Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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1,392,567 | 1,396,144 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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918,469 | 888,779 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (872,143) | (758,270) | ||
Total assets less current liabilities | 520,424 | 637,874 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | 11 | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Eric National Limited (registered number:
M J Fowle
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Eric National Limited (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 C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is Brocket Green, Rhinefield Road, Brockenhurst, SO42 7SR, 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 note that the business has net liabilities of £289,666. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Fixtures and fittings |
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The fair value is determined annually by the directors, on an open market value for existing use basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2023 |
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Additions |
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At 31 August 2024 |
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Accumulated depreciation | |||
At 01 September 2023 |
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Charge for the financial year |
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At 31 August 2024 |
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Net book value | |||
At 31 August 2024 |
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At 31 August 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 September 2023 |
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As at 31 August 2024 |
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Valuation
The valuation of the properties at the balance sheet date were made by the directors based on open market value for existing use
basis.
2024 | 2023 | ||
£ | £ | ||
Work in progress |
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2024 | 2023 | ||
£ | £ | ||
VAT recoverable |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals and deferred income |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
Transactions with the entity's directors
During the year, the directors made further loans to the company totaling £55,538 (2023: £100,000). The company repaid amounts totaling £0 (2023: £805,000) with the balance as at the year end due to the directors totaling £1,452,093 (2023: £1,396,555). This included within creditors as amounts due within one year. The loan is repayable on demand and interest is being accrued at 5% per annum.
Included within the profit and loss reserve is a non-distributable amount totalling 2024: £39,385 (2023: £39,385), which relates to a fair value uplift on the investment properties. No deferred tax has been recognised in respect of this.