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COMPANY REGISTRATION NUMBER: NI617999
Erdis Limited
Filleted unaudited financial statements
30 June 2024
Erdis Limited
Statement of financial position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
116,328
67,911
Current assets
Debtors
6
58,608
38,006
Cash at bank and in hand
105,403
106,195
--------
--------
164,011
144,201
Creditors: amounts falling due within one year
7
26,373
30,144
--------
--------
Net current assets
137,638
114,057
--------
--------
Total assets less current liabilities
253,966
181,968
Creditors: amounts falling due after more than one year
8
97,828
50,433
Provisions
Taxation including deferred tax
15,134
883
--------
--------
Net assets
141,004
130,652
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
140,904
130,552
--------
--------
Shareholders funds
141,004
130,652
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
Mr WS Curragh
Mrs H Curragh
Director
Director
Company registration number: NI617999
Erdis Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 13 Tweskard Park, Belfast, BT4 2JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
37,385
77,316
114,701
Additions
4,742
69,957
74,699
Disposals
( 1,426)
( 1,426)
-------
--------
--------
At 30 June 2024
40,701
147,273
187,974
-------
--------
--------
Depreciation
At 1 July 2023
31,327
15,463
46,790
Charge for the year
4,989
21,293
26,282
Disposals
( 1,426)
( 1,426)
-------
--------
--------
At 30 June 2024
34,890
36,756
71,646
-------
--------
--------
Carrying amount
At 30 June 2024
5,811
110,517
116,328
-------
--------
--------
At 30 June 2023
6,058
61,853
67,911
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
21,960
17,862
Other debtors
36,648
20,144
-------
-------
58,608
38,006
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,691
1,546
Corporation tax
63
14,068
Social security and other taxes
6,992
6,716
Obligations under finance leases and hire purchase contracts
17,605
7,804
Other creditors
22
10
-------
-------
26,373
30,144
-------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
97,828
50,433
-------
-------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
17,605
7,804
Later than 1 year and not later than 5 years
97,828
50,433
--------
-------
115,433
58,237
--------
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
15,134
883
-------
---
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
15,134
883
-------
---
11. Related party transactions
The company was under the control of Mr WS Curragh and Mrs H Curragh , who are directors and controlled the company's share capital throughout the year.
12. Controlling interest
The ultimate controlling parties are WS Curragh and H Curragh due to their equity shareholding.