REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
ERG APC PROPERTY LIMITED |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
Additions |
Revaluations |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 2024 | 808,391 |
The historic cost, depreciation and net book value of the freehold property are: |
2024 | 2023 |
£ | £ |
Cost | 4,366,259 | 4,366,259 |
Accumulated depreciation | (174,650 | ) | (87,325 | ) |
Net book value | 4,191,609 | 4,278,934 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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: | £ | £ |
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 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |