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 824 39,780
Investment property 5 1,815,000 1,315,000
1,815,824 1,354,780

CURRENT ASSETS
Debtors 7,000 42,000
Cash at bank 719 4,107
7,719 46,107
CREDITORS
Amounts falling due within one year 110,682 24,295
NET CURRENT (LIABILITIES)/ASSETS (102,963 ) 21,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,712,861

1,376,592

CREDITORS
Amounts falling due after more than one
year

6

(951,404

)

(972,399

)

PROVISIONS FOR LIABILITIES (177,291 ) (97,167 )
NET ASSETS 584,166 307,026

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 531,876 261,668
Retained earnings 52,190 45,258
584,166 307,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Eruditus Limited (Registered number: 10338604)

Abridged Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





Mr D Malhi - Director


Eruditus Limited (Registered number: 10338604)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Eruditus Limited is a private company, limited by shares , 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
No significant judgements have had to be made by the director in preparing these financial statements.

The director has made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.

Turnover
Turnover represents sale of services exempt from value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 12.5% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Eruditus Limited (Registered number: 10338604)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022 60,529
Disposals (48,440 )
At 31 August 2023 12,089
DEPRECIATION
At 1 September 2022 20,749
Charge for year 2,626
Eliminated on disposal (12,110 )
At 31 August 2023 11,265
NET BOOK VALUE
At 31 August 2023 824
At 31 August 2022 39,780

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 1,315,000
Additions 139,723
Revaluations 360,277
At 31 August 2023 1,815,000
NET BOOK VALUE
At 31 August 2023 1,815,000
At 31 August 2022 1,315,000

The fair value of the properties located at Pershore Road as of 31 August 2023 has been determined based on an independent valuation conducted by Strutt & Parker on 20 September 2023. The fair value of the land, however, was assessed by the directors of the company, who, although not professionally qualified valuers, arrived at the valuation through market research.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.8.23 31.8.22
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 930,318 922,540

Repayable by instalments
Bounce back loan 16,302 9,977

Eruditus Limited (Registered number: 10338604)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 930,318 922,540

Bank loans are secured by first legal charges over company owned investment properties at 950 Pershore Road, 994 Pershore road and 672 Pershore Road, Selly Park, Birmingham, West Midlands.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owed Mr and Mrs Malhi, the directors of the company, £96,369 (2022: £2,869) at the year end. This is included in Creditors. This loan is interest free and is repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs Malhi the shareholders of the company with no ultimate controlling party.