Company registration number 11736461 (England and Wales)
EPICHO HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
EPICHO HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Investments
3
100
60
Current assets
Stocks
13,454,293
17,378,113
Debtors
4
339,066
257,961
Cash at bank and in hand
79,391
38,268
13,872,750
17,674,342
Creditors: amounts falling due within one year
5
(7,786,483)
(14,865,416)
Net current assets
6,086,267
2,808,926
Total assets less current liabilities
6,086,367
2,808,986
Creditors: amounts falling due after more than one year
6
(5,067,886)
(1,441,165)
Net assets
1,018,481
1,367,821
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,018,381
1,367,721
Total equity
1,018,481
1,367,821
EPICHO HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
A S Osman
Director
Company registration number 11736461 (England and Wales)
EPICHO HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
100
43,978
44,078
Period ended 31 March 2023:
Profit and total comprehensive income
-
1,323,743
1,323,743
Balance at 31 March 2023
100
1,367,721
1,367,821
Period ended 30 April 2024:
Loss and total comprehensive income
-
(349,340)
(349,340)
Balance at 30 April 2024
100
1,018,381
1,018,481
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Epicho Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Terrance House, 151 Hastings Road, Bromley, Kent, BR2 8NQ.
1.1
Reporting period
The financial year end of the Company was changed from 31 March to 30 April. Accordingly, the current financial statements are prepared for the 13 months from 1 April 2023 to 30 April 2024 and as a result, the comparative figures stated in the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes may not be comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover in respect of private sales is recognised on financial completion of the sale of individual units and on non-refundable deposits received where contracts have been exchanged.
Turnover in respect of rental income and service charges is recognised over the period to which it relates.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Undeveloped land is stated at the lower of costs and net realisable value. Net realisable value is determined using current selling prices and costs for the proposed development,
Expenditure for land controlled for potential future development, including options and fess, is recorded at cost, Regular reviews are carried out to assess the likely outcome of securing planning permission and amounts are written off if the outcome is considered uncertain,
Properties held for development and resale are valued at the lower of cost and net realisable value.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include other debtors, loans to fellow group companies and related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors (including accruals), bank loans, other loans and loans fellow group companies and related companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
3
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
60
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
60
Additions
40
At 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 31 March 2023
60
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,913
607
Amounts owed by group undertakings
213,229
190,049
Other debtors
112,519
67,305
331,661
257,961
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,405
Total debtors
339,066
257,961
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,823,374
6,715,796
Trade creditors
42,602
5,470
Amounts owed to related entities
5,613,549
7,784,170
Corporation tax
235,423
310,595
Other creditors
71,535
49,385
7,786,483
14,865,416
Bank loans totalling £1,823,374 (31 March 2023: £6,715,796) are secured by a fixed and floating charge over the property to which it relates.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,967,886
1,100,000
Other creditors
100,000
341,165
5,067,886
1,441,165
Bank loans totalling £4,967,886 (31 March 2023: £1,100,000) are secured by a fixed and floating charge over the property to which it relates.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Tax losses
7,405
-
2024
Movements in the period:
£
Liability at 1 April 2023
-
Credit to profit or loss
(7,405)
Asset at 30 April 2024
(7,405)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
EPICHO HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 9 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Entities over which the entity has control, joint control or significant influence
Other related entities
2024
2023
2024
2023
£
£
£
£
Construction contracts
2,312,094
14,558,136
Interest charged to
8,801
-
-
Expenses paid on behalf of
-
-
7,576
38,728
Loans to
-
-
-
1,027,850
Management charges
108,329
116,667
Costs recharged from
45,555
39,129
The following amounts were outstanding at the reporting end date and included in creditors:
2024
2023
Amounts due to related parties
£
£
Other related parties
5,613,549
8,005,335
The following amounts were outstanding at the reporting end date and included in debtors:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
190,049