ERB Developments Limited 10756134 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true 10756134 2023-06-01 2024-05-31 10756134 2024-05-31 10756134 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-05-31 10756134 core:CurrentFinancialInstruments 2024-05-31 10756134 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10756134 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10756134 core:FurnitureFittingsToolsEquipment 2024-05-31 10756134 core:MotorVehicles 2024-05-31 10756134 1 2024-05-31 10756134 bus:SmallEntities 2023-06-01 2024-05-31 10756134 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10756134 bus:FilletedAccounts 2023-06-01 2024-05-31 10756134 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10756134 bus:RegisteredOffice 2023-06-01 2024-05-31 10756134 bus:Director3 2023-06-01 2024-05-31 10756134 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-06-01 2024-05-31 10756134 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10756134 core:FurnitureFittings 2023-06-01 2024-05-31 10756134 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10756134 core:MotorVehicles 2023-06-01 2024-05-31 10756134 countries:EnglandWales 2023-06-01 2024-05-31 10756134 1 2023-06-01 2024-05-31 10756134 2023-05-31 10756134 core:FurnitureFittingsToolsEquipment 2023-05-31 10756134 core:MotorVehicles 2023-05-31 10756134 1 2023-05-31 10756134 2022-06-01 2023-05-31 10756134 2023-05-31 10756134 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-05-31 10756134 core:CurrentFinancialInstruments 2023-05-31 10756134 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10756134 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10756134 core:FurnitureFittingsToolsEquipment 2023-05-31 10756134 core:MotorVehicles 2023-05-31 10756134 1 2023-05-31 10756134 1 2022-06-01 2023-05-31 10756134 1 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10756134

ERB Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

ERB Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

ERB Developments Limited

(Registration number: 10756134)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

120,574

70,535

Current assets

 

Stocks

5,000

5,000

Debtors

5

88,869

66,122

Cash at bank and in hand

 

135,666

62,341

 

229,535

133,463

Creditors: Amounts falling due within one year

6

(159,589)

(87,817)

Net current assets

 

69,946

45,646

Total assets less current liabilities

 

190,520

116,181

Creditors: Amounts falling due after more than one year

6

(10,428)

(20,986)

Provisions for liabilities

(30,218)

(17,634)

Net assets

 

149,874

77,561

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

149,774

77,461

Shareholders' funds

 

149,874

77,561

 

ERB Developments Limited

(Registration number: 10756134)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

.........................................
Mr N C Brereton
Director

 

ERB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Common Nook
Ince
Wigan
Lancashire
WN2 2TA

These financial statements were authorised for issue by the director on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

 

ERB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% per annum reducing balance basis

Motor vehicles

25% per annum reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

ERB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 3).

 

ERB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2023

69,476

49,257

118,733

Additions

56,345

34,280

90,625

Disposals

-

(1,250)

(1,250)

At 31 May 2024

125,821

82,287

208,108

Depreciation

At 1 June 2023

30,642

17,556

48,198

Charge for the year

23,794

16,397

40,191

Eliminated on disposal

-

(855)

(855)

At 31 May 2024

54,436

33,098

87,534

Net book value

At 31 May 2024

71,385

49,189

120,574

At 31 May 2023

38,834

31,701

70,535

5

Debtors

2024
£

2023
£

Other debtors

88,869

66,122

88,869

66,122

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

15,898

9,900

Trade creditors

 

73,280

25,000

Taxation and social security

 

69,411

51,917

Accruals and deferred income

 

1,000

1,000

 

159,589

87,817

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10,428

20,986

 

ERB Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Loans to director

52,272

88,870

(52,272)

88,870

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Loans to director

18,294

52,272

(18,294)

52,272

 

Interest has been charged on the above loans at 2% (2023 - 2%).