IRIS Accounts Production v24.3.0.553 11377627 Board of Directors 1.3.23 29.2.24 29.2.24 25.11.24 0 0 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113776272023-02-28113776272024-02-29113776272023-03-012024-02-29113776272022-02-28113776272022-03-012023-02-28113776272023-02-2811377627ns15:EnglandWales2023-03-012024-02-2911377627ns14:PoundSterling2023-03-012024-02-2911377627ns10:Director12023-03-012024-02-2911377627ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2911377627ns10:SmallEntities2023-03-012024-02-2911377627ns10:Audited2023-03-012024-02-2911377627ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2911377627ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2911377627ns10:FullAccounts2023-03-012024-02-2911377627ns10:OrdinaryShareClass12023-03-012024-02-2911377627ns5:CurrentFinancialInstruments2024-02-2911377627ns5:CurrentFinancialInstruments2023-02-2811377627ns5:Non-currentFinancialInstruments2024-02-2911377627ns5:Non-currentFinancialInstruments2023-02-2811377627ns5:ShareCapital2024-02-2911377627ns5:ShareCapital2023-02-2811377627ns5:RevaluationReserve2024-02-2911377627ns5:RevaluationReserve2023-02-2811377627ns5:RetainedEarningsAccumulatedLosses2024-02-2911377627ns5:RetainedEarningsAccumulatedLosses2023-02-2811377627ns10:RegisteredOffice2023-03-012024-02-2911377627ns5:LandBuildings2023-03-012024-02-2911377627ns5:PlantMachinery2023-03-012024-02-2911377627ns5:LandBuildings2023-02-2811377627ns5:PlantMachinery2023-02-2811377627ns5:LandBuildings2024-02-2911377627ns5:PlantMachinery2024-02-2911377627ns5:LandBuildings2023-02-2811377627ns5:PlantMachinery2023-02-2811377627ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2911377627ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2811377627ns5:Secured2024-02-2911377627ns5:Secured2023-02-2811377627ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 11377627 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ERG APC PROPERTY LIMITED

ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,024,018 4,304,199

CURRENT ASSETS
Debtors 5 96,718 72,216
Cash at bank 23,475 26,322
120,193 98,538
CREDITORS
Amounts falling due within one year 6 2,785,661 2,597,392
NET CURRENT LIABILITIES (2,665,468 ) (2,498,854 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,358,550

1,805,345

CREDITORS
Amounts falling due after more than one
year

7

(2,092,991

)

(2,126,971

)

PROVISIONS FOR LIABILITIES (164,439 ) -
NET ASSETS/(LIABILITIES) 101,120 (321,626 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 649,956 -
Retained earnings (548,837 ) (321,627 )
SHAREHOLDERS' FUNDS 101,120 (321,626 )

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

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 22 November 2024 and were signed on its behalf by:





P I Batt - Director


ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

ERG APC Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11377627

Registered office: Bridge House Environmental Centre
Bridge House Lane
Five Oaks Road
Slinfold
West Sussex
RH13 0QW

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The company continues to rely on the support of its parent company and fellow subsidiaries. In July 2021, the company secured its bank borrowing for five years. The directors therefore continue to adopt the going concern basis in preparing the company's financial statements.

Changes in accounting policies
The company has changed its accounting policy for freehold property from the cost model to the revaluation model. Under the cost model, the freehold property was carried at cost less accumulated depreciation. Under the revaluation model, the property is carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation.

The change in accounting policy is not required to be retrospectively applied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% straight line
Plant and machinery etc - 33% on cost

Tangible fixed assets, except freehold property, are initially measured at cost and subsequently measured at cost less accumulated depreciation.

The freehold property is carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation.

The company has adopted a policy of capitalising borrowing costs that are directly attributable to the acquisition and construction of the freehold property. Directly attributable borrowing costs are those costs that would have been avoided if the expenditure on the qualifying asset had not been made. Capitalisation of the borrowing costs cease when substantially all the activities necessary to prepare the qualifying asset for its intended use are complete.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.


ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 4,366,259 37,895 4,404,154
Additions - 15,178 15,178
Revaluations 633,741 - 633,741
At 29 February 2024 5,000,000 53,073 5,053,073
DEPRECIATION
At 1 March 2023 87,325 12,630 99,955
Charge for year 87,325 16,425 103,750
Revaluation adjustments (174,650 ) - (174,650 )
At 29 February 2024 - 29,055 29,055
NET BOOK VALUE
At 29 February 2024 5,000,000 24,018 5,024,018
At 28 February 2023 4,278,934 25,265 4,304,199

The freehold property cost includes capitalised borrowing costs of £166,509 (2023: £166,509).

ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS - continued

The freehold property has been fair valued by the directors based on a post year end professional valuation. The fair value is based on the open market valuation of similar properties in the local area.

Revaluations:£   
29 February 2024808,391

The historic cost, depreciation and net book value of the freehold property are:

20242023
£   £   
Cost4,366,2594,366,259
Accumulated depreciation(174,650)(87,325)
Net book value4,191,6094,278,934

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 93,985 56,457
Other debtors 2,733 15,759
96,718 72,216

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 34,744 18,365
Trade creditors 3,088 4,374
Amounts owed to group undertakings 2,747,829 2,574,653
2,785,661 2,597,392

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,092,991 2,126,971

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,127,735 2,145,336

The bank loans are secured by fixed and floating charges over the present and future assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 1 1

ERG APC PROPERTY LIMITED (REGISTERED NUMBER: 11377627)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. RESERVES
Revaluation
reserve
£   
Revaluation 808,391
Deferred tax on revaluation (158,435 )

At 29 February 2024 649,956

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colin Young BA FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. PARENT COMPANY

The parent of the smallest group in which the company is a member and for which consolidated accounts are produced is ERG Process Technologies Limited. Its registered office is Bridge House Environmental Centre, Bridge House Lane, Five Oaks Road, Slinfold, West Sussex RH13 0QW and this is the address from which group accounts can be obtained.