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Registered number: 10404689














ER 122 LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ER 122 LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
ER 122 LIMITED
REGISTERED NUMBER:10404689

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
79,623
99,529

Fixed asset investments
 5 
87
25

Current assets
  

Debtors: amounts falling due within one year
 6 
2,148,955
2,667,189

Cash at bank and in hand
 7 
4,595
13,750

  
2,153,550
2,680,939

Creditors: amounts falling due within one year
 8 
(15,216)
(542,780)

Net current assets
  
 
 
2,138,334
 
 
2,138,159

Total assets less current liabilities
  
2,218,044
2,237,713

Provisions for liabilities
  

Deferred tax
 9 
-
(1,289)

  
 
 
-
 
 
(1,289)

Net assets
  
2,218,044
2,236,424


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
2,218,042
2,236,422

  
2,218,044
2,236,424


1

 
ER 122 LIMITED
REGISTERED NUMBER:10404689
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



E S Rosenberg
Director

Date: 14 January 2025

The notes on pages 3 to 8 form part of these financial statements.

2

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

ER 122 Limited is a private company, limited by shares, registered in England and Wales, registration number 10404689. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 17 Grosvenor Hill, Mayfair, London, W1K 3QB.
The principal activity of the company continued to be that of investments in property trading entities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

The company's functional and presentational currency is pound sterling.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

3

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

4

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 


3.


Employees

The average monthly number of employees, including the director, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2023
99,529



At 31 March 2024

99,529



Depreciation


Charge for the year on financed assets
19,906



At 31 March 2024

19,906



Net book value



At 31 March 2024
79,623



At 31 March 2023
99,529

5

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
25


Additions
65


Disposals
(3)



At 31 March 2024
87






Net book value



At 31 March 2024
87



At 31 March 2023
25

The company has a fixed charge regarding its shareholding in the unlisted investment.

6

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
696,530
696,530

Other debtors
1,446,043
1,970,565

Prepayments
114
94

Deferred taxation
6,268
-

2,148,955
2,667,189



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
4,595
13,750



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
6,458
532,279

Accruals
8,758
10,501

15,216
542,780



9.


Deferred taxation




2024


£






At beginning of year
(1,289)


Charged to profit or loss
7,557



At end of year
6,268

7

 
ER 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(19,906)
(24,882)

Tax losses carried forward
26,174
23,593

6,268
(1,289)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



11.


Related party transactions

Included in other creditors is an amount owed to the director totalling £- (2023 - £517,331). This is an interest free loan and repayable on demand.
Included in other creditors are amounts due to various entities in which ER 122 Limited has an interest totalling £6,458 (2023 - £14,948). The loan is interest free and repayable on demand.
Included in other debtors are amounts due from various entities in which ER 122 Limited has an interest totalling £48,083 (2023 - £31,366) and entities in which the director has an interest totalling £1,379,964 (2023 - £1,911,358). The loans are interest free and repayable on demand.

 
8